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  "pp-value-1-1": {
   "value": "The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup (Grou<span class=\"_ _2\"></span>p) is c<span class=\"_ _2\"></span>omprise<span class=\"_ _2\"></span>d by The Na<span class=\"_ _2\"></span>vigat<span class=\"_ _2\"></span>or Company, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>whose nameremained unc<span class=\"_ _2\"></span>hanged <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod, <span class=\"_ _2\"></span>(until 2<span class=\"_ _2\"></span>015 desi<span class=\"_ _2\"></span>gnated as <span class=\"_ _2\"></span>Portucel<span class=\"_ _2\"></span>, S.<span class=\"_ _2\"></span>A.) an<span class=\"_ _2\"></span>d its subsidi<span class=\"_ _2\"></span>aries. Portugal1.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">The Gr<span class=\"_ _2\"></span>oup </span></span>The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup was c<span class=\"_ _2\"></span>reated i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>mid 1950<span class=\"_ _2\"></span>\u2019s, when<span class=\"_ _2\"></span> a group of<span class=\"_ _2\"></span> techn<span class=\"_ _2\"></span>ic<span class=\"ff1\">ians fro<span class=\"_ _2\"></span>m </span>\u201cCompanhi<span class=\"_ _2\"></span>a Portugu<span class=\"_ _2\"></span>esa de Cel<span class=\"_ _2\"></span>ulose d<span class=\"_ _2\"></span>e Cac<span class=\"_ _2\"></span>ia\u201d made <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>company th<span class=\"_ _2\"></span>e first i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world <span class=\"_ _2\"></span>to produce <span class=\"_ _2\"></span>bleached <span class=\"_ _2\"></span>eucalyp<span class=\"_ _2\"></span>tus sul<span class=\"_ _2\"></span>phate pul<span class=\"_ _2\"></span>p. In 1976<span class=\"_ _2\"></span>, Portuc<span class=\"_ _2\"></span>el EP was <span class=\"_ _2\"></span>create<span class=\"_ _2\"></span>d as a r<span class=\"_ _2\"></span>esult <span class=\"_ _2\"></span>of the na<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>sation <span class=\"_ _2\"></span>of all<span class=\"_ _2\"></span> ofcellul<span class=\"_ _2\"></span>ose industry<span class=\"_ _2\"></span>. As such, Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span> <span class=\"ff8\">\u2013</span> Emp<span class=\"_ _2\"></span>resa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose e Papel<span class=\"_ _2\"></span> de Portu<span class=\"_ _2\"></span>gal, E<span class=\"_ _2\"></span>.P. <span class=\"_ _2\"></span>resulte<span class=\"_ _2\"></span>d from th<span class=\"_ _2\"></span>e merger wi<span class=\"_ _2\"></span>th CPC <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Companhi<span class=\"_ _2\"></span>a de Celul<span class=\"_ _2\"></span>ose, S<span class=\"_ _2\"></span>.A.R.L. (C<span class=\"_ _2\"></span>aci<span class=\"_ _2\"></span>a), Socel <span class=\"ff8\">\u2013</span> So<span class=\"_ _2\"></span>ciedade <span class=\"_ _2\"></span>Indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>de Celul<span class=\"_ _2\"></span>ose, S.A<span class=\"_ _2\"></span>.R.L. (Se<span class=\"_ _2\"></span>t\u00fabal)<span class=\"_ _2\"></span>, Celtejo <span class=\"ff8\">\u2013</span> C<span class=\"_ _2\"></span>elulos<span class=\"_ _2\"></span>e do Tejo<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A.R.L. <span class=\"_ _2\"></span>(Vila Vel<span class=\"_ _2\"></span>ha de <span class=\"_ _2\"></span>R\u00f3d\u00e3o), Celno<span class=\"_ _2\"></span>rte <span class=\"ff8\">\u2013</span> Celu<span class=\"_ _2\"></span>lose do <span class=\"_ _2\"></span>Norte, S<span class=\"_ _2\"></span>.A.R.L<span class=\"_ _2\"></span>. (Viana <span class=\"_ _2\"></span>do Cas<span class=\"_ _2\"></span>telo) <span class=\"_ _2\"></span>and Celul<span class=\"_ _2\"></span>oses do <span class=\"_ _2\"></span>Guadiana, S<span class=\"_ _2\"></span>.A.R.L. (Mour\u00e3o<span class=\"_ _2\"></span>) incorpora<span class=\"_ _2\"></span>ted Po<span class=\"_ _2\"></span>rtucel - Em<span class=\"_ _2\"></span>presa <span class=\"_ _2\"></span>de Celul<span class=\"_ _2\"></span>ose e P<span class=\"_ _2\"></span>apel de Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _2\"></span>, E.P<span class=\"_ _2\"></span>., con<span class=\"_ _2\"></span>verted in<span class=\"_ _2\"></span>to a main<span class=\"_ _2\"></span>ly public<span class=\"_ _2\"></span> anonymous <span class=\"_ _2\"></span>society <span class=\"_ _2\"></span>by Dec<span class=\"_ _2\"></span>ree-Law No. 40<span class=\"_ _2\"></span>5/90<span class=\"_ _2\"></span>, of 21 <span class=\"_ _2\"></span>December. Years af<span class=\"_ _2\"></span>ter, as <span class=\"_ _2\"></span>a resu<span class=\"_ _2\"></span>lt of th<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>tructu<span class=\"_ _2\"></span>ring of <span class=\"_ _2\"></span>Portuc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Empresa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose e Papel<span class=\"_ _2\"></span> de Portugal<span class=\"_ _2\"></span>, S.A., <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>was rename<span class=\"_ _2\"></span>d Portuc<span class=\"_ _2\"></span>el, SGPS<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, to<span class=\"_ _2\"></span>wards to i<span class=\"_ _2\"></span>ts priv<span class=\"_ _2\"></span>atisation<span class=\"_ _2\"></span>, Portuc<span class=\"_ _2\"></span>el S.A. was c<span class=\"_ _2\"></span>reat<span class=\"_ _2\"></span>ed, on 31 <span class=\"_ _2\"></span>May 1993<span class=\"_ _2\"></span>, through <span class=\"_ _2\"></span>Decre<span class=\"_ _2\"></span>e-law No. <span class=\"_ _2\"></span>39/93, of <span class=\"_ _2\"></span>13 Feb<span class=\"_ _2\"></span>ruary, wi<span class=\"_ _2\"></span>th the former ass<span class=\"_ _2\"></span>ets o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>two main c<span class=\"_ _2\"></span>ompanies<span class=\"_ _2\"></span>, based <span class=\"_ _2\"></span>in Aveiro<span class=\"_ _2\"></span> and Set\u00fa<span class=\"_ _2\"></span>bal. In 1995<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y was <span class=\"_ _2\"></span>privati<span class=\"_ _2\"></span>sed, and <span class=\"_ _2\"></span>became a <span class=\"_ _2\"></span>publi<span class=\"_ _2\"></span>cly trad<span class=\"_ _2\"></span>ed compan<span class=\"_ _2\"></span>y.<span class=\"_ _0\"></span> The Navigato<span class=\"_ _2\"></span>r Co<span class=\"_ _2\"></span>mpany, S.<span class=\"_ _2\"></span>A.2901-86<span class=\"_ _2\"></span>1 Set\u00fabalPublic<span class=\"_ _2\"></span> Limi<span class=\"_ _2\"></span>ted CompanyPortugalMitrena <span class=\"_ _2\"></span>\u2013 Apart<span class=\"_ _2\"></span>ado 55The Group\u2019s <span class=\"_ _2\"></span>main busi<span class=\"_ _2\"></span>ness i<span class=\"_ _2\"></span>s th<span class=\"_ _2\"></span>e producti<span class=\"_ _2\"></span>on and sal<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>riting and p<span class=\"_ _2\"></span>rintin<span class=\"_ _2\"></span>g thin pa<span class=\"_ _2\"></span>per (U<span class=\"_ _2\"></span>WF)and domestic<span class=\"_ _2\"></span> consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>paper (<span class=\"_ _2\"></span>Tissue)<span class=\"_ _2\"></span>, and it i<span class=\"_ _2\"></span>s pres<span class=\"_ _2\"></span>ent i<span class=\"_ _2\"></span>n the en<span class=\"_ _2\"></span>tire val<span class=\"_ _2\"></span>ue<span class=\"_ _0\"></span>-added ch<span class=\"_ _2\"></span>ain, from resea<span class=\"_ _2\"></span>rch an<span class=\"_ _2\"></span>d developm<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>try and a<span class=\"_ _2\"></span>gricul<span class=\"_ _2\"></span>tural<span class=\"_ _2\"></span> production, <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>e and sale o<span class=\"_ _2\"></span>f wood and <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>and sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>bleached <span class=\"_ _2\"></span>euca<span class=\"_ _2\"></span>lyptus kraf<span class=\"_ _2\"></span>t pul<span class=\"_ _2\"></span>p <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> BEKP <span class=\"_ _2\"></span><span class=\"ff8\">\u2013<span class=\"ff1\"> and </span></span>electric<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>thermal en<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>as its <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span>isati<span class=\"_ _2\"></span>on. Aimin<span class=\"_ _2\"></span>g to restruc<span class=\"_ _2\"></span>ture the <span class=\"_ _2\"></span>pap<span class=\"_ _2\"></span>er indust<span class=\"_ _2\"></span>ry in Po<span class=\"_ _2\"></span>rtugal, Po<span class=\"_ _2\"></span>rtu<span class=\"_ _2\"></span>cel ac<span class=\"_ _2\"></span>quired Pa<span class=\"_ _2\"></span>p\u00e9is Inapa, S<span class=\"_ _2\"></span>.A. (Set\u00fabal<span class=\"_ _2\"></span>), in 200<span class=\"_ _2\"></span>0, an<span class=\"_ _2\"></span>d Soporc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade Portu<span class=\"_ _2\"></span>guesa <span class=\"_ _2\"></span>de Pap<span class=\"_ _2\"></span>el, S.A. <span class=\"_ _2\"></span>(Figuei<span class=\"_ _2\"></span>ra da F<span class=\"_ _2\"></span>oz), in 2001. <span class=\"_ _2\"></span>Those key s<span class=\"_ _2\"></span>trategi<span class=\"_ _2\"></span>c decisi<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Portuc<span class=\"_ _2\"></span>el Soporcel<span class=\"_ _2\"></span> Group <span class=\"_ _2\"></span>(curren<span class=\"_ _2\"></span>tly Navigator G<span class=\"_ _2\"></span>roup)<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s curren<span class=\"_ _2\"></span>tly t<span class=\"_ _2\"></span>he larg<span class=\"_ _2\"></span>est Euro<span class=\"_ _2\"></span>pean <span class=\"_ _2\"></span>and one <span class=\"ff8\">of the <span class=\"_ _2\"></span>world\u2019s <span class=\"_ _2\"></span>largest </span>produce<span class=\"_ _2\"></span>rs of bl<span class=\"_ _2\"></span>eached euc<span class=\"_ _2\"></span>alyptus <span class=\"_ _2\"></span>pulp an<span class=\"_ _2\"></span>d uncoat<span class=\"_ _2\"></span>ed woo<span class=\"_ _2\"></span>d-free <span class=\"_ _2\"></span>paper (<span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F), <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>capacit<span class=\"_ _2\"></span>y of 1.6 and 1<span class=\"_ _2\"></span>.6 mill<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span> of tons<span class=\"_ _2\"></span>, respectiv<span class=\"_ _2\"></span>ely, an<span class=\"_ _2\"></span>d it s<span class=\"_ _2\"></span>ells app<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ximately 255<span class=\"_ _2\"></span> thousan<span class=\"_ _2\"></span>d tons o<span class=\"_ _2\"></span>f pulp (300 tho<span class=\"_ _2\"></span>usand tons <span class=\"_ _2\"></span>in 202<span class=\"_ _2\"></span>1), an<span class=\"_ _2\"></span>nually, i<span class=\"_ _2\"></span>ntegrati<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>remain<span class=\"_ _2\"></span>der in the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> UWF paper and <span class=\"_ _2\"></span>Tiss<span class=\"_ _2\"></span>ue paper. In June 20<span class=\"_ _2\"></span>04, <span class=\"_ _2\"></span>the Por<span class=\"_ _2\"></span>tuguese St<span class=\"_ _2\"></span>ate sold <span class=\"_ _2\"></span>30% of Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span>'s<span class=\"_ _2\"></span> equity, whi<span class=\"_ _2\"></span>ch was <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d by Semapa Grou<span class=\"_ _2\"></span>p. In <span class=\"_ _2\"></span>September o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the same <span class=\"_ _2\"></span>year, S<span class=\"_ _2\"></span>emapa l<span class=\"_ _2\"></span>aunched a pu<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>c acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>offer tending <span class=\"_ _2\"></span><span class=\"ff8\">to assure <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>control, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> was accompl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>shed by guaran<span class=\"_ _2\"></span>teein<span class=\"_ _2\"></span>g a 67<span class=\"_ _2\"></span>.1% stak<span class=\"_ _2\"></span>e </span>of Po<span class=\"_ _2\"></span>rtucel\u2019s <span class=\"_ _2\"></span>equity.<span class=\"ff1\"> </span>In Novemb<span class=\"_ _2\"></span>er 2006, <span class=\"_ _2\"></span>the Por<span class=\"_ _2\"></span>tugues<span class=\"_ _2\"></span>e State co<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d the th<span class=\"_ _2\"></span>ird an<span class=\"_ _2\"></span>d final<span class=\"_ _2\"></span> stage <span class=\"_ _2\"></span>of the sal<span class=\"_ _2\"></span>e of Portucel, S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>., and P\u00e1r<span class=\"_ _2\"></span>publi<span class=\"_ _2\"></span>ca, SGPS, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>and P\u00e1r<span class=\"_ _2\"></span>publica,<span class=\"_ _2\"></span> SGPS, S.A. <span class=\"_ _2\"></span>(formerl<span class=\"_ _2\"></span>y Portuc<span class=\"_ _2\"></span>el, SGPS, S<span class=\"_ _2\"></span>.A.) sol<span class=\"_ _2\"></span>d the remai<span class=\"_ _2\"></span>ning 25<span class=\"_ _2\"></span>.72% i<span class=\"_ _2\"></span>t stil<span class=\"_ _2\"></span>l held. From 20<span class=\"_ _2\"></span>09 to Jul<span class=\"_ _2\"></span>y 2015, mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% of th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>mpany\u2019s <span class=\"_ _2\"></span>share capital<span class=\"_ _2\"></span> was <span class=\"_ _2\"></span>held dir<span class=\"_ _2\"></span>ectly an<span class=\"_ _2\"></span>d indirec<span class=\"_ _2\"></span>tly by Sema<span class=\"_ _2\"></span>pa <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade d<span class=\"_ _2\"></span>e Investi<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>e Gest<span class=\"_ _2\"></span>\u00e3o SGPS, S<span class=\"_ _2\"></span>.A.. (<span class=\"_ _2\"></span>excludi<span class=\"_ _2\"></span>ng treasury shares) ha<span class=\"_ _2\"></span>ving the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage of<span class=\"_ _2\"></span> voti<span class=\"_ _2\"></span>ng righ<span class=\"_ _2\"></span>ts been <span class=\"_ _2\"></span>reduced to <span class=\"_ _2\"></span>70% fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>clusi<span class=\"_ _2\"></span>on of the off<span class=\"_ _2\"></span>er for <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on, in <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> an e<span class=\"_ _2\"></span>xchange o<span class=\"_ _2\"></span>ff<span class=\"_ _2\"></span>er, of th<span class=\"_ _2\"></span>e ordinar<span class=\"_ _2\"></span>y shar<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> Semapa, SGP<span class=\"_ _2\"></span>S, S.<span class=\"_ _2\"></span>A., in<span class=\"_ _2\"></span> July 201<span class=\"_ _2\"></span>5. The vo<span class=\"_ _2\"></span>ting ri<span class=\"_ _2\"></span>ghts cu<span class=\"_ _2\"></span>rrentl<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> amount <span class=\"_ _2\"></span>to 69.97<span class=\"_ _2\"></span>%. In Feb<span class=\"_ _2\"></span>ruary 2015<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup sta<span class=\"_ _2\"></span>rted i<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _2\"></span>e Tiss<span class=\"_ _2\"></span>ue s<span class=\"_ _2\"></span>egment with <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of AMS-BR Star P<span class=\"_ _2\"></span>ape<span class=\"_ _2\"></span>r, S.A<span class=\"_ _2\"></span>. (curr<span class=\"_ _2\"></span>ently deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>Navigato<span class=\"_ _2\"></span>r Tiss<span class=\"_ _2\"></span>ue R\u00f3d\u00e3o, <span class=\"_ _2\"></span>S.A.)<span class=\"_ _2\"></span>, a Company that hol<span class=\"_ _2\"></span>ds and <span class=\"_ _2\"></span>explores <span class=\"_ _2\"></span>a tissue <span class=\"_ _2\"></span>pape<span class=\"_ _2\"></span>r mill<span class=\"_ _2\"></span>, located in Vi<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Velha de <span class=\"_ _2\"></span>R\u00f3d\u00e3o<span class=\"_ _2\"></span>. A new i<span class=\"_ _2\"></span>ndustrial faci<span class=\"_ _2\"></span>lity was bui<span class=\"_ _2\"></span>lt in <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>in Augus<span class=\"_ _2\"></span>t 2018<span class=\"_ _2\"></span>, being o<span class=\"_ _2\"></span>perate<span class=\"_ _2\"></span>d by Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>Aveiro, S<span class=\"_ _2\"></span>.A<span class=\"_ _2\"></span>., which i<span class=\"_ _2\"></span>s currentl<span class=\"_ _2\"></span>y the l<span class=\"_ _2\"></span>argest Po<span class=\"_ _2\"></span>rtugu<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>roducer an<span class=\"_ _2\"></span>d the thi<span class=\"_ _2\"></span>rd in th<span class=\"_ _2\"></span>e Ib<span class=\"_ _2\"></span>erian Penin<span class=\"_ _2\"></span>sula, <span class=\"_ _2\"></span>with a production <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rmation capaci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> 130 tho<span class=\"_ _2\"></span>usand <span class=\"_ _2\"></span>tons<span class=\"_ _2\"></span> and 120 <span class=\"_ _2\"></span>thousand tons<span class=\"_ _2\"></span>, respecti<span class=\"_ _2\"></span>vely.<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. (The N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y or <span class=\"_ _2\"></span>Company) is<span class=\"_ _2\"></span> a public<span class=\"_ _2\"></span>ly trade<span class=\"_ _2\"></span>d company, li<span class=\"_ _2\"></span>sted i<span class=\"_ _2\"></span>n Eurone<span class=\"_ _2\"></span>xt Li<span class=\"_ _2\"></span>sbon, <span class=\"_ _2\"></span>with its s<span class=\"_ _2\"></span>hare c<span class=\"_ _2\"></span>apital r<span class=\"_ _2\"></span>epresente<span class=\"_ _2\"></span>d by no<span class=\"_ _2\"></span>minal <span class=\"_ _2\"></span>shares. Share C<span class=\"_ _2\"></span>apital:<span class=\"ff1\"> <span class=\"ff8\">\u20ac<span class=\"_ _2\"></span>500,000,00<span class=\"_ _2\"></span>0<span class=\"ff1\"> </span></span></span>TIN:<span class=\"ff1\"> 503 <span class=\"_ _2\"></span>025 798<span class=\"_ _2\"></span> </span>Compa<span class=\"_ _2\"></span>ny: Head<span class=\"_ _2\"></span> Office:Lega<span class=\"_ _2\"></span>l Form:Semapa <span class=\"ff8\">\u2013</span> Soc<span class=\"_ _2\"></span>iedade <span class=\"_ _2\"></span>de In<span class=\"_ _2\"></span>vestimento <span class=\"_ _2\"></span>e Ges<span class=\"_ _2\"></span>t\u00e3o, SGPS<span class=\"_ _2\"></span>, S.A.Sodim - <span class=\"_ _2\"></span>SGPS, S.A<span class=\"_ _2\"></span>.A more de<span class=\"_ _2\"></span>tailed d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>iption of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in each <span class=\"_ _2\"></span>busin<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>s line of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>disclose<span class=\"_ _2\"></span>d in Note 2.1 - <span class=\"_ _2\"></span>Revenue <span class=\"_ _2\"></span>and se<span class=\"_ _2\"></span>gment <span class=\"_ _2\"></span>reporting<span class=\"_ _2\"></span>.<span class=\"ff9\"> </span>Navigator i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>luded in <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dation pe<span class=\"_ _2\"></span>rimeter o<span class=\"_ _2\"></span>f   the Pa<span class=\"_ _2\"></span>rent Compan<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>and  the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>controll<span class=\"_ _2\"></span>ing enti<span class=\"_ _2\"></span>ty. 1.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Impacts<span class=\"_ _2\"></span> Arising<span class=\"_ _2\"></span> fr<span class=\"_ _2\"></span>om the Mi<span class=\"_ _2\"></span>litary <span class=\"_ _2\"></span>Confl<span class=\"_ _2\"></span>ict in </span></span>Ukraine<span class=\"_ _2\"></span> On 21 Febru<span class=\"_ _2\"></span>ary 2022<span class=\"_ _2\"></span>, the R<span class=\"_ _2\"></span>ussian <span class=\"_ _2\"></span>Federa<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnised t<span class=\"_ _2\"></span>wo breaka<span class=\"_ _2\"></span>way republic<span class=\"_ _2\"></span>s in eastern <span class=\"_ _2\"></span>Ukraine an<span class=\"_ _2\"></span>d autho<span class=\"_ _2\"></span>rised <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of mi<span class=\"_ _2\"></span>litary forc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n that t<span class=\"_ _2\"></span>erri<span class=\"_ _2\"></span>tory. On 24 <span class=\"_ _2\"></span>Februa<span class=\"_ _2\"></span>ry, Russi<span class=\"_ _2\"></span>an troops i<span class=\"_ _2\"></span>nvaded U<span class=\"_ _2\"></span>kraine an<span class=\"_ _2\"></span>d a wid<span class=\"_ _2\"></span>espread mi<span class=\"_ _2\"></span>litary<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict began i<span class=\"_ _2\"></span>n this <span class=\"_ _2\"></span>country entaili<span class=\"_ _2\"></span>ng high <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span> and human <span class=\"_ _2\"></span>losses, <span class=\"_ _2\"></span>leadi<span class=\"_ _2\"></span>ng to mass<span class=\"_ _2\"></span>ive popul<span class=\"_ _2\"></span>ation di<span class=\"_ _2\"></span>splac<span class=\"_ _2\"></span>ements.  In respons<span class=\"_ _2\"></span>e, multi<span class=\"_ _2\"></span>ple <span class=\"_ _2\"></span>jurisdic<span class=\"_ _2\"></span>tions, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g the Euro<span class=\"_ _2\"></span>pean<span class=\"_ _2\"></span> Union, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngdom, Swi<span class=\"_ _2\"></span>tzerlan<span class=\"_ _2\"></span>d, United <span class=\"_ _2\"></span>States of<span class=\"_ _2\"></span> Ameri<span class=\"_ _2\"></span>ca, Canada<span class=\"_ _2\"></span>, Japan <span class=\"_ _2\"></span>and Au<span class=\"_ _2\"></span>stralia, co<span class=\"_ _2\"></span>ndemned <span class=\"_ _2\"></span>this conf<span class=\"_ _2\"></span>lict <span class=\"_ _2\"></span>and initi<span class=\"_ _2\"></span>ated the appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>everal ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>sanctions<span class=\"_ _2\"></span> against R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia, seve<span class=\"_ _2\"></span>ral of <span class=\"_ _2\"></span>its econo<span class=\"_ _2\"></span>mic agen<span class=\"_ _2\"></span>ts and, in <span class=\"_ _2\"></span>some cases<span class=\"_ _2\"></span>, Belarus<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>turn<span class=\"_ _2\"></span>, Russi<span class=\"_ _2\"></span>a also<span class=\"_ _2\"></span> started r<span class=\"_ _2\"></span>etaliati<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th economi<span class=\"_ _2\"></span>c measures<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly affecti<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the opera<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of fo<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>eign co<span class=\"_ _2\"></span>mpanies l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Russ<span class=\"_ _2\"></span>ia and wi<span class=\"_ _2\"></span>th Ru<span class=\"_ _2\"></span>ssian counterp<span class=\"_ _2\"></span>arts.<span class=\"_ _2\"></span> The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>European <span class=\"_ _2\"></span>macroec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>and geopo<span class=\"_ _2\"></span>litic<span class=\"_ _2\"></span>al framewor<span class=\"_ _2\"></span>k as a resu<span class=\"_ _2\"></span>lt <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict has<span class=\"_ _2\"></span> increased u<span class=\"_ _2\"></span>ncertai<span class=\"_ _2\"></span>nty and i<span class=\"_ _2\"></span>nsecuri<span class=\"_ _2\"></span>ty global<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>with: i<span class=\"_ _2\"></span>) the <span class=\"_ _2\"></span>suspensio<span class=\"_ _2\"></span>n and/o<span class=\"_ _2\"></span>r disruptio<span class=\"_ _2\"></span>n of busi<span class=\"_ _2\"></span>ness with <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es h<span class=\"_ _2\"></span>eadquart<span class=\"_ _2\"></span>ered or wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>origi<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>Russi<span class=\"_ _2\"></span>a and Ukraine; ii<span class=\"_ _2\"></span>) an increase <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>mmodity pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>with foss<span class=\"_ _2\"></span>il f<span class=\"_ _2\"></span>uels, metals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d cereal<span class=\"_ _2\"></span>s being <span class=\"_ _2\"></span>parti<span class=\"_ _2\"></span>cularly noteworthy<span class=\"_ _2\"></span>; ii<span class=\"_ _2\"></span>i) i<span class=\"_ _2\"></span>ncreased glob<span class=\"_ _2\"></span>al econ<span class=\"_ _2\"></span>omic u<span class=\"_ _2\"></span>ncertainty, <span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>th more vol<span class=\"_ _2\"></span>atil<span class=\"_ _2\"></span>ity expec<span class=\"_ _2\"></span>ted<span class=\"_ _0\"></span> in exchange <span class=\"_ _2\"></span>rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rate. Poss<span class=\"_ _2\"></span>ible <span class=\"_ _2\"></span>energy su<span class=\"_ _2\"></span>pply risks, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as di<span class=\"_ _2\"></span>sruptions i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>pply of<span class=\"_ _2\"></span> raw and s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials o<span class=\"_ _2\"></span>r in l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al means will<span class=\"_ _2\"></span> contin<span class=\"_ _2\"></span>ue to put p<span class=\"_ _2\"></span>ressure <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>economy and <span class=\"_ _2\"></span>make it diffi<span class=\"_ _2\"></span>cult f<span class=\"_ _2\"></span>or Euro<span class=\"_ _2\"></span>pean indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> and trans<span class=\"_ _2\"></span>port o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>s to run <span class=\"_ _2\"></span>smoothl<span class=\"_ _2\"></span>y. As anno<span class=\"_ _2\"></span>unced in Ma<span class=\"_ _2\"></span>rch 20<span class=\"_ _2\"></span>22, the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group hal<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f its <span class=\"_ _2\"></span>products <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e markets <span class=\"_ _2\"></span>of Russ<span class=\"_ _2\"></span>ia and Bel<span class=\"_ _2\"></span>arus an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing and co<span class=\"_ _2\"></span>ntinuousl<span class=\"_ _2\"></span>y monitori<span class=\"_ _2\"></span>ng the si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n in the markets <span class=\"_ _2\"></span>where it o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span>ly and th<span class=\"_ _2\"></span>roughout <span class=\"_ _2\"></span>the suppl<span class=\"_ _2\"></span>y chai<span class=\"_ _2\"></span>n<span class=\"ff8\">\u2014</span>from the su<span class=\"_ _2\"></span>pply of wood, en<span class=\"_ _2\"></span>ergy, raw an<span class=\"_ _2\"></span>d su<span class=\"_ _2\"></span>bsidiar<span class=\"_ _2\"></span>y materi<span class=\"_ _2\"></span>als (i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g logisti<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>ssues), i<span class=\"_ _2\"></span>n technical<span class=\"_ _2\"></span> and support s<span class=\"_ _2\"></span>ervices <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed by fo<span class=\"_ _2\"></span>reign com<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>and ou<span class=\"_ _2\"></span>tsou<span class=\"_ _2\"></span>rcing service <span class=\"_ _2\"></span>providers<span class=\"_ _2\"></span>, amongs<span class=\"_ _2\"></span>t others<span class=\"_ _2\"></span>.  In view of <span class=\"_ _2\"></span>the w<span class=\"_ _2\"></span>eight of <span class=\"_ _2\"></span>the mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>of Ru<span class=\"_ _2\"></span>ssia and <span class=\"_ _2\"></span>Ukrain<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the Group's s<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>, which represent l<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>than 1% as <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31 Decem<span class=\"_ _2\"></span>ber 2<span class=\"_ _2\"></span>021 and 0<span class=\"_ _2\"></span>% in 20<span class=\"_ _2\"></span>22, and <span class=\"_ _2\"></span>the fact tha<span class=\"_ _2\"></span>t thes<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>ket<span class=\"_ _0\"></span>s <span class=\"_ _2\"></span>do not di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y affec<span class=\"_ _2\"></span>t the supply c<span class=\"_ _2\"></span>hai<span class=\"_ _2\"></span>n, the Grou<span class=\"_ _2\"></span>p's direc<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>posure <span class=\"_ _2\"></span>to the mar<span class=\"_ _2\"></span>kets of <span class=\"_ _2\"></span>Ukraine <span class=\"_ _2\"></span>and Russi<span class=\"_ _2\"></span>a is <span class=\"_ _2\"></span>not signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t. Despite <span class=\"_ _2\"></span>the general<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n costs, <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group<span class=\"_ _2\"></span>'s agi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> conducti<span class=\"_ _2\"></span>ng its busi<span class=\"_ _2\"></span>ness poli<span class=\"_ _2\"></span>cy was able <span class=\"_ _2\"></span>to decis<span class=\"_ _2\"></span>ively off<span class=\"_ _2\"></span>set thi<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>crease, <span class=\"_ _2\"></span>thanks to<span class=\"_ _2\"></span> a respo<span class=\"_ _2\"></span>nsible p<span class=\"_ _2\"></span>rice <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>t poli<span class=\"_ _2\"></span>cy and an eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve diversi<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>rategy, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as t<span class=\"_ _2\"></span>o in<span class=\"_ _2\"></span>creased produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in its<span class=\"_ _2\"></span> industri<span class=\"_ _2\"></span>al assets <span class=\"_ _2\"></span>and gr<span class=\"_ _2\"></span>eater <span class=\"_ _2\"></span>effici<span class=\"_ _2\"></span>ency in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsumption<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>raw and subsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials<span class=\"_ _2\"></span>. Navigator co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nues to anal<span class=\"_ _2\"></span>yse th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpacts on i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, performan<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d cash f<span class=\"_ _2\"></span>lows of<span class=\"_ _2\"></span> the Group r<span class=\"_ _2\"></span>esulti<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the mil<span class=\"_ _2\"></span>itary conf<span class=\"_ _2\"></span>lict<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span> Ukraine, namel<span class=\"_ _2\"></span>y in wha<span class=\"_ _2\"></span>t conc<span class=\"_ _2\"></span>erns relevan<span class=\"_ _2\"></span>t accounti<span class=\"_ _2\"></span>ng esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>and judgem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. No eviden<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>impairment r<span class=\"_ _2\"></span>esulted f<span class=\"_ _2\"></span>rom thi<span class=\"_ _2\"></span>s analysi<span class=\"_ _2\"></span><span class=\"ls25\">s.<span class=\"ls0\"> </span></span>Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>analyse<span class=\"_ _2\"></span>d whether <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e were si<span class=\"_ _2\"></span>gns of i<span class=\"_ _2\"></span>mpairm<span class=\"_ _2\"></span>ent arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the impacts<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the war in Uk<span class=\"_ _2\"></span>raine<span class=\"_ _2\"></span>, according <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t forec<span class=\"_ _2\"></span>asts, <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on the proj<span class=\"_ _2\"></span>ection<span class=\"_ _2\"></span>s of G<span class=\"_ _2\"></span>DP growth an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal, <span class=\"_ _2\"></span>according <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e IMF and Ban<span class=\"_ _2\"></span>co <span class=\"_ _2\"></span>de Po<span class=\"_ _2\"></span>rtugal, whi<span class=\"_ _2\"></span>ch coul<span class=\"_ _2\"></span>d indi<span class=\"_ _2\"></span>cate the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will. No<span class=\"_ _2\"></span> signs <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>mpairment on goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> were iden<span class=\"_ _2\"></span>tified an<span class=\"_ _2\"></span>d there is <span class=\"_ _2\"></span>a subs<span class=\"_ _2\"></span>tanti<span class=\"_ _2\"></span>al gap compa<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue of t<span class=\"_ _2\"></span>he cash-genera<span class=\"_ _2\"></span>ting un<span class=\"_ _2\"></span>its (no<span class=\"_ _2\"></span>te 3.1<span class=\"_ _2\"></span>). Recovera<span class=\"_ _2\"></span>bility, <span class=\"_ _2\"></span>useful life<span class=\"_ _2\"></span> and dep<span class=\"_ _2\"></span>reciat<span class=\"_ _2\"></span>ion of pr<span class=\"_ _2\"></span>operty, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment Cons<span class=\"_ _2\"></span>idering the p<span class=\"_ _2\"></span>rospec<span class=\"_ _2\"></span>ts for o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper, th<span class=\"_ _2\"></span>e pulp an<span class=\"_ _2\"></span>d paper <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span> and the subs<span class=\"_ _2\"></span>tantial <span class=\"_ _2\"></span>gaps i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to t<span class=\"_ _2\"></span>he book <span class=\"_ _2\"></span>values of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts, the<span class=\"_ _2\"></span>re ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>ndication<span class=\"_ _2\"></span>s of the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>prope<span class=\"_ _2\"></span>rty, <span class=\"_ _2\"></span>plant and <span class=\"_ _2\"></span>equipmen<span class=\"_ _2\"></span>t.  Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns The Group <span class=\"_ _2\"></span>assessed <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate ap<span class=\"_ _2\"></span>plic<span class=\"_ _2\"></span>able to th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ined benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>for emplo<span class=\"_ _2\"></span>yees an<span class=\"_ _2\"></span>d other pos<span class=\"_ _2\"></span>t-emplo<span class=\"_ _2\"></span>yment ben<span class=\"_ _2\"></span>efits. <span class=\"_ _2\"></span>The def<span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the rate<span class=\"_ _2\"></span> used to di<span class=\"_ _2\"></span>scount <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>abilities (technical<span class=\"_ _2\"></span> inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate) i<span class=\"_ _2\"></span>s based on <span class=\"_ _2\"></span>yield <span class=\"_ _2\"></span>curves <span class=\"_ _2\"></span>of hi<span class=\"_ _2\"></span>ghly rate<span class=\"_ _2\"></span>d bonds <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>maturity consi<span class=\"_ _2\"></span>stent with <span class=\"_ _2\"></span>the du<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> the pl<span class=\"_ _2\"></span>an's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. As <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s assessment <span class=\"_ _2\"></span>and base<span class=\"_ _2\"></span>d on the actu<span class=\"_ _2\"></span>arial <span class=\"_ _2\"></span>study as <span class=\"_ _2\"></span>at 31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022, Navi<span class=\"_ _2\"></span>gator u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>dated the dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te of 1.25<span class=\"_ _2\"></span>% to 3.5%, in <span class=\"_ _2\"></span>line with <span class=\"_ _2\"></span>benchmar<span class=\"_ _2\"></span>k in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ates. Th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>esents in N<span class=\"_ _2\"></span>ote 7<span class=\"_ _2\"></span>.2 a sensi<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s that all<span class=\"_ _2\"></span>ows assess<span class=\"_ _2\"></span>ing <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a possibl<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>nge in the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e. Biologi<span class=\"_ _2\"></span>cal assets<span class=\"_ _2\"></span> When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>ests, the <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash-flows method <span class=\"_ _2\"></span>is use<span class=\"_ _2\"></span>d, <span class=\"_ _2\"></span>being th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate, g<span class=\"_ _2\"></span>rowth pe<span class=\"_ _2\"></span>riod an<span class=\"_ _2\"></span>d pric<span class=\"_ _2\"></span>e some of<span class=\"_ _2\"></span> the ke<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>that may b<span class=\"_ _2\"></span>e subjec<span class=\"_ _2\"></span>t to change due <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e mil<span class=\"_ _2\"></span>itary confl<span class=\"_ _2\"></span>ict i<span class=\"_ _2\"></span>n Ukrai<span class=\"_ _2\"></span>ne. In thi<span class=\"_ _2\"></span>s sens<span class=\"_ _2\"></span>e, durin<span class=\"_ _2\"></span>g 202<span class=\"_ _2\"></span>2, the grow<span class=\"_ _2\"></span>th plans<span class=\"_ _2\"></span> proceeded as <span class=\"_ _2\"></span>exp<span class=\"_ _2\"></span>ected and N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor upd<span class=\"_ _2\"></span>ated the <span class=\"_ _2\"></span>assum<span class=\"_ _2\"></span>ptions <span class=\"_ _2\"></span>of the f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value model <span class=\"_ _2\"></span>in compli<span class=\"_ _2\"></span>ance with mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>developments<span class=\"_ _2\"></span>, namel<span class=\"_ _2\"></span>y by u<span class=\"_ _2\"></span>pdating the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e from 2.9<span class=\"_ _2\"></span>9% to 5.17%. Not<span class=\"_ _2\"></span>e 3.8 sh<span class=\"_ _2\"></span>ows the <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s update an<span class=\"_ _2\"></span>d a <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span>tivity anal<span class=\"_ _2\"></span>ysis of<span class=\"_ _2\"></span> thes<span class=\"_ _2\"></span>e assumptio<span class=\"_ _2\"></span>ns.  <span class=\"_ _2\"></span> Inventorie<span class=\"_ _2\"></span>s Taking into <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e impact on<span class=\"_ _2\"></span> demand<span class=\"_ _2\"></span>, namely a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e UWF l<span class=\"_ _2\"></span>evel, th<span class=\"_ _2\"></span>e Group i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ed the impairment <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22 by Euro 1<span class=\"_ _2\"></span>3,24<span class=\"_ _2\"></span>1,209 (N<span class=\"_ _2\"></span>otes 2.3 <span class=\"_ _2\"></span>and 4<span class=\"_ _2\"></span>.1). Ta<span class=\"_ _2\"></span>king into<span class=\"_ _2\"></span> account the mar<span class=\"_ _2\"></span>gins practi<span class=\"_ _2\"></span>sed, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p consi<span class=\"_ _2\"></span>ders <span class=\"_ _2\"></span>that the ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable val<span class=\"_ _2\"></span>ue of i<span class=\"_ _2\"></span>ts inven<span class=\"_ _2\"></span>tories at <span class=\"_ _2\"></span>31 December <span class=\"_ _2\"></span>2022 i<span class=\"_ _2\"></span>s higher <span class=\"_ _2\"></span>than thei<span class=\"_ _2\"></span>r boo<span class=\"_ _2\"></span>k value<span class=\"_ _2\"></span>.<span class=\"ff4\"> <span class=\"_ _31\"> </span></span> Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Trade<span class=\"_ _2\"></span> and other r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>les Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. In th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e impacts o<span class=\"_ _2\"></span>f IFRS 9 <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n are low c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering tha<span class=\"_ _2\"></span>t a si<span class=\"_ _2\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f its sales <span class=\"_ _2\"></span>are eith<span class=\"_ _2\"></span>er insure<span class=\"_ _2\"></span>d or ad<span class=\"_ _2\"></span>equatel<span class=\"_ _2\"></span>y covere<span class=\"_ _2\"></span>d by coll<span class=\"_ _2\"></span>ater<span class=\"_ _2\"></span>als.  Neverthel<span class=\"_ _2\"></span>ess, the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>periodi<span class=\"_ _2\"></span>cally as<span class=\"_ _2\"></span>sesses <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d the imp<span class=\"_ _2\"></span>acts on<span class=\"_ _2\"></span> all finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st. <span class=\"_ _2\"></span>In this <span class=\"_ _2\"></span>regar<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>sed <span class=\"_ _2\"></span>the curr<span class=\"_ _2\"></span>ent exposur<span class=\"_ _2\"></span>e to cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k and th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpact of f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>onomic<span class=\"_ _2\"></span> forecasts <span class=\"_ _2\"></span>and concl<span class=\"_ _2\"></span>uded that <span class=\"_ _2\"></span>the impact of<span class=\"_ _2\"></span> thi<span class=\"_ _2\"></span>s compon<span class=\"_ _2\"></span>ent is smal<span class=\"_ _2\"></span>l. Liquid<span class=\"_ _2\"></span>ity The Company cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>tly has <span class=\"_ _2\"></span>a comfor<span class=\"_ _2\"></span>table l<span class=\"_ _2\"></span>iquidit<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n, which has<span class=\"_ _2\"></span> been the <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of a ca<span class=\"ls0\">reful man<span class=\"_ _2\"></span>agement of<span class=\"_ _2\"></span> workin<span class=\"_ _2\"></span>g capi<span class=\"_ _2\"></span>tal, cont<span class=\"_ _2\"></span>ainment o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e pace of i<span class=\"_ _2\"></span>mplemen<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> the </span>investmen<span class=\"_ _2\"></span>t plan and <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a confi<span class=\"_ _2\"></span>rming progr<span class=\"_ _2\"></span>am to ex<span class=\"_ _2\"></span>tend paym<span class=\"_ _2\"></span>ent deadli<span class=\"_ _2\"></span>nes without<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, advers<span class=\"_ _2\"></span>ely impac<span class=\"_ _2\"></span>ting su<span class=\"_ _2\"></span>ppliers<span class=\"_ _2\"></span>. 1.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Subsequent<span class=\"_ _2\"></span> event<span class=\"_ _2\"></span>s </span></span>1.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Ac<span class=\"_ _0\"></span>quisiti<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e consum<span class=\"_ _2\"></span>er ti<span class=\"_ _2\"></span>ssue b<span class=\"_ _2\"></span>usiness i<span class=\"_ _2\"></span>n Spain The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>ormalised <span class=\"_ _2\"></span>an agr<span class=\"_ _2\"></span>eemen<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e purc<span class=\"_ _2\"></span>hase of <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e entire sha<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>of Gom\u00e0-Camps<span class=\"_ _2\"></span> Consumer, S<span class=\"_ _2\"></span>.L.<span class=\"_ _2\"></span>U., ba<span class=\"_ _2\"></span>sed in Zaragoz<span class=\"_ _2\"></span>a, Sp<span class=\"_ _2\"></span>ain, whi<span class=\"_ _2\"></span>ch in <span class=\"_ _2\"></span>turn holds <span class=\"_ _2\"></span>the entir<span class=\"_ _2\"></span>e shar<span class=\"_ _2\"></span>e capital of<span class=\"_ _2\"></span> Gom\u00e0-Camps <span class=\"_ _2\"></span>Franc<span class=\"_ _2\"></span>e SAS<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d in Cas<span class=\"_ _2\"></span>tres, Franc<span class=\"_ _2\"></span>e (hereinaf<span class=\"_ _2\"></span>ter col<span class=\"_ _2\"></span>lectiv<span class=\"_ _2\"></span>ely ref<span class=\"_ _2\"></span>erred to <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>\"GC Con<span class=\"_ _2\"></span>sumer\"). The acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f GC <span class=\"_ _2\"></span>Consumer, whic<span class=\"_ _2\"></span>h ha<span class=\"_ _2\"></span>d total<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>115.6 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> 2022, is part o<span class=\"_ _2\"></span>f Navigator G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>ambitious<span class=\"_ _2\"></span> growt<span class=\"_ _2\"></span>h and div<span class=\"_ _2\"></span>ersific<span class=\"_ _2\"></span>ation pla<span class=\"_ _2\"></span>n. The i<span class=\"_ _2\"></span>nteg<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> this n<span class=\"_ _2\"></span>ew mil<span class=\"_ _2\"></span>l will<span class=\"_ _2\"></span> enable Navi<span class=\"_ _2\"></span>gator to <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> its<span class=\"_ _2\"></span>elf as<span class=\"_ _2\"></span> the secon<span class=\"_ _2\"></span>d large<span class=\"_ _2\"></span>st tiss<span class=\"_ _2\"></span>ue produc<span class=\"_ _2\"></span>er in th<span class=\"_ _2\"></span>e Iberi<span class=\"_ _2\"></span>an Peninsu<span class=\"_ _2\"></span>la, adding 35<span class=\"_ _2\"></span>,000<span class=\"_ _2\"></span> tonnes of<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on capaci<span class=\"_ _2\"></span>ty, bri<span class=\"_ _2\"></span>nging th<span class=\"_ _2\"></span>e tot<span class=\"_ _2\"></span>al to 165<span class=\"_ _2\"></span>,000 tonnes <span class=\"_ _2\"></span>per y<span class=\"_ _2\"></span>ear, and i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ing annual<span class=\"_ _2\"></span> conve<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng capacit<span class=\"_ _2\"></span>y by 60<span class=\"_ _2\"></span>,000 tonnes<span class=\"_ _2\"></span> to 180,000<span class=\"_ _2\"></span> tonnes pe<span class=\"_ _2\"></span>r year.<span class=\"_ _2\"></span> The enter<span class=\"_ _2\"></span>prise v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s Euro 85<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>lion. 1.4.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Authorisatio<span class=\"_ _2\"></span>n to issu<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial statem<span class=\"_ _2\"></span>ents These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>were ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _2\"></span>rs on<span class=\"_ _2\"></span> 16 February 2<span class=\"_ _2\"></span>022. <span class=\"ff8\">How<span class=\"_ _2\"></span>ever, <span class=\"_ _2\"></span>they are s<span class=\"_ _2\"></span>til<span class=\"_ _2\"></span>l su<span class=\"_ _2\"></span>bject to appro<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e General<span class=\"_ _2\"></span> Sharehold<span class=\"_ _2\"></span>ers\u2019 </span>Meeting, i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the Po<span class=\"_ _2\"></span>rtugu<span class=\"_ _2\"></span>ese comme<span class=\"_ _2\"></span>rcial<span class=\"_ _2\"></span> legisl<span class=\"_ _2\"></span>ation. The Group\u2019s <span class=\"_ _2\"></span>sen<span class=\"ff1\">i<span class=\"_ _2\"></span>or managem<span class=\"_ _2\"></span>ent, whic<span class=\"_ _2\"></span>h are <span class=\"_ _2\"></span>the membe<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>of the Board <span class=\"_ _2\"></span>of Dir<span class=\"_ _2\"></span>ectors <span class=\"_ _2\"></span>who si<span class=\"_ _2\"></span>gn </span>this <span class=\"_ _2\"></span>report, <span class=\"_ _2\"></span>declare <span class=\"_ _2\"></span>that, to <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>est of th<span class=\"_ _2\"></span>eir <span class=\"_ _2\"></span>knowledg<span class=\"_ _2\"></span>e, th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>ormation <span class=\"_ _2\"></span>contained h<span class=\"_ _2\"></span>erein was prepared in<span class=\"_ _2\"></span> confo<span class=\"_ _2\"></span>rmity wi<span class=\"_ _2\"></span>th the a<span class=\"_ _2\"></span>ppli<span class=\"_ _2\"></span>cable acco<span class=\"_ _2\"></span>unting s<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>dards, pro<span class=\"_ _2\"></span>viding a <span class=\"_ _2\"></span>true and f<span class=\"_ _2\"></span>air view of the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es, the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in<span class=\"_ _2\"></span> the Group\u2019s <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation <span class=\"_ _2\"></span>scope.<span class=\"ff1\"> </span>1.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Basis <span class=\"_ _2\"></span>for pr<span class=\"_ _2\"></span>eparati<span class=\"_ _2\"></span>on </span></span>1.4.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Accounting <span class=\"_ _2\"></span>principl<span class=\"_ _2\"></span>es The conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements fo<span class=\"_ _2\"></span>r the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ded <span class=\"_ _2\"></span>31 Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>were prepa<span class=\"_ _2\"></span>red in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Internati<span class=\"_ _2\"></span>onal Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Reporting <span class=\"_ _2\"></span>St<span class=\"_ _2\"></span>andards (IFR<span class=\"_ _2\"></span>S), eff<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>e 1 Janu<span class=\"_ _2\"></span>ary 2022 <span class=\"_ _2\"></span>and as adopt<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean Union.<span class=\"_ _2\"></span> 1.4.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Scope of c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation 1.4.3.<span class=\"_ _2\"></span>1. Su<span class=\"_ _2\"></span>bsidiarie<span class=\"_ _2\"></span>s Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver whic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Group has c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>rol, which <span class=\"_ _2\"></span>occurs when <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s exposed o<span class=\"_ _2\"></span>r enti<span class=\"_ _2\"></span>tled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>variable <span class=\"_ _2\"></span>returns <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es and has the c<span class=\"_ _2\"></span>apaci<span class=\"_ _2\"></span>ty to af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>that retu<span class=\"_ _2\"></span>rn throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>exerci<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>of power o<span class=\"_ _2\"></span>ver the en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es, regardles<span class=\"_ _2\"></span>s of the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage th<span class=\"_ _2\"></span>ey hol<span class=\"_ _2\"></span>d over equi<span class=\"_ _2\"></span>ty. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _2\"></span>exerc<span class=\"_ _2\"></span>isable o<span class=\"_ _2\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>whether it h<span class=\"_ _2\"></span>as control<span class=\"_ _2\"></span> over <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>entit<span class=\"_ _2\"></span>y.  Subsidiari<span class=\"_ _2\"></span>es are con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>dated usi<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>ull <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation method wi<span class=\"_ _2\"></span>th eff<span class=\"_ _2\"></span>ect f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e date on which c<span class=\"_ _2\"></span>ontrol i<span class=\"_ _2\"></span>s transfer<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>while they <span class=\"_ _2\"></span>are ex<span class=\"_ _2\"></span>cluded as<span class=\"_ _2\"></span> from th<span class=\"_ _2\"></span>e da<span class=\"_ _2\"></span>te cont<span class=\"_ _2\"></span>rol ceases.<span class=\"_ _2\"></span> These comp<span class=\"_ _2\"></span>anies\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and net p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t corres<span class=\"_ _2\"></span>ponding <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he third<span class=\"ff1\">-party i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>such </span>compani<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d under non<span class=\"_ _2\"></span>-controlli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n (in a <span class=\"_ _2\"></span>separate com<span class=\"_ _2\"></span>ponent of <span class=\"_ _2\"></span>equit<span class=\"_ _2\"></span>y) and <span class=\"_ _2\"></span>in the C<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated income statement<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements are <span class=\"_ _2\"></span>detai<span class=\"_ _2\"></span>led in Note 11.<span class=\"_ _2\"></span> The purc<span class=\"_ _2\"></span>hase metho<span class=\"_ _2\"></span>d is us<span class=\"_ _2\"></span>ed in r<span class=\"_ _2\"></span>ecording <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f subsi<span class=\"_ _2\"></span>diaries. Th<span class=\"_ _2\"></span>e cost o<span class=\"_ _2\"></span>f an acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s measured b<span class=\"_ _2\"></span>y the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ferred, <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty inst<span class=\"_ _2\"></span>ruments issu<span class=\"_ _2\"></span>ed, and liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> incurre<span class=\"_ _2\"></span>d or ass<span class=\"_ _2\"></span>umed o<span class=\"_ _2\"></span>n acquisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate, an<span class=\"_ _2\"></span>d the bes<span class=\"_ _2\"></span>t es<span class=\"_ _2\"></span>timate<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>any agreed co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>t paymen<span class=\"_ _2\"></span>t.  The iden<span class=\"_ _2\"></span>tifiabl<span class=\"_ _2\"></span>e assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties acqui<span class=\"_ _2\"></span>red, and co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ngent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities as<span class=\"_ _2\"></span>sumed in a <span class=\"_ _2\"></span>business combin<span class=\"_ _2\"></span>ation are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly measure<span class=\"_ _2\"></span>d at f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e on th<span class=\"_ _2\"></span>e dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion, irres<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e of the existenc<span class=\"_ _2\"></span>e of n<span class=\"_ _2\"></span>on-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests<span class=\"_ _2\"></span>. The exc<span class=\"_ _2\"></span>ess of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>st over th<span class=\"_ _2\"></span>e fair val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the Group\u2019s<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re of th<span class=\"_ _2\"></span>e identif<span class=\"_ _2\"></span>iable as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities ac<span class=\"_ _2\"></span>quired is <span class=\"_ _2\"></span>recorded <span class=\"_ _2\"></span>as good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span>, as describe<span class=\"_ _2\"></span>d in N<span class=\"_ _2\"></span>ote 3.1<span class=\"_ _2\"></span>.  If the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>ost is <span class=\"_ _2\"></span>less than<span class=\"_ _2\"></span> the fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets of the <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y (negati<span class=\"_ _2\"></span>ve goodwil<span class=\"_ _2\"></span>l), th<span class=\"_ _2\"></span>e differ<span class=\"_ _2\"></span>ence i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised dir<span class=\"_ _2\"></span>ectly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d it tak<span class=\"_ _2\"></span>es place. <span class=\"_ _2\"></span> Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. Intercompan<span class=\"_ _2\"></span>y transac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, balan<span class=\"_ _2\"></span>ces, unr<span class=\"_ _2\"></span>ealised gai<span class=\"_ _2\"></span>ns on <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d divi<span class=\"_ _2\"></span>dends distribut<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>ween grou<span class=\"_ _2\"></span>p companies <span class=\"_ _2\"></span>are el<span class=\"_ _2\"></span>iminate<span class=\"_ _2\"></span>d. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses<span class=\"_ _2\"></span> are also <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated, except wh<span class=\"_ _2\"></span>ere the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion dis<span class=\"_ _2\"></span>plays <span class=\"_ _2\"></span>evidence <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment o<span class=\"_ _2\"></span>f a tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red ass<span class=\"_ _2\"></span>et.  When, at <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>trol, <span class=\"_ _2\"></span>The Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany alr<span class=\"_ _2\"></span>eady hol<span class=\"_ _2\"></span>ds a previousl<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>red int<span class=\"_ _2\"></span>erest i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, its <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>considered i<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e goodwill<span class=\"_ _2\"></span> or nega<span class=\"_ _2\"></span>tive goo<span class=\"_ _2\"></span>dwill. <span class=\"_ _2\"></span> On a ste<span class=\"_ _2\"></span>p acquisi<span class=\"_ _2\"></span>tion proc<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>resulting i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>control, th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of any participa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span>ly held i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed agai<span class=\"_ _2\"></span>nst <span class=\"_ _2\"></span>the inco<span class=\"_ _2\"></span>me stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>Goodwi<span class=\"_ _2\"></span>ll i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ulated. When subse<span class=\"_ _2\"></span>quent trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span> or acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>hares with non<span class=\"_ _2\"></span>-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests with no <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> control t<span class=\"_ _2\"></span>ake <span class=\"_ _2\"></span>place, no <span class=\"_ _2\"></span>gain, l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>r good<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>s determined<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>cost and th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the shar<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d are recognis<span class=\"_ _2\"></span>ed in e<span class=\"_ _2\"></span>quity.<span class=\"_ _2\"></span> Negative <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>each peri<span class=\"_ _2\"></span>od by s<span class=\"_ _2\"></span>ubsidiari<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>with non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interests <span class=\"_ _2\"></span>are all<span class=\"_ _2\"></span>ocated, in th<span class=\"_ _2\"></span>e perc<span class=\"_ _2\"></span>entage h<span class=\"_ _2\"></span>eld, <span class=\"_ _2\"></span>to non-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>sts, r<span class=\"_ _2\"></span>egardless <span class=\"_ _2\"></span>of whe<span class=\"_ _2\"></span>ther the<span class=\"_ _2\"></span>y become ne<span class=\"_ _2\"></span>gative.<span class=\"_ _2\"></span> In the cas<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>interests, <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>a los<span class=\"_ _2\"></span>s of c<span class=\"_ _2\"></span>ontrol over a <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, any remaini<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est is re<span class=\"_ _2\"></span>valued <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>date of sal<span class=\"_ _2\"></span>e, and <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>ain or <span class=\"_ _2\"></span>loss resulti<span class=\"_ _2\"></span>ng from suc<span class=\"_ _2\"></span>h reval<span class=\"_ _2\"></span>uation<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>recorded a<span class=\"_ _2\"></span>gainst i<span class=\"_ _2\"></span>ncome, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the gain<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>ss resul<span class=\"_ _2\"></span>ting from s<span class=\"_ _2\"></span>uch dispos<span class=\"_ _2\"></span>al. The subsidi<span class=\"_ _2\"></span>aries\u2019 ac<span class=\"_ _2\"></span>coun<span class=\"_ _2\"></span>ting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>are adjus<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er necessa<span class=\"_ _2\"></span>ry, so <span class=\"_ _2\"></span>as to ensu<span class=\"ff1\">re <span class=\"_ _2\"></span>that </span>they are <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>ed consi<span class=\"_ _2\"></span>stently b<span class=\"_ _2\"></span>y all<span class=\"_ _2\"></span> the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>.  1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. 1.4.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Presentatio<span class=\"_ _2\"></span>n curre<span class=\"_ _2\"></span>ncy and f<span class=\"_ _2\"></span>oreign c<span class=\"_ _2\"></span>urrency<span class=\"_ _2\"></span> transa<span class=\"_ _2\"></span>ctions i.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Functio<span class=\"_ _2\"></span>nal an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>porti<span class=\"_ _2\"></span>ng cur<span class=\"_ _2\"></span>rency </span></span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Sta<span class=\"_ _2\"></span>tements o<span class=\"_ _2\"></span>f each o<span class=\"_ _2\"></span>ne o<span class=\"_ _2\"></span>f the Group\u2019<span class=\"_ _2\"></span>s en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span><span class=\"ff1 ls4c\">e </span>measured usi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the economi<span class=\"_ _2\"></span>c en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>t in whi<span class=\"_ _2\"></span>ch the en<span class=\"_ _2\"></span>tity o<span class=\"_ _2\"></span>perates (functi<span class=\"_ _2\"></span>onal cu<span class=\"_ _2\"></span>rrency). These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>are pres<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>d in Euro<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s f<span class=\"_ _2\"></span>unctional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y. ii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Balanc<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d Tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions ex<span class=\"_ _2\"></span>presse<span class=\"_ _2\"></span>d in fo<span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>gn currenc<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span> </span></span>All <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es denominat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>es other th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>reportin<span class=\"_ _2\"></span>g currency ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>been transl<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>using the <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge <span class=\"_ _2\"></span>rates pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on date <span class=\"_ _2\"></span>(Note 8.1.1<span class=\"_ _2\"></span>). Currency a<span class=\"_ _2\"></span>djustm<span class=\"_ _2\"></span>ents, f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e and unfa<span class=\"_ _2\"></span>voura<span class=\"_ _2\"></span>ble, a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>on a<span class=\"_ _2\"></span>nd those a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>date o<span class=\"_ _2\"></span>f col<span class=\"_ _2\"></span>lection, payment o<span class=\"_ _2\"></span>r statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, ar<span class=\"_ _2\"></span>e recor<span class=\"_ _2\"></span>ded as<span class=\"_ _2\"></span> income and co<span class=\"_ _2\"></span>sts in <span class=\"_ _2\"></span>the Cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period. iii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Group c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>panie<span class=\"_ _2\"></span>s </span></span>The resu<span class=\"_ _2\"></span>lts and <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch have a di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> currency f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>Group\u2019<span class=\"_ _2\"></span>s repo<span class=\"_ _2\"></span>rting cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y are transl<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ed into <span class=\"_ _2\"></span>the repo<span class=\"_ _2\"></span>rtin<span class=\"ff1\">g currenc<span class=\"_ _2\"></span>y as </span>fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> each S<span class=\"_ _2\"></span>tatement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion are trans<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ted at th<span class=\"_ _2\"></span>e </span></span>exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated <span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Eq<span class=\"_ _0\"></span>uity balan<span class=\"_ _2\"></span>ces <span class=\"_ _2\"></span>are transl<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e histori<span class=\"_ _2\"></span>cal exchan<span class=\"_ _2\"></span>ge rate;<span class=\"_ _2\"></span> </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>he inco<span class=\"_ _2\"></span>me and <span class=\"_ _2\"></span>expenses di<span class=\"_ _2\"></span>sclosed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Income S<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e converte<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>the </span></span>exchange <span class=\"_ _2\"></span>rate pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>dates of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. When thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble or when benef<span class=\"_ _2\"></span>its do n<span class=\"_ _2\"></span>ot ari<span class=\"_ _2\"></span>se from <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s proc<span class=\"_ _2\"></span>edure,<span class=\"_ _2\"></span> income <span class=\"_ _2\"></span>and expenses ar<span class=\"_ _2\"></span>e translat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the aver<span class=\"_ _2\"></span>age exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod. The exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es resultin<span class=\"_ _2\"></span>g fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>topics i<span class=\"_ _2\"></span>) and i<span class=\"_ _2\"></span>ii<span class=\"_ _2\"></span>) are recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed comprehensi<span class=\"_ _2\"></span>ve in<span class=\"_ _2\"></span>come under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity c<span class=\"_ _2\"></span>aption \u201cCurr<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y transla<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, bei<span class=\"_ _2\"></span>ng transfer<span class=\"_ _2\"></span>red to th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>the dispo<span class=\"_ _2\"></span>sal of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>occu<span class=\"_ _2\"></span>r. Long-term l<span class=\"_ _2\"></span>oans g<span class=\"_ _2\"></span>ranted to <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>function<span class=\"_ _2\"></span>al currency<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e neith<span class=\"_ _2\"></span>er plan<span class=\"_ _2\"></span>ned nor <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>eeable fu<span class=\"_ _2\"></span>ture, ar<span class=\"_ _2\"></span>e treated as <span class=\"_ _2\"></span>a net <span class=\"_ _2\"></span>extens<span class=\"_ _2\"></span>ion of<span class=\"_ _2\"></span> the inv<span class=\"_ _2\"></span>estment <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn su<span class=\"_ _2\"></span>bsidiary. <span class=\"_ _2\"></span>On this b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, exchange rate di<span class=\"_ _2\"></span>fferences <span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ing on thes<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>oans, which<span class=\"_ _2\"></span> have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en eli<span class=\"_ _2\"></span>minated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation, a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed under <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity ca<span class=\"_ _2\"></span>ption \u201cC<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ranslati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, being<span class=\"ff1\"> transf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the </span>inco<span class=\"_ _2\"></span>me statement wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e loans<span class=\"_ _2\"></span> are se<span class=\"_ _2\"></span>ttled, to <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xte<span class=\"_ _2\"></span>nt that <span class=\"_ _2\"></span>such set<span class=\"_ _2\"></span>tlement <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ts an absolute <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary's i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e. iv.<span class=\"ff7\"> <span class=\"_ _92\"> </span></span>Exchan<span class=\"_ _2\"></span>ge rate<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sertling pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 0,85 0,86 0,79% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,89 0,84 -5,55% USD (American dollar)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,05 1,18 10,99% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,07 1,13 5,83% PLN (Polish zloti) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 4,69 4,57 -2,66% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 4,68 4,60 -1,83% SEK (Swedish krona) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,63 10,15 -4,77% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,12 10,25 -8,50% CZK (C<span class=\"_ _0\"></span>zech koruna) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 24,57 25,64 4,19% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 24,12 24,86 2,98% CHF<span class=\"_ _0\"></span> (Swiss f<span class=\"_ _2\"></span>ranc)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,00 1,08 7,08% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,98 1,03 4,68% DKK (Danish krone) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 7,44 7,44 -0,03% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 7,44 7,44 0,00% HUF (H<span class=\"_ _0\"></span>ungarian<span class=\"_ _2\"></span> forint)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 391,43 358,52 -9,18% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 400,87 369,19 -8,58% AUD (Australian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,52 1,57 3,71% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,57 1,56 -0,50% MZM<span class=\"_ _0\"></span> (Mozambican metical) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 67,20 77,75 13,56% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 68,18 78,09 12,69% MAD (Morocc<span class=\"_ _0\"></span>an dirh<span class=\"_ _2\"></span>am)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,69 10,67 -0,12% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,16 10,52 -6,11% NOK (Norway kroner)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,10 10,16 0,59% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 10,51 9,99 -5,26% MXN (M<span class=\"_ _0\"></span>exican peso) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 21,18 23,99 11,70% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 20,86 23,14 9,89% AED <span class=\"_ _2\"></span>(D<span class=\"_ _0\"></span>irham)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 3,87 4,34 10,92% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 3,92 4,16 5,83% CAD (Canadian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,37 1,48 7,64% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the p<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>riod 1,44 1,44 -0,33% ZAR (South African rand)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,21 17,48 1,54% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 18,10 18,06 -0,20% BRL (Brazilian real) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 5,44 6,38 14,74% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 5,64 6,31 10,64% EGP (Egyptian pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 20,18 18,55 -8,81% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 26,31 17,82 -47,63% TRY (Turkish lira)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,42 10,51 -65,68% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 19,96 15,23 -31,06% 1.4.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Basis for m<span class=\"_ _2\"></span>easureme<span class=\"_ _2\"></span>nt The accompan<span class=\"_ _2\"></span>ying co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>have<span class=\"_ _2\"></span> been p<span class=\"_ _2\"></span>repared on <span class=\"_ _2\"></span>the goi<span class=\"_ _2\"></span>ng conc<span class=\"_ _2\"></span>ern basis <span class=\"_ _2\"></span>from the acc<span class=\"_ _2\"></span>ountin<span class=\"_ _2\"></span>g books an<span class=\"_ _2\"></span>d recor<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the com<span class=\"_ _2\"></span>pani<span class=\"_ _2\"></span>es inclu<span class=\"_ _2\"></span>ded in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dation (Note 11.1<span class=\"_ _2\"></span>), an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r the histo<span class=\"_ _2\"></span>rical<span class=\"_ _2\"></span> cos<span class=\"_ _2\"></span>t conventi<span class=\"_ _2\"></span>on, exc<span class=\"_ _2\"></span>ept for <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets (Note 3<span class=\"_ _2\"></span>.8)<span class=\"_ _2\"></span>, and for <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments me<span class=\"_ _2\"></span>asured <span class=\"_ _2\"></span>at fair <span class=\"_ _2\"></span>value th<span class=\"_ _2\"></span>rough prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss or <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air value through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome (Note 8<span class=\"_ _2\"></span>.3), i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>derivative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments <span class=\"_ _2\"></span>are incl<span class=\"_ _2\"></span>uded (Note 8<span class=\"_ _2\"></span>.2). The l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>responsi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>for defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>gnised a<span class=\"_ _2\"></span>t its presen<span class=\"_ _2\"></span>t value <span class=\"_ _2\"></span>deduc<span class=\"_ _2\"></span>ted fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>respectiv<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>. 1.4.6.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Comparabi<span class=\"_ _2\"></span>lity These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are com<span class=\"_ _2\"></span>parabl<span class=\"_ _2\"></span>e in al<span class=\"_ _2\"></span>l materi<span class=\"_ _2\"></span>al respec<span class=\"_ _2\"></span>ts with <span class=\"_ _2\"></span>those of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span> year.<span class=\"_ _2\"></span> 1.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">New I<span class=\"_ _2\"></span>FRS stand<span class=\"_ _2\"></span>ards ad<span class=\"_ _2\"></span>opte<span class=\"_ _2\"></span>d and to b<span class=\"_ _2\"></span>e </span></span>adopt<span class=\"_ _2\"></span>ed 1.5.1. Ot<span class=\"_ _2\"></span>her st<span class=\"_ _2\"></span>andards, ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>erpretati<span class=\"_ _2\"></span>ons adopt<span class=\"_ _2\"></span>ed or to be ad<span class=\"_ _2\"></span>opted Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> ado<span class=\"_ _2\"></span>pte<span class=\"_ _2\"></span>d in 2022<span class=\"_ _2\"></span> No i<span class=\"_ _2\"></span>mpacts on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion<span class=\"_ _2\"></span> Reference to the Conce<span class=\"_ _0\"></span>ptual In May 2020 the I<span class=\"_ _0\"></span>ASB i<span class=\"_ _0\"></span>ssued Re<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>erence to th<span class=\"_ _0\"></span>e Conceptual<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>Framework, whi<span class=\"_ _0\"></span>ch ma<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>e 1 January 2022<span class=\"_ _0\"></span> Framework (Amendme<span class=\"_ _0\"></span>nts to amendments to IFRS 3<span class=\"_ _0\"></span> Business Combi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ons. IF<span class=\"_ _0\"></span>RS 3) The amendments <span class=\"_ _0\"></span>updated IF<span class=\"_ _0\"></span>RS 3 by repl<span class=\"_ _0\"></span>acing a reference to an ol<span class=\"_ _0\"></span>d version of the Board\u2019s Conceptual<span class=\"_ _0\"></span> Framework for Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> Reporting with a refe<span class=\"_ _0\"></span>rence to th<span class=\"_ _0\"></span>e latest version, whi<span class=\"_ _0\"></span>ch was issued i<span class=\"_ _0\"></span>n March 2018.<span class=\"_ _0\"></span> The Amendments sh<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed to business combinati<span class=\"_ _0\"></span>ons for whi<span class=\"_ _0\"></span>ch the acquisi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date is on or after th<span class=\"_ _0\"></span>e begi<span class=\"_ _0\"></span>nning of the first annual<span class=\"_ _0\"></span> reporting p<span class=\"_ _0\"></span>eriod begi<span class=\"_ _0\"></span>nning on or after 1 January 2022. <span class=\"_ _0\"></span> Property, Plant and Equi<span class=\"_ _0\"></span>pment In May 2020, the IAS<span class=\"_ _0\"></span>B issued Propert<span class=\"_ _0\"></span>y, Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span>Proc<span class=\"_ _0\"></span>eeds before<span class=\"_ _0\"></span> Intended 1 January 2022<span class=\"_ _0\"></span> \u2014<span class=\"ff1\"> Pr<span class=\"_ _2\"></span>oc<span class=\"_ _0\"></span>eeds befo<span class=\"_ _0\"></span>re Intended </span>Use, which made a<span class=\"_ _0\"></span>mendments to IA<span class=\"_ _0\"></span>S 16 Property, <span class=\"_ _0\"></span>Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span> Use (Amendments to I<span class=\"_ _0\"></span>AS 16 The Amendments woul<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>rohibi<span class=\"_ _0\"></span>t deduct<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng from th<span class=\"_ _0\"></span>e cost of an i<span class=\"_ _0\"></span>tem o<span class=\"_ _0\"></span>f property, plant Property, Plant and and equipment any p<span class=\"_ _0\"></span>roceeds from sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng items produced whi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e bringing that asset to Equipment) the lo<span class=\"_ _0\"></span>cation and <span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n nec<span class=\"_ _2\"></span>essar<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>t to be capable of ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>mann<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>nded by ma<span class=\"_ _0\"></span>nagement. Ins<span class=\"_ _0\"></span>tead, a<span class=\"_ _0\"></span>n entity woul<span class=\"_ _0\"></span>d recognise those s<span class=\"_ _0\"></span>ales proceeds i<span class=\"_ _0\"></span>n profit or lo<span class=\"_ _0\"></span>ss. The amendments s<span class=\"_ _0\"></span>hall<span class=\"_ _0\"></span> be app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for annual perio<span class=\"_ _0\"></span>ds beginning on o<span class=\"_ _0\"></span>r after 1 Janua<span class=\"_ _0\"></span>ry 2022. Onerous Contracts <span class=\"ff8\">\u2014</span> <span class=\"_ _0\"></span>Cost of In May 2020, the IAS<span class=\"_ _0\"></span>B issued O<span class=\"_ _0\"></span>nerous Co<span class=\"_ _0\"></span>ntracts <span class=\"ff8\">\u2014</span> Cost<span class=\"_ _0\"></span> of Fulfilli<span class=\"_ _0\"></span>ng a Contract, whi<span class=\"_ _0\"></span>ch 1 January 2022<span class=\"_ _0\"></span> Fulfilli<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>Co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> made amendments to I<span class=\"_ _0\"></span>AS 37 Provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons, Contingent Li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d Co<span class=\"_ _0\"></span>ntingent Assets.<span class=\"_ _1\"></span> The objective of <span class=\"_ _0\"></span>the Amendments i<span class=\"_ _0\"></span>s to clarify the req<span class=\"_ _0\"></span>uirements of I<span class=\"_ _0\"></span>AS 37 on onerous contracts regardi<span class=\"_ _0\"></span>ng the assessm<span class=\"_ _0\"></span>ent of whethe<span class=\"_ _0\"></span>r, i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>con<span class=\"_ _0\"></span>tract, the un<span class=\"_ _0\"></span>avoi<span class=\"_ _0\"></span>dable costs of meeting the obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gations under the contract exceed <span class=\"_ _0\"></span>the economic be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts expected to be rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved under<span class=\"_ _0\"></span> it. The ame<span class=\"_ _0\"></span>ndments shal<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> be a<span class=\"_ _2\"></span>ppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual perio<span class=\"_ _0\"></span>ds beginning on<span class=\"_ _0\"></span> or after 1 January 2022.<span class=\"_ _0\"></span> Annual I<span class=\"_ _0\"></span>mprovements to IFRS On 14 May 2020, t<span class=\"_ _0\"></span>he IASB i<span class=\"_ _0\"></span>ssued Annual I<span class=\"_ _0\"></span>mprovements to IFRS Sta<span class=\"_ _0\"></span>ndards 2018<span class=\"_ _1\"></span><span class=\"ff8\">\u2013</span>2020 1 January 2022<span class=\"_ _0\"></span> Standards 2018-2<span class=\"_ _0\"></span>020 containing the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owing amendments to IFRSs:<span class=\"_ _1\"></span> (a) permi<span class=\"_ _0\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> entity that i<span class=\"_ _0\"></span>s a subsidi<span class=\"_ _0\"></span>ary, associate or joi<span class=\"_ _0\"></span>nt venture, <span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ho becomes <span class=\"_ _0\"></span>a first-time adopter l<span class=\"_ _0\"></span>ater than its parent and el<span class=\"_ _0\"></span>ects to appl<span class=\"_ _0\"></span>y paragraph <span class=\"_ _0\"></span>D16(a) of IFRS 1 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>rst-time Adoptio<span class=\"_ _0\"></span>n of Internatio<span class=\"_ _0\"></span>nal Fi<span class=\"_ _0\"></span>nancial Reporting Standards, <span class=\"_ _0\"></span>to measure t<span class=\"_ _0\"></span>he cumul<span class=\"_ _0\"></span>ative translation di<span class=\"_ _0\"></span>fferences using the amo<span class=\"_ _0\"></span>unts reporte<span class=\"_ _0\"></span>d by the pa<span class=\"_ _0\"></span><span class=\"ff8\">rent, ba<span class=\"_ _0\"></span>sed on the parent\u2019s<span class=\"_ _0\"></span> </span>date of transiti<span class=\"_ _0\"></span>on to IFRS;<span class=\"_ _0\"></span> (b) clarify that <span class=\"_ _0\"></span>the reference to fees i<span class=\"_ _0\"></span>n the 10 per cent<span class=\"_ _0\"></span> test incl<span class=\"_ _0\"></span>udes o<span class=\"_ _0\"></span>nly fees pai<span class=\"_ _0\"></span>d or rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved betw<span class=\"_ _0\"></span>een the borrower<span class=\"_ _0\"></span> and the l<span class=\"_ _0\"></span>ender, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng fees<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>aid or recei<span class=\"_ _0\"></span>ved by either the borrower or lend<span class=\"_ _0\"></span>er <span class=\"ff8\">on the o<span class=\"_ _0\"></span>ther\u2019s behal<span class=\"_ _0\"></span>f (IFRS 9);<span class=\"_ _0\"></span></span> (c) remove the po<span class=\"_ _0\"></span>tential<span class=\"_ _0\"></span> confusion regarding the t<span class=\"_ _0\"></span>reatment of leas<span class=\"_ _0\"></span>e incenti<span class=\"_ _0\"></span>ves applyi<span class=\"_ _0\"></span>ng IF<span class=\"_ _0\"></span>RS 16<span class=\"_ _2\"></span> Leas<span class=\"_ _0\"></span>es as was i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ustra<span class=\"_ _2\"></span>ted i<span class=\"_ _0\"></span>n Ill<span class=\"_ _0\"></span>ustrative Example <span class=\"_ _0\"></span>13 accompanyi<span class=\"_ _0\"></span>ng IFRS 16; and<span class=\"_ _1\"></span> (d) remove the req<span class=\"_ _0\"></span>uirement in par<span class=\"_ _0\"></span>agraph 22 of IA<span class=\"_ _0\"></span>S 41 Ag<span class=\"_ _0\"></span>ricul<span class=\"_ _0\"></span>ture for entities to excl<span class=\"_ _0\"></span>ude cash flow<span class=\"_ _0\"></span>s for taxation when measuri<span class=\"_ _0\"></span>ng fai<span class=\"_ _0\"></span>r value applyi<span class=\"_ _0\"></span>ng IAS<span class=\"_ _0\"></span> 41<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> The amendments wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual peri<span class=\"_ _0\"></span>ods beginning on or<span class=\"_ _0\"></span> after 1 January 2022. Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> to be a<span class=\"_ _2\"></span>dopte<span class=\"_ _2\"></span>d in s<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent period<span class=\"_ _2\"></span>s Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d not t<span class=\"_ _2\"></span>o ap<span class=\"_ _2\"></span>ply in a<span class=\"_ _2\"></span>dvanc<span class=\"_ _2\"></span>e Discl<span class=\"_ _0\"></span>osure of Accounting Follo<span class=\"_ _0\"></span>wing feedback that more guida<span class=\"_ _0\"></span>nce was needed <span class=\"_ _0\"></span>to hel<span class=\"_ _0\"></span>p companies deci<span class=\"_ _0\"></span>de what 1 January 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span> poli<span class=\"_ _0\"></span>cies (Amen<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>ments to accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nformatio<span class=\"_ _0\"></span>n should be discl<span class=\"_ _0\"></span>osed, the IASB<span class=\"_ _0\"></span> issued on 12 February IAS<span class=\"_ _0\"></span> 1 P<span class=\"_ _2\"></span>rese<span class=\"_ _0\"></span>ntation of 2021 amendments to I<span class=\"_ _0\"></span>AS 1 Presentati<span class=\"_ _0\"></span>on of Fi<span class=\"_ _0\"></span>nancial St<span class=\"_ _0\"></span>atements a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>FRS Pra<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tice Fi<span class=\"_ _0\"></span>nancial Statements and Statement 2 Maki<span class=\"_ _0\"></span>ng Material<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty Ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _0\"></span>ts. <span class=\"_ _0\"></span> IF<span class=\"_ _0\"></span>RS Pr<span class=\"_ _2\"></span>acti<span class=\"_ _0\"></span>ce Statement 2)<span class=\"_ _0\"></span> The key amendmen<span class=\"_ _0\"></span>ts to IAS 1 i<span class=\"_ _0\"></span>nclude: i) requi<span class=\"_ _0\"></span>ring compani<span class=\"_ _0\"></span>es to discl<span class=\"_ _0\"></span>ose their material accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies rather than thei<span class=\"_ _0\"></span>r signifi<span class=\"_ _0\"></span>cant accounting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies; ii) clari<span class=\"_ _0\"></span>fying that a<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>counti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies related to immaterial<span class=\"_ _0\"></span> transactions, other events or<span class=\"_ _0\"></span> conditi<span class=\"_ _0\"></span>ons are themselves i<span class=\"_ _0\"></span>mmaterial<span class=\"_ _0\"></span> and as such need not be di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed;<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) clari<span class=\"_ _0\"></span>fying that not all<span class=\"_ _0\"></span> account<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es that relate to material<span class=\"_ _0\"></span> transactions, are themselves mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> to a <span class=\"ff8\">company\u2019s fi<span class=\"_ _0\"></span>nancial statements. <span class=\"_ _0\"></span></span> The IASB also<span class=\"_ _0\"></span> amended IFRS Practice S<span class=\"_ _0\"></span>tatement <span class=\"_ _0\"></span>2 to include gui<span class=\"_ _0\"></span>dance and two<span class=\"_ _0\"></span> additi<span class=\"_ _0\"></span>onal examples on the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of ma<span class=\"_ _2\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty t<span class=\"_ _2\"></span>o acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy di<span class=\"_ _0\"></span>sc<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>osures. The amendments <span class=\"_ _0\"></span>are consistent wi<span class=\"_ _0\"></span>th the refined defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tion <span class=\"_ _0\"></span>of material<span class=\"_ _0\"></span>:  \u201cAccounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy informa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>on is mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> if, when considered togeth<span class=\"_ _0\"></span>er with othe<span class=\"_ _0\"></span>r i<span class=\"_ _0\"></span>nforma<span class=\"_ _2\"></span>tio<span class=\"_ _0\"></span>n incl<span class=\"_ _0\"></span>uded in an entity\u2019s fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> statements, i<span class=\"_ _0\"></span>t ca<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> reasonabl<span class=\"_ _0\"></span>y be expected to infl<span class=\"_ _0\"></span>uence<span class=\"_ _2\"></span> d<span class=\"_ _0\"></span>ecisi<span class=\"_ _0\"></span>ons that the primary user<span class=\"_ _0\"></span>s of general<span class=\"_ _0\"></span>-pu<span class=\"_ _0\"></span>rpose fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al statements make on the basi<span class=\"_ _0\"></span>s of those financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> stat<span class=\"_ _2\"></span>eme<span class=\"_ _0\"></span>nts\u201d.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>1 January <span class=\"_ _0\"></span>2023 but may be <span class=\"_ _0\"></span>applied earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er. Amendments to IA<span class=\"_ _0\"></span>S 8 The IASB has i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 8 Accoun<span class=\"_ _0\"></span>ting Pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es, Changes in 1 January 2023<span class=\"_ _0\"></span> Accounting poli<span class=\"_ _0\"></span>cies, Accounting Estima<span class=\"_ _0\"></span>tes and Errors to <span class=\"_ _0\"></span>clari<span class=\"_ _0\"></span>fy how companies sho<span class=\"_ _0\"></span>uld di<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nguish changes Changes in Accounti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n ac<span class=\"_ _2\"></span>counti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es from c<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates, wi<span class=\"_ _0\"></span>th a<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mary <span class=\"_ _0\"></span>focus on Estimates and Errors<span class=\"_ _0\"></span>: the definiti<span class=\"_ _0\"></span>on of and cl<span class=\"_ _0\"></span>arifi<span class=\"_ _0\"></span>cations on accounting estimates.<span class=\"_ _0\"></span> Definiti<span class=\"_ _0\"></span>on of Accounting The amendments i<span class=\"_ _0\"></span>ntroduce a new defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for a<span class=\"_ _2\"></span>ccounti<span class=\"_ _0\"></span>ng estimates<span class=\"_ _0\"></span>: clari<span class=\"_ _0\"></span>fying that Estimates they are monetary amou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the financial<span class=\"_ _0\"></span> statements that <span class=\"_ _0\"></span>are subject to measurement unce<span class=\"_ _0\"></span>rtainty. Th<span class=\"ls0\">e amendments al<span class=\"_ _0\"></span>so cl<span class=\"_ _0\"></span>arify the relationship betw<span class=\"_ _0\"></span>een accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies an<span class=\"_ _2\"></span>d </span>accounting esti<span class=\"_ _0\"></span>mates by speci<span class=\"_ _0\"></span>fying that a company d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>ps an accounting estima<span class=\"_ _0\"></span>te to achieve the objecti<span class=\"_ _0\"></span>ve set out by <span class=\"_ _0\"></span>an accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy. The effects of changes i<span class=\"_ _0\"></span>n such inputs or m<span class=\"_ _0\"></span>easurement tech<span class=\"_ _0\"></span>niques are ch<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for periods begi<span class=\"_ _0\"></span>nning on or after <span class=\"_ _0\"></span>1 January 2023, wi<span class=\"_ _0\"></span>th ear<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted, and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> apply prospectively to changes <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n acc<span class=\"_ _2\"></span>oun<span class=\"_ _0\"></span>ting estimates and changes i<span class=\"_ _0\"></span>n accoun<span class=\"_ _0\"></span>ting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies occurr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng on or afte<span class=\"_ _0\"></span>r the beginni<span class=\"_ _0\"></span>ng of the first annual<span class=\"_ _0\"></span> reporting perio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch the company appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>amendme<span class=\"_ _0\"></span>nts.<span class=\"_ _0\"></span> Amendments to IA<span class=\"_ _0\"></span>S 12: The IASB i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 12 Income Taxes o<span class=\"_ _0\"></span>n 7 May 202<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span> 1 January 2023<span class=\"_ _0\"></span> deferred tax relat<span class=\"_ _0\"></span>ed to The amendments requi<span class=\"_ _0\"></span>re comp<span class=\"_ _0\"></span>anies to recogni<span class=\"_ _0\"></span>se deferred tax on <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons that, assets and l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties arisi<span class=\"_ _0\"></span>ng on ini<span class=\"_ _0\"></span>tial recogniti<span class=\"_ _0\"></span>on, give rise to equal amo<span class=\"_ _0\"></span>unts of taxabl<span class=\"_ _0\"></span>e and deducti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e te<span class=\"_ _2\"></span>mpor<span class=\"_ _0\"></span>ary from a singl<span class=\"_ _0\"></span>e transacti<span class=\"_ _0\"></span>on differences. <span class=\"_ _0\"></span> In specifi<span class=\"_ _0\"></span>ed circumstances, comp<span class=\"_ _0\"></span>anies are exemp<span class=\"_ _0\"></span>t from recogni<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng def<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>rred tax when they recogni<span class=\"_ _0\"></span>se assets or l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities for the first time. <span class=\"_ _0\"></span>Previo<span class=\"_ _0\"></span>usly, there had been some uncertai<span class=\"_ _0\"></span>nty about whether the exem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to transactio<span class=\"_ _0\"></span>ns such as leases and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oning obli<span class=\"_ _0\"></span>gations<span class=\"ff8\">\u2014</span>transactio<span class=\"_ _0\"></span>ns for which compani<span class=\"_ _0\"></span>es recogni<span class=\"_ _0\"></span>se both an asset and a li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty. The amendments cl<span class=\"_ _0\"></span>arify that the exempti<span class=\"_ _0\"></span>on do<span class=\"_ _0\"></span>es not apply and that compani<span class=\"_ _0\"></span>es are requi<span class=\"_ _0\"></span>red to recogni<span class=\"_ _0\"></span>se deferred tax on such tr<span class=\"_ _0\"></span>ansactio<span class=\"_ _0\"></span>ns. The aim of the amendm<span class=\"_ _0\"></span>ents i<span class=\"_ _0\"></span>s to reduce diversity<span class=\"_ _0\"></span> in the reporting of <span class=\"_ _0\"></span>defe<span class=\"_ _0\"></span>rred tax on l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>s and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>ng obli<span class=\"_ _0\"></span>gations. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for annual reporting p<span class=\"_ _0\"></span>eriods begi<span class=\"_ _0\"></span>nning o<span class=\"_ _0\"></span>n or after 1 January 2023. Earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation is permitte<span class=\"_ _2\"></span>d.<span class=\"_ _1\"></span> IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> <span class=\"ff8\">\u2014</span> Ins<span class=\"_ _0\"></span>urance The IASB i<span class=\"_ _0\"></span>ssued on 18 May 2017 a st<span class=\"_ _0\"></span>andard that s<span class=\"_ _0\"></span>uperseded IFRS 4 and co<span class=\"_ _0\"></span>mpletely 1 January 2023<span class=\"_ _0\"></span> Contracts reformed the treatmen<span class=\"_ _0\"></span>t of insurance con<span class=\"_ _0\"></span>tracts. The st<span class=\"_ _0\"></span>andard i<span class=\"_ _0\"></span>ntroduces signifi<span class=\"_ _0\"></span>cant changes to the way<span class=\"_ _0\"></span> in whi<span class=\"_ _0\"></span>ch the performance of i<span class=\"_ _0\"></span>nsurance contrac<span class=\"_ _0\"></span>ts is mea<span class=\"_ _0\"></span>sured<span class=\"_ _0\"></span> and presented with va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us impacts also at the l<span class=\"_ _0\"></span>evel of the financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion. The standard expected to be effec<span class=\"_ _0\"></span>tive for annual<span class=\"_ _0\"></span> periods begi<span class=\"_ _0\"></span>nning on or afte<span class=\"_ _0\"></span>r 1 January 2023.<span class=\"_ _0\"></span> Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Amendments to IF<span class=\"_ _0\"></span>RS 17 - The IASB has i<span class=\"_ _0\"></span>ssued an amendment<span class=\"_ _0\"></span> to the scope of t<span class=\"_ _0\"></span>he transiti<span class=\"_ _0\"></span>onal requirements of 1 January 2023<span class=\"_ _0\"></span> Insurance Contr<span class=\"_ _0\"></span>acts: First-IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> - Ins<span class=\"_ _0\"></span>urance Contrac<span class=\"_ _0\"></span>ts, which provides i<span class=\"_ _0\"></span>nsurers wi<span class=\"_ _0\"></span>th an opti<span class=\"_ _0\"></span>on to improve<span class=\"_ _0\"></span> the time Adopti<span class=\"_ _0\"></span>on of IFRS 17 usefulness of infor<span class=\"_ _0\"></span>matio<span class=\"_ _0\"></span>n to investors on fi<span class=\"_ _0\"></span>rst-time adopti<span class=\"_ _0\"></span>on of the n<span class=\"_ _0\"></span>ew standard.<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>I<span class=\"_ _0\"></span>FRS 9 - <span class=\"_ _0\"></span>Comparati<span class=\"_ _0\"></span>ve IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>uding this amendment, i<span class=\"_ _0\"></span>s effective for annu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds begi<span class=\"_ _0\"></span>nning on or Information<span class=\"_ _0\"></span> after 1 January 2023.<span class=\"_ _0\"></span> Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> not yet<span class=\"_ _2\"></span> endo<span class=\"_ _2\"></span>rsed<span class=\"_ _2\"></span> by the <span class=\"_ _2\"></span>Eur<span class=\"_ _2\"></span>opean U<span class=\"_ _2\"></span>nion<span class=\"fc17\"> </span>Clari<span class=\"_ _0\"></span>fication of requirement<span class=\"_ _0\"></span>s The IASB i<span class=\"_ _0\"></span>ssued on 23 January <span class=\"_ _0\"></span>2020 an amendment to I<span class=\"_ _0\"></span>AS 1 Presentation of Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> 1 January 2024<span class=\"_ _0\"></span> for classifyi<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abilities as Statements to cl<span class=\"_ _0\"></span>arify how to classi<span class=\"_ _0\"></span>fy debt and<span class=\"_ _0\"></span> other li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es as<span class=\"_ _2\"></span> current a<span class=\"_ _0\"></span>nd non-current or non-curre<span class=\"_ _0\"></span>nt current. (amendments to I<span class=\"_ _0\"></span>AS 1 - The amendments cl<span class=\"_ _0\"></span>arify an IAS 1 cri<span class=\"_ _0\"></span>teria for cl<span class=\"_ _0\"></span>assifyi<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non-cu<span class=\"_ _0\"></span>rrent: th<span class=\"_ _0\"></span>e Presentatio<span class=\"_ _0\"></span>n of Financial<span class=\"_ _0\"></span> requ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rement fo<span class=\"_ _0\"></span>r an entity to h<span class=\"_ _0\"></span>ave the ri<span class=\"_ _0\"></span>ght to defer the l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ability\u2019s sett<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ement at l<span class=\"_ _0\"></span>east Statements)<span class=\"_ _0\"></span> 12 months after t<span class=\"_ _0\"></span>he reporting pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. The amendments <span class=\"_ _0\"></span>aim to:<span class=\"_ _0\"></span> a.<span class=\"ls0\"> <span class=\"_ _94\"> </span>specify that an entity's <span class=\"_ _0\"></span>right to de<span class=\"_ _0\"></span>fer settlement mus<span class=\"_ _0\"></span>t exist at <span class=\"_ _0\"></span>the end of </span>the reporting peri<span class=\"_ _0\"></span>od; b.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>at <span class=\"_ _0\"></span>the classi<span class=\"_ _0\"></span>ficati<span class=\"_ _0\"></span>on is not affected by the Board's i<span class=\"_ _0\"></span>ntentions <span class=\"_ _0\"></span>or </span>expectatio<span class=\"_ _0\"></span>ns as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to whether t<span class=\"_ _0\"></span>he entity will<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>exercise its righ<span class=\"_ _0\"></span>t to postpo<span class=\"_ _0\"></span>ne settl<span class=\"_ _0\"></span>ement; c.<span class=\"ls0\"> <span class=\"_ _51\"> </span>clarify how l<span class=\"_ _0\"></span>oan conditio<span class=\"_ _0\"></span>ns af<span class=\"_ _2\"></span>fect cl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>cation; and<span class=\"_ _0\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>e req<span class=\"_ _0\"></span>uirements to <span class=\"_ _0\"></span>classi<span class=\"_ _0\"></span>fy the li<span class=\"_ _0\"></span>abilities that an enti<span class=\"_ _0\"></span>ty will settle, </span>or may settle, by i<span class=\"_ _0\"></span>ssuing its own <span class=\"_ _0\"></span>equity instru<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span> This amendment i<span class=\"_ _0\"></span>s effecti<span class=\"_ _0\"></span>ve for peri<span class=\"_ _0\"></span>ods starting on 1 Janua<span class=\"_ _0\"></span>ry 2024.<span class=\"_ _0\"></span> Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es in sale and The IA<span class=\"_ _0\"></span>SB i<span class=\"_ _0\"></span>ssued amendm<span class=\"_ _0\"></span>ents to <span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>FRS 16 <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Leas<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n Septembe<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>022 that i<span class=\"_ _0\"></span>ntroduc<span class=\"_ _0\"></span>e 1 January 2024<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>ns a <span class=\"_ _1\"></span>new <span class=\"_ _1\"></span>accou<span class=\"_ _0\"></span>nting <span class=\"_ _1\"></span>model<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>for <span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ariabl<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>payments <span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack <span class=\"_ _1\"></span>trans<span class=\"_ _0\"></span>action. (amendments to I<span class=\"_ _0\"></span>FRS 16 - The amendments con<span class=\"_ _0\"></span>firm that:<span class=\"_ _0\"></span> Leases) - <span class=\"_ _96\"> </span><span class=\"ff1\">On <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _2\"></span>ecogniti<span class=\"_ _0\"></span>on, <span class=\"_\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_\"> </span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee<span class=\"_ _2\"></span> <span class=\"_\"> </span>includes <span class=\"_ _97\"> </span>vari<span class=\"_ _0\"></span>able <span class=\"_ _97\"> </span>l<span class=\"_ _0\"></span>ease <span class=\"_\"> </span>payments <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>n </span>measuring a l<span class=\"_ _0\"></span>ease li<span class=\"_ _0\"></span>ability ar<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng from a sale and l<span class=\"_ _0\"></span>easeback transacti<span class=\"_ _0\"></span>on;<span class=\"_ _0\"></span> - <span class=\"_ _96\"> </span><span class=\"ff1\">After <span class=\"_ _38\"></span>ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span> <span class=\"_ _38\"> </span>recogniti<span class=\"_ _0\"></span>on, <span class=\"_ _38\"> </span>the <span class=\"_ _38\"></span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_ _38\"></span>appli<span class=\"_ _0\"></span>es <span class=\"_ _38\"></span>the <span class=\"_ _38\"></span>general<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>requir<span class=\"_ _0\"></span>ements <span class=\"_ _38\"> </span>for<span class=\"_ _0\"></span> </span>subsequent <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>for <span class=\"_ _38\"></span>the <span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ease <span class=\"_ _38\"></span>li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty <span class=\"_ _1\"></span>so<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>tha<span class=\"_ _2\"></span>t <span class=\"_ _38\"></span>it <span class=\"_ _38\"></span>does <span class=\"_ _1\"></span>not <span class=\"_ _38\"></span>rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>se <span class=\"_ _38\"></span>an<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> gain or lo<span class=\"_ _0\"></span>ss relating to the right o<span class=\"_ _0\"></span>f use it retai<span class=\"_ _0\"></span>ns.<span class=\"_ _0\"></span> A <span class=\"_ _2\"></span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-lessee <span class=\"_ _2\"></span>may <span class=\"_ _2\"></span>use different <span class=\"_ _2\"></span>approa<span class=\"_ _0\"></span>ches t<span class=\"_ _2\"></span>o compl<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>wi<span class=\"_ _0\"></span>th <span class=\"_ _2\"></span>the new re<span class=\"_ _2\"></span>quire<span class=\"_ _0\"></span>ments for subsequent measure<span class=\"_ _0\"></span>ment.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>Amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>appli<span class=\"_ _0\"></span>ed <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>annual <span class=\"_ _2\"></span>peri<span class=\"_ _0\"></span>ods <span class=\"_ _2\"></span>beginni<span class=\"_ _0\"></span>ng <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>or a<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>ter <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _2\"></span>20<span class=\"_ _0\"></span>24, wi<span class=\"_ _0\"></span>th ea<span class=\"_ _2\"></span>rli<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted.<span class=\"_ _0\"></span> In accordance wi<span class=\"_ _0\"></span>th IA<span class=\"_ _0\"></span>S 8 - Acco<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span> Poli<span class=\"_ _0\"></span>cies, Changes i<span class=\"_ _0\"></span>n Accounti<span class=\"_ _0\"></span>ng Esti<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ates and Err<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>s, <span class=\"_ _98\"> </span>a <span class=\"_ _98\"> </span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_\"> </span>shall<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>apply <span class=\"_\"> </span>the <span class=\"_ _99\"> </span>amendments <span class=\"_ _98\"> </span>retrosp<span class=\"_ _0\"></span>ectively <span class=\"_ _98\"> </span>to <span class=\"_\"> </span>sal<span class=\"_ _0\"></span>e <span class=\"_ _98\"> </span>and<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back <span class=\"_ _1\"></span>transacti<span class=\"_ _0\"></span>ons <span class=\"_ _0\"></span>enter<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nto <span class=\"_ _0\"></span>on <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>afte<span class=\"_ _0\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _0\"></span>cation <span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>f <span class=\"_ _0\"></span>IFRS 16. <span class=\"_\"> </span>T<span class=\"_ _0\"></span>his <span class=\"_ _98\"> </span>means <span class=\"_ _98\"> </span>th<span class=\"_ _0\"></span>at <span class=\"_\"> </span>i<span class=\"_ _0\"></span>t <span class=\"_\"> </span>w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> <span class=\"_\"> </span>have <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>fy <span class=\"_\"> </span>and<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _0\"></span>eassess <span class=\"_ _98\"> </span>sale<span class=\"_ _0\"></span> <span class=\"_\"> </span>a<span class=\"_ _0\"></span>nd <span class=\"_\"> </span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack transactions e<span class=\"_ _2\"></span>nte<span class=\"_ _0\"></span>red <span class=\"_ _2\"></span>into since <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mplementation of <span class=\"_ _2\"></span>IFRS 16<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>2019, <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>potential<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>y restate those tha<span class=\"_ _0\"></span>t include vari<span class=\"_ _0\"></span>able l<span class=\"_ _0\"></span>ease <span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>ayments.<span class=\"_ _0\"></span> With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>bove stand<span class=\"_ _2\"></span>ards, <span class=\"_ _2\"></span>which ar<span class=\"_ _2\"></span>e not y<span class=\"_ _2\"></span>et mandator<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p has not <span class=\"_ _2\"></span>yet completed <span class=\"_ _2\"></span>the calcu<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>of all<span class=\"_ _2\"></span> impacts <span class=\"_ _2\"></span>arisin<span class=\"_ _2\"></span>g from t<span class=\"_ _2\"></span>heir <span class=\"_ _2\"></span>applicati<span class=\"_ _2\"></span>on and has<span class=\"_ _2\"></span> therefo<span class=\"_ _2\"></span>re el<span class=\"_ _2\"></span>ected to apply <span class=\"_ _2\"></span>them e<span class=\"_ _2\"></span>arly, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>these impac<span class=\"_ _2\"></span>ts are n<span class=\"_ _2\"></span>ot e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>to be ma<span class=\"_ _2\"></span>terial. 1.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Signif<span class=\"_ _2\"></span>icant acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing estim<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s and </span></span>judgments<span class=\"_ _2\"></span> The prepa<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tat<span class=\"_ _0\"></span><span class=\"ff8\">ements <span class=\"_ _2\"></span>requi<span class=\"_ _2\"></span>res tha<span class=\"_ _2\"></span>t the G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f </span>Directors <span class=\"_ _2\"></span>make ju<span class=\"_ _2\"></span>dgements <span class=\"_ _2\"></span>and esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>that aff<span class=\"_ _2\"></span>ect the <span class=\"_ _2\"></span>amou<span class=\"_ _2\"></span>nt of rev<span class=\"_ _2\"></span>enue, co<span class=\"_ _2\"></span>sts, <span class=\"_ _2\"></span>assets, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and disc<span class=\"_ _2\"></span>losures <span class=\"_ _2\"></span>at the dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idated s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>atement of<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n. To that effect<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup\u2019s Bo<span class=\"_ _2\"></span>a<span class=\"ff1\">rd of <span class=\"_ _2\"></span>Directors <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>based on<span class=\"_ _2\"></span>:  </span>i)<span class=\"ffb ls0\"> <span class=\"_ _58\"> </span><span class=\"ff1\">the best i<span class=\"_ _2\"></span>nformatio<span class=\"_ _2\"></span>n and <span class=\"_ _2\"></span>knowledge o<span class=\"_ _2\"></span>f cur<span class=\"_ _2\"></span>rent ev<span class=\"_ _2\"></span>ents and<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>certain cases<span class=\"_ _2\"></span> on th<span class=\"_ _2\"></span>e </span></span>reports <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>dependent <span class=\"_ _2\"></span>experts; <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span> ii)<span class=\"ffb ls0\"> <span class=\"_ _9a\"> </span><span class=\"ff1\">the actio<span class=\"_ _2\"></span>ns th<span class=\"_ _2\"></span>at the G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>t may h<span class=\"_ _2\"></span>ave to <span class=\"_ _2\"></span>take i<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>uture.  </span></span>On the <span class=\"_ _2\"></span>date on <span class=\"_ _2\"></span>which the o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions are r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed, the ou<span class=\"_ _2\"></span>tc<span class=\"_ _2\"></span>ome coul<span class=\"_ _2\"></span>d differ <span class=\"_ _2\"></span>from thos<span class=\"_ _2\"></span>e estimates<span class=\"_ _2\"></span>. More signi<span class=\"_ _2\"></span>ficant es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed bel<span class=\"_ _2\"></span>ow: Estimate<span class=\"_ _2\"></span>s and judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s Notes<span class=\"_ _2\"></span> Recoverabili<span class=\"_ _0\"></span>ty of Goodwi<span class=\"_ _0\"></span>ll 3.1 <span class=\"ff8\">\u2013</span> Goodwi<span class=\"_ _0\"></span>ll 6.1 - Income tax<span class=\"_ _0\"></span> for the peri<span class=\"_ _0\"></span>od Uncertainty over Incom<span class=\"_ _0\"></span>e Tax Trea<span class=\"_ _0\"></span>tments<span class=\"_ _0\"></span> 6.2 - Deferred taxes <span class=\"_ _0\"></span> Actuarial<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> 7.2 - Employee Ben<span class=\"_ _0\"></span>efits Fair value of bio<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ogical Assets 3.8 <span class=\"ff8\">\u2013</span> Biol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asse<span class=\"_ _2\"></span>ts<span class=\"_ _0\"></span> Recogniti<span class=\"_ _0\"></span>on of provisi<span class=\"_ _0\"></span>ons 10.1 - Provisi<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns Recoverabili<span class=\"_ _0\"></span>ty, useful li<span class=\"_ _0\"></span>fe and depreciati<span class=\"_ _0\"></span>on 3.3 <span class=\"ff8\">\u2013</span> Property, plan<span class=\"_ _0\"></span>t and equipme<span class=\"_ _0\"></span>nt  of property, pl<span class=\"_ _0\"></span>ant and equi<span class=\"_ _0\"></span>pment Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Navigator G<span class=\"_ _2\"></span>roup busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>reas The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> and sale <span class=\"_ _2\"></span>of writing <span class=\"_ _2\"></span>and<span class=\"ff1\"> prin<span class=\"_ _2\"></span>ting thin<span class=\"_ _2\"></span> </span>paper (U<span class=\"_ _2\"></span>WF) and <span class=\"_ _2\"></span>domesti<span class=\"_ _2\"></span>c consu<span class=\"_ _2\"></span>mption pap<span class=\"_ _2\"></span>er (Tiss<span class=\"_ _2\"></span>ue), a<span class=\"_ _2\"></span>nd it i<span class=\"_ _2\"></span>s presen<span class=\"_ _2\"></span>t in the <span class=\"_ _2\"></span>whol<span class=\"_ _2\"></span>e value added ch<span class=\"_ _2\"></span>ain, from <span class=\"_ _2\"></span>research <span class=\"_ _2\"></span>and de<span class=\"_ _2\"></span>velopm<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>nd agricultural<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span>, to th<span class=\"_ _2\"></span>e purchase an<span class=\"_ _2\"></span>d sal<span class=\"_ _2\"></span>e of wood <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and sale of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>bleached eucal<span class=\"_ _2\"></span>yptus kraf<span class=\"_ _2\"></span>t pulp <span class=\"ff8\">\u2013</span> BEKP and <span class=\"_ _2\"></span>electri<span class=\"_ _2\"></span>c and th<span class=\"_ _2\"></span>ermal ene<span class=\"_ _2\"></span>rgy, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as i<span class=\"_ _2\"></span>ts commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>our indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>. BEKP, e<span class=\"_ _2\"></span>nergy an<span class=\"_ _2\"></span>d UWF <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duced in two plants l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted in Fi<span class=\"_ _2\"></span>gueir<span class=\"_ _2\"></span>a da Foz <span class=\"_ _2\"></span>and Set\u00fa<span class=\"_ _2\"></span>bal. BEKP <span class=\"_ _2\"></span>energy and ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e als<span class=\"_ _2\"></span>o produce<span class=\"_ _2\"></span>d in a pl<span class=\"_ _2\"></span>ant loc<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>Aveiro <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>fourth <span class=\"_ _2\"></span>plant<span class=\"_ _2\"></span>, l<span class=\"_ _2\"></span>ocated in Vi<span class=\"_ _2\"></span>la Vel<span class=\"_ _2\"></span>ha de R\u00f3d\u00e3o<span class=\"_ _2\"></span>, onl<span class=\"_ _2\"></span>y produces <span class=\"_ _2\"></span>tissu<span class=\"_ _2\"></span>e paper<span class=\"_ _2\"></span>.  Wood is<span class=\"_ _2\"></span> produced f<span class=\"_ _2\"></span>rom woo<span class=\"_ _2\"></span>dlands owne<span class=\"_ _2\"></span>d or l<span class=\"_ _2\"></span>eased b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Group in <span class=\"_ _2\"></span>Portugal an<span class=\"_ _2\"></span>d Spain<span class=\"_ _2\"></span>, and also<span class=\"_ _2\"></span> form grante<span class=\"_ _2\"></span>d lands i<span class=\"_ _2\"></span>n Mozambiqu<span class=\"_ _2\"></span>e. <span class=\"_ _2\"></span>The produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of cork an<span class=\"_ _2\"></span>d pine <span class=\"_ _2\"></span>wood are <span class=\"_ _2\"></span>sold to <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>rd parties <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>the eucal<span class=\"_ _2\"></span>yptus woo<span class=\"_ _2\"></span>d is mai<span class=\"_ _2\"></span>nly con<span class=\"_ _2\"></span>sumed in t<span class=\"_ _2\"></span>he produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of BEKP. A signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t portion of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup\u2019s o<span class=\"_ _2\"></span>wn BEKP <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> consumed <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>WF and tiss<span class=\"_ _2\"></span>ue paper<span class=\"_ _2\"></span>. Sales o<span class=\"_ _2\"></span>f BEKP<span class=\"_ _2\"></span>, UWF an<span class=\"_ _2\"></span>d tis<span class=\"_ _2\"></span>sue paper <span class=\"_ _2\"></span>are made <span class=\"_ _2\"></span>to more <span class=\"_ _2\"></span>than 1<span class=\"_ _2\"></span>30 coun<span class=\"_ _2\"></span>tries around th<span class=\"_ _2\"></span>e world<span class=\"_ _2\"></span>. With re<span class=\"_ _2\"></span>gard to en<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on, the <span class=\"_ _2\"></span>Group has <span class=\"_ _2\"></span>thre<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>generation<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>, inte<span class=\"_ _2\"></span>grated in <span class=\"_ _2\"></span>the production <span class=\"_ _2\"></span>of pulp<span class=\"_ _2\"></span>. Hea<span class=\"_ _2\"></span>t produc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s used fo<span class=\"_ _2\"></span>r inte<span class=\"_ _2\"></span>rnal co<span class=\"_ _2\"></span>nsumption whil<span class=\"_ _2\"></span>e elect<span class=\"_ _2\"></span>ricity i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>The Navigato<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>Group al<span class=\"_ _2\"></span>so owns an<span class=\"_ _2\"></span>other t<span class=\"_ _2\"></span>wo cogenera<span class=\"_ _2\"></span>tion uni<span class=\"_ _2\"></span>ts usi<span class=\"_ _2\"></span>ng natural<span class=\"_ _2\"></span> gas, in<span class=\"_ _2\"></span>tegrate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of pape<span class=\"_ _2\"></span>r in F<span class=\"_ _2\"></span>igueira da F<span class=\"_ _2\"></span>oz and in <span class=\"_ _2\"></span>Set\u00fabal, an<span class=\"_ _2\"></span>d two se<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>te units us<span class=\"_ _2\"></span>ing bi<span class=\"_ _2\"></span>ofuel, th<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of which<span class=\"_ _2\"></span> is mo<span class=\"_ _2\"></span>stly sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>It also has<span class=\"_ _2\"></span> thre<span class=\"_ _2\"></span>e photovol<span class=\"_ _2\"></span>taic<span class=\"_ _2\"></span> unitss <span class=\"_ _2\"></span>for sel<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>-consumpti<span class=\"_ _2\"></span>on, two <span class=\"_ _2\"></span>in Set\u00fa<span class=\"_ _2\"></span>bal and on<span class=\"_ _2\"></span>e in Fi<span class=\"_ _2\"></span>gueira <span class=\"_ _2\"></span>da Foz. Segment re<span class=\"_ _2\"></span>porting<span class=\"_ _2\"></span> In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>8, the <span class=\"_ _2\"></span>Group consid<span class=\"_ _2\"></span>ers an <span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting segmen<span class=\"_ _2\"></span>t as a c<span class=\"_ _2\"></span>omponen<span class=\"_ _2\"></span>t of the group th<span class=\"_ _2\"></span>at develops <span class=\"_ _2\"></span>busi<span class=\"_ _2\"></span>ness acti<span class=\"_ _2\"></span>viti<span class=\"_ _2\"></span>es from <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t can o<span class=\"_ _2\"></span>btain re<span class=\"_ _2\"></span>venue an<span class=\"_ _2\"></span>d incur <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>es, whose ope<span class=\"_ _2\"></span>rating r<span class=\"_ _2\"></span>esults ar<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>gularly r<span class=\"_ _2\"></span>eviewed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Executi<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e, whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> primaril<span class=\"_ _2\"></span>y responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>the th<span class=\"_ _2\"></span>e Group's o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>al d<span class=\"_ _2\"></span>ecisio<span class=\"_ _2\"></span>n-making f<span class=\"_ _2\"></span>or all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of resourc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>to the segment <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>assessmen<span class=\"_ _2\"></span>t of i<span class=\"_ _2\"></span>ts perf<span class=\"_ _2\"></span>ormance an<span class=\"_ _2\"></span>d for <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> separate f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>formation <span class=\"_ _2\"></span>is availabl<span class=\"_ _2\"></span>e. Each repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egment <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to<span class=\"_ _2\"></span> the val<span class=\"_ _2\"></span>ue chain<span class=\"_ _2\"></span> of the i<span class=\"_ _2\"></span>ntegrat<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>producti<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rocess associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> each busi<span class=\"_ _2\"></span>ness se<span class=\"_ _2\"></span>gment, (<span class=\"_ _2\"></span>Marke<span class=\"_ _2\"></span>t Pulp, <span class=\"_ _2\"></span>UWF pape<span class=\"_ _2\"></span>r, Tiss<span class=\"_ _2\"></span>ue Paper and Energ<span class=\"_ _2\"></span>y) consid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>e sal<span class=\"_ _2\"></span>es activi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the res<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts on the ma<span class=\"_ _2\"></span>rket, i<span class=\"_ _2\"></span>n a 2.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e </span></span>2.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _5a\"> </span><span class=\"ff4\">Revenue an<span class=\"_ _2\"></span>d segm<span class=\"_ _2\"></span>ent rep<span class=\"_ _2\"></span>orting </span></span>manner co<span class=\"_ _2\"></span>nsisten<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>the inf<span class=\"_ _2\"></span>ormation us<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the E<span class=\"_ _2\"></span>xec<span class=\"_ _0\"></span>uti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e for o<span class=\"_ _2\"></span>perational<span class=\"_ _2\"></span> monito<span class=\"_ _2\"></span>ring of <span class=\"_ _2\"></span>its busi<span class=\"_ _2\"></span>nesses. Accordin<span class=\"_ _2\"></span>gly, in<span class=\"_ _2\"></span>tra-segmen<span class=\"_ _2\"></span>tal sal<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>those <span class=\"_ _2\"></span>that occur <span class=\"_ _2\"></span>within<span class=\"_ _2\"></span> the same manuf<span class=\"_ _2\"></span>acturi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>plant and whose p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts are us<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>that segment<span class=\"_ _2\"></span>.  In <span class=\"_ _2\"></span>this wa<span class=\"_ _2\"></span>y, the values <span class=\"_ _2\"></span>repo<span class=\"_ _2\"></span>rted fo<span class=\"_ _2\"></span>r each o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng segment r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t fro<span class=\"_ _2\"></span>m the aggre<span class=\"_ _2\"></span>gation o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> units <span class=\"_ _2\"></span>and subsidi<span class=\"_ _2\"></span>aries d<span class=\"_ _2\"></span>efined i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perimete<span class=\"_ _2\"></span>r of eac<span class=\"_ _2\"></span>h segment, as<span class=\"_ _2\"></span> wel<span class=\"_ _2\"></span>l as the <span class=\"_ _2\"></span>canc<span class=\"_ _2\"></span>ellatio<span class=\"_ _2\"></span>n of intra-se<span class=\"_ _2\"></span>gment trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons.  Intra-segm<span class=\"_ _2\"></span>ental sal<span class=\"_ _2\"></span>es cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to sal<span class=\"_ _2\"></span>es betw<span class=\"_ _2\"></span>ee<span class=\"_ _0\"></span>n busin<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>segments or <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>there are transactio<span class=\"_ _2\"></span>ns bet<span class=\"_ _2\"></span>ween manuf<span class=\"_ _2\"></span>acturing <span class=\"_ _2\"></span>plants<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated for con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on pu<span class=\"_ _2\"></span>rposes<span class=\"_ _2\"></span>, being this<span class=\"_ _2\"></span> effec<span class=\"_ _2\"></span>t repo<span class=\"_ _2\"></span>rted in <span class=\"_ _2\"></span>the \u201cC<span class=\"_ _2\"></span>ancelatio<span class=\"_ _2\"></span>ns\u201d. <span class=\"_ _2\"></span>When agg<span class=\"_ _2\"></span>regating <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's ope<span class=\"_ _2\"></span>rating segments<span class=\"_ _2\"></span>, Managem<span class=\"_ _2\"></span>ent defi<span class=\"_ _2\"></span>ned as <span class=\"_ _2\"></span>reportable s<span class=\"_ _2\"></span>egments <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e that cor<span class=\"_ _2\"></span>respond <span class=\"_ _2\"></span>to each of<span class=\"_ _2\"></span> the business<span class=\"_ _2\"></span> areas d<span class=\"_ _2\"></span>eveloped <span class=\"_ _2\"></span>by th<span class=\"_ _2\"></span>e Group, <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:  i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Market <span class=\"_ _2\"></span>pulp <span class=\"ff8\">\u2013</span> bleac<span class=\"_ _2\"></span>hed eucal<span class=\"_ _2\"></span>yptus <span class=\"_ _2\"></span>BEKP for <span class=\"_ _2\"></span>sale i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t; </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">U<span class=\"_ _0\"></span>WF paper <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d sale of<span class=\"_ _2\"></span> UWF un<span class=\"_ _2\"></span>coated w<span class=\"_ _2\"></span>riting<span class=\"_ _2\"></span> and prin<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>thin pap<span class=\"_ _2\"></span>er; </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>issue Pa<span class=\"_ _2\"></span>per <span class=\"ff8\">\u2013</span> pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n and sal<span class=\"_ _2\"></span>e of dom<span class=\"_ _2\"></span>estic <span class=\"_ _2\"></span>consumpti<span class=\"_ _2\"></span>on paper<span class=\"_ _2\"></span>;  </span></span>iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Bi<span class=\"_ _2\"></span>omass renewa<span class=\"_ _2\"></span>ble ene<span class=\"_ _2\"></span>rgy <span class=\"ff8\">\u2013</span> whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>udes the cog<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n units <span class=\"_ _2\"></span>and the two independ<span class=\"_ _2\"></span>ent thermo<span class=\"_ _2\"></span>electric<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>wer plants; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Suppor<span class=\"_ _2\"></span>t - se<span class=\"_ _2\"></span>gment that i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>e cen<span class=\"_ _2\"></span>tre (mi<span class=\"_ _2\"></span>xed hol<span class=\"_ _2\"></span>ding). </span></span>Regarding <span class=\"_ _2\"></span>the all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>to busines<span class=\"_ _2\"></span>s s<span class=\"_ _2\"></span>egments, i<span class=\"_ _2\"></span>t should <span class=\"_ _2\"></span>be note<span class=\"_ _2\"></span>d tha<span class=\"_ _2\"></span>t:<span class=\"_ _0\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">All <span class=\"_ _2\"></span>the equipmen<span class=\"_ _2\"></span>t allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e U<span class=\"_ _2\"></span>WF pulp and P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on are in<span class=\"_ _2\"></span>cluded in </span></span>Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment of <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espec<span class=\"_ _2\"></span>tive segments.<span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The Group's <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>erty asse<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocat<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>pria<span class=\"_ _2\"></span>te business <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>. </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocated to<span class=\"_ _2\"></span> the pul<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d UWF pa<span class=\"_ _2\"></span>per segmen<span class=\"_ _2\"></span>ts, </span></span>accordi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the producti<span class=\"_ _2\"></span>on capaci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> each s<span class=\"_ _2\"></span>egment. \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The majori<span class=\"_ _2\"></span>ty of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to each <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>segments<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the </span></span>exceptio<span class=\"_ _2\"></span>n of recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span>, is l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal.  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cing pol<span class=\"_ _2\"></span>icy, <span class=\"_ _2\"></span>all l<span class=\"_ _2\"></span>oans are c<span class=\"_ _2\"></span>ontracted b<span class=\"_ _2\"></span>y the </span></span>Group's <span class=\"_ _2\"></span>holdin<span class=\"_ _2\"></span>g company, Th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>bearing all<span class=\"_ _2\"></span> debt and relat<span class=\"_ _2\"></span>ed char<span class=\"_ _2\"></span>ges. Ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y, int<span class=\"_ _2\"></span>erest-beari<span class=\"_ _2\"></span>ng l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>(Note 5.7) ar<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"Suppor<span class=\"_ _2\"></span>t\" segm<span class=\"_ _2\"></span>ent, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e Gr<span class=\"_ _2\"></span>oup's co<span class=\"_ _2\"></span>rporate cen<span class=\"_ _2\"></span>tre (Holdi<span class=\"_ _2\"></span>ng), with <span class=\"_ _2\"></span>the exce<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e repaya<span class=\"_ _2\"></span>ble gran<span class=\"_ _2\"></span>t relate<span class=\"_ _2\"></span>d to the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the new tissue pl<span class=\"_ _2\"></span>ant, al<span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>Tissue Pap<span class=\"_ _2\"></span>er\" se<span class=\"_ _2\"></span>gment <span class=\"_ _2\"></span>and a por<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the \"<span class=\"_ _2\"></span>Inpactus<span class=\"_ _2\"></span>\" grant all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>UWF Pa<span class=\"_ _2\"></span>per\u201d segmen<span class=\"_ _2\"></span>t.<span class=\"ff1\"> </span>Revenue <span class=\"_ _2\"></span> Revenue is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>by opera<span class=\"_ _2\"></span>ting segm<span class=\"_ _2\"></span>ent and <span class=\"_ _2\"></span>by geogr<span class=\"_ _2\"></span>aphic area<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d on the co<span class=\"_ _2\"></span>untry of<span class=\"_ _2\"></span> destinatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e goods <span class=\"_ _2\"></span>and ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>old by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. Commerci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntracts with Cu<span class=\"_ _2\"></span>stomers <span class=\"_ _2\"></span>refer <span class=\"_ _2\"></span>essenti<span class=\"_ _2\"></span>ally to <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he sale <span class=\"_ _2\"></span>of goods <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, pulp, tissue <span class=\"_ _2\"></span>and energ<span class=\"_ _2\"></span>y, an<span class=\"_ _2\"></span>d to an e<span class=\"_ _2\"></span>xtent<span class=\"_ _2\"></span>, to the <span class=\"_ _2\"></span>transpor<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nherent to <span class=\"_ _2\"></span>those goo<span class=\"_ _2\"></span>ds, <span class=\"_ _2\"></span>when applicabl<span class=\"_ _2\"></span>e.  Revenue <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n in eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g segmen<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>describ<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Market pul<span class=\"_ _0\"></span>p Pulp revenue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es to internatio<span class=\"_ _0\"></span>nal paper and decor <span class=\"_ _0\"></span>producers. Rev<span class=\"_ _0\"></span>enue is recogni<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, by the amount of the pe<span class=\"_ _0\"></span>rformance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfi<span class=\"_ _0\"></span>ed, the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>rice of the t<span class=\"_ _0\"></span>ransactio<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>rresponding to <span class=\"_ _0\"></span>a fixed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced on the basis of qu<span class=\"_ _0\"></span>antiti<span class=\"_ _0\"></span>es sol<span class=\"_ _0\"></span>d, less cas<span class=\"_ _2\"></span>h di<span class=\"_ _0\"></span>scounts a<span class=\"_ _0\"></span>nd quantity disco<span class=\"_ _0\"></span>unts, which are rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ably determ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nabl<span class=\"_ _0\"></span>e. On the export side, the transf<span class=\"_ _0\"></span>er of control<span class=\"_ _0\"></span> of the products o<span class=\"_ _0\"></span>ccurs in gene<span class=\"_ _0\"></span>ral when there i<span class=\"_ _0\"></span>s a transfer of <span class=\"_ _0\"></span>cont<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span> to the Customer, according to the Incot<span class=\"_ _0\"></span>erms negoti<span class=\"_ _0\"></span>ated.  UWF Paper revenue refers to s<span class=\"_ _0\"></span>ales made th<span class=\"_ _0\"></span>rough Commer<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> Di<span class=\"_ _0\"></span>stributors (B2B) which i<span class=\"_ _0\"></span>nclude l<span class=\"_ _0\"></span>arge<span class=\"_ _2\"></span> di<span class=\"_ _0\"></span>stributors, whol<span class=\"_ _0\"></span>esal<span class=\"_ _0\"></span>ers or commercial<span class=\"_ _0\"></span> operators. Revenue<span class=\"_ _0\"></span> is recognised <span class=\"_ _0\"></span>at a specifi<span class=\"_ _0\"></span>c time, <span class=\"_ _0\"></span>on the dat<span class=\"_ _0\"></span>e of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Cus<span class=\"_ _0\"></span>tomer when the transfer of co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span> occurs, by the amount of<span class=\"_ _0\"></span> the performan<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfied, and the price of the transaction correspon<span class=\"_ _0\"></span>ds to a fixed amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced a<span class=\"_ _2\"></span>ccordi<span class=\"_ _0\"></span>ng to the quanti<span class=\"_ _0\"></span>ties sol<span class=\"_ _0\"></span>d, les<span class=\"_ _0\"></span>s cash di<span class=\"_ _0\"></span>scounts and qu<span class=\"_ _0\"></span>antity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determinable. <span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue Ti<span class=\"_ _0\"></span>ssue r<span class=\"_ _2\"></span>even<span class=\"_ _0\"></span>ue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es of t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ssue paper produ<span class=\"_ _0\"></span>ced for <span class=\"_ _0\"></span>the private label<span class=\"_ _0\"></span> of modern nati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nternatio<span class=\"_ _0\"></span>nal retail<span class=\"_ _0\"></span> chains. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c moment, by <span class=\"_ _0\"></span>the am<span class=\"_ _0\"></span>ount of the perfo<span class=\"_ _0\"></span>rmance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation sa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>sfied, and t<span class=\"_ _0\"></span>he price of the transac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n corre<span class=\"_ _2\"></span>spo<span class=\"_ _0\"></span>nds to a fi<span class=\"_ _0\"></span>xed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced ac<span class=\"_ _2\"></span>cor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng to quantiti<span class=\"_ _0\"></span>es sold,<span class=\"_ _0\"></span> less ca<span class=\"_ _2\"></span>sh di<span class=\"_ _0\"></span>scounts and quantity discounts, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determined. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sed aga<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nst the del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very of the product, at whi<span class=\"_ _0\"></span>ch time the transfer of con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span> over the product is deeme<span class=\"_ _0\"></span>d to take place.<span class=\"_ _1\"></span> Energy The energy revenue <span class=\"_ _0\"></span>results from t<span class=\"_ _0\"></span>he valuati<span class=\"_ _0\"></span>on of the energy del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vered t<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he National<span class=\"_ _0\"></span> Energy Network or sol<span class=\"_ _0\"></span>d on the market, as metered, val<span class=\"_ _0\"></span>ued at the<span class=\"_ _0\"></span> tariff defi<span class=\"_ _0\"></span>ned in the agreemen<span class=\"_ _0\"></span>t for an ongoi<span class=\"_ _0\"></span>ng 25-ye<span class=\"_ _0\"></span>ar peri<span class=\"_ _0\"></span>od i<span class=\"_ _0\"></span>n the<span class=\"_ _2\"></span> fi<span class=\"_ _0\"></span>rst case or at the market pri<span class=\"_ _0\"></span>ce in the second cas<span class=\"_ _0\"></span>e. From November 2021<span class=\"_ _0\"></span> onwards, the su<span class=\"_ _0\"></span>rplus el<span class=\"_ _0\"></span>ectr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ty fr<span class=\"_ _2\"></span>om<span class=\"_ _0\"></span> the na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span> gas combined cycl<span class=\"_ _0\"></span>e plant at the Set<span class=\"_ _0\"></span>\u00fabal<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> compl<span class=\"_ _0\"></span>ex ha<span class=\"_ _2\"></span>s be<span class=\"_ _0\"></span>en sol<span class=\"_ _0\"></span>d at market prices ra<span class=\"_ _0\"></span>ther than the regul<span class=\"_ _0\"></span>ated tar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ff. In 2022, the same happened wi<span class=\"_ _0\"></span>th the surplus productio<span class=\"_ _0\"></span>n of other plants of the Group.<span class=\"_ _1\"></span> Support The revenue from <span class=\"_ _0\"></span>the sale of othe<span class=\"_ _0\"></span>r pr<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span>ucts s<span class=\"_ _0\"></span>uch as was<span class=\"_ _0\"></span>te, or servic<span class=\"_ _0\"></span>es (brok<span class=\"_ _0\"></span>erage,<span class=\"_ _0\"></span> for exampl<span class=\"_ _0\"></span>e) is recognised on t<span class=\"_ _0\"></span>he date of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Custom<span class=\"_ _0\"></span>er by the amo<span class=\"_ _0\"></span>unt of the perform<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed. The income related to this seg<span class=\"_ _0\"></span>ment is recl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>ed to other operating income<span class=\"_ _0\"></span> or to l<span class=\"_ _0\"></span>ess costs.<span class=\"_ _0\"></span> The Navig<span class=\"_ _2\"></span>ator Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders the f<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>and circu<span class=\"_ _2\"></span>mstance<span class=\"_ _2\"></span>s when an<span class=\"_ _2\"></span>alysing <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms of <span class=\"_ _2\"></span>each Customer <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t and its u<span class=\"_ _2\"></span>sual<span class=\"_ _2\"></span> busines<span class=\"_ _2\"></span>s prac<span class=\"_ _2\"></span>tices i<span class=\"_ _2\"></span>n dete<span class=\"_ _2\"></span>rminin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>action p<span class=\"_ _2\"></span>rice. <span class=\"_ _2\"></span>In this<span class=\"_ _2\"></span> sense, i<span class=\"_ _2\"></span>n terms <span class=\"_ _2\"></span>of sal<span class=\"_ _2\"></span>es tax, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>essment <span class=\"_ _2\"></span>performed by N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor, <span class=\"_ _2\"></span>there ar<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> no situati<span class=\"_ _2\"></span>ons that co<span class=\"_ _2\"></span>uld <span class=\"_ _2\"></span>be incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>price. <span class=\"_ _2\"></span>Regarding <span class=\"_ _2\"></span>speci<span class=\"_ _2\"></span>fical<span class=\"_ _2\"></span>ly to the <span class=\"_ _2\"></span>anti-dumping ta<span class=\"_ _2\"></span>x, thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> a tax for <span class=\"_ _2\"></span>the en<span class=\"_ _2\"></span>try of<span class=\"_ _2\"></span> goods i<span class=\"_ _2\"></span>nto <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>untry (in <span class=\"_ _2\"></span>the case o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the USA) an<span class=\"_ _2\"></span>d is<span class=\"_ _2\"></span> not a ta<span class=\"_ _2\"></span>x determi<span class=\"_ _2\"></span>ned a <span class=\"_ _2\"></span>priori bu<span class=\"_ _2\"></span>t depen<span class=\"_ _2\"></span>ds on<span class=\"_ _2\"></span> the anal<span class=\"_ _2\"></span>ysis of <span class=\"_ _2\"></span>the Departm<span class=\"_ _2\"></span>ent of C<span class=\"_ _2\"></span>ommerce <span class=\"ff9 lsa\">a </span>posterior<span class=\"_ _2\"></span>i<span class=\"ff1\">. The<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e, it r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts a dec<span class=\"_ _2\"></span>rease <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>gross <span class=\"_ _2\"></span>margin obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>United Sta<span class=\"_ _2\"></span>tes </span>of Ameri<span class=\"_ _2\"></span>ca and not <span class=\"_ _2\"></span>an adju<span class=\"_ _2\"></span>stment <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion pri<span class=\"_ _2\"></span>ce. Financia<span class=\"_ _2\"></span>l inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>by o<span class=\"_ _2\"></span>perating<span class=\"_ _2\"></span> seg<span class=\"_ _2\"></span>ment in<span class=\"_ _2\"></span> 2022 a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>2021<span class=\"_ _2\"></span> 2022 Market Pulp<span class=\"_ _0\"></span> UWF Pape<span class=\"_ _0\"></span>r Tissue pape<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> Energy Support Cancellati<span class=\"_ _0\"></span>ons* Total<span class=\"_ _0\"></span> REVENUE   <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - exter<span class=\"_ _0\"></span>nal </span>197,416,774  1,810,953,114  197,729,182  258,525,621  -  -  2,464,624,691    <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - intersegment </span>3,525,438  -  -  66,682,677  -  (70,208,115) -    <span class=\"ls0\">Total revenue<span class=\"_ _0\"></span> </span>200,942,212  1,810,953,114  197,729,182  325,208,298  -  (70,208,115) 2,464,624,691  PROFIT/ (LOSS) (1)  <span class=\"ls0\">Operating incom<span class=\"_ _0\"></span>e </span>50,369,048  533,756,142  31,317,216  17,749,903  (59,732,556) -  573,459,753    <span class=\"ls0\">Net financi<span class=\"_ _2\"></span>al results <span class=\"_ _1\"></span> </span>-  -  -  -  (56,983,010) -  (56,983,010)   <span class=\"ls0\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _0\"></span>ax </span>-  -  -  -  (123,937<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>812) -  (123,937<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>812)   <span class=\"ls0\">Net profit for the period<span class=\"_ _0\"></span> </span>392,538,931    <span class=\"ls0\">Non-co<span class=\"_ _2\"></span>ntrolling inter<span class=\"_ _0\"></span>ests </span>-  -  -  -  (1,861) -  (1,861)   <span class=\"ls0\">Profit/ (loss) attributable to equi<span class=\"_ _0\"></span>ty holders<span class=\"_ _0\"></span> </span>-  -  -  -  -  -  392,537,070  OTHER INFORMATION <span class=\"_ _0\"></span> Capital expenditure 30,490,503  72,553,878  4,781,955  2,653,157  1,580,813  -  112,060,306  Depreciation and impairment<span class=\"_ _0\"></span> (19,691,188) (109,728<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>670) (10,109,208) (20,798,940) (949,573) -  (161,277<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>579) Provisions ((increases) / reversal)<span class=\"_ _0\"></span> (199,913) 2,740,699  (732,719) -  (3,429,514) -  (1,621,447) OTHER INFORMATION <span class=\"_ _0\"></span> SEGMENT ASSETS Goodwill -  376,756,383  583,083  -  -  -  377,339,466  Property, <span class=\"_ _0\"></span>plant and equipment 137,589,814  591,118,464  144,510,785  221,718,245  4,752,099  -  1,099,689,407  Right-<span class=\"ls6f\">of</span>-use assets<span class=\"_ _0\"></span> 11,682,440  43,832,667  -  -  2,419,733  -  57,934,840  Biological assets 30,624,969  91,874,905  -  -  -  -  122,499,874  Non-cu<span class=\"_ _2\"></span>rr<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>eceivables 775,481  7,537,867  2,208,419  -  14,761,092  -  25,282,859  Inventories 41,478,773  223,828,498  28,611,744  739,390  4,070,812  -  298,729,217  Trade <span class=\"_ _0\"></span>receivables 18,940,061  240,428,617  44,400,815  23,459,074  14,372,891  -  341,601,458  Other cur<span class=\"_ _0\"></span>rent receivables 15,411,876  35,500,037  2,653,086  747,233  103,229,718  -  157,541,950  Other assets 4,172,745  62,146,799  3,833,977  -  361,255,503  -  431,409,024  Total Assets 260,676,159  1,673,024,237  226,801,909  246,663,942  504,861,848  -  2,912,028,095  SEGMENT LIABILITIES<span class=\"_ _0\"></span> Interest-bearing liabilities<span class=\"_ _0\"></span> -  415,573  36,778,931  -  688,107,218  -  725,301,722  Lease liabilities<span class=\"_ _0\"></span> 12,573,057  46,522,331  -  -  2,545,661  -  61,641,049  Other payables 74,580,924  233,992,271  18,861,370  7,001,916  241,031,208  -  575,467,689  Other liabilities 9,438,619  106,261,045  12,639,180  8,029,934  153,541,343  -  289,910,121  Total Liabilities 96,592,600  387,191,220  68,279,481  15,031,850  1,085,225,430  -  1,652,320,581  * Canc<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f int<span class=\"_ _2\"></span>erse<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span> ope<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tions.<span class=\"_ _2\"></span> Con<span class=\"_ _2\"></span>solida<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> adju<span class=\"_ _2\"></span>stmen<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> rela<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> with<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rsegm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>red not<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>t. (1) I<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>des <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fects<span class=\"_ _2\"></span> of he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng de<span class=\"_ _2\"></span>riva<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f Euro<span class=\"_ _2\"></span> 11,7<span class=\"_ _2\"></span>05,<span class=\"_ _2\"></span>047<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Mar<span class=\"_ _2\"></span>ket Pu<span class=\"_ _2\"></span>lp s<span class=\"_ _2\"></span>egmen<span class=\"_ _2\"></span>t, E<span class=\"_ _2\"></span>uro <span class=\"_ _2\"></span>18,<span class=\"_ _2\"></span>316,95<span class=\"_ _2\"></span>1 in<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e U<span class=\"_ _2\"></span>WF Paper<span class=\"_ _2\"></span> segm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> Euro<span class=\"_ _2\"></span> 2,3<span class=\"_ _2\"></span>88,49<span class=\"_ _2\"></span>8 i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> Ene<span class=\"_ _2\"></span>rgy <span class=\"_ _2\"></span>segmen<span class=\"_ _2\"></span>t. <span class=\"_ _2\"></span>The<span class=\"_ _2\"></span> Ener<span class=\"_ _2\"></span>gy segm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t also i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> reven<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span> asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>ted wi<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> guara<span class=\"_ _2\"></span>ntee<span class=\"_ _2\"></span>s of<span class=\"_ _2\"></span> ori<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> Euro<span class=\"_ _2\"></span> 4,809<span class=\"_ _2\"></span>,757<span class=\"_ _2\"></span>. In 2022<span class=\"_ _2\"></span>, The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany rec<span class=\"_ _2\"></span>orded <span class=\"_ _2\"></span>turnover <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>Euro 2,464<span class=\"_ _2\"></span>,624,691<span class=\"_ _2\"></span>, exceedin<span class=\"_ _2\"></span>g the two <span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> euro mark for <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>irst <span class=\"_ _2\"></span>time in<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's hi<span class=\"_ _2\"></span>story, wi<span class=\"_ _2\"></span>th pap<span class=\"_ _2\"></span>er sales accoun<span class=\"_ _2\"></span>ting for ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tely 73% of<span class=\"_ _2\"></span> turno<span class=\"_ _2\"></span>ver (vs<span class=\"_ _2\"></span>.72%), <span class=\"_ _2\"></span>pulp s<span class=\"_ _2\"></span>ales 8% (vs<span class=\"_ _2\"></span>.11%), tissue <span class=\"_ _2\"></span>sales 8% (vs.9<span class=\"_ _2\"></span>%) and ener<span class=\"_ _2\"></span>gy sales <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>10% (vs.8<span class=\"_ _2\"></span>%).  The peri<span class=\"_ _2\"></span>od was ma<span class=\"_ _2\"></span>rked b<span class=\"_ _2\"></span>y a highl<span class=\"_ _2\"></span>y uncertai<span class=\"_ _2\"></span>n geo<span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>al and mac<span class=\"_ _2\"></span>roeconomic<span class=\"_ _2\"></span> environm<span class=\"_ _2\"></span>ent arisi<span class=\"_ _2\"></span>ng from the i<span class=\"_ _2\"></span>nvasion <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>kraine <span class=\"_ _2\"></span>by Russia, <span class=\"_ _2\"></span>refl<span class=\"_ _2\"></span>ected i<span class=\"_ _2\"></span>n the gen<span class=\"_ _2\"></span>eral inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n energy<span class=\"_ _2\"></span>, logi<span class=\"_ _2\"></span>stics and <span class=\"_ _2\"></span>raw material<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span>. Con<span class=\"_ _2\"></span>straints i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>supply <span class=\"_ _2\"></span>and logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>hains, tog<span class=\"_ _2\"></span>ether wi<span class=\"_ _2\"></span>th the stri<span class=\"_ _2\"></span>ke in <span class=\"_ _2\"></span>Northern <span class=\"_ _2\"></span>Europe, af<span class=\"_ _2\"></span>fecte<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e supply of <span class=\"_ _2\"></span>both <span class=\"_ _2\"></span>pulp <span class=\"_ _2\"></span>and paper <span class=\"_ _2\"></span>to the m<span class=\"_ _2\"></span>arket<span class=\"_ _2\"></span>, contributi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>histori<span class=\"_ _2\"></span>cally h<span class=\"_ _2\"></span>igh pro<span class=\"_ _2\"></span>ducer or<span class=\"_ _2\"></span>der books <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>delivery ti<span class=\"_ _2\"></span>mes an<span class=\"_ _2\"></span>d a g<span class=\"_ _0\"></span>eneral<span class=\"_ _2\"></span> increas<span class=\"_ _2\"></span>e in pri<span class=\"_ _2\"></span>ces. In <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d half<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>, fears of <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mic s<span class=\"_ _2\"></span>lowdown led to a <span class=\"_ _2\"></span>sudden <span class=\"_ _2\"></span>drop i<span class=\"_ _2\"></span>n demand a<span class=\"_ _2\"></span>t a time <span class=\"_ _2\"></span>when stoc<span class=\"_ _2\"></span>ks were <span class=\"_ _2\"></span>high an<span class=\"_ _2\"></span>d logi<span class=\"_ _2\"></span>stics <span class=\"_ _2\"></span>chains <span class=\"_ _2\"></span>were<span class=\"_ _0\"></span> r<span class=\"_ _2\"></span>elativel<span class=\"_ _2\"></span>y well o<span class=\"_ _2\"></span>rganise<span class=\"_ _2\"></span>d.<span class=\"_ _0\"></span> During 2<span class=\"_ _2\"></span>022, the<span class=\"_ _2\"></span>re was, <span class=\"_ _2\"></span>therefo<span class=\"_ _2\"></span>re, a <span class=\"_ _2\"></span>growth in<span class=\"_ _2\"></span> paper sale<span class=\"_ _2\"></span>s vol<span class=\"_ _2\"></span>umes, with suc<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>ive pri<span class=\"_ _2\"></span>ce increases<span class=\"_ _2\"></span> for U<span class=\"_ _2\"></span>WF, pul<span class=\"_ _2\"></span>p and ti<span class=\"_ _2\"></span>ssue, alo<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th signif<span class=\"_ _2\"></span>icant <span class=\"_ _2\"></span>optimi<span class=\"_ _2\"></span>zation <span class=\"_ _2\"></span>of the sal<span class=\"_ _2\"></span>es mix<span class=\"_ _2\"></span>. The commi<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e pac<span class=\"_ _2\"></span>kaging <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> continu<span class=\"_ _2\"></span>es to c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idate, wi<span class=\"_ _2\"></span>th the G<span class=\"_ _2\"></span>roup achievi<span class=\"_ _2\"></span>ng sales <span class=\"_ _2\"></span>of over Euro<span class=\"_ _2\"></span> 90 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>the packaging <span class=\"_ _2\"></span>sector, <span class=\"_ _2\"></span>doubl<span class=\"_ _2\"></span>ing the fi<span class=\"_ _2\"></span>gure f<span class=\"_ _2\"></span>or 2021. <span class=\"_ _2\"></span>This ne<span class=\"_ _2\"></span>w business<span class=\"_ _2\"></span> area, i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t stage of<span class=\"_ _2\"></span> develo<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, is i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>UWF Pape<span class=\"_ _2\"></span>r segment, inso<span class=\"_ _2\"></span>far as, co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>IFRS 8, <span class=\"_ _2\"></span>the quan<span class=\"_ _2\"></span>tita<span class=\"_ _2\"></span>tive le<span class=\"_ _2\"></span>vels hav<span class=\"_ _2\"></span>e not ye<span class=\"_ _2\"></span>t been e<span class=\"_ _2\"></span>xceeded<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>due to the fact <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>this busi<span class=\"_ _2\"></span>ness l<span class=\"_ _2\"></span>ine have a <span class=\"_ _2\"></span>simil<span class=\"_ _2\"></span>ar na<span class=\"_ _2\"></span>ture to <span class=\"_ _2\"></span>UWF Pape<span class=\"_ _2\"></span>r and sha<span class=\"_ _2\"></span>re a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant se<span class=\"_ _2\"></span>t of production <span class=\"_ _2\"></span>and comm<span class=\"_ _2\"></span>ercial<span class=\"_ _2\"></span> process<span class=\"_ _2\"></span>es. Total ene<span class=\"_ _2\"></span>rgy sal<span class=\"_ _2\"></span>es amounte<span class=\"_ _2\"></span>d to Euro <span class=\"_ _2\"></span>258<span class=\"_ _2\"></span>,525,621 <span class=\"_ _2\"></span>compared wi<span class=\"_ _2\"></span>th Eu<span class=\"_ _2\"></span>ro 135,17<span class=\"_ _2\"></span>3,674 i<span class=\"_ _2\"></span>n 2021, of whi<span class=\"_ _2\"></span>ch more than <span class=\"_ _2\"></span>70% cam<span class=\"_ _2\"></span>e from ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e sources<span class=\"_ _2\"></span>, contributin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the coun<span class=\"_ _2\"></span>try's<span class=\"_ _2\"></span> decarbonisa<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> objec<span class=\"_ _2\"></span>tives. This<span class=\"_ _2\"></span> result i<span class=\"_ _2\"></span>s main<span class=\"_ _2\"></span>ly du<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the fac<span class=\"_ _2\"></span>t that ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e cogen<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n plants s<span class=\"_ _2\"></span>old all<span class=\"_ _2\"></span> their pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n on the m<span class=\"_ _2\"></span>ark<span class=\"_ _2\"></span>et. In a<span class=\"_ _2\"></span>ddition,<span class=\"_ _2\"></span> the natu<span class=\"_ _2\"></span>ral gas <span class=\"_ _2\"></span>combine<span class=\"_ _2\"></span>d cycle <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>t in Set\u00fabal<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h had alre<span class=\"_ _2\"></span>ady been s<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span>ing part of<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>elect<span class=\"_ _2\"></span>rici<span class=\"_ _2\"></span>ty, start<span class=\"_ _2\"></span>ed to s<span class=\"_ _2\"></span>ell i<span class=\"_ _2\"></span>ts entire production <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e market <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e y<span class=\"_ _2\"></span>ear.  The fixe<span class=\"_ _2\"></span>d capital <span class=\"_ _2\"></span>exp<span class=\"_ _2\"></span>enditure i<span class=\"_ _2\"></span>n 202<span class=\"_ _2\"></span>2 stood at E<span class=\"_ _2\"></span>uro 112<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>60,306, c<span class=\"_ _2\"></span>ompared with <span class=\"_ _2\"></span>Euro 80,033,5<span class=\"_ _2\"></span>73 in <span class=\"_ _2\"></span>the previou<span class=\"_ _2\"></span>s year. <span class=\"_ _2\"></span>This amo<span class=\"_ _2\"></span>unt inc<span class=\"_ _2\"></span>ludes ma<span class=\"_ _2\"></span>inl<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> investmen<span class=\"_ _2\"></span>ts aimed a<span class=\"_ _2\"></span>t maintai<span class=\"_ _2\"></span>ning produc<span class=\"_ _2\"></span>tive cap<span class=\"_ _2\"></span>acity<span class=\"_ _2\"></span>, moderni<span class=\"_ _2\"></span>sing equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>and improvi<span class=\"_ _2\"></span>ng ef<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ency. Approxi<span class=\"_ _2\"></span>mately 35% of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>was of<span class=\"_ _2\"></span> an en<span class=\"_ _2\"></span>vironmental <span class=\"_ _2\"></span>nature<span class=\"_ _2\"></span>, inc<span class=\"_ _2\"></span>luding structur<span class=\"_ _2\"></span>al, en<span class=\"_ _2\"></span>vironmental <span class=\"_ _2\"></span>and deca<span class=\"_ _2\"></span>rboni<span class=\"_ _2\"></span>sation p<span class=\"_ _2\"></span>rojects<span class=\"_ _2\"></span>, su<span class=\"_ _2\"></span>ch as the <span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>ew wood p<span class=\"_ _2\"></span>ark in <span class=\"_ _2\"></span>Figu<span class=\"_ _2\"></span>eira da Foz, <span class=\"_ _2\"></span>the new <span class=\"_ _2\"></span>evaporati<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>ne in Avei<span class=\"_ _2\"></span>ro an<span class=\"_ _2\"></span>d the repl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>ment of <span class=\"_ _2\"></span>fuel oi<span class=\"_ _2\"></span>l boi<span class=\"_ _2\"></span>lers i<span class=\"_ _2\"></span>n Set\u00fabal<span class=\"_ _2\"></span>. 2021 Market Pulp<span class=\"_ _0\"></span><span class=\"fs12\"> </span>UWF Pape<span class=\"_ _0\"></span>r<span class=\"fs12\"> </span>Tissue pap<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span><span class=\"fs12\"> </span>Energy<span class=\"fs12\"> </span>Support<span class=\"fs12\"> </span>Cancellati<span class=\"_ _0\"></span>ons*<span class=\"fs12\"> </span>Total<span class=\"_ _0\"></span><span class=\"fs12\"> </span>REVENUE   <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - exter<span class=\"_ _0\"></span>nal </span>161,241,425  1,153,642,635  145,812,710  135,173,675  -  -  1,595,870,445    <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - intersegment </span>2,428,613  -  -  36,257,669  -  (38,686,282) -    <span class=\"ls0\">Total revenue<span class=\"_ _0\"></span> </span>163,670,038  1,153,642,635  145,812,710  171,431,344  -  (38,686,282) 1,595,870,445  PROFIT/ (LOSS)   <span class=\"ls0\">Operating incom<span class=\"_ _0\"></span>e </span>40,791,295  206,643,550  18,996,161  8,312,210  (45,169,175) -  229,574,041    <span class=\"ls0\">Net financi<span class=\"_ _2\"></span>al results <span class=\"_ _1\"></span> </span>-  -  -  -  (17,777,209) -  (17,777,209)   <span class=\"ls0\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _0\"></span>ax </span>-  -  -  -  (40,378,319) -  (40,378,319)   <span class=\"ls0\">Net profit for the period<span class=\"_ _0\"></span> </span>171,418,513    <span class=\"ls0\">Non-co<span class=\"_ _2\"></span>ntrolling inter<span class=\"_ _0\"></span>ests </span>-  -  -  -  (7,058) -  (7,058)   <span class=\"ls0\">Profit/ (loss) attributable to equi<span class=\"_ _0\"></span>ty holders<span class=\"_ _0\"></span> </span>-  -  -  -  -  -  171,411,455  OTHER INFORMATION <span class=\"_ _0\"></span> Capital expenditure 17,547,329  49,476,764  4,574,712  6,547,053  1,887,715  -  80,033,573  Depreciation and impairment<span class=\"_ _0\"></span> (10,819,597) (74,302,895) (10,114,964) (25,860,263) (901,626) -  (121,999<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>345) Provisions ((increases) / reversal)<span class=\"_ _0\"></span> (12,000) (2,839,925) -  (36,000) (255,019) -  (3,142,944) OTHER INFORMATION <span class=\"_ _0\"></span> SEGMENT ASSETS Goodwill -  376,756,383  583,083  -  -  -  377,339,466  Property, <span class=\"_ _0\"></span>plant and equipment 133,660,639  630,275,868  150,555,169  226,611,114  4,141,717  -  1,145,244,507  Right-<span class=\"ls6f\">of</span>-use assets<span class=\"_ _0\"></span> 10,318,973  37,985,826  -  -  2,888,159  -  51,192,959  Biological assets 36,885,846  110,438,215  -  -  -  -  147,324,061  Non-cu<span class=\"_ _2\"></span>rr<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>eceivables 74,861  530,535  91,076  -  7,908,076  -  8,604,547  Inventories 12,607,349  151,206,224  21,445,680  498,296  793,109  -  186,550,658  Trade <span class=\"_ _0\"></span>receivables 27,516,273  144,048,402  31,270,504  791,242  7,162,662  -  210,789,083  Other cur<span class=\"_ _0\"></span>rent receivables 3,812,894  23,355,908  3,106,937  2,021,281  74,796,656  -  107,093,677  Other assets 1,053,682  48,859,236  1,347,605  38,500  241,873,570  -  293,172,593  Total Assets 225,930,518  1,523,456,596  208,400,055  229,960,433  339,563,949  -  2,527,311,551  Interest-bearing liabilities<span class=\"_ _0\"></span> -  554,367  35,647,751  -  797,741,932  -  833,944,049  Lease liabilities<span class=\"_ _0\"></span> 10,792,437  39,443,439  -  -  3,005,049  -  53,240,925  Other payables 35,865,521  214,109,691  14,194,351  1,942,885  127,049,446  -  393,161,894  Other liabilities 12,841,723  103,296,985  12,832,704  9,596,076  63,283,115  -  201,850,603  Total Liabilities 59,499,681  357,404,481  62,674,806  11,538,961  991,079,541  -  1,482,197,471  * <span class=\"ls0\">Canc<span class=\"_ _2\"></span>ella<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nte<span class=\"_ _2\"></span>rsegmen<span class=\"_ _2\"></span>t o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. Con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>idatio<span class=\"_ _2\"></span>n a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>stmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d wi<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rsegm<span class=\"_ _2\"></span>ental<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns a<span class=\"_ _2\"></span>re co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered<span class=\"_ _2\"></span> not signi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>t. </span>Revenue<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>by geog<span class=\"_ _2\"></span>raphic a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span> and b<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nitio<span class=\"_ _2\"></span>n pattern<span class=\"_ _2\"></span> 2022 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 4,043,366  86,390,348 <span class=\"_ _0\"></span> 79,660,327 <span class=\"_ _0\"></span> 258,525,621  428,619,662  17.39% Rest of Europe 162,456,528  1,020,781,574  114,092,613  -  1,297,330,715  52.64% North America<span class=\"_ _0\"></span> -  228,451,463  -  -  228,451,463  9.27% Latin America<span class=\"_ _0\"></span> 2,739,729  80,547,403 <span class=\"_ _0\"></span> 427,816  -  83,714,948 <span class=\"_ _0\"></span> 3.40% Africa 17,461,936 <span class=\"_ _0\"></span> 264,736,272  3,365,618  -  285,563,826  11.59% Asi<span class=\"_ _0\"></span>a 10,715,215 <span class=\"_ _0\"></span> 129,936,639  182,808  -  140,834,662  5.71% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  109,415  -  -  109,415  0.00% 197<span class=\"_ _0\"></span>,416,774<span class=\"_ _0\"></span>  1,810,95<span class=\"_ _0\"></span>3,114  197<span class=\"_ _0\"></span>,729,182<span class=\"_ _0\"></span>  258<span class=\"_ _0\"></span>,525,621<span class=\"_ _0\"></span>  2,464,62<span class=\"_ _0\"></span>4,691  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 197,416,774  1,810,953,114  197,729,182  258,525,621  2,464,624,691  100% Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% 2021 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 2,857,768  61,336,753 <span class=\"_ _0\"></span> 55,941,695 <span class=\"_ _0\"></span> 135,173,674  255,309,890  16.00% Rest of Europe 125,606,144  586,522,363  83,886,052 <span class=\"_ _0\"></span> -  796,014,559  49.88% North America<span class=\"_ _0\"></span> 1,800,302  128,791,201  231,616  -  130,823,119  8.20% Latin America<span class=\"_ _0\"></span> -  69,778,306 <span class=\"_ _0\"></span> 2,020,481  -  71,798,787 <span class=\"_ _0\"></span> 4.50% Africa 13,336,229 <span class=\"_ _0\"></span> 193,679,141  3,706,845  -  210,722,215  13.20% Asi<span class=\"_ _0\"></span>a 17,640,982 <span class=\"_ _0\"></span> 111,852,939  26,022  -  129,519,943  8.12% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  1,681,932  -  -  1,681,932  0.11% 161<span class=\"_ _0\"></span>,241,425<span class=\"_ _0\"></span>  1,153,64<span class=\"_ _0\"></span>2,635  145<span class=\"_ _0\"></span>,812,711<span class=\"_ _0\"></span>  135<span class=\"_ _0\"></span>,173,674<span class=\"_ _0\"></span>  1,595,87<span class=\"_ _0\"></span>0,445  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 161,241,425  1,153,642,635  145,812,711  135,173,674  1,595,87<span class=\"_ _0\"></span>0,445  100 % Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% Group<span class=\"_ _2\"></span>'s re<span class=\"_ _2\"></span>venue <span class=\"_ _2\"></span>distri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>n by ge<span class=\"_ _2\"></span>ogra<span class=\"_ _2\"></span>phic ar<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span> \u20acM 141\u20acM <span class=\"ff1 ls4a\">130</span>\u20acM <span class=\"ff1 ls4a\">429</span>\u20acM <span class=\"ff1 ls4a\">255</span>\u20acM 28<span class=\"_ _2\"></span>5\u20acM <span class=\"ff1 ls4a\">211</span>\u20acM 84\u20acM <span class=\"ff1 ls4a\">72</span>20222021\u20acM 228\u20acM <span class=\"ff1 ls4a\">131</span>\u20acM <span class=\"ff1 ls4a\">796</span>\u20acM <span class=\"ff1\">1,297</span>Portugal<span class=\"_ _9f\"> </span>Rest of Europe<span class=\"_ _4a\"> </span>N<span class=\"_ _0\"></span>orth AmericaPortugal<span class=\"_ _a0\"> </span>Rest of Europe<span class=\"_ _96\"> </span>North AmericaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _3a\"> </span>Africa<span class=\"_ _34\"> </span>AsiaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _a1\"> </span>Africa<span class=\"_ _a2\"> </span>AsiaOceaniaOceaniaIn 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, no si<span class=\"_ _2\"></span>ngle Cus<span class=\"_ _2\"></span>tomer accoun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r 10%<span class=\"_ _2\"></span> or mo<span class=\"_ _2\"></span>re of the G<span class=\"_ _2\"></span>roup's to<span class=\"_ _2\"></span>tal revenues.<span class=\"_ _2\"></span> 2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g incom<span class=\"_ _2\"></span>e </span></span>For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Gains on di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f non-current assets<span class=\"_ _0\"></span> 370,613  2,785,295  Grants - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances<span class=\"_ _2\"></span> (Note 3.2)<span class=\"_ _0\"></span> 37,338,833 <span class=\"_ _0\"></span> 14,915,653 <span class=\"_ _0\"></span> Supplementary gai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 1,693,664  1,169,398  Operating grants<span class=\"_ _0\"></span> 13,847,828 <span class=\"_ _0\"></span> 2,703,017  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables (Note <span class=\"_ _0\"></span>8.1.4)<span class=\"_ _0\"></span> 102,806  77,603 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (No<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>1.4) 813,732  866,224  Gains on invento<span class=\"_ _0\"></span>ries 2,942,650  1,029,340  Own work capi<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>sed 881,087  824,120  Compensati<span class=\"_ _0\"></span>ons 547,519  418,549  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 12,619,800 <span class=\"_ _0\"></span> 6,591,035  71,158<span class=\"_ _0\"></span>,532  31,380<span class=\"_ _0\"></span>,233  Gains<span class=\"_ _2\"></span> on dis<span class=\"_ _2\"></span>posal of<span class=\"_ _2\"></span> non-current ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>ncluded<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>21, <span class=\"_ _2\"></span>the sale of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>wood an<span class=\"_ _2\"></span>d biomass park in Al<span class=\"_ _2\"></span>berga<span class=\"_ _2\"></span>ria-a-Vel<span class=\"_ _2\"></span>ha that <span class=\"_ _2\"></span>was inac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>, which gen<span class=\"_ _2\"></span>erated a <span class=\"_ _2\"></span>gain <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>2,458,230<span class=\"_ _2\"></span>. The remainder <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>es to th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f land <span class=\"_ _2\"></span>with reduc<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>estr<span class=\"_ _2\"></span>y su<span class=\"_ _2\"></span>itabili<span class=\"_ _2\"></span>ty. Gains<span class=\"_ _2\"></span> on CO2 all<span class=\"_ _2\"></span>owances co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of free al<span class=\"_ _2\"></span>locati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>allowanc<span class=\"_ _2\"></span>es for 444,457<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge pri<span class=\"_ _2\"></span>ce of E<span class=\"_ _2\"></span>uro 84.01 <span class=\"_ _2\"></span>(442<span class=\"_ _2\"></span>,732 tons <span class=\"_ _2\"></span>of CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge price of<span class=\"_ _2\"></span> Euro 33<span class=\"_ _2\"></span>.69 as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21) (No<span class=\"_ _2\"></span>te 3.2)<span class=\"_ _2\"></span>.  Operating <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude Eu<span class=\"_ _2\"></span>ro 9<span class=\"_ _2\"></span>,951,051 r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>ceipt of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>rect c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>aid measur<span class=\"_ _2\"></span>e for i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ations c<span class=\"_ _2\"></span>overed by <span class=\"_ _2\"></span>the Euro<span class=\"_ _2\"></span>pean Emissi<span class=\"_ _2\"></span>ons Tr<span class=\"_ _2\"></span>adin<span class=\"_ _2\"></span>g Scheme (E<span class=\"_ _2\"></span>U ETS)<span class=\"_ _2\"></span>, under <span class=\"_ _2\"></span>Decree-Law 12/2<span class=\"_ _2\"></span>020 of<span class=\"_ _2\"></span> 6 April<span class=\"_ _2\"></span>, as well <span class=\"_ _2\"></span>as th<span class=\"_ _2\"></span>e incenti<span class=\"_ _2\"></span>ve relat<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to the Apoiar G<span class=\"_ _2\"></span>\u00e1s <span class=\"_ _2\"></span>programme of<span class=\"_ _2\"></span> Euro 2,103,43<span class=\"_ _2\"></span>7. Thi<span class=\"_ _2\"></span>s caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes gran<span class=\"_ _2\"></span>ts gran<span class=\"_ _2\"></span>ted f<span class=\"_ _2\"></span>or r<span class=\"_ _2\"></span>esearch an<span class=\"_ _2\"></span>d developmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects carried ou<span class=\"_ _2\"></span>t by RA<span class=\"_ _2\"></span>IZ, such <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>the INPAC<span class=\"_ _2\"></span>TUS projec<span class=\"_ _2\"></span>t (Euro<span class=\"_ _2\"></span> 7<span class=\"_ _2\"></span>12,216), I<span class=\"_ _2\"></span>dTecFor (Euro<span class=\"_ _2\"></span> 609<span class=\"_ _2\"></span>,934), Replant (Eu<span class=\"_ _2\"></span>ro 171<span class=\"_ _2\"></span>,781), BL<span class=\"_ _2\"></span>2F (Eu<span class=\"_ _2\"></span>ro 57,51<span class=\"_ _2\"></span>5), B2<span class=\"_ _2\"></span>Solution<span class=\"_ _2\"></span>s (Euro 40<span class=\"_ _2\"></span>,057), <span class=\"_ _2\"></span>Bio4Portugal<span class=\"_ _2\"></span> (Eu<span class=\"_ _2\"></span>ro 45,899), IN<span class=\"_ _2\"></span>OV C+ (<span class=\"_ _2\"></span>Euro 30<span class=\"_ _2\"></span>,694) an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>rs (Euro 12<span class=\"_ _2\"></span>5,24<span class=\"_ _2\"></span>4). In 2022, <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>378,850 <span class=\"_ _2\"></span>were als<span class=\"_ _2\"></span>o receive<span class=\"_ _2\"></span>d regar<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>IEFP's A<span class=\"_ _2\"></span>TIVAR <span class=\"_ _2\"></span>Programme, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes professi<span class=\"_ _2\"></span>onal trai<span class=\"_ _2\"></span>ning<span class=\"_ _2\"></span>, professi<span class=\"_ _2\"></span>onal i<span class=\"_ _2\"></span>nternships <span class=\"_ _2\"></span>and rei<span class=\"_ _2\"></span>nforce<span class=\"_ _2\"></span>d suppo<span class=\"_ _2\"></span>rt to hiri<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>nd entr<span class=\"_ _2\"></span>epreneurshi<span class=\"_ _2\"></span>p, whic<span class=\"_ _2\"></span>h were consi<span class=\"_ _2\"></span>dered as a <span class=\"_ _2\"></span>deducti<span class=\"_ _2\"></span>on to Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. Other ope<span class=\"_ _2\"></span>rating i<span class=\"_ _2\"></span>ncome in<span class=\"_ _2\"></span>cludes Euro<span class=\"_ _2\"></span> 10<span class=\"_ _2\"></span>,997,793 <span class=\"_ _2\"></span>relatin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F pa<span class=\"_ _2\"></span>per and ti<span class=\"_ _2\"></span>ssue waste.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Operating <span class=\"_ _2\"></span>grants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>are on<span class=\"_ _2\"></span>ly reco<span class=\"_ _2\"></span>gnised wh<span class=\"_ _2\"></span>en there <span class=\"_ _2\"></span>is a reas<span class=\"_ _2\"></span>onable ass<span class=\"_ _2\"></span>urance <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>grant will<span class=\"_ _2\"></span> be receiv<span class=\"_ _2\"></span>ed, and th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l compl<span class=\"_ _2\"></span>y with all<span class=\"_ _2\"></span> require<span class=\"_ _2\"></span>d conditio<span class=\"_ _2\"></span>ns. Oper<span class=\"_ _2\"></span>ating g<span class=\"_ _2\"></span>rants, receive<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the purpose <span class=\"_ _2\"></span>of comp<span class=\"_ _2\"></span>ensating <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up f<span class=\"_ _2\"></span>or c<span class=\"_ _2\"></span>osts i<span class=\"_ _2\"></span>ncurred, ar<span class=\"_ _2\"></span>e syst<span class=\"_ _2\"></span>ematicall<span class=\"_ _2\"></span>y record<span class=\"_ _2\"></span>ed in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>ods in <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h the costs<span class=\"_ _2\"></span> that tho<span class=\"_ _2\"></span>se gran<span class=\"_ _2\"></span>ts are intende<span class=\"_ _2\"></span>d to compens<span class=\"_ _2\"></span>ate a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded. Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets (No<span class=\"_ _2\"></span>te 3.8) <span class=\"_ _2\"></span>carrie<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r value, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with IAS <span class=\"_ _2\"></span>41, are reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>when the <span class=\"_ _2\"></span>terms a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>of the g<span class=\"_ _2\"></span>rant a<span class=\"_ _2\"></span>re met. Grants - <span class=\"lsd\">CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to CO2 emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>(Note 3<span class=\"_ _2\"></span>.2) are <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed as <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome and are sys<span class=\"_ _2\"></span>tematic<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>rded in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>durin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>n which<span class=\"_ _2\"></span> the ex<span class=\"_ _2\"></span>penses that <span class=\"_ _2\"></span>those gran<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>inten<span class=\"_ _2\"></span>ded to co<span class=\"_ _2\"></span>mpensate ar<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>rded. 2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  Throughou<span class=\"_ _2\"></span>t the 2022<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>re was a <span class=\"_ _2\"></span>generali<span class=\"_ _2\"></span>zed wors<span class=\"_ _2\"></span>ening <span class=\"_ _2\"></span>of c<span class=\"_ _2\"></span>osts. In En<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>there was <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in elec<span class=\"_ _2\"></span>tricit<span class=\"_ _2\"></span>y and na<span class=\"_ _2\"></span>tural gas <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> costs was <span class=\"_ _2\"></span>partial<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by the <span class=\"_ _2\"></span>sale of<span class=\"_ _2\"></span> energy <span class=\"_ _2\"></span>produce<span class=\"_ _2\"></span>d at mark<span class=\"_ _2\"></span>et pri<span class=\"_ _2\"></span>ces, as o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed to th<span class=\"_ _2\"></span>e regul<span class=\"_ _2\"></span>ated sal<span class=\"_ _2\"></span>es tari<span class=\"_ _2\"></span>ff. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts show a <span class=\"_ _2\"></span>negative e<span class=\"_ _2\"></span>voluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>was abl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>operate a<span class=\"_ _2\"></span>t 100% without an<span class=\"_ _2\"></span>y disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in su<span class=\"_ _2\"></span>pplies. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, exte<span class=\"_ _2\"></span>rnal services<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d suppli<span class=\"_ _2\"></span>es costs <span class=\"_ _2\"></span>incurred fo<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span>vestigati<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>esearch activiti<span class=\"_ _2\"></span>es amount<span class=\"_ _2\"></span>ed to Eu<span class=\"_ _2\"></span>ro 6,03<span class=\"_ _2\"></span>7,912 an<span class=\"_ _2\"></span>d Euro 4<span class=\"_ _2\"></span>,475,30<span class=\"_ _2\"></span>4, resp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y. The Grou<span class=\"_ _2\"></span>p plans<span class=\"_ _2\"></span> to apply for <span class=\"_ _2\"></span>SIFI<span class=\"_ _2\"></span>DE approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 13 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on (Euro <span class=\"_ _2\"></span>12.3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n in 2021) <span class=\"_ _2\"></span>relating to res<span class=\"_ _2\"></span>earch 14The expens<span class=\"_ _2\"></span>es with C<span class=\"_ _2\"></span>O2 cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 574,750<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2 (31 <span class=\"_ _2\"></span>December 2021<span class=\"ls0\">: 561,61<span class=\"_ _2\"></span>3 tonnes), <span class=\"_ _2\"></span>achi<span class=\"_ _2\"></span>eving a 19.8<span class=\"_ _2\"></span>% re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons compared <span class=\"_ _2\"></span>to 20<span class=\"_ _2\"></span>20, the base y<span class=\"_ _2\"></span>ear used <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e validatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>rgets b<span class=\"_ _2\"></span>y the Sci<span class=\"_ _2\"></span>ence Bas<span class=\"_ _2\"></span>ed Ta<span class=\"_ _2\"></span>rgets Ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ve (574,750<span class=\"_ _2\"></span> tonnes vs<span class=\"_ _2\"></span>. 717,12<span class=\"_ _2\"></span>1 tonn<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>CO2 in <span class=\"_ _2\"></span>2020)<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n this c<span class=\"_ _2\"></span>aption is <span class=\"_ _2\"></span>mainly due to the ris<span class=\"_ _2\"></span>e of uni<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>CO2 all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n inventor<span class=\"_ _2\"></span>y impairmen<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>cludes ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>7,931,309 <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>and Tissue i<span class=\"_ _2\"></span>nventori<span class=\"_ _2\"></span>es, fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>cation o<span class=\"_ _2\"></span>f items <span class=\"_ _2\"></span>with l<span class=\"_ _2\"></span>ower turno<span class=\"_ _2\"></span>ver and f<span class=\"_ _2\"></span>uture s<span class=\"_ _2\"></span>ales prospec<span class=\"_ _2\"></span>ts, based on<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's sal<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>performan<span class=\"_ _2\"></span>ce and s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>les mix. Fu<span class=\"_ _2\"></span>rthermor<span class=\"_ _2\"></span>e, taki<span class=\"_ _2\"></span>ng into accoun<span class=\"_ _2\"></span>t the fu<span class=\"_ _2\"></span>ture inv<span class=\"_ _2\"></span>estment ou<span class=\"_ _2\"></span>tlook an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the industri<span class=\"_ _2\"></span>al equipm<span class=\"_ _2\"></span>ent, the Group <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>spare pa<span class=\"_ _2\"></span>rts r<span class=\"_ _2\"></span>equired <span class=\"_ _2\"></span>until the <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>the life <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> e<span class=\"_ _0\"></span>quipm<span class=\"_ _2\"></span>ent, afte<span class=\"_ _2\"></span>r having reco<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d an impai<span class=\"_ _2\"></span>rment of<span class=\"_ _2\"></span> Euro 5,30<span class=\"_ _2\"></span>9,900 f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>surpl<span class=\"_ _2\"></span>us spare <span class=\"_ _2\"></span>parts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventories<span class=\"_ _2\"></span>. and devel<span class=\"_ _2\"></span>opment ex<span class=\"_ _2\"></span>penditure <span class=\"_ _2\"></span>(which <span class=\"_ _2\"></span>also i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>eligibl<span class=\"_ _2\"></span>e payrol<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>ts). This<span class=\"_ _2\"></span> expen<span class=\"_ _2\"></span>ditur<span class=\"_ _2\"></span>e will make it pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to secu<span class=\"_ _2\"></span>re gran<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>around Eu<span class=\"_ _2\"></span>ro 4.9 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion (20<span class=\"_ _2\"></span>21: Euro 4<span class=\"_ _2\"></span>.7 mil<span class=\"_ _2\"></span>lion). Audit f<span class=\"_ _2\"></span>ees Other entitie<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>longing <span class=\"_ _0\"></span>to Amounts in Euro<span class=\"_ _0\"></span> KPMG <span class=\"_ _0\"></span>&amp; Associados S<span class=\"_ _0\"></span>RO<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span> the same <span class=\"_ _0\"></span>network<span class=\"_ _1\"></span> The Navigator Comp<span class=\"_ _0\"></span>any, S.A.<span class=\"_ _0\"></span> Audit fees 130,762  -  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 53,500  -  Other services <span class=\"_ _0\"></span> 114,250  -  298<span class=\"_ _0\"></span>,512  -  To entities belonging to N<span class=\"_ _0\"></span>avigator Group<span class=\"_ _1\"></span> Audit fees 368,463  44,593 <span class=\"_ _0\"></span> Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 94,500  -  Other services <span class=\"_ _0\"></span> 1,500  -  464<span class=\"_ _0\"></span>,463  44,593<span class=\"_ _0\"></span>  762<span class=\"_ _0\"></span>,975  44,593<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span>, the s<span class=\"_ _2\"></span>ervices o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than audi<span class=\"_ _2\"></span>ting ser<span class=\"_ _2\"></span>vices i<span class=\"_ _2\"></span>nvoiced<span class=\"_ _2\"></span> to the co<span class=\"_ _2\"></span>mpany o<span class=\"_ _2\"></span>r to <span class=\"_ _2\"></span>entities i<span class=\"_ _2\"></span>n a parent-subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>p with it <span class=\"_ _2\"></span>by th<span class=\"_ _2\"></span>e External <span class=\"_ _2\"></span>Audi<span class=\"_ _2\"></span>tor and <span class=\"_ _2\"></span>Statuto<span class=\"_ _2\"></span>ry Audi<span class=\"_ _2\"></span>tor, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g entities <span class=\"_ _2\"></span>in a h<span class=\"_ _2\"></span>olding rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nship with i<span class=\"_ _2\"></span>t or <span class=\"_ _2\"></span>that a<span class=\"_ _2\"></span>re part of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>ame netwo<span class=\"_ _2\"></span>rk, re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d 32.6% (202<span class=\"_ _2\"></span>1: 41%) of<span class=\"_ _2\"></span> the to<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>servic<span class=\"_ _2\"></span>es rendere<span class=\"_ _2\"></span>d. 2022 2021 Expens<span class=\"_ _0\"></span>es in Fees Expens<span class=\"_ _0\"></span>es in Fees the period<span class=\"_ _0\"></span> invoiced<span class=\"_ _0\"></span> the period<span class=\"_ _0\"></span> invoiced<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> KPM<span class=\"_ _2\"></span>G (<span class=\"_ _0\"></span>SRO<span class=\"_ _0\"></span>C) and other entiti<span class=\"_ _0\"></span>es belonging to <span class=\"_ _1\"></span>the same net<span class=\"_ _0\"></span>work<span class=\"_ _0\"></span> Audit fees 368,104  543,818  367,450  229,716  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 97,878 <span class=\"_ _0\"></span> 148,000  87,875 <span class=\"_ _0\"></span> 87,875 <span class=\"_ _0\"></span> Other services <span class=\"_ _0\"></span> 129,748  115,750  74,250 <span class=\"_ _0\"></span> 74,250 <span class=\"_ _0\"></span> 595<span class=\"_ _0\"></span>,730  807<span class=\"_ _0\"></span>,568  529<span class=\"_ _0\"></span>,575  391<span class=\"_ _0\"></span>,841  The servi<span class=\"_ _2\"></span>ces in<span class=\"_ _2\"></span>dicated as <span class=\"_ _2\"></span>\"Other <span class=\"_ _2\"></span>assuranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices\" rel<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>ng of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al info<span class=\"_ _2\"></span>rmation, in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>verificati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>informati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>urposes of<span class=\"_ _2\"></span> appl<span class=\"_ _2\"></span>ying for th<span class=\"_ _2\"></span>e Reco<span class=\"_ _2\"></span>very and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan, ve<span class=\"_ _2\"></span>rific<span class=\"_ _2\"></span>ation servic<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the Sus<span class=\"_ _2\"></span>tainabi<span class=\"_ _2\"></span>lity and En<span class=\"_ _2\"></span>viron<span class=\"_ _2\"></span>ment Info<span class=\"_ _2\"></span>rmatio<span class=\"_ _2\"></span>n a<span class=\"_ _0\"></span>nd li<span class=\"_ _2\"></span>mited reviews <span class=\"_ _2\"></span>to int<span class=\"_ _2\"></span>erim fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> inf<span class=\"_ _2\"></span>ormation. Oth<span class=\"_ _2\"></span>er serv<span class=\"_ _2\"></span>ices <span class=\"_ _2\"></span>refer to <span class=\"_ _2\"></span>a finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements\u2019 due dil<span class=\"_ _2\"></span>igence assi<span class=\"_ _2\"></span>gnment<span class=\"_ _2\"></span>. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>belie<span class=\"_ _2\"></span>ves there a<span class=\"_ _2\"></span>re ad<span class=\"_ _2\"></span>equate p<span class=\"_ _2\"></span>rocedu<span class=\"_ _2\"></span>res safegua<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>the inde<span class=\"_ _2\"></span>pendence of au<span class=\"_ _2\"></span>ditors, <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the Super<span class=\"_ _2\"></span>visory Boa<span class=\"_ _2\"></span>rd proc<span class=\"_ _2\"></span>ess anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> of the work <span class=\"_ _2\"></span>propos<span class=\"_ _2\"></span>ed and ca<span class=\"_ _2\"></span>reful defini<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>to be p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d by the au<span class=\"_ _2\"></span>ditors<span class=\"_ _2\"></span>. 3.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _97\"></span><span class=\"ff4\">Goo<span class=\"_ _2\"></span>dwill </span></span>Goodwil<span class=\"_ _2\"></span>l <span class=\"ffa\">\u2013</span> net am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> attributed to <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> cash gene<span class=\"_ _2\"></span>rating uni<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> (CG<span class=\"_ _2\"></span>U\u2019s), as fol<span class=\"_ _2\"></span>lows:<span class=\"ff1\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>CGU of UWF pape<span class=\"_ _0\"></span>r producti<span class=\"_ _0\"></span>on on Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z site <span class=\"_ _1\"></span> 376,756,383  376,756,383  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng fr<span class=\"_ _2\"></span>om t<span class=\"_ _0\"></span>he acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tion of Navigator Brands, S.A.<span class=\"_ _0\"></span>) CGU of Tissue paper p<span class=\"_ _0\"></span>roducti<span class=\"_ _0\"></span>on on Vi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Velha de <span class=\"_ _2\"></span>R\u00f3d\u00e3o si<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 583,083  583,083  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng from the acquisi<span class=\"_ _0\"></span>tion of Navi<span class=\"_ _0\"></span>gator <span class=\"_ _2\"></span>Ti<span class=\"_ _0\"></span>ssue R\u00f3d\u00e3o, S.<span class=\"_ _1\"></span>A.)<span class=\"_ _0\"></span> 377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> Br<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>S.<span class=\"_ _2\"></span>A.<span class=\"_ _2\"></span> / N<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Pa<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>gue<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>a, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Foll<span class=\"_ _2\"></span>owing the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of 1<span class=\"_ _2\"></span>00% of the <span class=\"_ _2\"></span>former <span class=\"_ _2\"></span>Soporc<span class=\"_ _2\"></span>el - So<span class=\"_ _2\"></span>ciedade Po<span class=\"_ _2\"></span>rtuguesa <span class=\"_ _2\"></span>de Papel<span class=\"_ _2\"></span>, S.A<span class=\"_ _2\"></span>. (now Naviga<span class=\"_ _2\"></span>tor B<span class=\"_ _2\"></span>rands, <span class=\"_ _2\"></span>S.A.), f<span class=\"_ _2\"></span>or Euro 1<span class=\"_ _2\"></span>,154<span class=\"_ _2\"></span>,842,000, Go<span class=\"_ _2\"></span>odwil<span class=\"_ _2\"></span>l amoun<span class=\"_ _2\"></span>ting to Euro 428,132<span class=\"_ _2\"></span>,254 was de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d.  The Goodwil<span class=\"_ _2\"></span>l gen<span class=\"_ _2\"></span>erated on t<span class=\"_ _2\"></span>he acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of Navi<span class=\"_ _2\"></span>gator Pa<span class=\"_ _2\"></span>per Figueir<span class=\"_ _2\"></span>a was d<span class=\"_ _2\"></span>eemed to <span class=\"_ _2\"></span>be all<span class=\"_ _2\"></span>ocable to the <span class=\"_ _2\"></span>integra<span class=\"_ _2\"></span>ted pap<span class=\"_ _2\"></span>er pro<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra da<span class=\"_ _2\"></span> Foz<span class=\"_ _2\"></span> Industrial <span class=\"_ _2\"></span>Complex c<span class=\"_ _2\"></span>ash generati<span class=\"_ _2\"></span>ng unit<span class=\"_ _2\"></span>. The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>amounts to Eu<span class=\"_ _2\"></span>ro 376,756<span class=\"_ _2\"></span>,383 <span class=\"_ _2\"></span>for havi<span class=\"_ _2\"></span>ng been s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to annu<span class=\"_ _2\"></span>al amortisati<span class=\"_ _2\"></span>ons unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 200<span class=\"_ _2\"></span>3 (date <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>IFRS: 1 Janua<span class=\"_ _2\"></span>ry 200<span class=\"_ _2\"></span>4), and amortisati<span class=\"_ _2\"></span>on as f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>at date<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>accumulate<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>which was Eu<span class=\"_ _2\"></span>ro 51,375,8<span class=\"_ _2\"></span>71, <span class=\"_ _2\"></span>has ceased<span class=\"_ _2\"></span>. From tha<span class=\"_ _2\"></span>t date o<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion ceas<span class=\"_ _2\"></span>ed and was <span class=\"_ _2\"></span>replac<span class=\"_ _2\"></span>ed by annual<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment t<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>. If this<span class=\"_ _2\"></span> amortisa<span class=\"_ _2\"></span>tion h<span class=\"_ _2\"></span>ad not b<span class=\"_ _2\"></span>een int<span class=\"_ _2\"></span>errupte<span class=\"_ _2\"></span>d, the ne<span class=\"_ _2\"></span>t boo<span class=\"_ _2\"></span>k value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> as at 31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2022 woul<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>51,375,857<span class=\"_ _2\"></span> (31 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ember 2021: Euro<span class=\"_ _2\"></span> 68<span class=\"_ _2\"></span>,501,149)<span class=\"_ _2\"></span>. Navi<span class=\"_ _2\"></span>gator Ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>R\u00f3d\u00e3o<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. On 6 Febru<span class=\"_ _2\"></span>ary 2015 <span class=\"_ _2\"></span>the proc<span class=\"_ _2\"></span>edur<span class=\"_ _2\"></span>es and ag<span class=\"_ _2\"></span>reements f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of AMS-BR <span class=\"_ _2\"></span>Star Pape<span class=\"_ _2\"></span>r, S.A. (l<span class=\"_ _2\"></span>ater mer<span class=\"_ _2\"></span>ged into Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Tissue R\u00f3<span class=\"_ _2\"></span>d\u00e3o, S<span class=\"_ _2\"></span>.A.) w<span class=\"_ _2\"></span>ere c<span class=\"_ _2\"></span>oncluded, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e autho<span class=\"_ _2\"></span>rizatio<span class=\"_ _2\"></span>n to concl<span class=\"_ _2\"></span>ude this trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on being f<span class=\"_ _2\"></span>ormaliz<span class=\"_ _2\"></span>ed on 17 <span class=\"_ _2\"></span>April<span class=\"_ _2\"></span> 2015<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> To the i<span class=\"ff8\">ni<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on dif<span class=\"_ _2\"></span>ference, o<span class=\"_ _2\"></span>f Euro 2<span class=\"_ _2\"></span>1,33<span class=\"_ _2\"></span>7,916, <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>deducted <span class=\"_ _2\"></span>the AICE<span class=\"_ _2\"></span>P\u2019s i<span class=\"_ _2\"></span>nvestment </span>grant an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the acquir<span class=\"_ _2\"></span>ed p<span class=\"_ _2\"></span>roperty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment, <span class=\"_ _2\"></span>with a goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> amountin<span class=\"_ _2\"></span>g to Euro 58<span class=\"_ _2\"></span>3,083<span class=\"_ _2\"></span>. Goodwil<span class=\"_ _2\"></span>l recoverab<span class=\"_ _2\"></span>ility<span class=\"_ _2\"></span> analysis<span class=\"_ _2\"></span> Every yea<span class=\"_ _2\"></span>r, the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup cal<span class=\"_ _2\"></span>culates <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>each busines<span class=\"_ _2\"></span>s, bas<span class=\"_ _2\"></span>ed on value-<span class=\"ls6a\">in</span>-use cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>ns, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the Di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed Cash <span class=\"_ _2\"></span>Flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> are based <span class=\"_ _2\"></span>on past <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rmance and <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> expec<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>ons with the <span class=\"_ _2\"></span>actual<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>structur<span class=\"_ _2\"></span>e, usi<span class=\"_ _2\"></span>ng the bu<span class=\"_ _2\"></span>dget f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ye<span class=\"_ _2\"></span>ar and pro<span class=\"_ _2\"></span>jected cas<span class=\"_ _2\"></span>h flows <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the fol<span class=\"_ _2\"></span>lowing 4 <span class=\"_ _2\"></span>years. As <span class=\"_ _2\"></span>a result of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the calcul<span class=\"_ _2\"></span>ations, up <span class=\"_ _2\"></span>to thi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> date no impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>relati<span class=\"_ _2\"></span>ng to Goodwil<span class=\"_ _2\"></span>l have b<span class=\"_ _2\"></span>een iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed. The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r the a<span class=\"_ _2\"></span>bove-mentione<span class=\"_ _2\"></span>d calcul<span class=\"_ _2\"></span>ation were as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Assum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s on the<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>sis of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>busine<span class=\"_ _2\"></span>ss pla<span class=\"_ _2\"></span>n 2022 <span class=\"fc7 sc0\"> </span>2021  Assumptio<span class=\"_ _0\"></span>ns (CAGR 2<span class=\"_ _0\"></span>023-<span class=\"_ _0\"></span>2027)<span class=\"_ _0\"></span> (CAGR 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>026)<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt of sales (kt)<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> (0.1%) 0.7% Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> 0.3% 0.4% Average price of <span class=\"_ _0\"></span>sale ML/t<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (1.8%) (1.2%)<span class=\"_ _0\"></span> Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (2.1%) 0.0% Perpetuity growth r<span class=\"_ _0\"></span>ate - UWF P<span class=\"_ _0\"></span>aper<span class=\"_ _0\"></span> (1.0%) (1.0%)<span class=\"_ _0\"></span> Perpetuity growth r<span class=\"_ _0\"></span>ate - Tis<span class=\"_ _0\"></span>sue Paper<span class=\"_ _0\"></span> 2.03% 1.56% Macroeconomi<span class=\"_ _2\"></span>c assump<span class=\"_ _2\"></span>tions The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons co<span class=\"_ _2\"></span>nsidered a<span class=\"_ _2\"></span>t the mac<span class=\"_ _2\"></span>roeconomi<span class=\"_ _2\"></span>c level ar<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> of GDP <span class=\"_ _2\"></span>growth rate an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal. <span class=\"_ _2\"></span>The sou<span class=\"_ _2\"></span>rces o<span class=\"_ _2\"></span>f forecas<span class=\"_ _2\"></span>ts are<span class=\"_ _2\"></span> the I<span class=\"_ _2\"></span>MF and Ban<span class=\"_ _2\"></span>co de Por<span class=\"_ _2\"></span>tugal<span class=\"_ _2\"></span>.  2022 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2023  2024  2025 <span class=\"fc7 sc0\"> </span>2026  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 0.65% 2.40% 2.15% 1.90% Infl<span class=\"_ _0\"></span>ation EUR 4.67% 2.55% 2.30% 2.06% 2021 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2022  2023  2024 <span class=\"fc7 sc0\"> </span>2025  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 5.60% 2.40% 2.30% 1.80% Infl<span class=\"_ _0\"></span>ation EUR 0.90% 1.00% 1.40% 1.47% The perp<span class=\"_ _2\"></span>etuity gro<span class=\"_ _2\"></span>wth r<span class=\"_ _2\"></span>ate refl<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rds of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>' <span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span> of the medi<span class=\"_ _2\"></span>um and lo<span class=\"_ _2\"></span>ng term for the di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent Cash G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>ting Units <span class=\"_ _2\"></span>(CG<span class=\"_ _2\"></span>Us), bea<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>mind the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns. Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sumptions 2022 2021  Risk-free  Perpetuity  <span class=\"fc7 sc0\"> </span> Risk-free  WACC  Perpetuity  <span class=\"fc7 sc0\"> </span>interest  WACC growth rate interest rate growth rate  Tax Fi<span class=\"_ _0\"></span>nancial assumptio<span class=\"_ _0\"></span>ns rate*  rate EUR  EUR E<span class=\"_ _0\"></span>UR   Tax rate  rate*  EUR  EUR E<span class=\"_ _0\"></span>UR  rate  UWF Paper<span class=\"_ _0\"></span> Expli<span class=\"_ _0\"></span>cit planning period<span class=\"_ _0\"></span> 2.94% 6.76% 0.00% 27.50% 0.30% 4.46% 0.00% 27.50% Perpetuity<span class=\"_ _0\"></span> 2.94% 6.76% (1.0%) 27.50% 2.31% 6.34% (1.0%) 27.50% * Includes Coun<span class=\"_ _0\"></span>try Risk Premium<span class=\"_ _0\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>tests <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment annuall<span class=\"_ _2\"></span>y, reco<span class=\"_ _2\"></span>rded i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Statement of <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Pos<span class=\"_ _2\"></span>ition. For i<span class=\"_ _2\"></span>mpairment <span class=\"_ _2\"></span>tests of C<span class=\"_ _2\"></span>GUs, th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verabl<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>determined b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the value <span class=\"_ _2\"></span>in use, acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>discounte<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The re<span class=\"_ _2\"></span>coverabl<span class=\"_ _2\"></span>e amount of CGUs <span class=\"_ _2\"></span>derives from as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty, nam<span class=\"_ _2\"></span>ely, sales <span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>lumes, <span class=\"_ _2\"></span>average <span class=\"_ _2\"></span>sales pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d variable c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>that in <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>rojection <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t from a <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>mbination <span class=\"_ _2\"></span>of econo<span class=\"_ _2\"></span>mic fo<span class=\"_ _2\"></span>recasts for the regi<span class=\"_ _2\"></span>ons and mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>where th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes,<span class=\"_ _0\"></span> indus<span class=\"_ _2\"></span>try for<span class=\"_ _2\"></span>ecasts<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding chan<span class=\"_ _2\"></span>ges in markets <span class=\"_ _2\"></span>derived f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ed capaci<span class=\"_ _2\"></span>ty f<span class=\"_ _2\"></span>or eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>y, in<span class=\"_ _2\"></span>ternal managemen<span class=\"_ _2\"></span>t projecti<span class=\"_ _2\"></span>ons and hi<span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>rical <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> require <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> estimates<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>mpact of <span class=\"_ _2\"></span>climate c<span class=\"_ _2\"></span>hange has <span class=\"_ _2\"></span>also b<span class=\"_ _2\"></span>een co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>of futu<span class=\"_ _2\"></span>re cash f<span class=\"_ _2\"></span>lows, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot materi<span class=\"_ _2\"></span>al. The <span class=\"_ _2\"></span>risks <span class=\"_ _2\"></span>and oppor<span class=\"_ _2\"></span>tunities <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to cl<span class=\"_ _2\"></span>imate change i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>ied in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommen<span class=\"_ _2\"></span>dations are <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>closed i<span class=\"_ _2\"></span>n the not<span class=\"_ _2\"></span>es to the Managem<span class=\"_ _2\"></span>ent Re<span class=\"_ _2\"></span>port. <span class=\"_ _2\"></span> Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _2\"></span>.5% in<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease in<span class=\"_ _2\"></span> the asses<span class=\"_ _2\"></span>sment i<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>mount of<span class=\"_ _2\"></span> Euro 26<span class=\"_ _2\"></span>9,081,488 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t. With <span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>rd to <span class=\"_ _2\"></span>the Goo<span class=\"_ _2\"></span>dwill <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to Navi<span class=\"_ _2\"></span>gator Tis<span class=\"_ _2\"></span>sue R\u00f3d\u00e3o, gi<span class=\"_ _2\"></span>ven the i<span class=\"_ _2\"></span>mmaterial<span class=\"_ _2\"></span>ity of i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>any impac<span class=\"_ _2\"></span>ts wo<span class=\"_ _2\"></span>uld not be ma<span class=\"_ _2\"></span>terial<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>evant. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goodw<span class=\"_ _2\"></span>ill Goodwil<span class=\"_ _2\"></span>l repres<span class=\"_ _2\"></span>ents the <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the cost of<span class=\"_ _2\"></span> acquisi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>able asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and con<span class=\"_ _2\"></span>tingent li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of the su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidatio<span class=\"_ _2\"></span>n on the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sition <span class=\"_ _2\"></span>date and i<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>ocated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>each CGU or <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>group of CGUs to <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t belongs<span class=\"_ _2\"></span>. Amortisati<span class=\"_ _2\"></span>on and i<span class=\"_ _2\"></span>mpairment<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed. The Grou<span class=\"_ _2\"></span>p annual<span class=\"_ _2\"></span>ly car<span class=\"_ _2\"></span>ries o<span class=\"_ _2\"></span>ut impai<span class=\"_ _2\"></span>rment tests <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>goodwil<span class=\"_ _2\"></span>l, or where ther<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>e signs <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment. Th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verable am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts are determin<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>the highe<span class=\"_ _2\"></span>r of val<span class=\"_ _2\"></span>ue in us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e les<span class=\"_ _2\"></span>s cos<span class=\"_ _2\"></span>t of sal<span class=\"_ _2\"></span>e. Impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>on goodwill<span class=\"_ _2\"></span> cannot be <span class=\"_ _2\"></span>rev<span class=\"_ _2\"></span>ersed. Disposal<span class=\"_ _2\"></span> and l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> control Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span> of co<span class=\"_ _2\"></span>ntrol ove<span class=\"_ _2\"></span>r an entit<span class=\"_ _2\"></span>y or busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>to whic<span class=\"_ _2\"></span>h Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> allo<span class=\"_ _2\"></span>cated incl<span class=\"_ _2\"></span>ude the amount of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>corres<span class=\"_ _2\"></span>pondi<span class=\"_ _2\"></span>ng goodwill<span class=\"_ _2\"></span>. Tax deduc<span class=\"_ _2\"></span>tibil<span class=\"_ _2\"></span>ity Derived <span class=\"_ _2\"></span>from the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in Portu<span class=\"_ _2\"></span>gal, i<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot exp<span class=\"_ _2\"></span>ected th<span class=\"_ _2\"></span>at Good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> generated or to be <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed wi<span class=\"_ _2\"></span>ll be ta<span class=\"_ _2\"></span>x deduc<span class=\"_ _2\"></span>tible<span class=\"_ _2\"></span>. 3.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble as<span class=\"_ _2\"></span>sets Indus<span class=\"_ _0\"></span>trial propert<span class=\"_ _0\"></span>y CO2Other and other<span class=\"_ _0\"></span> emission<span class=\"_ _0\"></span> intangib<span class=\"_ _0\"></span>le Work in Amounts in Euro<span class=\"_ _0\"></span> rights<span class=\"_ _0\"></span> allowances<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> progress<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 16,664<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,919<span class=\"_ _0\"></span>,284  Granting -  14,915,653 <span class=\"_ _0\"></span> -  -  14,915,653 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  22,706,518 <span class=\"_ _0\"></span> -  17,823 <span class=\"_ _0\"></span> 22,724,341 <span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 17,823  (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> -  (17<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>23)<span class=\"_ _0\"></span> (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 34,487<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,770<span class=\"_ _0\"></span>,994  Granting -  37,338,833 <span class=\"_ _0\"></span> -  -  37,338,833 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  3,251,520  -  36,496 <span class=\"_ _0\"></span> 3,288,016  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 36,496  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> -  (36<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>96)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> Balance as at 31 Dece<span class=\"_ _0\"></span>mber 2022<span class=\"_ _0\"></span> 70,983<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,852<span class=\"_ _0\"></span>,134  Accumu<span class=\"_ _0\"></span>lated a<span class=\"_ _2\"></span>mo<span class=\"_ _0\"></span>rtisation and im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent losses<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (6,600<span class=\"_ _0\"></span>) -  -  -  (6,600<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> -  -  -  (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (18,46<span class=\"_ _0\"></span>4) -  -  -  (18,46<span class=\"_ _0\"></span>4) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> -  -  -  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (39,04<span class=\"_ _0\"></span>3) -  -  -  (39,04<span class=\"_ _0\"></span>3) Net book value a<span class=\"_ _0\"></span>s at 1 Janu<span class=\"_ _0\"></span>ary 2021<span class=\"_ _0\"></span> 10,064<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,912<span class=\"_ _0\"></span>,684  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 16,023<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,752<span class=\"_ _0\"></span>,529  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 31,940<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,813<span class=\"_ _0\"></span>,091  CO2 Allowa<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>CO2 emissi<span class=\"_ _0\"></span>on allo<span class=\"_ _0\"></span>wances<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>units)<span class=\"_ _0\"></span> 574,122  620,805  Average unit val<span class=\"_ _0\"></span>ue (Euro) 77.99  39.85  Market quotati<span class=\"_ _0\"></span>on (Euro)<span class=\"_ _0\"></span> 81.49  80.65  CO2 a<span class=\"_ _2\"></span>llowa<span class=\"_ _2\"></span>nces <span class=\"ffa\">\u2013</span> m<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in t<span class=\"_ _2\"></span>he per<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>d  2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Opening balance<span class=\"_ _0\"></span> 620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507 <span class=\"fc7 sc0\"> </span>516<span class=\"_ _0\"></span>,319  11,902<span class=\"_ _0\"></span>,620  CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s awarded f<span class=\"_ _0\"></span>ree of charge (Note <span class=\"_ _0\"></span>2.2)<span class=\"_ _0\"></span> 444,457  37,338,833 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>442,732  14,915,653 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s acqui<span class=\"_ _0\"></span>red 48,000 <span class=\"_ _0\"></span> 3,251,520 <span class=\"fc7 sc0\"> </span>368,598  22,706,518 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s returned to th<span class=\"_ _0\"></span>e Licensing Co<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng Entity <span class=\"_ _0\"></span> (539,140) (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> (706,844) (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> 574<span class=\"_ _0\"></span>,122  44,781<span class=\"_ _0\"></span>,151 <span class=\"fc7 sc0\"> </span>620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507  CO2 Emission<span class=\"_ _2\"></span> Rights CO2 emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances att<span class=\"_ _2\"></span>ributed to<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e European <span class=\"_ _2\"></span>Union <span class=\"_ _2\"></span>Emissi<span class=\"_ _2\"></span>ons Trading Scheme (E<span class=\"_ _2\"></span>U ETS) f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>assignmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>CO2 emissi<span class=\"_ _2\"></span>on al<span class=\"_ _2\"></span>lowances at <span class=\"_ _2\"></span>no cos<span class=\"_ _2\"></span>t, gi<span class=\"_ _2\"></span>ves rise <span class=\"_ _2\"></span>to an<span class=\"_ _2\"></span> intangibl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>owances, a Go<span class=\"_ _2\"></span>vernm<span class=\"_ _2\"></span>ent grant <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nd a l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ty for the o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>tion to deliver al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>equal <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns tha<span class=\"_ _2\"></span>t have be<span class=\"_ _2\"></span>en made durin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>are only recor<span class=\"_ _2\"></span>ded as i<span class=\"_ _2\"></span>ntangi<span class=\"_ _2\"></span>ble asse<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>when the G<span class=\"_ _2\"></span>roup is abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to exerci<span class=\"_ _2\"></span>se control<span class=\"_ _2\"></span> and ar<span class=\"_ _2\"></span>e measur<span class=\"_ _2\"></span>ed at fai<span class=\"_ _2\"></span>r value (l<span class=\"_ _2\"></span>evel <span class=\"_ _2\"></span>1) a<span class=\"_ _2\"></span>t the dat<span class=\"_ _2\"></span>e of ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition. When <span class=\"_ _2\"></span>the market val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the emis<span class=\"_ _2\"></span>sion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>falls<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y below its <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d such decreas<span class=\"_ _2\"></span>e is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d permanent<span class=\"_ _2\"></span>, an impai<span class=\"_ _2\"></span>rment c<span class=\"_ _2\"></span>harge <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>booked for al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the group will<span class=\"_ _2\"></span> not us<span class=\"_ _2\"></span>e int<span class=\"_ _2\"></span>ernally. The liabi<span class=\"_ _2\"></span>lity to d<span class=\"_ _2\"></span>eliver al<span class=\"_ _2\"></span>lowanc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed base<span class=\"_ _2\"></span>d on a<span class=\"_ _2\"></span>ctual <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons. This <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity will<span class=\"_ _2\"></span> be settle<span class=\"_ _2\"></span>d using al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>on hand<span class=\"_ _2\"></span>, measu<span class=\"_ _2\"></span>red at th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>those all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. Any additional<span class=\"_ _2\"></span> emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>are valued <span class=\"_ _2\"></span>at marke<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue as at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>. FIFO i<span class=\"_ _2\"></span>s used in the costi<span class=\"_ _2\"></span>ng of i<span class=\"_ _2\"></span>ntangible ass<span class=\"_ _2\"></span>et dec<span class=\"_ _2\"></span>reases <span class=\"_ _2\"></span>by the r<span class=\"_ _2\"></span>efund to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Li<span class=\"_ _2\"></span>censing <span class=\"_ _2\"></span>Coordinati<span class=\"_ _2\"></span>ng Entity<span class=\"_ _2\"></span>. In the Co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated Income <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expens<span class=\"_ _2\"></span>es, unde<span class=\"_ _2\"></span>r Other o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng expens<span class=\"_ _2\"></span>es, actual <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns at fai<span class=\"_ _2\"></span>r value a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e grant da<span class=\"_ _2\"></span>te, <span class=\"_ _2\"></span>except fo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> acquired allowances<span class=\"_ _2\"></span>, wh<span class=\"_ _2\"></span>ere the expense i<span class=\"_ _2\"></span>s measure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>their pu<span class=\"_ _2\"></span>rchase p<span class=\"_ _2\"></span>rice. Such exp<span class=\"_ _2\"></span>enses wil<span class=\"_ _2\"></span>l off<span class=\"_ _2\"></span>set oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g i<span class=\"_ _2\"></span>ncome resul<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>from the reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the original<span class=\"_ _2\"></span> Governmen<span class=\"_ _2\"></span>t grant (al<span class=\"_ _2\"></span>so r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at g<span class=\"_ _2\"></span>rant d<span class=\"_ _2\"></span>ate) as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as any dis<span class=\"_ _2\"></span>posal<span class=\"_ _2\"></span> o<span class=\"_ _0\"></span>f excess all<span class=\"_ _2\"></span>owances. The effec<span class=\"_ _2\"></span>t on th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement wil<span class=\"_ _2\"></span>l, the<span class=\"_ _2\"></span>refore, b<span class=\"_ _2\"></span>e neu<span class=\"_ _2\"></span>tral re<span class=\"_ _2\"></span>garding <span class=\"_ _2\"></span>the consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of granted al<span class=\"_ _2\"></span>lowances<span class=\"_ _2\"></span>. Any n<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ect on <span class=\"_ _2\"></span>the Incom<span class=\"_ _2\"></span>e Sta<span class=\"_ _2\"></span>tement wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t from <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rchase of<span class=\"_ _2\"></span> additional<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span>owances to c<span class=\"_ _2\"></span>over e<span class=\"_ _2\"></span>xcess emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>, from the <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>e of eff<span class=\"_ _2\"></span>ective consu<span class=\"_ _2\"></span>mption<span class=\"_ _2\"></span> or from impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>booked <span class=\"_ _2\"></span>to al<span class=\"_ _2\"></span>lowances tha<span class=\"_ _2\"></span>t ar<span class=\"_ _2\"></span>e not use<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>at operati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Intangi<span class=\"_ _2\"></span>ble assets a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation and impairmen<span class=\"_ _2\"></span>t lo<span class=\"_ _2\"></span>sses. The Group <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rms impai<span class=\"_ _2\"></span>rment tes<span class=\"_ _2\"></span>ts when<span class=\"_ _2\"></span>ever e<span class=\"_ _2\"></span>vents or<span class=\"_ _2\"></span> circums<span class=\"_ _2\"></span>tances indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>book value exc<span class=\"_ _2\"></span>eeds <span class=\"_ _2\"></span>the reco<span class=\"_ _2\"></span>verable amou<span class=\"_ _2\"></span>nt, an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, if an<span class=\"_ _2\"></span>y, is r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statement<span class=\"_ _2\"></span>. Intangib<span class=\"_ _2\"></span>le assets d<span class=\"_ _2\"></span>eveloped<span class=\"_ _2\"></span> interna<span class=\"_ _2\"></span>lly Developm<span class=\"_ _2\"></span>ent expens<span class=\"_ _2\"></span>es are onl<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as intangible <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ets to <span class=\"_ _2\"></span>the exte<span class=\"_ _2\"></span>nt that th<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>echnical<span class=\"_ _2\"></span> capacity <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mplete the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment o<span class=\"_ _2\"></span>f the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> demon<span class=\"_ _2\"></span>strated and <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>for own use o<span class=\"_ _2\"></span>r commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. E<span class=\"_ _2\"></span>xpenses tha<span class=\"_ _2\"></span>t do no<span class=\"_ _2\"></span>t meet<span class=\"_ _2\"></span> these r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents, namel<span class=\"_ _2\"></span>y resea<span class=\"_ _2\"></span>rch expenses, a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded as <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>when in<span class=\"_ _2\"></span>curred. Brands Whenever b<span class=\"_ _2\"></span>rands a<span class=\"_ _2\"></span>re iden<span class=\"_ _2\"></span>tified i<span class=\"_ _2\"></span>n a busi<span class=\"_ _2\"></span>ness co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>records <span class=\"_ _2\"></span>them se<span class=\"_ _2\"></span>parately in the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>statements<span class=\"_ _2\"></span> as an as<span class=\"_ _2\"></span>set at c<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>t, which r<span class=\"_ _2\"></span>epresents <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value on<span class=\"_ _2\"></span> the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date. On subseq<span class=\"_ _2\"></span>uent val<span class=\"_ _2\"></span>uation e<span class=\"_ _2\"></span>xercises<span class=\"_ _2\"></span>, bran<span class=\"_ _2\"></span>ds ar<span class=\"_ _2\"></span>e recognise<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in the Grou<span class=\"_ _2\"></span>p\u2019s cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial statements <span class=\"_ _2\"></span>at c<span class=\"_ _2\"></span>ost. The<span class=\"_ _2\"></span>y are <span class=\"_ _2\"></span>not sub<span class=\"_ _2\"></span>ject to<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sation, bu<span class=\"_ _2\"></span>t ins<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ead tes<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r impairment <span class=\"_ _2\"></span>at each<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>ting da<span class=\"_ _2\"></span>te. Own brands a<span class=\"_ _2\"></span>re not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts, as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>t intern<span class=\"_ _2\"></span>ally generate<span class=\"_ _2\"></span>d intangibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets.<span class=\"_ _2\"></span> 3.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Propert<span class=\"_ _2\"></span>y, pl<span class=\"_ _2\"></span>ant and<span class=\"_ _2\"></span> equipment<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _2\"></span>pert<span class=\"_ _2\"></span>y, pla<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span> Buildings<span class=\"_ _0\"></span>  and other<span class=\"_ _0\"></span> Equipmen<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d Ass<span class=\"_ _0\"></span>ets un<span class=\"_ _0\"></span>der Amounts in Euro<span class=\"_ _0\"></span> Land<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> other tang<span class=\"_ _0\"></span>ibles<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ion Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 114<span class=\"_ _0\"></span>,504,564<span class=\"_ _0\"></span>  541<span class=\"_ _0\"></span>,240,475<span class=\"_ _0\"></span>  3,567,75<span class=\"_ _0\"></span>7,837  123<span class=\"_ _0\"></span>,425,431<span class=\"_ _0\"></span>  4,346,92<span class=\"_ _0\"></span>8,307  Acquisi<span class=\"_ _0\"></span>tions -  -  14,551,550 <span class=\"_ _0\"></span> 65,482,023 <span class=\"_ _0\"></span> 80,033,573 <span class=\"_ _0\"></span> Disposal<span class=\"_ _0\"></span>s (339,267) -  (511,368) -  (850,635) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 226,134  1,633,165  137,086,918  (148,431,122)<span class=\"_ _0\"></span> (9,484,905) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 114<span class=\"_ _0\"></span>,391,431<span class=\"_ _0\"></span>  542<span class=\"_ _0\"></span>,873,640<span class=\"_ _0\"></span>  3,718,88<span class=\"_ _0\"></span>4,937  40,476<span class=\"_ _0\"></span>,332  4,416,62<span class=\"_ _0\"></span>6,340  Acquisi<span class=\"_ _0\"></span>tions -  -  12,642,516 <span class=\"_ _0\"></span> 99,381,294 <span class=\"_ _0\"></span> 112,023,810  Disposal<span class=\"_ _0\"></span>s (740,389) -  (39<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>13,005)<span class=\"_ _0\"></span> -  (40<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>53,394)<span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 2,123,276  1,626,228  35,577,280 <span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>01,141)<span class=\"_ _0\"></span> (8,374,357) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 115<span class=\"_ _0\"></span>,774,318<span class=\"_ _0\"></span>  544<span class=\"_ _0\"></span>,499,868<span class=\"_ _0\"></span>  3,727,19<span class=\"_ _0\"></span>1,728  92,156<span class=\"_ _0\"></span>,485  4,479,62<span class=\"_ _0\"></span>2,399  Accumu<span class=\"_ _0\"></span>lated depreciation and impairment losse<span class=\"_ _0\"></span>s Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 -  (352<span class=\"_ _0\"></span>,192,222) (2,810<span class=\"_ _0\"></span>,786,493<span class=\"_ _0\"></span>) -  (3,162<span class=\"_ _0\"></span>,978,715<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d -  (11<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>40,522)<span class=\"_ _0\"></span> (107,130,884)<span class=\"_ _0\"></span> -  (118,371,406)<span class=\"_ _0\"></span> (Note 3.7)<span class=\"_ _0\"></span> Disposal<span class=\"_ _0\"></span>s -  -  505,759  -  505,759  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  567,105  8,895,424  -  9,462,529  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 -  (362<span class=\"_ _0\"></span>,865,639) (2,908<span class=\"_ _0\"></span>,516,194<span class=\"_ _0\"></span>) -  (3,271<span class=\"_ _0\"></span>,381,833<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d -  (18<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>27,626)<span class=\"_ _0\"></span> (137,630,932)<span class=\"_ _0\"></span> -  (156,458,558)<span class=\"_ _0\"></span> (Note 3.7)<span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span> -  -  Disposal<span class=\"_ _0\"></span>s -  -  39,443,667 <span class=\"_ _0\"></span> -  39,443,667 <span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  6,927  8,456,805  -  8,463,732  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 -  (381<span class=\"_ _0\"></span>,686,338) (2,998<span class=\"_ _0\"></span>,246,654<span class=\"_ _0\"></span>) -  (3,379<span class=\"_ _0\"></span>,932,992<span class=\"_ _0\"></span>) Net book value a<span class=\"_ _0\"></span>s at 1 Janu<span class=\"_ _0\"></span>ary 2021<span class=\"_ _0\"></span> 114<span class=\"_ _0\"></span>,504,564<span class=\"_ _0\"></span>  189<span class=\"_ _0\"></span>,048,253<span class=\"_ _0\"></span>  756<span class=\"_ _0\"></span>,971,344<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,425,431<span class=\"_ _0\"></span>  1,183,94<span class=\"_ _0\"></span>9,592  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 114<span class=\"_ _0\"></span>,391,431<span class=\"_ _0\"></span>  180<span class=\"_ _0\"></span>,008,001<span class=\"_ _0\"></span>  810<span class=\"_ _0\"></span>,368,743<span class=\"_ _0\"></span>  40,476<span class=\"_ _0\"></span>,332  1,145,24<span class=\"_ _0\"></span>4,507  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 115<span class=\"_ _0\"></span>,774,318<span class=\"_ _0\"></span>  162<span class=\"_ _0\"></span>,813,530<span class=\"_ _0\"></span>  728<span class=\"_ _0\"></span>,945,074<span class=\"_ _0\"></span>  92,156<span class=\"_ _0\"></span>,485  1,099,68<span class=\"_ _0\"></span>9,407  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 th<span class=\"_ _2\"></span>e caption<span class=\"_ _2\"></span> Ass<span class=\"_ _2\"></span>ets under <span class=\"_ _2\"></span>const<span class=\"_ _2\"></span>ructi<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>cludes i<span class=\"_ _2\"></span>nvestments as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with ongoi<span class=\"_ _2\"></span>ng develo<span class=\"_ _2\"></span>pment p<span class=\"_ _2\"></span>rojec<span class=\"_ _2\"></span>ts, in pa<span class=\"_ _2\"></span>rticul<span class=\"_ _2\"></span>ar those <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>the new <span class=\"_ _2\"></span>wood pr<span class=\"_ _2\"></span>eparation <span class=\"_ _2\"></span>line in F<span class=\"_ _2\"></span>igueira da Fo<span class=\"_ _2\"></span>z (Euro 2<span class=\"_ _2\"></span>0,835<span class=\"_ _2\"></span>,625), <span class=\"_ _2\"></span>the new ev<span class=\"_ _2\"></span>apora<span class=\"_ _2\"></span>tion l<span class=\"_ _2\"></span>ine in <span class=\"_ _2\"></span>Aveiro (Euro 1<span class=\"_ _2\"></span>2,691,625)<span class=\"_ _2\"></span>, the ne<span class=\"_ _2\"></span>w natural<span class=\"_ _2\"></span> gas boil<span class=\"_ _2\"></span>er in Se<span class=\"_ _2\"></span>t\u00fabal (Eu<span class=\"_ _2\"></span>ro 4<span class=\"_ _2\"></span>,280,075) an<span class=\"_ _2\"></span>d the up<span class=\"_ _2\"></span>grade o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e control<span class=\"_ _2\"></span> system of C<span class=\"_ _2\"></span>oiler <span class=\"_ _2\"></span>1 in <span class=\"_ _2\"></span>Figueira da <span class=\"_ _2\"></span>Foz (Euro <span class=\"_ _2\"></span>2,006,602)<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>nder is rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to sev<span class=\"_ _2\"></span>era<span class=\"_ _0\"></span>l pro<span class=\"_ _2\"></span>jects for improving <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>ptimisi<span class=\"_ _2\"></span>ng the produc<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>rocess. Lands <span class=\"_ _2\"></span>includes <span class=\"_ _2\"></span>Euro 114<span class=\"_ _2\"></span>,586,831 (3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 2021: Eu<span class=\"_ _2\"></span>ro 1<span class=\"_ _2\"></span>13,358,585<span class=\"_ _2\"></span>) class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n the indivi<span class=\"_ _2\"></span>dual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts as in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>properties<span class=\"_ _2\"></span>, f<span class=\"_ _2\"></span>rom whi<span class=\"_ _2\"></span>ch Euro 7<span class=\"_ _2\"></span>5,448,716 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro <span class=\"_ _2\"></span>74.220.470<span class=\"_ _2\"></span>) rel<span class=\"_ _2\"></span>ate to f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>try land <span class=\"_ _2\"></span>and Eu<span class=\"_ _2\"></span>ro 39,138,1<span class=\"_ _2\"></span>15 (31 D<span class=\"_ _2\"></span>ecembe<span class=\"_ _2\"></span>r 2021: <span class=\"_ _2\"></span>Euro 39,13<span class=\"_ _2\"></span>8,115) to l<span class=\"_ _2\"></span>and all<span class=\"_ _2\"></span>ocated to<span class=\"_ _2\"></span> indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>site<span class=\"_ _2\"></span>s. The commi<span class=\"_ _2\"></span>tments as<span class=\"_ _2\"></span>sumed by <span class=\"_ _2\"></span>the Group f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>property, p<span class=\"_ _2\"></span>lant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment are deta<span class=\"_ _2\"></span>iled <span class=\"_ _2\"></span>in Note 10<span class=\"_ _2\"></span>.2 - Comm<span class=\"_ _2\"></span>itments<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Property<span class=\"_ _2\"></span>, plant<span class=\"_ _2\"></span> and eq<span class=\"_ _2\"></span>uipment The reco<span class=\"_ _2\"></span>verabil<span class=\"_ _2\"></span>ity of p<span class=\"_ _2\"></span>roperty<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>requires <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>to use estimates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns, namely<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er appl<span class=\"_ _2\"></span>icable,<span class=\"_ _2\"></span> regardi<span class=\"_ _2\"></span>ng the de<span class=\"_ _2\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the value i<span class=\"_ _2\"></span>n use fo<span class=\"_ _2\"></span>r impairmen<span class=\"_ _2\"></span>t tes<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> cash-gen<span class=\"_ _2\"></span>erating uni<span class=\"_ _2\"></span>ts. <span class=\"_ _2\"></span> Useful <span class=\"_ _2\"></span>life and<span class=\"_ _2\"></span> depr<span class=\"_ _2\"></span>eciation  Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>present th<span class=\"_ _2\"></span>e most s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t component o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's total assets. <span class=\"_ _2\"></span>These <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n for the <span class=\"_ _2\"></span>period tha<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s determin<span class=\"_ _2\"></span>ed to be their <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe. The <span class=\"_ _2\"></span>determinatio<span class=\"_ _2\"></span>n of as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves and the <span class=\"_ _2\"></span>depreci<span class=\"_ _2\"></span>ation method to <span class=\"_ _2\"></span>be a<span class=\"_ _2\"></span>pplied is<span class=\"_ _2\"></span> essen<span class=\"_ _2\"></span>tial to <span class=\"_ _2\"></span>determine <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>ation to <span class=\"_ _2\"></span>be reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of each <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>d. These <span class=\"_ _2\"></span>two parame<span class=\"_ _2\"></span>ters are <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ned accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the bes<span class=\"_ _2\"></span>t ju<span class=\"_ _2\"></span>dgement of <span class=\"_ _2\"></span>the Board <span class=\"_ _2\"></span>of Dir<span class=\"_ _2\"></span>ectors for the as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and bus<span class=\"_ _2\"></span>inesses <span class=\"_ _2\"></span>in ques<span class=\"_ _2\"></span>tion, al<span class=\"_ _2\"></span>so con<span class=\"_ _2\"></span>sidering<span class=\"_ _2\"></span> the pr<span class=\"_ _2\"></span>actices ado<span class=\"_ _2\"></span>pted <span class=\"_ _2\"></span>by compani<span class=\"_ _2\"></span>es of the <span class=\"_ _2\"></span>sector <span class=\"_ _2\"></span>at the i<span class=\"_ _2\"></span>nternati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel and th<span class=\"_ _2\"></span>e evoluti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>which the Group oper<span class=\"_ _2\"></span>ates. <span class=\"_ _2\"></span> Under IFRS<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of as<span class=\"_ _2\"></span>sets shou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>review<span class=\"_ _2\"></span>ed if ex<span class=\"_ _2\"></span>pectatio<span class=\"_ _2\"></span>ns regardin<span class=\"_ _2\"></span>g the ex<span class=\"_ _2\"></span>pected eco<span class=\"_ _2\"></span>nomic b<span class=\"_ _2\"></span>enefits <span class=\"_ _2\"></span>as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>the techn<span class=\"_ _2\"></span>ical <span class=\"_ _2\"></span>use planned f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>asset<span class=\"ls25\">s </span>differ <span class=\"_ _2\"></span>from pr<span class=\"_ _2\"></span>evious esti<span class=\"_ _2\"></span>mates<span class=\"_ _2\"></span>. Changes <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>depre<span class=\"_ _2\"></span>ciation <span class=\"_ _2\"></span>charges for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod ar<span class=\"_ _2\"></span>e accoun<span class=\"_ _2\"></span>ted for <span class=\"_ _2\"></span>prospecti<span class=\"_ _2\"></span>vely. Given the i<span class=\"_ _2\"></span>mportanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>estimate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>uses, <span class=\"_ _2\"></span>with s<span class=\"_ _2\"></span>ome regul<span class=\"_ _2\"></span>arity, e<span class=\"_ _2\"></span>xternal<span class=\"_ _2\"></span> and independ<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>erts to <span class=\"_ _2\"></span>assess th<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>equacy of the es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes used <span class=\"_ _2\"></span>havin<span class=\"_ _2\"></span>g the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>eport be<span class=\"_ _2\"></span>en completed <span class=\"_ _2\"></span>during <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d half o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e to 1<span class=\"_ _2\"></span> Januar<span class=\"_ _2\"></span>y 2022. In <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>sense, in 2022 <span class=\"_ _2\"></span>the Group re<span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of<span class=\"_ _2\"></span> a set of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts rel<span class=\"_ _2\"></span>ated to p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n acti<span class=\"_ _2\"></span>vity, whi<span class=\"_ _2\"></span>ch resulted<span class=\"_ _2\"></span>, on avera<span class=\"_ _2\"></span>ge, in <span class=\"_ _2\"></span>a reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife and <span class=\"_ _2\"></span>thus <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in dep<span class=\"_ _2\"></span>reciation <span class=\"_ _2\"></span>(see Note 3.7)<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Proper<span class=\"_ _2\"></span>ty, plant a<span class=\"_ _2\"></span>nd equipme<span class=\"_ _2\"></span>nt Recogni<span class=\"_ _2\"></span>tion and i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment a<span class=\"_ _2\"></span>re shown <span class=\"_ _2\"></span>at cost<span class=\"_ _2\"></span>, less<span class=\"_ _2\"></span> acc<span class=\"_ _2\"></span>umulated deprec<span class=\"_ _2\"></span>iation <span class=\"_ _2\"></span>and impairment <span class=\"_ _2\"></span>losses. <span class=\"_ _a3\"> </span> Deprecia<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>ment th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e rates <span class=\"_ _2\"></span>that best <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r esti<span class=\"_ _2\"></span>mated usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Land (cost of prep<span class=\"_ _0\"></span>aring for afforesta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n) 50<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 10 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>12 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">20</span> </span></span>6 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">25</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Tools 2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>tive useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d, on th<span class=\"_ _2\"></span>e date of <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>sition. <span class=\"_ _2\"></span>If there <span class=\"_ _2\"></span>are chan<span class=\"_ _2\"></span>ges to <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, they are <span class=\"_ _2\"></span>trea<span class=\"_ _2\"></span>ted as <span class=\"_ _2\"></span>a change in<span class=\"_ _2\"></span> accounti<span class=\"_ _2\"></span>ng es<span class=\"_ _2\"></span>timate an<span class=\"_ _2\"></span>d are applie<span class=\"_ _2\"></span>d prosp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y.  When th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>et exce<span class=\"_ _2\"></span>eds its r<span class=\"_ _2\"></span>eali<span class=\"_ _2\"></span>sable va<span class=\"_ _2\"></span>lue, the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> wri<span class=\"_ _2\"></span>tten down <span class=\"_ _2\"></span>to the estimate<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>verable amo<span class=\"_ _2\"></span>unt, and an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>airment cha<span class=\"_ _2\"></span>rge <span class=\"_ _2\"></span>is boo<span class=\"_ _2\"></span>ked<span class=\"_ _0\"></span> (No<span class=\"_ _2\"></span>te 3.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span><span class=\"ls79\">).<span class=\"ls0\"> </span></span>Spare an<span class=\"_ _2\"></span>d mainten<span class=\"_ _2\"></span>ance parts<span class=\"_ _2\"></span> Spare par<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered stra<span class=\"_ _2\"></span>tegic as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n equipm<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d their us<span class=\"_ _2\"></span>e is ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to las<span class=\"_ _2\"></span>t for mor<span class=\"_ _2\"></span>e than <span class=\"_ _2\"></span>two econo<span class=\"_ _2\"></span>mic y<span class=\"_ _2\"></span>ears. Mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>parts co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red as \"cri<span class=\"_ _2\"></span>tical <span class=\"_ _2\"></span>spare par<span class=\"_ _2\"></span>ts\" are <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n non-curren<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets, as P<span class=\"_ _2\"></span>ropert<span class=\"_ _2\"></span>y, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment. Respecting <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> class<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>ation, spare <span class=\"_ _2\"></span>parts<span class=\"_ _2\"></span> are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d f<span class=\"_ _2\"></span>rom the momen<span class=\"_ _2\"></span>t they <span class=\"_ _2\"></span>become availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>are assign<span class=\"_ _2\"></span>ed a us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e that foll<span class=\"_ _2\"></span>ows the natu<span class=\"_ _2\"></span>re of <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, where they are <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted to b<span class=\"_ _2\"></span>e integ<span class=\"_ _2\"></span>rated, no<span class=\"_ _2\"></span>t excee<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>ning us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> these. Spare par<span class=\"_ _2\"></span>ts are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r as pro<span class=\"_ _2\"></span>perty, <span class=\"_ _2\"></span>plant an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment if th<span class=\"_ _2\"></span>ey ar<span class=\"_ _2\"></span>e material<span class=\"_ _2\"></span> and use<span class=\"_ _2\"></span>d for mo<span class=\"_ _2\"></span>re than on<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, or if<span class=\"_ _2\"></span> they ar<span class=\"_ _2\"></span>e used o<span class=\"_ _2\"></span>nly in <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to an i<span class=\"_ _2\"></span>tem of pro<span class=\"_ _2\"></span>perty<span class=\"_ _2\"></span>, plant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t. In othe<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>tuations, s<span class=\"_ _2\"></span>pare <span class=\"_ _2\"></span>parts are <span class=\"_ _2\"></span>acco<span class=\"_ _2\"></span>unted <span class=\"_ _2\"></span>for as<span class=\"_ _2\"></span> part o<span class=\"_ _2\"></span>f invento<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>and recogniz<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>when cons<span class=\"_ _2\"></span>umed. Subsequen<span class=\"_ _2\"></span>t costs<span class=\"_ _2\"></span> Scheduled mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e exp<span class=\"_ _2\"></span>enses ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered a compo<span class=\"_ _2\"></span>nent of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t of property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d are f<span class=\"_ _2\"></span>ully de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ext forec<span class=\"_ _2\"></span>asted mai<span class=\"_ _2\"></span>ntenance date.<span class=\"_ _2\"></span> All <span class=\"_ _2\"></span>other repai<span class=\"_ _2\"></span>rs and mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>are cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch they a<span class=\"_ _2\"></span>re incu<span class=\"_ _2\"></span>rred. Borrowing c<span class=\"_ _2\"></span>osts Borrowing c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n or co<span class=\"_ _2\"></span>nstructi<span class=\"_ _2\"></span>on (if<span class=\"_ _2\"></span> the const<span class=\"_ _2\"></span>ructio<span class=\"_ _2\"></span>n or developmen<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>excee<span class=\"_ _2\"></span>ds one year<span class=\"_ _2\"></span>) of <span class=\"_ _2\"></span>property, <span class=\"_ _2\"></span>plant <span class=\"_ _2\"></span>and equipm<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and form part o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t\u2019s cost<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted, no <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial c<span class=\"_ _2\"></span>harges fo<span class=\"_ _2\"></span>r lo<span class=\"_ _2\"></span>ans directly r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>or construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> proper<span class=\"_ _2\"></span>ty, plant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>were c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>ised. Write-of<span class=\"_ _2\"></span>fs and di<span class=\"_ _2\"></span>sposals<span class=\"_ _2\"></span> Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the write-off <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>disposal<span class=\"_ _2\"></span> repre<span class=\"_ _2\"></span>sent th<span class=\"_ _2\"></span>e differenc<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e proceeds<span class=\"_ _2\"></span> recei<span class=\"_ _2\"></span>ved on dispos<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>less c<span class=\"_ _2\"></span>osts to s<span class=\"_ _2\"></span>ell and <span class=\"_ _2\"></span>the as<span class=\"_ _2\"></span>set\u2019s <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value, an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>as Other op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng inco<span class=\"_ _2\"></span>me (Note <span class=\"_ _2\"></span>2.2) or O<span class=\"_ _2\"></span>ther oper<span class=\"_ _2\"></span>ating e<span class=\"_ _2\"></span>xpenses (Note 2.3<span class=\"_ _2\"></span>). 3.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Invest<span class=\"_ _2\"></span>ment <span class=\"_ _2\"></span>properties<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n inve<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt pro<span class=\"_ _2\"></span>perti<span class=\"_ _2\"></span>es Buildings<span class=\"_ _0\"></span>  and other<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Land<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Accumu<span class=\"_ _0\"></span>lated depreciation and im<span class=\"_ _0\"></span>pairmen<span class=\"_ _0\"></span>t losses<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (399<span class=\"_ _0\"></span>,372) (13,44<span class=\"_ _0\"></span>3) (412<span class=\"_ _0\"></span>,815) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (Note 3.7) -  (1,646) (1,646) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (399<span class=\"_ _0\"></span>,372) (15,08<span class=\"_ _0\"></span>9) (414<span class=\"_ _0\"></span>,461) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (Note 3.7) -  (1,646) (1,646) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (399<span class=\"_ _0\"></span>,372) (16,73<span class=\"_ _0\"></span>5) (416<span class=\"_ _0\"></span>,107) Net book value as at 1 J<span class=\"_ _0\"></span>anuary <span class=\"ls1c\">2021</span> 25,372<span class=\"_ _0\"></span>  68,864<span class=\"_ _0\"></span>  94,236<span class=\"_ _0\"></span>  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 25,372<span class=\"_ _0\"></span>  67,218<span class=\"_ _0\"></span>  92,589<span class=\"_ _0\"></span>  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 25,372<span class=\"_ _0\"></span>  65,572<span class=\"_ _0\"></span>  90,943<span class=\"_ _0\"></span>  These ass<span class=\"_ _2\"></span>ets ar<span class=\"_ _2\"></span>e not all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>Group's o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting ac<span class=\"_ _2\"></span>tivity<span class=\"_ _2\"></span>, nor do <span class=\"_ _2\"></span>they h<span class=\"_ _2\"></span>ave any f<span class=\"_ _2\"></span>uture use det<span class=\"_ _2\"></span>ermined.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies th<span class=\"_ _2\"></span>e assets h<span class=\"_ _2\"></span>eld f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e purpose <span class=\"_ _2\"></span>of cap<span class=\"_ _2\"></span>ital <span class=\"_ _2\"></span>appreciati<span class=\"_ _2\"></span>on and/or <span class=\"_ _2\"></span>the generati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>rental <span class=\"_ _2\"></span>income as<span class=\"_ _2\"></span> investmen<span class=\"_ _2\"></span>ts pro<span class=\"_ _2\"></span>perties i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he conso<span class=\"_ _2\"></span>lidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts. An in<span class=\"_ _2\"></span>vestment p<span class=\"_ _2\"></span>roperty is<span class=\"_ _2\"></span> ini<span class=\"_ _2\"></span>tially measur<span class=\"_ _2\"></span>ed by i<span class=\"_ _2\"></span>ts acqui<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>tion or <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on cost, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng the transactio<span class=\"_ _2\"></span>n costs <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>are dir<span class=\"_ _2\"></span>ectly <span class=\"_ _2\"></span>attributa<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>it. <span class=\"_ _2\"></span>After i<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition, i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t properties<span class=\"_ _2\"></span> are meas<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>t less amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation and i<span class=\"_ _2\"></span>mpai<span class=\"_ _2\"></span>rment loss<span class=\"_ _2\"></span>es. Subsequen<span class=\"_ _2\"></span>t expen<span class=\"_ _2\"></span>diture i<span class=\"_ _2\"></span>s capital<span class=\"_ _2\"></span>ised onl<span class=\"_ _2\"></span>y when i<span class=\"_ _2\"></span>t is pro<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t it wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t in fu<span class=\"_ _2\"></span>ture economi<span class=\"_ _2\"></span>c benefits <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ty compari<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>those cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>. 3.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Government<span class=\"_ _2\"></span> grant<span class=\"_ _2\"></span>s </span></span>Govern<span class=\"_ _2\"></span>ment <span class=\"_ _2\"></span>grant<span class=\"_ _2\"></span>s - mo<span class=\"_ _2\"></span>veme<span class=\"_ _2\"></span>nts 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total Opening balance<span class=\"_ _0\"></span> 12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  13,768<span class=\"_ _0\"></span>,051  21,463<span class=\"_ _0\"></span>,619  35,231<span class=\"_ _0\"></span>,670  Granting 5,226,930  -  5,226,930  721,599  -  721,599  Charge-off (Note 3.<span class=\"_ _0\"></span>7) (1,689,688) (1,708,516) (3,398,204) (2,365,089) (1,737,488) (4,102,577) Other movements<span class=\"_ _0\"></span> 293,111  -  293,111  (38<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>04)<span class=\"_ _0\"></span> (117,166) (155,970) Closing balance (Note 4<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  The attri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns for the <span class=\"_ _2\"></span>yea<span class=\"_ _2\"></span>r incl<span class=\"_ _2\"></span>ude Euro 4,48<span class=\"_ _2\"></span>8,046 r<span class=\"_ _2\"></span>elati<span class=\"_ _2\"></span>ng to the <span class=\"_ _2\"></span>grant b<span class=\"_ _2\"></span>y CINEA (Eu<span class=\"_ _2\"></span>ropean Cli<span class=\"_ _2\"></span>mate, Infras<span class=\"_ _2\"></span>tructure an<span class=\"_ _2\"></span>d Envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>Executiv<span class=\"_ _2\"></span>e Agenc<span class=\"_ _2\"></span>y) to Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Pulp Se<span class=\"_ _2\"></span>t\u00fabal, <span class=\"_ _2\"></span>S.A. for investmen<span class=\"_ _2\"></span>t in the <span class=\"_ _2\"></span>conversi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the li<span class=\"_ _2\"></span>me kiln <span class=\"_ _2\"></span>at the S<span class=\"_ _2\"></span>et\u00fabal<span class=\"_ _2\"></span> pulp mi<span class=\"_ _2\"></span>ll, with <span class=\"_ _2\"></span>a view <span class=\"_ _2\"></span>to usin<span class=\"_ _2\"></span>g renewable <span class=\"_ _2\"></span>fuel so<span class=\"_ _2\"></span>urces, <span class=\"_ _2\"></span>as part of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Group's <span class=\"_ _2\"></span>decar<span class=\"_ _2\"></span>bonisatio<span class=\"_ _2\"></span>n plan. <span class=\"_ _2\"></span>The remai<span class=\"_ _2\"></span>ning amo<span class=\"_ _2\"></span>unt of Euro 73<span class=\"_ _2\"></span>8,884 rel<span class=\"_ _2\"></span>ates to <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>ms all<span class=\"_ _2\"></span>ocated und<span class=\"_ _2\"></span>er the R<span class=\"_ _2\"></span>ecovery <span class=\"_ _2\"></span>and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan. Only Euro <span class=\"_ _2\"></span>96,055 of<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e amount all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d was recei<span class=\"_ _2\"></span>ved i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>period, as<span class=\"_ _2\"></span> ref<span class=\"_ _2\"></span>lected i<span class=\"_ _2\"></span>n the Statement of<span class=\"_ _2\"></span> Cash <span class=\"_ _2\"></span>Flows<span class=\"_ _2\"></span>, As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Gove<span class=\"_ _2\"></span>rnment gr<span class=\"_ _2\"></span>ants<span class=\"_ _2\"></span>, by compan<span class=\"_ _2\"></span>y, were detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total AICEP inv<span class=\"_ _0\"></span>estment contracts<span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>. 254,071  -  254,071  328,243  -  328,243  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>. 3,759,757  1,556,065  5,315,822  4,790,430  2,015,570  6,806,000  Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. 52,676  -  52,676  101,018  -  101,018  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. 9,309  8,175,288  8,184,597  13,324  8,885,363  8,898,687  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A. 1,810,283  -  1,810,283  1,869,640  -  1,869,640  Navigator Bra<span class=\"_ _0\"></span>nds, S.A. -  -  -  499,805  -  499,805  Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A. 2,795,648  8,169,096  10,964,744 <span class=\"_ _0\"></span> 2,982,150  8,708,032  11,690,182 <span class=\"_ _0\"></span> 8,681,74<span class=\"_ _0\"></span>4  17,900<span class=\"_ _0\"></span>,449  26,582<span class=\"_ _0\"></span>,193  10,584<span class=\"_ _0\"></span>,610  19,608<span class=\"_ _0\"></span>,965  30,193<span class=\"_ _0\"></span>,575  Under the Recovery <span class=\"_ _0\"></span>and Resili<span class=\"_ _0\"></span>ence Plan<span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. 36,510  -  36,510  -  -  -  Vi<span class=\"_ _0\"></span>veiros Alian\u00e7a, SA<span class=\"_ _0\"></span> 20,800  -  20,800  -  -  -  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>. 38,336  -  38,336  -  -  -  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. 520,678  -  520,678  -  -  -  RAIZ - I<span class=\"_ _0\"></span>nst. Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 122,560  -  122,560  -  -  -  738<span class=\"_ _0\"></span>,884  -  738<span class=\"_ _0\"></span>,884  -  -  -  Other Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. 4,488,046  -  4,488,046  RAIZ - I<span class=\"_ _0\"></span>nst. Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 2,007,338  -  2,007,338  1,479,841  -  1,479,841  Vi<span class=\"_ _0\"></span>veiros Alian\u00e7a, SA<span class=\"_ _0\"></span> 98 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  98 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>21,306  -  21,306 <span class=\"_ _0\"></span> 6,495,48<span class=\"_ _0\"></span>2  -  6,495,48<span class=\"_ _0\"></span>2  1,501,14<span class=\"_ _0\"></span>7  -  1,501,14<span class=\"_ _0\"></span>7  15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  The Group <span class=\"_ _2\"></span>expects <span class=\"_ _2\"></span>to reco<span class=\"_ _2\"></span>gnise <span class=\"_ _2\"></span>grants <span class=\"_ _2\"></span>in earni<span class=\"_ _2\"></span>ngs as fo<span class=\"_ _2\"></span>llows: 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total 2022 -  -  -  1,748,315  1,708,516  3,456,831  2023 1,611,734  1,666,401  3,278,135  1,654,211  1,666,401  3,320,612  2024 1,570,887  1,666,401  3,237,288  1,608,887  1,666,401  3,275,288  2025 1,221,308  1,398,687  2,619,995  1,260,106  1,398,687  2,658,793  2026 1,132,412  1,390,347  2,522,759  1,197,809  1,390,347  2,588,156  2027 529,506  1,390,304  1,919,810  529,506  1,390,304  1,919,810  After 2027 9,850,263  10,388,309 <span class=\"_ _0\"></span> 20,238,572 <span class=\"_ _0\"></span> 4,086,923  10,388,308 <span class=\"_ _0\"></span> 14,475,231 <span class=\"_ _0\"></span> 15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  Non-refund<span class=\"_ _2\"></span>able G<span class=\"_ _2\"></span>overnm<span class=\"_ _2\"></span>ent grant<span class=\"_ _2\"></span>s Incentiv<span class=\"_ _2\"></span>e to inc<span class=\"_ _2\"></span>rease pul<span class=\"_ _2\"></span>p produc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n capacity i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>da Foz On 27 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, Na<span class=\"_ _2\"></span>vigator Pu<span class=\"_ _2\"></span>lp Figuei<span class=\"_ _2\"></span>ra, S.<span class=\"_ _2\"></span>A signe<span class=\"_ _2\"></span>d a ta<span class=\"_ _2\"></span>x investm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>agre<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>with AICEP, r<span class=\"_ _2\"></span>elated <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e incre<span class=\"_ _2\"></span>ase of <span class=\"_ _2\"></span>pulp pro<span class=\"_ _2\"></span>duction c<span class=\"_ _2\"></span>apacit<span class=\"_ _2\"></span>y in Figuei<span class=\"_ _2\"></span>ra da Foz, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes a ta<span class=\"_ _2\"></span>x incentiv<span class=\"_ _2\"></span>e up to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>maximum amo<span class=\"_ _2\"></span>unt of E<span class=\"_ _2\"></span>uro 17,278<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>, correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>19.5% of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t made, th<span class=\"_ _2\"></span>rough<span class=\"_ _2\"></span> the fulfi<span class=\"_ _2\"></span>lment, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>31 December 2025 <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span>ly defin<span class=\"_ _2\"></span>ed objec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. This g<span class=\"_ _2\"></span>rant is <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed ov<span class=\"_ _2\"></span>er 20 ye<span class=\"_ _2\"></span>ars, un<span class=\"_ _2\"></span>til 2038, <span class=\"_ _2\"></span>in proportio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>the depr<span class=\"_ _2\"></span>eciatio<span class=\"_ _2\"></span>n of the as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, altho<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en ful<span class=\"_ _2\"></span>ly util<span class=\"_ _2\"></span>ised si<span class=\"_ _2\"></span>nce 2018.<span class=\"ls0\"> </span>Incentiv<span class=\"_ _2\"></span>es for th<span class=\"_ _2\"></span>e expans<span class=\"_ _2\"></span>ion proj<span class=\"_ _2\"></span>ect of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>acia pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span> On 18 Jun<span class=\"_ _2\"></span>e 2014, <span class=\"_ _2\"></span>the Group\u2019<span class=\"_ _2\"></span>s su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A., s<span class=\"_ _2\"></span>igned <span class=\"_ _2\"></span>two fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and tax incen<span class=\"_ _2\"></span>tive ag<span class=\"_ _2\"></span>reements <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>AICEP - A<span class=\"_ _2\"></span>g\u00eancia <span class=\"_ _2\"></span>para o<span class=\"_ _2\"></span> Inves<span class=\"_ _2\"></span>timento e C<span class=\"_ _2\"></span>om\u00e9rci<span class=\"_ _2\"></span>o Externo<span class=\"_ _2\"></span> de Portugal (A<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y for In<span class=\"_ _2\"></span>vestment an<span class=\"_ _2\"></span>d Foreign <span class=\"_ _2\"></span>Tra<span class=\"_ _2\"></span>de of Por<span class=\"_ _2\"></span>tugal) to <span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>t the in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ent to be promo<span class=\"_ _2\"></span>ted by th<span class=\"_ _2\"></span>at compan<span class=\"_ _2\"></span>y in <span class=\"_ _2\"></span>the capac<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>t of Av<span class=\"_ _2\"></span>eiro pulp <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>total amount of<span class=\"_ _2\"></span> Euro 49<span class=\"_ _2\"></span>.3 mil<span class=\"_ _2\"></span>lion.  The approv<span class=\"_ _2\"></span>ed grants <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t to Euro 9<span class=\"_ _2\"></span>,264<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>(refundable) an<span class=\"_ _2\"></span>d Euro 5,64<span class=\"_ _2\"></span>4 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> (tax incenti<span class=\"_ _2\"></span>ve). This <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en full<span class=\"_ _2\"></span>y utili<span class=\"_ _2\"></span>sed sinc<span class=\"_ _2\"></span>e 2016 <span class=\"_ _2\"></span>and will<span class=\"_ _2\"></span> be reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> profit or <span class=\"_ _2\"></span>loss in 2<span class=\"_ _2\"></span>0 years, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>2034. The con<span class=\"_ _2\"></span>tract i<span class=\"_ _2\"></span>ncludes an<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>hievement bon<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>s al<span class=\"_ _2\"></span>ready <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in balance s<span class=\"_ _2\"></span>heet, <span class=\"_ _2\"></span>which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e conve<span class=\"_ _2\"></span>rsion o<span class=\"_ _2\"></span>f the<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>grant <span class=\"_ _2\"></span>in a no<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>-refun<span class=\"_ _2\"></span>dable grant, up <span class=\"_ _2\"></span>to a <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>t of 75<span class=\"_ _2\"></span>% (Euro 6,947<span class=\"_ _2\"></span>,450), s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mpliance <span class=\"_ _2\"></span>with the o<span class=\"_ _2\"></span>bjecti<span class=\"_ _2\"></span>ves establis<span class=\"_ _2\"></span>hed in th<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>23.  Grant to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>et\u00fabal Li<span class=\"_ _2\"></span>me Kil<span class=\"_ _2\"></span>n Conversi<span class=\"_ _2\"></span>on projec<span class=\"_ _2\"></span>t As part of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>arbon <span class=\"_ _2\"></span>Neutral<span class=\"_ _2\"></span>ity Roadma<span class=\"_ _2\"></span>p, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>as signed a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nvestment contract <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Europe<span class=\"_ _2\"></span>an Union <span class=\"_ _2\"></span>to sup<span class=\"_ _2\"></span>port in<span class=\"_ _2\"></span>vestment b<span class=\"_ _2\"></span>y Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Set\u00fabal i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e conversio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>lime ki<span class=\"_ _2\"></span>ln at <span class=\"_ _2\"></span>the Set\u00fab<span class=\"_ _2\"></span>al pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>planned to<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro 7,500,00<span class=\"_ _2\"></span>0. The maxi<span class=\"_ _2\"></span>mum a<span class=\"_ _2\"></span>pproved <span class=\"_ _2\"></span>grant amo<span class=\"_ _2\"></span>unts to Eu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o 4,488,04<span class=\"_ _2\"></span>6 and wil<span class=\"_ _2\"></span>l be paid <span class=\"_ _2\"></span>through a si<span class=\"_ _2\"></span>ngle non-rep<span class=\"_ _2\"></span>ayable i<span class=\"_ _2\"></span>nstalment<span class=\"_ _2\"></span>, up <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>end of th<span class=\"_ _2\"></span>e thi<span class=\"_ _2\"></span>rd year <span class=\"_ _2\"></span>of ope<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f the equipmen<span class=\"_ _2\"></span>t. Recover<span class=\"_ _2\"></span>y and Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>involved in<span class=\"_ _2\"></span> four A<span class=\"_ _2\"></span>gendas<span class=\"_ _2\"></span> for Bus<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ess Innova<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f the Recov<span class=\"_ _2\"></span>ery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>91.8 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion. The Grou<span class=\"_ _2\"></span>p, throu<span class=\"_ _2\"></span>gh Naviga<span class=\"_ _2\"></span>tor Paper S<span class=\"_ _2\"></span>et\u00fabal, S<span class=\"_ _2\"></span>.A., i<span class=\"_ _2\"></span>s leadi<span class=\"_ _2\"></span>ng the \"F<span class=\"_ _2\"></span>rom Fossil<span class=\"_ _2\"></span> to Fores<span class=\"_ _2\"></span>t\" <span class=\"_ _2\"></span>(FF2F) Ag<span class=\"_ _2\"></span>enda, whos<span class=\"_ _2\"></span>e main go<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>is to develop <span class=\"_ _2\"></span>a range <span class=\"_ _2\"></span>of pack<span class=\"_ _2\"></span>aging sol<span class=\"_ _2\"></span>utions<span class=\"ff8\">\u2014</span>foc<span class=\"_ _2\"></span>used on th<span class=\"_ _2\"></span>e g<span class=\"_ _2\"></span>KRAFT brand <span class=\"_ _2\"></span>to be l<span class=\"_ _2\"></span>aunched i<span class=\"_ _2\"></span>n 2021<span class=\"ff8 ls0\">\u2014<span class=\"ff1\">and the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of mic<span class=\"_ _2\"></span>rofibril<span class=\"_ _2\"></span>lated c<span class=\"_ _2\"></span>ellul<span class=\"_ _2\"></span>ose fo<span class=\"_ _2\"></span>r developin<span class=\"_ _2\"></span>g mechanic<span class=\"_ _2\"></span>al prop<span class=\"_ _2\"></span>erties <span class=\"_ _2\"></span>and </span></span>functi<span class=\"_ _2\"></span>onal barri<span class=\"_ _2\"></span>ers (to f<span class=\"_ _2\"></span>ats <span class=\"_ _2\"></span>and liqui<span class=\"_ _2\"></span>ds, amon<span class=\"_ _2\"></span>gst oth<span class=\"_ _2\"></span>ers) in<span class=\"_ _2\"></span> these p<span class=\"_ _2\"></span>apers. In <span class=\"_ _2\"></span>total<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup wil<span class=\"_ _2\"></span>l benefit f<span class=\"_ _2\"></span>rom su<span class=\"_ _2\"></span>pport o<span class=\"_ _2\"></span>f around Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>5.9 mil<span class=\"_ _2\"></span>lion <span class=\"_ _2\"></span>from thi<span class=\"_ _2\"></span>s component o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e RRP (C<span class=\"_ _2\"></span>5 - Corporate C<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>izatio<span class=\"_ _2\"></span>n and Inno<span class=\"_ _2\"></span>vation)<span class=\"_ _2\"></span>.  During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>ies Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Paper <span class=\"_ _2\"></span>Setubal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Pulp Se<span class=\"_ _2\"></span>t\u00fabal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>Figueira<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp F<span class=\"_ _2\"></span>iguei<span class=\"_ _2\"></span>ra, S.A.<span class=\"_ _2\"></span>, Navi<span class=\"_ _2\"></span>gator Pulp <span class=\"_ _2\"></span>Aveiro<span class=\"_ _2\"></span>, S.A. and Naviga<span class=\"_ _2\"></span>tor Tissu<span class=\"_ _2\"></span>e Aveiro<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. appli<span class=\"_ _2\"></span>ed for <span class=\"_ _2\"></span>\"Apoio<span class=\"_ _2\"></span> \u00e0 Des<span class=\"_ _2\"></span>carboniza\u00e7<span class=\"_ _2\"></span>\u00e3o da In<span class=\"_ _2\"></span>d\u00fastria\" <span class=\"_ _2\"></span>(Support for Decarbo<span class=\"_ _2\"></span>nisa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Industry) un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the RRP.  <span class=\"_ _2\"></span>This s<span class=\"_ _2\"></span>upport i<span class=\"_ _2\"></span>s part <span class=\"_ _2\"></span>of a se<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>measures<span class=\"_ _2\"></span> under Compo<span class=\"_ _2\"></span>nent 1<span class=\"_ _2\"></span>1 (C11) <span class=\"_ _2\"></span>of the RR<span class=\"_ _2\"></span>P, whi<span class=\"_ _2\"></span>ch aims<span class=\"_ _2\"></span> to contri<span class=\"_ _2\"></span>bute to th<span class=\"_ _2\"></span>e goal<span class=\"_ _2\"></span> of carbon<span class=\"_ _2\"></span> neutralit<span class=\"_ _2\"></span>y by <span class=\"_ _2\"></span>promoting <span class=\"_ _2\"></span>energy <span class=\"_ _2\"></span>transiti<span class=\"_ _2\"></span>on throu<span class=\"_ _2\"></span>gh ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency, s<span class=\"_ _2\"></span>upport fo<span class=\"_ _2\"></span>r rene<span class=\"_ _2\"></span>wable energy, fo<span class=\"_ _2\"></span>cusing on<span class=\"_ _2\"></span> the ado<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>ow-carbon proc<span class=\"_ _2\"></span>esses<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>es in i<span class=\"_ _2\"></span>ndustry<span class=\"_ _2\"></span>, the adoption o<span class=\"_ _2\"></span>f ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency meas<span class=\"_ _2\"></span>ures <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>ndustry and <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> energ<span class=\"_ _2\"></span>y from renewable <span class=\"_ _2\"></span>sources an<span class=\"_ _2\"></span>d ene<span class=\"_ _2\"></span>rgy stora<span class=\"_ _2\"></span>ge. <span class=\"_ _2\"></span>Recentl<span class=\"_ _2\"></span>y, thi<span class=\"_ _2\"></span>s was <span class=\"_ _2\"></span>extended to<span class=\"_ _2\"></span> a secon<span class=\"_ _2\"></span>d phase o<span class=\"_ _2\"></span>f applicati<span class=\"_ _2\"></span>on, in <span class=\"_ _2\"></span>which Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>od\u00e3o S<span class=\"_ _2\"></span>.A., li<span class=\"_ _2\"></span>ke the<span class=\"_ _2\"></span> other co<span class=\"_ _2\"></span>mpanies<span class=\"_ _2\"></span>, presen<span class=\"_ _2\"></span>ted a s<span class=\"_ _2\"></span>eries of i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ves related <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>ts carbon n<span class=\"_ _2\"></span>eutrali<span class=\"_ _2\"></span>ty. <span class=\"_ _2\"></span>In th<span class=\"_ _2\"></span>e future,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 176.2 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion in these <span class=\"_ _2\"></span>initiati<span class=\"_ _2\"></span>ves, of<span class=\"_ _2\"></span> which <span class=\"_ _2\"></span>it hopes <span class=\"_ _2\"></span>to rec<span class=\"_ _2\"></span>eive Euro <span class=\"_ _2\"></span>66.8 mill<span class=\"_ _2\"></span>ion i<span class=\"_ _2\"></span>n fundi<span class=\"_ _2\"></span>ng.  Also <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22, Group co<span class=\"_ _2\"></span>mpanies appli<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r RRP <span class=\"_ _2\"></span>incentives <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r the \"Re<span class=\"_ _2\"></span>de Nacional<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>Test Bed\" (National<span class=\"_ _2\"></span> Test Bed N<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>work), <span class=\"_ _2\"></span>which ai<span class=\"_ _2\"></span>ms to crea<span class=\"_ _2\"></span>te a na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> network pro<span class=\"_ _2\"></span>vidin<span class=\"_ _2\"></span>g servi<span class=\"_ _2\"></span>ces to compani<span class=\"_ _2\"></span>es for the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment an<span class=\"_ _2\"></span>d testin<span class=\"_ _2\"></span>g of new pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>ts and ser<span class=\"_ _2\"></span>vices. <span class=\"_ _2\"></span>The a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n, invol<span class=\"_ _2\"></span>ving an i<span class=\"_ _2\"></span>nvestment of<span class=\"_ _2\"></span> Euro 2<span class=\"_ _2\"></span>.2 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on, was appro<span class=\"_ _2\"></span>ved at the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the ye<span class=\"_ _2\"></span>ar and <span class=\"_ _2\"></span>IAPMEI decided <span class=\"_ _2\"></span>to award N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Pul<span class=\"_ _2\"></span>p Figueira<span class=\"_ _2\"></span>. S.A. <span class=\"_ _2\"></span>Euro 1<span class=\"_ _2\"></span>.4 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion. <span class=\"_ _0\"></span> However, <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> par<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pation i<span class=\"_ _2\"></span>n the RRP <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span>t complete witho<span class=\"_ _2\"></span>ut R<span class=\"_ _2\"></span>AIZ's <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>ipation i<span class=\"_ _2\"></span>n Component <span class=\"_ _2\"></span>12 of <span class=\"_ _2\"></span>the RRP, <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the Bioecono<span class=\"_ _2\"></span>my, wh<span class=\"_ _2\"></span>ere it plans<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 1.7 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion and recei<span class=\"_ _2\"></span>ve an i<span class=\"_ _2\"></span>ncenti<span class=\"_ _2\"></span>ve of Euro <span class=\"_ _2\"></span>1.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n to accel<span class=\"_ _2\"></span>erate<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n partnersh<span class=\"_ _2\"></span>ip with C<span class=\"_ _2\"></span>ITEVE an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r 52 promo<span class=\"_ _2\"></span>ters, th<span class=\"_ _2\"></span>e crea<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>high value-a<span class=\"_ _2\"></span>dded pro<span class=\"_ _2\"></span>ducts f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal reso<span class=\"_ _2\"></span>urces as an alterna<span class=\"_ _2\"></span>tive to fo<span class=\"_ _2\"></span>ssil-bas<span class=\"_ _2\"></span>ed ma<span class=\"_ _2\"></span>terials, <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>maintaini<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d even imp<span class=\"_ _2\"></span>roving <span class=\"_ _2\"></span>quality st<span class=\"_ _2\"></span>andar<span class=\"_ _2\"></span>ds, with gr<span class=\"_ _2\"></span>eat poten<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>in dif<span class=\"_ _2\"></span>ferent ma<span class=\"_ _2\"></span>rket se<span class=\"_ _2\"></span>gments.  Governm<span class=\"_ _2\"></span>ent gran<span class=\"_ _2\"></span>ts refundab<span class=\"_ _2\"></span>le  As at 13<span class=\"_ _2\"></span> December 20<span class=\"_ _2\"></span>17, <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ary Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A. en<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ed into an investmen<span class=\"_ _2\"></span>t agreemen<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>AICEP, fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>truction o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the new Tis<span class=\"_ _2\"></span>sue plan<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>Aveiro. Thi<span class=\"_ _2\"></span>s agreement c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es a fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>gran<span class=\"_ _2\"></span>t, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes a grace peri<span class=\"_ _2\"></span>od of <span class=\"_ _2\"></span>two ye<span class=\"_ _2\"></span>ars, witho<span class=\"_ _2\"></span>ut paym<span class=\"_ _2\"></span>ent of i<span class=\"_ _2\"></span>nterest<span class=\"_ _2\"></span>, up<span class=\"_ _2\"></span> to a maximu<span class=\"_ _2\"></span>m amount of<span class=\"_ _2\"></span> Euro 42,166,6<span class=\"_ _2\"></span>36, corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>to 35<span class=\"_ _2\"></span>% on the <span class=\"_ _2\"></span>amount of<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>nses con<span class=\"_ _2\"></span>sidered el<span class=\"_ _2\"></span>igible, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> were estimate<span class=\"_ _2\"></span>d at Eu<span class=\"_ _2\"></span>ro 120,47<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>. As at 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>22, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t recei<span class=\"_ _2\"></span>vabl<span class=\"_ _0\"></span>e r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to the to<span class=\"_ _2\"></span>tal refund<span class=\"_ _2\"></span>able g<span class=\"_ _2\"></span>rant amoun<span class=\"_ _2\"></span>ts to Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>,108,332. On 20 Apri<span class=\"_ _2\"></span>l 201<span class=\"_ _2\"></span>8, the s<span class=\"_ _2\"></span>ame enti<span class=\"_ _2\"></span>ty was al<span class=\"_ _2\"></span>so awar<span class=\"_ _2\"></span>ded with <span class=\"_ _2\"></span>a tax i<span class=\"_ _2\"></span>ncen<span class=\"_ _2\"></span>tive grant<span class=\"_ _2\"></span>ed thro<span class=\"_ _2\"></span>ugh the compli<span class=\"_ _2\"></span>ance of <span class=\"_ _2\"></span>contractuall<span class=\"_ _2\"></span>y defi<span class=\"_ _2\"></span>ned requi<span class=\"_ _2\"></span>rements <span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>28, whose m<span class=\"_ _2\"></span>aximum amount wil<span class=\"_ _2\"></span>l be Euro<span class=\"_ _2\"></span> 11,515,87<span class=\"_ _2\"></span>0, c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to 10% of <span class=\"_ _2\"></span>the expenses <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent. Se<span class=\"_ _2\"></span>e Note 5<span class=\"_ _2\"></span>.7. <span class=\"_ _2\"></span>This amount <span class=\"_ _2\"></span>has b<span class=\"_ _2\"></span>een f<span class=\"_ _2\"></span>ully uti<span class=\"_ _2\"></span>lised s<span class=\"_ _2\"></span>ince 20<span class=\"_ _2\"></span>19 and wil<span class=\"_ _2\"></span>l be recognis<span class=\"_ _2\"></span>ed in p<span class=\"_ _2\"></span>rofit o<span class=\"_ _2\"></span>r loss, <span class=\"_ _2\"></span>on averag<span class=\"_ _2\"></span>e, in <span class=\"_ _2\"></span>24 years<span class=\"_ _2\"></span>, unti<span class=\"_ _2\"></span>l 204<span class=\"_ _2\"></span>3.<span class=\"_ _0\"></span> There are n<span class=\"_ _2\"></span>o unful<span class=\"_ _2\"></span>fill<span class=\"_ _2\"></span>ed conditi<span class=\"_ _2\"></span>ons and o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>cies<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>nked to Governmen<span class=\"_ _2\"></span>t gran<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t have been <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d Naviga<span class=\"_ _2\"></span>tor is c<span class=\"_ _2\"></span>omplying wi<span class=\"_ _2\"></span>th the<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions ac<span class=\"_ _2\"></span>cording to <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>receive<span class=\"_ _2\"></span>d to co<span class=\"_ _2\"></span>mpensate <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p for <span class=\"_ _2\"></span>investmen<span class=\"_ _2\"></span>ts made in <span class=\"_ _2\"></span>Proper<span class=\"_ _2\"></span>ty, plant and equipm<span class=\"_ _2\"></span>ent, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng those a<span class=\"_ _2\"></span>ttribu<span class=\"_ _2\"></span>ted as ta<span class=\"_ _2\"></span>x cre<span class=\"_ _2\"></span>dits, <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified as<span class=\"_ _2\"></span> Defe<span class=\"_ _2\"></span>rred in<span class=\"_ _2\"></span>come (Note 4.3 <span class=\"_ _2\"></span>- Paya<span class=\"_ _2\"></span>bles) an<span class=\"_ _2\"></span>d are <span class=\"_ _2\"></span>recognised i<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>ome ov<span class=\"_ _2\"></span>er the esti<span class=\"_ _2\"></span>mated us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the respecti<span class=\"_ _2\"></span>ve subsi<span class=\"_ _2\"></span>dised ass<span class=\"_ _2\"></span>ets, an<span class=\"_ _2\"></span>d are as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>depreciati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d (No<span class=\"_ _2\"></span>te 3.7), for presen<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>tion purposes<span class=\"_ _2\"></span>. Government g<span class=\"_ _2\"></span>rants ref<span class=\"_ _2\"></span>undab<span class=\"_ _2\"></span>le Governmen<span class=\"_ _2\"></span>t grants<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> loans<span class=\"_ _2\"></span> refun<span class=\"_ _2\"></span>dable a<span class=\"_ _2\"></span>t a s<span class=\"_ _2\"></span>ubsidis<span class=\"_ _2\"></span>ed rate, <span class=\"_ _2\"></span>are di<span class=\"_ _2\"></span>scounted on <span class=\"_ _2\"></span>the date of i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t inter<span class=\"_ _2\"></span>est rat<span class=\"_ _2\"></span>e at th<span class=\"_ _2\"></span>e date o<span class=\"_ _2\"></span>f gran<span class=\"_ _2\"></span>t, the <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> the disco<span class=\"_ _2\"></span>unt consti<span class=\"_ _2\"></span>tutin<span class=\"_ _2\"></span>g the val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the g<span class=\"_ _2\"></span>rant to <span class=\"_ _2\"></span>be amo<span class=\"_ _2\"></span>rtised ov<span class=\"_ _2\"></span>er the p<span class=\"_ _2\"></span>eriod of<span class=\"_ _2\"></span> the loan<span class=\"_ _2\"></span> or asset whos<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> it is<span class=\"_ _2\"></span> intende<span class=\"_ _2\"></span>d to fin<span class=\"_ _2\"></span>ance, de<span class=\"_ _2\"></span>pendin<span class=\"_ _2\"></span>g on the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties fi<span class=\"_ _2\"></span>nanced. Th<span class=\"_ _2\"></span>ese li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are inc<span class=\"_ _2\"></span>luded in the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interes<span class=\"_ _2\"></span>t-bearing l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (No<span class=\"_ _2\"></span>te 5.7)<span class=\"_ _2\"></span>. Grants <span class=\"_ _2\"></span>receiv<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as a fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>activity in <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws. 3.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Right-<span class=\"ls73\">of</span>-use ass<span class=\"_ _2\"></span>ets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in ri<span class=\"_ _2\"></span>ght-<span class=\"ls7a\">of<span class=\"_ _0\"></span></span>-use a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s Other Forestry Software<span class=\"_ _0\"></span> lease Amounts in Euro<span class=\"_ _0\"></span> lands Buildings<span class=\"_ _0\"></span> Vehicles<span class=\"_ _0\"></span> licenses<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 46,847<span class=\"_ _0\"></span>,021  4,651,03<span class=\"_ _0\"></span>9  6,907,13<span class=\"_ _0\"></span>9  360<span class=\"_ _0\"></span>,588  5,347,97<span class=\"_ _0\"></span>5  64,113<span class=\"_ _0\"></span>,762  Acquisi<span class=\"_ _0\"></span>tions 3,509,715  4,016  1,663,898  963,772  1,307,301  7,448,703  Adjustments, <span class=\"_ _0\"></span>transfers and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> (435,469) -  (23<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>09)<span class=\"_ _0\"></span> -  -  (458,878) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 49,921<span class=\"_ _0\"></span>,267  4,655,05<span class=\"_ _0\"></span>5  8,547,62<span class=\"_ _0\"></span>9  1,324,36<span class=\"_ _0\"></span>0  6,655,27<span class=\"_ _0\"></span>6  71,103<span class=\"_ _0\"></span>,587  Acquisi<span class=\"_ _0\"></span>tions 8,908,831  -  3,030,685  232,253  2,765,111  14,936,880 <span class=\"_ _0\"></span> Adjustments, <span class=\"_ _0\"></span>transfers and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  -  (353) -  -  (353) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 58,830<span class=\"_ _0\"></span>,098  4,655,05<span class=\"_ _0\"></span>5  11,577<span class=\"_ _0\"></span>,960  1,556,61<span class=\"_ _0\"></span>3  9,420,38<span class=\"_ _0\"></span>7  86,040<span class=\"_ _0\"></span>,113  Accumu<span class=\"_ _0\"></span>lated depreciation and imp<span class=\"_ _0\"></span>airment -  losses Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (6,180<span class=\"_ _0\"></span>,742) (1,369<span class=\"_ _0\"></span>,284) (3,684<span class=\"_ _0\"></span>,538) (164<span class=\"_ _0\"></span>,312) (887<span class=\"_ _0\"></span>,884) (12,28<span class=\"_ _0\"></span>6,761) Depreciatio<span class=\"_ _0\"></span>n (3,066,093) (515,764) (1,798,084) (501,199) (1,835,865) (7,717,005) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 93,139 <span class=\"_ _0\"></span> -  -  -  -  93,139  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (9,153<span class=\"_ _0\"></span>,696) (1,885<span class=\"_ _0\"></span>,048) (5,482<span class=\"_ _0\"></span>,622) (665<span class=\"_ _0\"></span>,511) (2,723<span class=\"_ _0\"></span>,749) (19,91<span class=\"_ _0\"></span>0,627) Depreciatio<span class=\"_ _0\"></span>n (3,668,067) (515,900) (1,799,398) (448,066) (1,763,568) (8,194,999) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 353  353  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (12,82<span class=\"_ _0\"></span>1,763) (2,400<span class=\"_ _0\"></span>,948) (7,281<span class=\"_ _0\"></span>,667) (1,113<span class=\"_ _0\"></span>,577) (4,487<span class=\"_ _0\"></span>,317) (28,10<span class=\"_ _0\"></span>5,273) Net book value as at 1 J<span class=\"_ _0\"></span>anuary 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> 40,666<span class=\"_ _0\"></span>,279  3,281,75<span class=\"_ _0\"></span>5  3,222,60<span class=\"_ _0\"></span>1  196<span class=\"_ _0\"></span>,276  4,460,09<span class=\"_ _0\"></span>1  51,827<span class=\"_ _0\"></span>,001  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 40,767<span class=\"_ _0\"></span>,570  2,770,00<span class=\"_ _0\"></span>7  3,065,00<span class=\"_ _0\"></span>7  658<span class=\"_ _0\"></span>,849  3,931,52<span class=\"_ _0\"></span>7  51,192<span class=\"_ _0\"></span>,959  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 46,008<span class=\"_ _0\"></span>,334  2,254,10<span class=\"_ _0\"></span>7  4,296,29<span class=\"_ _0\"></span>3  443<span class=\"_ _0\"></span>,036  4,933,07<span class=\"_ _0\"></span>0  57,934<span class=\"_ _0\"></span>,840  The item L<span class=\"_ _2\"></span>and rel<span class=\"_ _2\"></span>ates ess<span class=\"_ _2\"></span>ential<span class=\"_ _2\"></span>ly to th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>and use righ<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> exi<span class=\"_ _2\"></span>sting fores<span class=\"_ _2\"></span>t e<span class=\"_ _2\"></span>xplora<span class=\"_ _2\"></span>tion, whose ndagreements <span class=\"_ _2\"></span>usuall<span class=\"_ _2\"></span>y have a <span class=\"_ _2\"></span>duration <span class=\"_ _2\"></span>of 24 <span class=\"_ _2\"></span>years, <span class=\"_ _2\"></span>and may<span class=\"_ _2\"></span> be cancell<span class=\"_ _2\"></span>ed in ad<span class=\"_ _2\"></span>vance if<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>2thharvest <span class=\"_ _2\"></span>takes plac<span class=\"_ _2\"></span>e befo<span class=\"_ _2\"></span>re the 2<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>year of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>term. The capti<span class=\"_ _2\"></span>on Bui<span class=\"_ _2\"></span>ldings ref<span class=\"_ _2\"></span>ers to <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>enter<span class=\"_ _2\"></span>ed into be<span class=\"_ _2\"></span>tween <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Company, S<span class=\"_ _2\"></span>.A. and <span class=\"_ _2\"></span>Refundos <span class=\"_ _2\"></span>- Soci<span class=\"_ _2\"></span>edade Ges<span class=\"_ _2\"></span>tora de <span class=\"_ _2\"></span>Fundos<span class=\"_ _2\"></span> de Inves<span class=\"_ _2\"></span>timento Imo<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>i\u00e1rio, <span class=\"_ _2\"></span>S.A. for the bui<span class=\"_ _2\"></span>lding <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at Ave<span class=\"_ _2\"></span>nida Fo<span class=\"_ _2\"></span>ntes P<span class=\"_ _2\"></span>ereira de <span class=\"_ _2\"></span>Melo,<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>Lisbon, <span class=\"_ _2\"></span>for use as<span class=\"_ _2\"></span> an off<span class=\"_ _2\"></span>ice. The capti<span class=\"_ _2\"></span>on Other <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes the <span class=\"_ _2\"></span>forklif<span class=\"_ _2\"></span>t truck <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>tal contrac<span class=\"_ _2\"></span>ts s<span class=\"_ _2\"></span>igned sinc<span class=\"_ _2\"></span>e 2020. Cash <span class=\"_ _2\"></span>flows as<span class=\"_ _2\"></span>sociated with l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments co<span class=\"_ _2\"></span>rres<span class=\"_ _2\"></span>pond to <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> amortisati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>Euro 6,536,75<span class=\"_ _2\"></span>7 and inte<span class=\"_ _2\"></span>rest of <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>2,300.665 <span class=\"_ _2\"></span>(Note <span class=\"_ _2\"></span>5.11), a<span class=\"_ _2\"></span>moun<span class=\"_ _2\"></span>ting to Euro <span class=\"_ _2\"></span>8,837<span class=\"_ _2\"></span>,422, as <span class=\"_ _2\"></span>shown in the <span class=\"_ _2\"></span>Cash Fl<span class=\"_ _2\"></span>ow Statemen<span class=\"_ _2\"></span>t. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the <span class=\"_ _2\"></span>date the l<span class=\"_ _2\"></span>ease en<span class=\"_ _2\"></span>ters i<span class=\"_ _2\"></span>nto forc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span> recognis<span class=\"_ _2\"></span>es a <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t at i<span class=\"_ _2\"></span>ts cost, which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial amo<span class=\"_ _2\"></span>unt of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e liabi<span class=\"_ _2\"></span>lity adjus<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>: i) an<span class=\"_ _2\"></span>y pre<span class=\"_ _2\"></span>payments; ii<span class=\"_ _2\"></span>) lease i<span class=\"_ _2\"></span>ncentives r<span class=\"_ _2\"></span>eceive<span class=\"_ _2\"></span>d; and i<span class=\"_ _2\"></span>ii) <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> direct c<span class=\"_ _2\"></span>osts in<span class=\"_ _2\"></span>curred.  To the <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-use <span class=\"_ _2\"></span>asset, <span class=\"_ _2\"></span>the es<span class=\"_ _2\"></span>timate of <span class=\"_ _2\"></span>removing <span class=\"_ _2\"></span>and/o<span class=\"_ _2\"></span>r resto<span class=\"_ _2\"></span>ring the un<span class=\"_ _2\"></span>derl<span class=\"_ _2\"></span>ying ass<span class=\"_ _2\"></span>et and/or <span class=\"_ _2\"></span>the locati<span class=\"_ _2\"></span>on whe<span class=\"_ _2\"></span>re it is<span class=\"_ _2\"></span> locate<span class=\"_ _2\"></span>d may <span class=\"_ _2\"></span>be added<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>n require<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e agreemen<span class=\"_ _2\"></span>t.  The righ<span class=\"_ _2\"></span>t-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>set is s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly d<span class=\"_ _2\"></span>epreciate<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>traight-line <span class=\"_ _2\"></span>method, f<span class=\"_ _2\"></span>rom the start <span class=\"_ _2\"></span>date unti<span class=\"_ _2\"></span>l the low<span class=\"_ _2\"></span>er betw<span class=\"_ _2\"></span>een the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t's u<span class=\"_ _2\"></span>seful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe and the l<span class=\"_ _2\"></span>ease term<span class=\"_ _2\"></span>. Additional<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>the righ<span class=\"_ _2\"></span>t-<span class=\"_ _0\"></span><span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t reduced o<span class=\"_ _2\"></span>f impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>ses, if <span class=\"_ _2\"></span>any, and adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _2\"></span>r any remeasur<span class=\"_ _2\"></span>ement of <span class=\"_ _2\"></span>the lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity. T<span class=\"_ _2\"></span>he useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe cons<span class=\"_ _2\"></span>idered for <span class=\"_ _2\"></span>each cl<span class=\"_ _2\"></span>ass of<span class=\"_ _2\"></span> right-<span class=\"ls15\">of</span>-use asset i<span class=\"_ _2\"></span>s equal to <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> Prop<span class=\"_ _2\"></span>erty, pl<span class=\"_ _2\"></span>ant and <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>pment (Note 3<span class=\"_ _2\"></span>.3) i<span class=\"_ _2\"></span>n the sam<span class=\"_ _2\"></span>e cl<span class=\"_ _2\"></span>ass when th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>option, an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e Group e<span class=\"_ _2\"></span>xpects to <span class=\"_ _2\"></span>exer<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>se it. Sho<span class=\"_ _2\"></span>rt-<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rm <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ow-v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>set <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span><span class=\"ff1 fsb fc6\"> </span>The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> paymen<span class=\"_ _2\"></span>ts for <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>es of 12 <span class=\"_ _2\"></span>months or <span class=\"_ _2\"></span>less and <span class=\"_ _2\"></span>for leases<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ets whos<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value i<span class=\"_ _2\"></span>s less <span class=\"_ _2\"></span>than Euro 5<span class=\"_ _2\"></span>,000 dir<span class=\"_ _2\"></span>ectly<span class=\"_ _2\"></span> as opera<span class=\"_ _2\"></span>ting ex<span class=\"_ _2\"></span>penses of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod (Note 2.3<span class=\"_ _2\"></span>), on a <span class=\"_ _2\"></span>strai<span class=\"_ _2\"></span>ght-line <span class=\"_ _2\"></span>basis.<span class=\"_ _2\"></span> 3.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Depreciat<span class=\"_ _2\"></span>ion,<span class=\"_ _2\"></span> amortisat<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment </span></span>losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 156,458,558  118,371,406  Government grants cha<span class=\"_ _0\"></span>rged-off <span class=\"_ _0\"></span>(Note 3.5)<span class=\"_ _0\"></span> (3,398,204) (4,102,577) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants c<span class=\"_ _0\"></span>harged<span class=\"_ _0\"></span>-off<span class=\"_ _0\"></span> 153<span class=\"_ _0\"></span>,060,354<span class=\"_ _0\"></span>  114<span class=\"_ _0\"></span>,268,829<span class=\"_ _0\"></span>  Amortisation of intangibl<span class=\"_ _0\"></span>e assets fo<span class=\"_ _0\"></span>r the perio<span class=\"_ _0\"></span>d (Note 3.2)<span class=\"_ _1\"></span> 20,579<span class=\"_ _0\"></span>  11,864<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.6)<span class=\"_ _0\"></span> 8,194,99<span class=\"_ _0\"></span>9  7,717,00<span class=\"_ _0\"></span>5  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t o<span class=\"_ _0\"></span>f investment<span class=\"_ _0\"></span> properties (Note <span class=\"_ _0\"></span>3.4)<span class=\"_ _0\"></span> 1,646  1,646  161<span class=\"_ _0\"></span>,277,579<span class=\"_ _0\"></span>  121<span class=\"_ _0\"></span>,999,345<span class=\"_ _0\"></span>  The Group <span class=\"_ _2\"></span>regula<span class=\"_ _2\"></span>rly uses <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> and in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent exper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s to asses<span class=\"_ _2\"></span>s its i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial as<span class=\"_ _2\"></span>sets, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> to assess<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>adequacy of<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>ed in te<span class=\"_ _2\"></span>rms of the <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>lives o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>ese assets. <span class=\"_ _2\"></span> During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>equested an <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its as<span class=\"_ _2\"></span>sets by an<span class=\"_ _2\"></span> indep<span class=\"_ _2\"></span>endent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. <span class=\"_ _2\"></span>The stu<span class=\"_ _2\"></span>dy too<span class=\"_ _2\"></span>k into acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t techni<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>information on<span class=\"_ _2\"></span> the assets all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion cen<span class=\"_ _2\"></span>tres<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding the <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span>, physical<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal dura<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the <span class=\"_ _2\"></span>equipment<span class=\"_ _2\"></span>.  Based on th<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the stu<span class=\"_ _2\"></span>dies c<span class=\"_ _2\"></span>arried <span class=\"_ _2\"></span>out, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's i<span class=\"_ _2\"></span>nternal<span class=\"_ _2\"></span> inves<span class=\"_ _2\"></span>tment outloo<span class=\"_ _2\"></span>k for the <span class=\"_ _2\"></span>period <span class=\"ls18\">2023</span>-<span class=\"ls18\">2027</span><span class=\"ff8\">\u2014</span>which <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto accou<span class=\"_ _2\"></span>nt the c<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>under the Decarbonis<span class=\"_ _2\"></span>ation Pl<span class=\"_ _2\"></span>an and <span class=\"_ _2\"></span>the inv<span class=\"_ _2\"></span>estment pro<span class=\"_ _2\"></span>jects u<span class=\"_ _2\"></span>nder <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Recovery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), and c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>at und<span class=\"_ _2\"></span>er IAS 8 <span class=\"_ _2\"></span>changes i<span class=\"_ _2\"></span>n es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are a<span class=\"_ _2\"></span>djusted prospec<span class=\"_ _2\"></span>tively<span class=\"ff8\">\u2014</span>Navi<span class=\"_ _2\"></span>gator re<span class=\"_ _2\"></span>viewed th<span class=\"_ _2\"></span>e usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of i<span class=\"_ _2\"></span>ts a<span class=\"_ _2\"></span>ssets with <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence <span class=\"_ _2\"></span>to 1 Januar<span class=\"_ _2\"></span>y 2022, <span class=\"_ _2\"></span>which resul<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> an inc<span class=\"_ _2\"></span>rease in de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span> year of Euro<span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.8 mil<span class=\"_ _2\"></span>lion, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of an<span class=\"_ _2\"></span> average r<span class=\"_ _2\"></span>eduction i<span class=\"_ _2\"></span>n usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>approximatel<span class=\"_ _2\"></span>y 7 <span class=\"_ _2\"></span>years. <span class=\"_ _2\"></span>The impac<span class=\"_ _2\"></span>t of this c<span class=\"_ _2\"></span>hange on depreci<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>and expecte<span class=\"_ _2\"></span>d for fu<span class=\"_ _2\"></span>ture p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>s as <span class=\"_ _2\"></span>fol<span class=\"_ _2\"></span>lows: 2027 Amounts in Euro<span class=\"_ _0\"></span> 2022 2023 2024 2025 2026 onwards<span class=\"_ _2\"></span> Increase / (decrease) i<span class=\"_ _0\"></span>n (36<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>14,312)<span class=\"_ _0\"></span> (6,310,865) (4,041,086) (2,453,235) 1,911,861  47,707,636 <span class=\"_ _0\"></span> depreciati<span class=\"_ _0\"></span>on and amortisatio<span class=\"_ _0\"></span>n 3.8.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Biolog<span class=\"_ _2\"></span>ical as<span class=\"_ _2\"></span>sets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in biolo<span class=\"_ _2\"></span>gical<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>sets Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  148<span class=\"_ _0\"></span>,584,451<span class=\"_ _0\"></span>  Loggi<span class=\"_ _0\"></span>ng in the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>68,187)<span class=\"_ _0\"></span> (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>77,834)<span class=\"_ _0\"></span> Growth 22,077,444 <span class=\"_ _0\"></span> 19,653,667 <span class=\"_ _0\"></span> New pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span>ed a<span class=\"_ _0\"></span>reas and replan<span class=\"_ _0\"></span>ting (at cos<span class=\"_ _0\"></span>t) 4,241,964  3,313,648  Other changes i<span class=\"_ _0\"></span>n fair val<span class=\"_ _0\"></span>ue - change in the pri<span class=\"_ _0\"></span>ce of wood<span class=\"_ _0\"></span> 23,872,905 <span class=\"_ _0\"></span> -  - change in the cos<span class=\"_ _0\"></span>t-<span class=\"ls57\">of</span>-<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>apital<span class=\"_ _0\"></span> rate (28<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>53,077)<span class=\"_ _0\"></span> 1,212,800  - impact of forest fi<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> (31<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>33)<span class=\"_ _0\"></span> (68<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>94)<span class=\"_ _0\"></span> - change in other speci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (4,938,867) -  - transport l<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>cs costs<span class=\"_ _0\"></span> (2,076,774) (2,417,700) - structure fi<span class=\"_ _0\"></span>xed costs (9,396,335) -  - other changes i<span class=\"_ _0\"></span>n expectations<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>51,626)<span class=\"_ _0\"></span> 2,323,823  Total changes<span class=\"_ _0\"></span> (24,82<span class=\"_ _0\"></span>4,186) (1,260<span class=\"_ _0\"></span>,390) Closing balance<span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Work also <span class=\"_ _2\"></span>starte<span class=\"_ _2\"></span>d on har<span class=\"_ _2\"></span>vesting <span class=\"_ _2\"></span>timber f<span class=\"_ _2\"></span>rom Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7ambi<span class=\"_ _2\"></span>que's plant<span class=\"_ _2\"></span>ations <span class=\"_ _2\"></span>in Manic<span class=\"_ _2\"></span>a, for export f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Port of B<span class=\"_ _2\"></span>eira, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>make it possi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>, amon<span class=\"_ _2\"></span>gst other <span class=\"_ _2\"></span>goals, <span class=\"_ _2\"></span>to pu<span class=\"_ _2\"></span>t 3Mozambique o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world map <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>this f<span class=\"_ _2\"></span>orest-base<span class=\"_ _2\"></span>d indust<span class=\"_ _2\"></span>ry. Duri<span class=\"_ _2\"></span>ng 2022, aro<span class=\"_ _2\"></span>und 1<span class=\"_ _2\"></span>00,000 m3of wood <span class=\"_ _2\"></span>were har<span class=\"_ _2\"></span>vested<span class=\"_ _2\"></span>, and thre<span class=\"_ _2\"></span>e vess<span class=\"_ _2\"></span>els wer<span class=\"_ _2\"></span>e shippe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>Portugal, <span class=\"_ _2\"></span>with aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IAS 41<span class=\"_ _2\"></span>, matur<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts to b<span class=\"_ _2\"></span>e those <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve reached <span class=\"_ _2\"></span>the nec<span class=\"_ _2\"></span>essary s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ations to <span class=\"_ _2\"></span>obtai<span class=\"_ _2\"></span>n the m<span class=\"_ _2\"></span>aximu<span class=\"_ _2\"></span>m yield base<span class=\"_ _2\"></span>d on their <span class=\"_ _2\"></span>profitabil<span class=\"_ _2\"></span>ity, supply nee<span class=\"_ _2\"></span>ds and o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunity cost<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Ty<span class=\"_ _0\"></span>pical<span class=\"_ _2\"></span>ly, the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> Portugal r<span class=\"_ _2\"></span>eaches <span class=\"_ _2\"></span>its ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y between 8 an<span class=\"_ _2\"></span>d 12<span class=\"_ _2\"></span> years, an<span class=\"_ _2\"></span>d thi<span class=\"_ _2\"></span>s ref<span class=\"_ _2\"></span>erence dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e speci<span class=\"_ _2\"></span>es, soil<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as edaphocli<span class=\"_ _2\"></span>matic co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. Data on<span class=\"_ _2\"></span> the f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>t, its con<span class=\"_ _2\"></span>dition an<span class=\"_ _2\"></span>d its fu<span class=\"_ _2\"></span>ture pot<span class=\"_ _2\"></span>ential <span class=\"_ _2\"></span>are measured <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t twice <span class=\"_ _2\"></span>throughou<span class=\"_ _2\"></span>t its <span class=\"_ _2\"></span>growth c<span class=\"_ _2\"></span>ycle. <span class=\"_ _2\"></span>As at<span class=\"_ _2\"></span> 31 December 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, mature <span class=\"_ _2\"></span>assets accoun<span class=\"_ _2\"></span>ted for a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _2\"></span>y 48% (4<span class=\"_ _2\"></span>8% in 3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1) of N<span class=\"_ _2\"></span>avigator\u2019s f<span class=\"_ _2\"></span>orest i<span class=\"_ _2\"></span>n Portugal<span class=\"_ _2\"></span>, being r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed at f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, <span class=\"_ _2\"></span>by speci<span class=\"_ _2\"></span>es, is <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Eucalyptus (Portugal<span class=\"_ _0\"></span>) 93,301,990 <span class=\"_ _0\"></span> 113,826,448  Eucalyptus (Spain)<span class=\"_ _0\"></span> 2,932,530  -  Pine (Portugal)<span class=\"_ _0\"></span> 8,149,506  6,697,561  Cork oak (Portugal<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 819,980  6,268,821  Other species (<span class=\"_ _0\"></span>Portugal)<span class=\"_ _0\"></span> 73,108  1,015,078  Eucalyptus (Mozambi<span class=\"_ _0\"></span>que)<span class=\"_ _0\"></span> 17,222,761 <span class=\"_ _0\"></span> 19,516,153 <span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  The Group h<span class=\"_ _2\"></span>as al<span class=\"_ _2\"></span>so star<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>estry ope<span class=\"_ _2\"></span>rations <span class=\"_ _2\"></span>in Spain<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>pecif<span class=\"_ _2\"></span>icall<span class=\"_ _2\"></span>y in the Gali<span class=\"_ _2\"></span>cia regio<span class=\"_ _2\"></span>n, and expects to<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase this<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>ture. The decreas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n the fair <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e of co<span class=\"_ _2\"></span>rk oak an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>(less<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficant) s<span class=\"_ _2\"></span>pecies i<span class=\"_ _2\"></span>s mainl<span class=\"_ _2\"></span>y due to the effec<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> increase<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>ts for cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting and <span class=\"_ _2\"></span>tran<span class=\"_ _2\"></span>sportatio<span class=\"_ _2\"></span>n. These amoun<span class=\"_ _2\"></span>ts c<span class=\"ff8\">orres<span class=\"_ _2\"></span>pond <span class=\"_ _2\"></span>to Board of<span class=\"_ _2\"></span> Dir<span class=\"_ _2\"></span>ectors\u2019 e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the volumes <span class=\"_ _2\"></span>to be ex<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ted </span>from i<span class=\"_ _2\"></span>ts woodlands <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e, as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> Eucalyptus (<span class=\"_ _0\"></span>Portugal) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extrac<span class=\"_ _0\"></span>tions k m3ssc <span class=\"_ _0\"></span> 10,371  10,207 <span class=\"_ _0\"></span>  Eucalyptus (Sp<span class=\"_ _0\"></span>ain) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extractio<span class=\"_ _0\"></span>ns k m3ssc <span class=\"_ _0\"></span> 207  -   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k t<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _0\"></span> 309  311   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of pine ex<span class=\"_ _0\"></span>tractions k ton <span class=\"_ _0\"></span> n/a n/a  Cork oak (Portug<span class=\"_ _0\"></span>al) - Potenti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> future <span class=\"_ _2\"></span>of <span class=\"_ _0\"></span>cork extra<span class=\"_ _0\"></span>ctions k @ <span class=\"_ _0\"></span> 563  461   Eucalyptus (Mozam<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>que) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k m3ssc 4,451  2,758  Conc<span class=\"_ _2\"></span>erning Eucal<span class=\"_ _2\"></span>yptus, th<span class=\"_ _2\"></span>e most r<span class=\"_ _2\"></span>elevan<span class=\"_ _2\"></span>t biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al statemen<span class=\"_ _2\"></span>ts, the Group ex<span class=\"_ _2\"></span>tracted<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>22, 512,11<span class=\"_ _2\"></span>2 m3ssc <span class=\"_ _2\"></span>of wood f<span class=\"_ _2\"></span>rom it<span class=\"_ _2\"></span>s owned and <span class=\"_ _2\"></span>expl<span class=\"_ _2\"></span>ored for<span class=\"_ _2\"></span>ests (31 December <span class=\"_ _2\"></span>2021: 65<span class=\"_ _2\"></span>1,654 m3s<span class=\"_ _2\"></span>sc). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21 (i), <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e are no amou<span class=\"_ _2\"></span>nts of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets whose pro<span class=\"_ _2\"></span>perty is<span class=\"_ _2\"></span> restri<span class=\"_ _2\"></span>cted and<span class=\"_ _2\"></span>/or ple<span class=\"_ _2\"></span>dged as<span class=\"_ _2\"></span> guaran<span class=\"_ _2\"></span>tee <span class=\"_ _2\"></span>for l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties, nor <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>ere are non<span class=\"_ _2\"></span>-reversi<span class=\"_ _2\"></span>ble commi<span class=\"_ _2\"></span>tments rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, an<span class=\"_ _2\"></span>d (ii<span class=\"_ _2\"></span>) there a<span class=\"_ _2\"></span>re no government <span class=\"_ _2\"></span>grants <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets recognis<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>Group\u2019s co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Assumption<span class=\"_ _2\"></span>s Assumptio<span class=\"_ _2\"></span>ns corres<span class=\"_ _2\"></span>ponding to <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>bein<span class=\"_ _2\"></span>g valued <span class=\"_ _2\"></span>were cons<span class=\"_ _2\"></span>idered: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Productivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts; </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es price <span class=\"_ _2\"></span>(when <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s an acti<span class=\"_ _2\"></span>ve mark<span class=\"_ _2\"></span>et) l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e cost of<span class=\"_ _2\"></span> harvesti<span class=\"_ _2\"></span>ng, ren<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r </span></span>own, r<span class=\"_ _2\"></span>ented and l<span class=\"_ _2\"></span>eased l<span class=\"_ _2\"></span>and, re<span class=\"_ _2\"></span>planting <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>, planting <span class=\"_ _2\"></span>and maint<span class=\"_ _2\"></span>enance cos<span class=\"_ _2\"></span>ts, the cost <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent in l<span class=\"_ _2\"></span>easing fo<span class=\"_ _2\"></span>rest l<span class=\"_ _2\"></span>and; <span class=\"fsc\">t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span> by<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>% </span>com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.<span class=\"fsb\"> </span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Disco<span class=\"_ _2\"></span>unt rate, 2<span class=\"_ _2\"></span>022: 5.17% <span class=\"_ _2\"></span>(202<span class=\"_ _2\"></span>1: 2.99%)<span class=\"_ _2\"></span>. It sho<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>ted that <span class=\"_ _2\"></span>the Group </span></span>inco<span class=\"_ _2\"></span>rporates the f<span class=\"_ _2\"></span>ire <span class=\"_ _2\"></span>risk i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>model's <span class=\"_ _2\"></span>cash flows. <span class=\"_ _2\"></span>If thi<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>risk were <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span>to the disco<span class=\"_ _2\"></span>unt rate<span class=\"_ _2\"></span>, it woul<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>be of 7%<span class=\"_ _2\"></span>. (2021: 4<span class=\"_ _2\"></span>.61%) Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis  The Group <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt <span class=\"_ _2\"></span>the discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>rtugal and <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>ward pric<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>wood as the mo<span class=\"_ _2\"></span>st signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>variables<span class=\"_ _2\"></span>. Changes i<span class=\"_ _2\"></span>n the ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns may impl<span class=\"_ _2\"></span>y the ap<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion/d<span class=\"_ _2\"></span>eprecia<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these ass<span class=\"_ _2\"></span>ets: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>1) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Po<span class=\"_ _0\"></span>rtug<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 5,422,029  7,896,515  Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 2) Decrease of 3<span class=\"_ _0\"></span>% in forwar<span class=\"_ _0\"></span>d price<span class=\"_ _0\"></span> 10,848,174 <span class=\"_ _0\"></span> 11,731,495 <span class=\"_ _0\"></span> Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 3) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Mo<span class=\"_ _0\"></span>zam<span class=\"_ _0\"></span>bique<span class=\"_ _0\"></span> 503,338  273,043  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> 4) Decrease of 3<span class=\"_ _0\"></span>% in forward p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span> 761,695  718,666  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group\u2019s <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>logical<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>comprise th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span> the pro<span class=\"_ _2\"></span>duction o<span class=\"_ _2\"></span>f timbe<span class=\"_ _2\"></span>r, suita<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r inco<span class=\"_ _2\"></span>rporating in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P or for <span class=\"_ _2\"></span>sale on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t, mostl<span class=\"_ _2\"></span>y eucaly<span class=\"_ _2\"></span>ptus, but also incl<span class=\"_ _2\"></span>ude other sp<span class=\"_ _2\"></span>ecies s<span class=\"_ _2\"></span>uch as <span class=\"_ _2\"></span>pine and co<span class=\"_ _2\"></span>rk oa<span class=\"_ _2\"></span>k.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span> Forest l<span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>wned by th<span class=\"_ _2\"></span>e Group is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded in Pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant and e<span class=\"_ _2\"></span>quipmen<span class=\"_ _2\"></span>t in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet and i<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>accordance <span class=\"_ _2\"></span>with the acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cy desc<span class=\"_ _2\"></span>ribed in Note 3.3. <span class=\"_ _2\"></span>Fores<span class=\"_ _2\"></span>t land <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ha<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t owned b<span class=\"_ _2\"></span>y the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Gro<span class=\"_ _2\"></span>up and th<span class=\"_ _2\"></span>at is l<span class=\"_ _2\"></span>eased i<span class=\"_ _2\"></span>s valued i<span class=\"_ _2\"></span>n accordance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the acc<span class=\"_ _2\"></span>ounting pol<span class=\"_ _2\"></span>icy d<span class=\"_ _2\"></span>escribe<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 3.6 <span class=\"_ _2\"></span>and is <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet under <span class=\"_ _2\"></span>\"Right-<span class=\"ls15\">of</span>-<span class=\"_ _2\"></span>use asse<span class=\"_ _2\"></span>ts\". Fair Val<span class=\"_ _2\"></span>ue (lev<span class=\"_ _2\"></span>el 3 o<span class=\"_ _2\"></span>f the IFRS 1<span class=\"_ _2\"></span>3 fair <span class=\"_ _2\"></span>value h<span class=\"_ _2\"></span>ierarc<span class=\"_ _2\"></span>hy) When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up uses <span class=\"_ _2\"></span>the disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows method, based on a <span class=\"_ _2\"></span>model<span class=\"_ _2\"></span> developed i<span class=\"_ _2\"></span>n house<span class=\"_ _2\"></span>, re<span class=\"_ _2\"></span>gularly <span class=\"_ _2\"></span>tested b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>independent <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> assessm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In the mo<span class=\"_ _2\"></span>del de<span class=\"_ _2\"></span>veloped, as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered corr<span class=\"_ _2\"></span>esponding to <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>ture of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts under e<span class=\"_ _2\"></span>valuation, n<span class=\"_ _2\"></span>amely<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>development c<span class=\"_ _2\"></span>ycl<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erent speci<span class=\"_ _2\"></span>es, the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tivity of<span class=\"_ _2\"></span> the fores<span class=\"_ _2\"></span>ts, cl<span class=\"_ _2\"></span>imate <span class=\"_ _2\"></span>and oth<span class=\"_ _2\"></span>er envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> consi<span class=\"_ _2\"></span>deratio<span class=\"_ _2\"></span>ns, the <span class=\"_ _2\"></span>wood sales <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>(when the<span class=\"_ _2\"></span>re is <span class=\"_ _2\"></span>an active mar<span class=\"_ _2\"></span>ket) l<span class=\"_ _2\"></span>ess the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e rents <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> own, lease<span class=\"_ _2\"></span>d land, <span class=\"_ _2\"></span>replan<span class=\"_ _2\"></span>ting and transpor<span class=\"_ _2\"></span>t, the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>of plan<span class=\"_ _2\"></span>ting an<span class=\"_ _2\"></span>d maintenanc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the cost<span class=\"_ _2\"></span> inherent i<span class=\"_ _2\"></span>n leasi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>t land, and the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate. <span class=\"_ _2\"></span> The main u<span class=\"_ _2\"></span>nobserva<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>nputs of th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value mo<span class=\"_ _2\"></span>del are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows, and th<span class=\"_ _2\"></span>e amount of the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>assets wil<span class=\"_ _2\"></span>l inc<span class=\"_ _2\"></span>rease / (<span class=\"_ _2\"></span>decrea<span class=\"_ _2\"></span>se) res<span class=\"_ _2\"></span>pectivel<span class=\"_ _2\"></span>y if: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es prices i<span class=\"_ _2\"></span>ncr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(decrease<span class=\"_ _2\"></span>); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting an<span class=\"_ _2\"></span>d tran<span class=\"_ _2\"></span>sport c<span class=\"_ _2\"></span>osts d<span class=\"_ _2\"></span>ecrease<span class=\"_ _2\"></span> / (i<span class=\"_ _2\"></span>ncrease); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated <span class=\"_ _2\"></span>plantin<span class=\"_ _2\"></span>g and mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e costs d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>/ (inc<span class=\"_ _2\"></span>rease); <span class=\"_ _2\"></span>and </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The discou<span class=\"_ _2\"></span>nt rate <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(increas<span class=\"_ _2\"></span>e). </span></span>The discou<span class=\"_ _2\"></span>nt rate c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>ponds to <span class=\"_ _2\"></span>a mark<span class=\"_ _2\"></span>et ra<span class=\"_ _2\"></span>te withou<span class=\"_ _2\"></span>t inf<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n, in a <span class=\"_ _2\"></span>manner consi<span class=\"_ _2\"></span>sten<span class=\"_ _2\"></span>t with the str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of proj<span class=\"_ _2\"></span>ections, <span class=\"_ _2\"></span>determi<span class=\"_ _2\"></span>ned on <span class=\"_ _2\"></span>the basis<span class=\"_ _2\"></span> of th<span class=\"_ _2\"></span>e Navigato<span class=\"_ _2\"></span>r Group\u2019<span class=\"_ _2\"></span>s exp<span class=\"_ _2\"></span>ected <span class=\"ff1\">rate of<span class=\"_ _2\"></span> </span>return on i<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>rests<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>tended <span class=\"_ _2\"></span>to be sol<span class=\"_ _2\"></span>d int<span class=\"_ _2\"></span>ragroup. Conc<span class=\"_ _2\"></span>ession <span class=\"_ _2\"></span>areas The costs <span class=\"_ _2\"></span>incurr<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>te prepa<span class=\"_ _2\"></span>ration b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst f<span class=\"_ _2\"></span>orestati<span class=\"_ _2\"></span>on are <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded as property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d depr<span class=\"_ _2\"></span>eciated <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>ne wit<span class=\"_ _2\"></span>h its exp<span class=\"_ _2\"></span>ected useful <span class=\"_ _2\"></span>lives correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>oncessio<span class=\"_ _2\"></span>n period<span class=\"_ _2\"></span>. Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"ff1\"> </span>Changes i<span class=\"_ _2\"></span>n estimat<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> growth, <span class=\"_ _2\"></span>growth pe<span class=\"_ _2\"></span>riod, <span class=\"_ _2\"></span>price, co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> and other <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t as f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>adjus<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ents of bi<span class=\"_ _2\"></span>ologic<span class=\"_ _2\"></span>al assets. Ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span><span class=\"ff1\"> </span>At the <span class=\"_ _2\"></span>time of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, woo<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ess estimate<span class=\"_ _2\"></span>d costs <span class=\"_ _2\"></span>since <span class=\"_ _2\"></span>that poi<span class=\"_ _2\"></span>nt until<span class=\"_ _2\"></span> the point o<span class=\"_ _2\"></span>f sale<span class=\"_ _2\"></span>, which<span class=\"_ _2\"></span> is the <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> cost <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>nven<span class=\"_ _2\"></span>tory. 4.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Invent<span class=\"_ _2\"></span>ories </span></span>4.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Inventories - <span class=\"_ _2\"></span>detail <span class=\"_ _2\"></span>by nature<span class=\"_ _2\"></span> Amount<span class=\"_ _2\"></span>s net <span class=\"_ _2\"></span>of ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ulate<span class=\"_ _2\"></span>d impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> loss<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Raw material<span class=\"_ _0\"></span>s 141,023,694  102,851,009  Goods 144,304  185,541  Subtotal (Note 4.1<span class=\"_ _0\"></span>.2) 141<span class=\"_ _0\"></span>,167,998<span class=\"_ _0\"></span>  103<span class=\"_ _0\"></span>,036,550<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>shed and semi<span class=\"_ _0\"></span>-fini<span class=\"_ _0\"></span>shed pr<span class=\"_ _2\"></span>odu<span class=\"_ _0\"></span>cts 155,208,607  75,870,145 <span class=\"_ _0\"></span> Goods and work i<span class=\"_ _0\"></span>n progress<span class=\"_ _0\"></span> 2,061,232  2,440,632  By<span class=\"ls0\">-products and waste<span class=\"_ _0\"></span> </span>291,380  5,203,331  Subtotal (Note 4.1<span class=\"_ _0\"></span>.3) 157<span class=\"_ _0\"></span>,561,219<span class=\"_ _0\"></span>  83,514<span class=\"_ _0\"></span>,108  Total 298<span class=\"_ _0\"></span>,729,217<span class=\"_ _0\"></span>  186<span class=\"_ _0\"></span>,550,658<span class=\"_ _0\"></span>  Invent<span class=\"_ _2\"></span>ories<span class=\"_ _2\"></span> of fini<span class=\"_ _2\"></span>she<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>mediat<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s  \u2013<span class=\"ff4\"> dist<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> by <span class=\"_ _2\"></span>geogra<span class=\"_ _2\"></span>phic<span class=\"_ _2\"></span>al area<span class=\"_ _2\"></span> </span>Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>% 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>% Portugal<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 36,432,662 <span class=\"_ _0\"></span> 23.47% 12,707,425 <span class=\"_ _0\"></span> 16.75% UWF Paper <span class=\"_ _0\"></span> 35,230,122 <span class=\"_ _0\"></span> 22.70% 25,380,174 <span class=\"_ _0\"></span> 33.45% Ti<span class=\"_ _0\"></span>ssue Paper  21,429,903 <span class=\"_ _0\"></span> 13.81% 14,396,342 <span class=\"_ _0\"></span> 18.97% Other  8,635,096  5.56% 4,525,980  5.97% 101<span class=\"_ _0\"></span>,727,783<span class=\"_ _0\"></span>  65.54%<span class=\"_ _0\"></span> 57,009<span class=\"_ _0\"></span>,921  75.14%<span class=\"_ _0\"></span> Rest of Europe<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 11,797,779 <span class=\"_ _0\"></span> 7.60% 2,745,540  3.62% UWF Paper <span class=\"_ _0\"></span> 5,734,831  3.69% 2,656,156  3.50% Ti<span class=\"_ _0\"></span>ssue Paper  1,049,256  0.68% 875,662  1.15% 18,581<span class=\"_ _0\"></span>,866  11.97%<span class=\"_ _0\"></span> 6,277,35<span class=\"_ _0\"></span>8  8.27% USA UWF Paper <span class=\"_ _0\"></span> 34,898,958 <span class=\"_ _0\"></span> 22.49% 12,582,866 <span class=\"_ _0\"></span> 16.58% 34,898<span class=\"_ _0\"></span>,958  22.49%<span class=\"_ _0\"></span> 12,582<span class=\"_ _0\"></span>,866  16.58%<span class=\"_ _0\"></span> 155<span class=\"_ _0\"></span>,208,607<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>75,870<span class=\"_ _0\"></span>,145  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Fini<span class=\"_ _2\"></span>shed and in<span class=\"_ _2\"></span>termediat<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts inven<span class=\"_ _2\"></span>tories i<span class=\"_ _2\"></span>nclude Eu<span class=\"_ _2\"></span>ro 4<span class=\"_ _2\"></span>,286,997 (3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 2021: Euro 11<span class=\"_ _2\"></span>,730,049) rel<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ng to inv<span class=\"_ _2\"></span>entories fo<span class=\"_ _2\"></span>r whi<span class=\"_ _2\"></span>ch invoi<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>s have alrea<span class=\"_ _2\"></span>dy been i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d but <span class=\"_ _2\"></span>whose control<span class=\"_ _2\"></span> has not <span class=\"_ _2\"></span>been tr<span class=\"_ _2\"></span>ansferr<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>Trade r<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>nventories i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>ownershi<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>restricted an<span class=\"_ _2\"></span>d/or pl<span class=\"_ _2\"></span>edged <span class=\"_ _2\"></span>as col<span class=\"_ _2\"></span>lateral fo<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. 4.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Cost of go<span class=\"_ _2\"></span>ods sold <span class=\"_ _2\"></span>and mat<span class=\"_ _2\"></span>erials <span class=\"_ _2\"></span>consumed<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the period Amounts in Euro<span class=\"_ _0\"></span>  2022 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span> 2021 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span>Opening bal<span class=\"_ _0\"></span>ance 103,036,550  92,690,300 <span class=\"_ _0\"></span> Purchases 1,013,576,631  639,900,753  Inventory lo<span class=\"_ _0\"></span>sses 494,184  170,677  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (7,090,162) 69,565 <span class=\"_ _0\"></span> Clo<span class=\"_ _0\"></span>sing balance (141,167,998)<span class=\"_ _0\"></span> (103,036,550)<span class=\"_ _0\"></span> Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 2<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  Cost of<span class=\"_ _2\"></span> goo<span class=\"_ _2\"></span>ds sol<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d mate<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span>s consu<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>- de<span class=\"_ _2\"></span>tail b<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duct Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Woo<span class=\"_ _0\"></span>d / Biomass 354,081,192  278,459,294  Natural gas 52,565,933 <span class=\"_ _0\"></span> 25,882,421 <span class=\"_ _0\"></span> Other fuels 29,202,965 <span class=\"_ _0\"></span> 13,951,755 <span class=\"_ _0\"></span> Chemical<span class=\"_ _0\"></span>s 253,797,111  141,263,702  BEKP pulp 80,685,831 <span class=\"_ _0\"></span> 24,290,827 <span class=\"_ _0\"></span> Pine pulp 66,677,147 <span class=\"_ _0\"></span> 42,620,975 <span class=\"_ _0\"></span> Paper (heavywei<span class=\"_ _0\"></span>ght) 5,264,706  2,995,088  Ti<span class=\"_ _0\"></span>ssue pa<span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>- subcon<span class=\"_ _0\"></span>tracts 1,103,585  2,015,997  Consumables / War<span class=\"_ _0\"></span>ehouse materi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 27,582,104 <span class=\"_ _0\"></span> 26,761,199 <span class=\"_ _0\"></span> Packaging material<span class=\"_ _0\"></span> 96,576,854 <span class=\"_ _0\"></span> 68,739,504 <span class=\"_ _0\"></span> Other material<span class=\"_ _0\"></span>s 1,311,777  2,813,983  968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  The cost o<span class=\"_ _2\"></span>f woo<span class=\"_ _2\"></span>d / biomass<span class=\"_ _2\"></span> only r<span class=\"_ _2\"></span>elates <span class=\"_ _2\"></span>to wood <span class=\"_ _2\"></span>purchase<span class=\"_ _2\"></span>s to <span class=\"_ _2\"></span>entities o<span class=\"_ _2\"></span>utsi<span class=\"_ _2\"></span>de the Gro<span class=\"_ _2\"></span>up, ei<span class=\"_ _2\"></span>ther domestic <span class=\"_ _2\"></span>or foreign<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Throughou<span class=\"_ _2\"></span>t 2022 <span class=\"_ _2\"></span>there was a <span class=\"_ _2\"></span>gener<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed increase i<span class=\"_ _2\"></span>n pro<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on costs, <span class=\"_ _2\"></span>penali<span class=\"_ _2\"></span>sed essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y by the inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>wood, due <span class=\"_ _2\"></span>to the si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>ex-factor<span class=\"_ _2\"></span>y price of<span class=\"_ _2\"></span> domestic <span class=\"_ _2\"></span>wood and <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>pply mix<span class=\"_ _2\"></span>, and al<span class=\"_ _2\"></span>so by th<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of e<span class=\"_ _2\"></span>xternal <span class=\"_ _2\"></span>fibres<span class=\"_ _2\"></span>, energy and <span class=\"_ _2\"></span>chemi<span class=\"_ _2\"></span>cals.<span class=\"_ _2\"></span> 4.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Variation in <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>ction in th<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening bal<span class=\"_ _0\"></span>ance (83<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>14,108)<span class=\"_ _0\"></span> (84<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>44,837)<span class=\"_ _0\"></span> Adjustments (1,438,920) (400,436) Inventory lo<span class=\"_ _0\"></span>sses 2,538,501  697,246  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses 5,337,315  1,846,899  Clo<span class=\"_ _0\"></span>sing balance 157,561,219  83,514,108 <span class=\"_ _0\"></span> Change in production (<span class=\"_ _0\"></span>Note 2.3)<span class=\"_ _1\"></span> 80,484<span class=\"_ _0\"></span>,007  1,612,98<span class=\"_ _0\"></span>0  4.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Movements <span class=\"_ _2\"></span>in imp<span class=\"_ _2\"></span>airment l<span class=\"_ _2\"></span>osses in <span class=\"_ _2\"></span>invent<span class=\"_ _2\"></span>ories Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> (3,934<span class=\"_ _0\"></span>,904) (2,157<span class=\"_ _0\"></span>,570) Increases (Note 2.3)<span class=\"_ _0\"></span> (13<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>41,209)<span class=\"_ _0\"></span> (2,643,558) Reversals (Note 2.2)<span class=\"_ _0\"></span> 813,732  866,224  Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (12,42<span class=\"_ _0\"></span>7,477) (1,777<span class=\"_ _0\"></span>,334) Charge-off<span class=\"_ _0\"></span> (12<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>42)<span class=\"_ _0\"></span> -  Closing balance<span class=\"_ _0\"></span> (16,37<span class=\"_ _0\"></span>4,423) (3,934<span class=\"_ _0\"></span>,904) As mentio<span class=\"_ _2\"></span>ned in No<span class=\"_ _2\"></span>te 2.3, <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventory impai<span class=\"_ _2\"></span>rment i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> Euro 7,931,30<span class=\"_ _2\"></span>9 to th<span class=\"_ _2\"></span>e UWF and <span class=\"_ _2\"></span>Tiss<span class=\"_ _2\"></span>ue invento<span class=\"_ _2\"></span>ries, fo<span class=\"_ _2\"></span>llowin<span class=\"_ _2\"></span>g the i<span class=\"_ _2\"></span>dentificati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> items with l<span class=\"_ _2\"></span>ower turnover <span class=\"_ _2\"></span>and fu<span class=\"_ _2\"></span>ture sales <span class=\"_ _2\"></span>prosp<span class=\"_ _2\"></span>ects<span class=\"_ _2\"></span>, based o<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> sales<span class=\"_ _2\"></span> performanc<span class=\"_ _2\"></span>e and sal<span class=\"_ _2\"></span>es mix<span class=\"_ _2\"></span>. Furthermo<span class=\"_ _2\"></span>re, ta<span class=\"_ _2\"></span>king in<span class=\"_ _2\"></span>to account <span class=\"_ _2\"></span>the fu<span class=\"_ _2\"></span>ture i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t ou<span class=\"_ _2\"></span>tlook and <span class=\"_ _2\"></span>the remai<span class=\"_ _2\"></span>ning usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of the indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> equipmen<span class=\"_ _2\"></span>t, the Gro<span class=\"_ _2\"></span>up esti<span class=\"_ _2\"></span>mated <span class=\"_ _2\"></span>the spa<span class=\"_ _2\"></span>re parts requi<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>til the en<span class=\"_ _2\"></span>d of<span class=\"_ _2\"></span> the lif<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s equipment<span class=\"_ _2\"></span>, af<span class=\"_ _2\"></span>ter havi<span class=\"_ _2\"></span>ng reco<span class=\"_ _2\"></span>rded an i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> Euro 5<span class=\"_ _2\"></span>,309,900 f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e surplus <span class=\"_ _2\"></span>spare parts in <span class=\"_ _2\"></span>invento<span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Inventori<span class=\"_ _2\"></span>es ar<span class=\"_ _2\"></span>e valued <span class=\"_ _2\"></span>in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing criteri<span class=\"_ _2\"></span>a: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Goods an<span class=\"_ _2\"></span>d raw mate<span class=\"_ _2\"></span>rials <span class=\"_ _2\"></span> </span></span>Goods an<span class=\"_ _2\"></span>d raw, subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y and consuma<span class=\"_ _2\"></span>ble mat<span class=\"_ _2\"></span>erial<span class=\"_ _2\"></span>s are <span class=\"_ _2\"></span>valued a<span class=\"_ _2\"></span>t the low<span class=\"_ _2\"></span>er of th<span class=\"_ _2\"></span>eir purc<span class=\"_ _2\"></span>hase cost o<span class=\"_ _2\"></span>r their n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isable <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>The purchas<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st incl<span class=\"_ _2\"></span>udes <span class=\"_ _2\"></span>ancill<span class=\"_ _2\"></span>ary costs <span class=\"_ _2\"></span>and it is<span class=\"_ _2\"></span> dete<span class=\"_ _2\"></span>rmined usin<span class=\"_ _2\"></span>g the weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e cost as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>valua<span class=\"_ _2\"></span>tion method.<span class=\"_ _2\"></span> ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Finished and <span class=\"_ _2\"></span>intermedi<span class=\"_ _2\"></span>ate pro<span class=\"_ _2\"></span>ducts and <span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>k in progr<span class=\"_ _2\"></span>ess </span></span>Fini<span class=\"_ _2\"></span>shed and in<span class=\"_ _2\"></span>termediat<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts and <span class=\"_ _2\"></span>work i<span class=\"_ _2\"></span>n progress<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>valued at <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ower of<span class=\"_ _2\"></span> their production <span class=\"_ _2\"></span>cost <span class=\"_ _2\"></span>(which i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted raw ma<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rials, l<span class=\"_ _2\"></span>abour and <span class=\"_ _2\"></span>general<span class=\"_ _2\"></span> manufac<span class=\"_ _2\"></span>turing costs, bas<span class=\"_ _2\"></span>ed on a <span class=\"_ _2\"></span>normal p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n cap<span class=\"_ _2\"></span>acity le<span class=\"_ _2\"></span>vel) or <span class=\"_ _2\"></span>thei<span class=\"_ _2\"></span>r net r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>able value<span class=\"_ _2\"></span>. The net <span class=\"_ _2\"></span>realisable <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>estimated s<span class=\"_ _2\"></span>elli<span class=\"_ _2\"></span>ng price<span class=\"_ _2\"></span>, after <span class=\"_ _2\"></span>deducting es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed completi<span class=\"_ _2\"></span>on and sel<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>osts. <span class=\"_ _2\"></span>The dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>uction <span class=\"_ _2\"></span>cost and ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable value, i<span class=\"_ _2\"></span>f lower, a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>an operati<span class=\"_ _2\"></span>onal c<span class=\"_ _2\"></span>ost.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  State and <span class=\"_ _2\"></span>other p<span class=\"_ _2\"></span>ublic enti<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span> State i<span class=\"_ _2\"></span>s detai<span class=\"_ _2\"></span>led as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Value added tax - <span class=\"_ _0\"></span>recoverabl<span class=\"_ _0\"></span>e 15,023,507 <span class=\"_ _0\"></span> 6,848,780  Value added tax - <span class=\"_ _0\"></span>refund requests<span class=\"_ _0\"></span> 44,829,111 <span class=\"_ _0\"></span> 37,752,134 <span class=\"_ _0\"></span> Amounts pendi<span class=\"_ _0\"></span>ng refund (tax proceedi<span class=\"_ _0\"></span>ngs decided i<span class=\"_ _0\"></span>n favour of <span class=\"_ _0\"></span>the Gr<span class=\"_ _0\"></span>oup)<span class=\"_ _0\"></span> -  2,470  59,852,618 <span class=\"_ _0\"></span> 44,603<span class=\"_ _0\"></span>,384  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>refund <span class=\"_ _2\"></span>requests c<span class=\"_ _2\"></span>ompri<span class=\"_ _2\"></span>sed the f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing, by mon<span class=\"_ _2\"></span>th and by comp<span class=\"_ _2\"></span>any: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>22 Dec/202<span class=\"_ _2\"></span>2 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 10,628,467 <span class=\"_ _0\"></span> 31,706,624 <span class=\"_ _0\"></span> 42,335,091 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2ntico, S.<span class=\"_ _0\"></span>L. -  2,494,020  2,494,020  10,628<span class=\"_ _0\"></span>,467  34,200<span class=\"_ _0\"></span>,644  44,829<span class=\"_ _0\"></span>,111  Up to <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> issu<span class=\"_ _2\"></span>ing this<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>t, Euro 42<span class=\"_ _2\"></span>,335<span class=\"_ _2\"></span>,091 of <span class=\"_ _2\"></span>the ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g amounts as <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022, had al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y been <span class=\"_ _2\"></span>received<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of refun<span class=\"_ _2\"></span>d requ<span class=\"_ _2\"></span>ests c<span class=\"_ _2\"></span>omprised th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>llowin<span class=\"_ _2\"></span>g, by month and by Compan<span class=\"_ _2\"></span>y: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>21 Dec/202<span class=\"_ _2\"></span>1 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 20,331,270 <span class=\"_ _0\"></span> 15,631,403 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>edade de<span class=\"_ _2\"></span> Vi<span class=\"_ _0\"></span>nhos da H<span class=\"_ _0\"></span>erdade de Espi<span class=\"_ _0\"></span>rra, S.A.<span class=\"_ _0\"></span> -  30,000 <span class=\"_ _0\"></span> 30,000 <span class=\"_ _0\"></span> Eucali<span class=\"_ _0\"></span>ptusland 50,000  -  50,000 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2nt<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>co,<span class=\"_ _0\"></span> S.L. -  1,709,461  1,709,461  20,381<span class=\"_ _0\"></span>,270  17,370<span class=\"_ _0\"></span>,864  37,752<span class=\"_ _0\"></span>,134  All <span class=\"_ _2\"></span>these amounts <span class=\"_ _2\"></span>were <span class=\"_ _2\"></span>received <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst half<span class=\"_ _2\"></span> of 20<span class=\"_ _2\"></span>22. <span class=\"_ _a4\"> </span> Grants r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>le Grants rec<span class=\"_ _2\"></span>eivable <span class=\"_ _2\"></span>are d<span class=\"_ _2\"></span>etaile<span class=\"_ _2\"></span>d as fo<span class=\"_ _2\"></span>llows: 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total -  AICEP contracts<span class=\"_ _0\"></span> 6,596,378  9,721,792  16,318,170 <span class=\"_ _0\"></span> Recovery and Resil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ence<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Plan<span class=\"_ _0\"></span> 3,621,520  483,757  4,105,277  Other 3,001,518  3,034,336  6,035,854  13,219<span class=\"_ _0\"></span>,416  13,239<span class=\"_ _0\"></span>,885  26,459<span class=\"_ _0\"></span>,301  Departme<span class=\"_ _2\"></span>nt of Com<span class=\"_ _2\"></span>merc<span class=\"_ _2\"></span>e (USA) As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e bala<span class=\"_ _2\"></span>nce correspon<span class=\"_ _2\"></span>ds to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt receiva<span class=\"_ _2\"></span>ble from <span class=\"_ _2\"></span>the Depa<span class=\"_ _2\"></span>rtment o<span class=\"_ _2\"></span>f Commerce <span class=\"_ _2\"></span>(DoC<span class=\"_ _2\"></span>) foll<span class=\"_ _2\"></span>owing the i<span class=\"_ _2\"></span>nvestiga<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>ated in 2015 <span class=\"_ _2\"></span>of al<span class=\"_ _2\"></span>leged dumping p<span class=\"_ _2\"></span>ractices i<span class=\"_ _2\"></span>n e<span class=\"_ _2\"></span>xports of<span class=\"_ _2\"></span> UWF pape<span class=\"_ _2\"></span>r to the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d States <span class=\"_ _2\"></span>by t<span class=\"_ _2\"></span>he subsidi<span class=\"_ _2\"></span>ary Navi<span class=\"_ _2\"></span>gator. During 2<span class=\"_ _2\"></span>021, the D<span class=\"_ _2\"></span>epartmen<span class=\"_ _2\"></span>t of C<span class=\"_ _2\"></span>ommerce conf<span class=\"_ _2\"></span>irme<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>rate to be ap<span class=\"_ _2\"></span>plied <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e fourth period of<span class=\"_ _2\"></span> review f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>March 2019 to<span class=\"_ _2\"></span> Febru<span class=\"_ _2\"></span>ary 2020<span class=\"_ _2\"></span> at 2<span class=\"_ _2\"></span>.21%, th<span class=\"_ _2\"></span>erefor<span class=\"_ _2\"></span>e the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>eceived i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 281<span class=\"_ _2\"></span>,653 fo<span class=\"_ _2\"></span>r the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>deposits <span class=\"_ _2\"></span>made an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>inal rate paya<span class=\"_ _2\"></span>ble. <span class=\"_ _2\"></span> thIn 2022<span class=\"_ _2\"></span>, the rat<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>the 5 revi<span class=\"_ _2\"></span>ew period<span class=\"_ _2\"></span>, from <span class=\"_ _2\"></span>March 20<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span> to Februa<span class=\"_ _2\"></span>ry 2021, <span class=\"_ _2\"></span>was als<span class=\"_ _2\"></span>o confi<span class=\"_ _2\"></span>rmed at 5<span class=\"_ _2\"></span>.81%, with <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>ubsequent <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>w periods <span class=\"_ _2\"></span>(6 <span class=\"_ _2\"></span>and 7) remaini<span class=\"_ _2\"></span>ng unconfirme<span class=\"_ _2\"></span>d. Regarding <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>three pe<span class=\"_ _2\"></span>riods, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r is<span class=\"_ _2\"></span> estimat<span class=\"_ _2\"></span>ed to p<span class=\"_ _2\"></span>ay to th<span class=\"_ _2\"></span>e DoC <span class=\"_ _2\"></span>approximat<span class=\"_ _2\"></span>ely Euro 5.6 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on (Note 4.3).<span class=\"_ _2\"></span> Amounts pai<span class=\"_ _2\"></span>d by th<span class=\"_ _2\"></span>e Group i<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>pect of <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>w periods <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>to 4 amou<span class=\"_ _2\"></span>nt to Euro 1<span class=\"_ _2\"></span>5,61<span class=\"_ _2\"></span>1,783 as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt paid b<span class=\"_ _0\"></span>y the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> Review periods (POR)<span class=\"_ _1\"></span> POR 1: Aug 15 - Feb <span class=\"_ _0\"></span>17 3,743,640  POR 2: Mar 17 - Feb <span class=\"_ _0\"></span>18 2,011,029  POR 3: Mar 18 - Feb <span class=\"_ _0\"></span>19 7,089,677  POR 4: Mar 19 - Feb <span class=\"_ _0\"></span>20 2,767,437  15,611<span class=\"_ _0\"></span>,783  Enviva <span class=\"_ _2\"></span>Pellets G<span class=\"_ _2\"></span>reenwo<span class=\"_ _2\"></span>od, LLC (U<span class=\"_ _2\"></span>SA) It ref<span class=\"_ _2\"></span>lects th<span class=\"_ _2\"></span>e presen<span class=\"_ _2\"></span>t valu<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>amount s<span class=\"_ _2\"></span>till<span class=\"_ _2\"></span> receivable <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>the sale of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>pellets <span class=\"_ _2\"></span>busines<span class=\"_ _2\"></span>s in the <span class=\"_ _2\"></span>US in 201<span class=\"_ _2\"></span>8. The no<span class=\"_ _2\"></span>minal <span class=\"_ _2\"></span>receivabl<span class=\"_ _2\"></span>e, in <span class=\"_ _2\"></span>USD, shall<span class=\"_ _2\"></span> bear i<span class=\"_ _2\"></span>nterest a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e ra<span class=\"_ _2\"></span>te of 2.5% <span class=\"_ _2\"></span>(Note 5.10).<span class=\"_ _2\"></span> Other rec<span class=\"_ _2\"></span>eivabl<span class=\"_ _2\"></span>es Other cu<span class=\"_ _2\"></span>rrent and no<span class=\"_ _2\"></span>n-curr<span class=\"_ _2\"></span>ent r<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es cons<span class=\"_ _2\"></span>ist of <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing:<span class=\"_ _0\"></span> Other n<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Reinsurance captive <span class=\"_ _0\"></span>amount<span class=\"_ _0\"></span> 11,200,000 <span class=\"_ _0\"></span> -  Work Compensati<span class=\"_ _0\"></span>on Fund 752,840  687,850  Coll<span class=\"_ _0\"></span>ater<span class=\"_ _2\"></span>al<span class=\"_ _0\"></span> 41,002  40,248 <span class=\"_ _0\"></span> Other investments (Al<span class=\"_ _0\"></span>mascience,<span class=\"_ _0\"></span> Forestwi<span class=\"_ _0\"></span>se, Cecol<span class=\"_ _0\"></span>ab, Colab BI<span class=\"_ _0\"></span>OREF) 69,600  49,600 <span class=\"_ _0\"></span> 12,063<span class=\"_ _0\"></span>,442  777<span class=\"_ _0\"></span>,698  The amount of<span class=\"_ _2\"></span> Eu<span class=\"_ _2\"></span>ro 11,200<span class=\"_ _2\"></span>,000 rela<span class=\"_ _2\"></span>tes to an <span class=\"_ _2\"></span>amo<span class=\"_ _2\"></span>unt reins<span class=\"_ _2\"></span>ured under th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p's ins<span class=\"_ _2\"></span>urance programme <span class=\"_ _2\"></span>to cov<span class=\"_ _2\"></span>er potential<span class=\"_ _2\"></span> cl<span class=\"_ _2\"></span>aims i<span class=\"_ _2\"></span>n the Group<span class=\"_ _2\"></span>. Other c<span class=\"_ _2\"></span>urrent<span class=\"_ _2\"></span> rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Advances to person<span class=\"_ _0\"></span>nel 113,456  472,657  Advances to trade p<span class=\"_ _0\"></span>ayables<span class=\"_ _0\"></span> 11,286,508 <span class=\"_ _0\"></span> 630,459  Other debtors<span class=\"_ _0\"></span> 2,074,740  6,598,803  13,474<span class=\"_ _0\"></span>,704  7,701,92<span class=\"_ _0\"></span>0  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n advances<span class=\"_ _2\"></span> to sup<span class=\"_ _2\"></span>pliers i<span class=\"_ _2\"></span>s due to <span class=\"_ _2\"></span>advanc<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>aid at th<span class=\"_ _2\"></span>e end of <span class=\"_ _2\"></span>the y<span class=\"_ _2\"></span>ear for <span class=\"_ _2\"></span>timber imports. <span class=\"_ _a3\"> </span> Accrued<span class=\"_ _2\"></span> Income <span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>eferred E<span class=\"_ _2\"></span>xpenses Accrued i<span class=\"_ _2\"></span>ncome and <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>detailed <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Accrued income<span class=\"_ _0\"></span> Interest recei<span class=\"_ _0\"></span>vable -  718,888  Energy sales<span class=\"_ _0\"></span> 1,871,271  17,470,569 <span class=\"_ _0\"></span> Insurance compens<span class=\"_ _0\"></span>ation  -  272,689  Other 1,099,110  566,432  2,970,38<span class=\"_ _0\"></span>1  19,028<span class=\"_ _0\"></span>,577  Deferred expenses<span class=\"_ _0\"></span> Insurance 289,531  -  Rentals 9,938,537  8,312,244  Other 1,093,425  150,844  11,321<span class=\"_ _0\"></span>,493  8,463,08<span class=\"_ _0\"></span>9  14,291<span class=\"_ _0\"></span>,874  27,491<span class=\"_ _0\"></span>,666  The reducti<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> accrue<span class=\"_ _2\"></span>d income <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy sales <span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> due to th<span class=\"_ _2\"></span>e fact <span class=\"_ _2\"></span>that in<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>energy sales <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be made to <span class=\"_ _2\"></span>the market, <span class=\"_ _2\"></span>whereas<span class=\"_ _2\"></span> in 2<span class=\"_ _2\"></span>021 energ<span class=\"_ _2\"></span>y was s<span class=\"_ _2\"></span>old to th<span class=\"_ _2\"></span>e grid o<span class=\"_ _2\"></span>n a s<span class=\"_ _2\"></span>elf-bill<span class=\"_ _2\"></span>ing basis.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _2\"></span>result f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the Group's <span class=\"_ _2\"></span>main ac<span class=\"_ _2\"></span>tiviti<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>nd the business<span class=\"_ _2\"></span> mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>tractual cash <span class=\"_ _2\"></span>flows.<span class=\"_ _2\"></span> Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>btors gener<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y assume th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>model of <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ecting contrac<span class=\"_ _2\"></span>tual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, net of<span class=\"_ _2\"></span> impairm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ermined on <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>asis <span class=\"_ _2\"></span>of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tive of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>ebtors<span class=\"_ _2\"></span> Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d o<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> bas<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>4.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Paya<span class=\"_ _2\"></span>bles </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables -<span class=\"_ _0\"></span> current accoun<span class=\"_ _0\"></span>t  363,171,172 253,983,711 Fi<span class=\"_ _0\"></span>xed ass<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ts payabl<span class=\"_ _0\"></span>es 5,134,947  2,789,501  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entiti<span class=\"_ _0\"></span>es 44,299,175 <span class=\"_ _0\"></span> 27,246,422 <span class=\"_ _0\"></span> Related parties (Not<span class=\"_ _0\"></span>e 11.3)<span class=\"_ _0\"></span> 156,764  1,264,454  Other creditors - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances 44,830,523 <span class=\"_ _0\"></span> 21,353,771 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a) (Note 11.3)<span class=\"_ _1\"></span> -  6,447,546  Other creditors (Note <span class=\"_ _0\"></span>5.4)<span class=\"_ _0\"></span> 5,693,320  2,392,990  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 52,435,012 <span class=\"_ _0\"></span> 30,613,080 <span class=\"_ _0\"></span> Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,370  6,711,797  Woo<span class=\"_ _0\"></span>d suppli<span class=\"_ _0\"></span>ers bonu<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5,687,729  4,294,936  Water resource fee<span class=\"_ _0\"></span> 1,461,937  1,096,148  Rent li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 17,461,167 <span class=\"_ _0\"></span> 15,634,141 <span class=\"_ _0\"></span> Other accrued expens<span class=\"_ _0\"></span>es 17,130,610 <span class=\"_ _0\"></span> 5,513,017  Non-refundabl<span class=\"_ _0\"></span>e grants 9,290,430  5,689,791  Current payables<span class=\"_ _0\"></span> 575<span class=\"_ _0\"></span>,467,689<span class=\"_ _0\"></span>  393<span class=\"_ _0\"></span>,161,894<span class=\"_ _0\"></span>  Non-refundabl<span class=\"_ _0\"></span>e grants 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Department of Comm<span class=\"_ _0\"></span>erce (USA) (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 4,306,974  8,554,289  Non-cu<span class=\"_ _0\"></span>rrent payables 34,852<span class=\"_ _0\"></span>,398  37,014<span class=\"_ _0\"></span>,427  610<span class=\"_ _0\"></span>,320,087<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,176,321<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n provisio<span class=\"_ _2\"></span>ns for <span class=\"_ _2\"></span>payroll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>is due to <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>cognitio<span class=\"_ _2\"></span>n of a <span class=\"_ _2\"></span>higher amount <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the payment o<span class=\"_ _2\"></span>f employ<span class=\"_ _2\"></span>ee bonuses i<span class=\"_ _2\"></span>n 2023, <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt rel<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity bon<span class=\"_ _2\"></span>us for th<span class=\"_ _2\"></span>e fourth quar<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>of 202<span class=\"_ _2\"></span>2 and the <span class=\"_ _2\"></span>reinfo<span class=\"_ _2\"></span>rcement o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>rejuv<span class=\"_ _2\"></span>enation prog<span class=\"_ _2\"></span>ramme<span class=\"_ _2\"></span>. State - d<span class=\"_ _2\"></span>etails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Personal i<span class=\"_ _0\"></span>ncome tax withhol<span class=\"_ _0\"></span>d (IRS)<span class=\"_ _0\"></span> 4,209,006  3,298,154  Value added tax 36,628,850 <span class=\"_ _0\"></span> 20,793,757 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 2,470,143  2,202,736  Other 991,176  951,775  44,299<span class=\"_ _0\"></span>,175  27,246<span class=\"_ _0\"></span>,422  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere w<span class=\"_ _2\"></span>ere no ov<span class=\"_ _2\"></span>erdue de<span class=\"_ _2\"></span>bts to <span class=\"_ _2\"></span>the Stat<span class=\"_ _2\"></span>e. Non-refund<span class=\"_ _2\"></span>able gra<span class=\"_ _2\"></span>nts - d<span class=\"_ _2\"></span>etails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Investment grants (No<span class=\"_ _0\"></span>te 3.5)<span class=\"_ _0\"></span> 3,271,135  3,234,584  Other grants 6,019,295  2,455,207  Non-refundable g<span class=\"_ _0\"></span>rants - cu<span class=\"_ _0\"></span>rrent<span class=\"_ _0\"></span> 9,290,43<span class=\"_ _0\"></span>0  5,689,79<span class=\"_ _0\"></span>1  Investment grants (No<span class=\"_ _0\"></span>te 3.5)<span class=\"_ _0\"></span> 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Non-refundable g<span class=\"_ _0\"></span>rants - n<span class=\"_ _0\"></span>on-current<span class=\"_ _0\"></span> 30,545<span class=\"_ _0\"></span>,424  28,460<span class=\"_ _0\"></span>,138  39,835<span class=\"_ _0\"></span>,854  34,149<span class=\"_ _0\"></span>,929  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _2\"></span>d subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. 5.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Capi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l struct<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>e </span></span>5.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Capita<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement </span></span>Capi<span class=\"_ _2\"></span>tal manag<span class=\"_ _2\"></span>ement pol<span class=\"_ _2\"></span>icy For cap<span class=\"_ _0\"></span>ital man<span class=\"_ _0\"></span>ageme<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>urpo<span class=\"_ _0\"></span>ses, the<span class=\"_ _0\"></span> Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> defines <span class=\"_ _0\"></span>cap<span class=\"_ _0\"></span>ital as <span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>luding equ<span class=\"_ _0\"></span>ity <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> net debt<span class=\"_ _0\"></span>.<span class=\"_ _38\"></span> The Group<span class=\"_ _0\"></span>'s obj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>ives i<span class=\"_ _0\"></span>n relat<span class=\"_ _0\"></span>ion t<span class=\"_ _0\"></span>o cap<span class=\"_ _0\"></span>ital man<span class=\"_ _0\"></span>ageme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span> are: <span class=\"_ _1\"></span> i.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o safegu<span class=\"_ _0\"></span>ard it<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ility to<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>inue a<span class=\"_ _0\"></span>s a g<span class=\"_ _0\"></span>oing <span class=\"_ _0\"></span>concer<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d thu<span class=\"_ _0\"></span>s prov<span class=\"_ _0\"></span>ide ret<span class=\"_ _0\"></span>urn<span class=\"_ _0\"></span>s for Sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>olders <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> </span></span>benefits<span class=\"_ _0\"></span> for its<span class=\"_ _0\"></span> remai<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ing Stakeh<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>lders; <span class=\"_ _1\"></span> ii.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o keep <span class=\"_ _0\"></span>a so<span class=\"_ _0\"></span>lid cap<span class=\"_ _0\"></span>ital str<span class=\"_ _0\"></span>ucture t<span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>supp<span class=\"_ _0\"></span>ort the gr<span class=\"_ _0\"></span>owth<span class=\"_ _0\"></span> of it<span class=\"_ _0\"></span>s bus<span class=\"_ _0\"></span>iness;<span class=\"_ _0\"></span> and<span class=\"_ _1\"></span> </span></span>iii.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>T<span class=\"_ _0\"></span>o mai<span class=\"_ _0\"></span>ntain an<span class=\"_ _0\"></span> opt<span class=\"_ _0\"></span>imal<span class=\"_ _0\"></span> capita<span class=\"_ _0\"></span>l stru<span class=\"_ _0\"></span>cture<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>at enab<span class=\"_ _0\"></span>les it<span class=\"_ _0\"></span> t<span class=\"_ _0\"></span>o red<span class=\"_ _0\"></span>uce the<span class=\"_ _0\"></span> cost <span class=\"_ _0\"></span>of cap<span class=\"_ _0\"></span>ital.<span class=\"_ _1\"></span> In order t<span class=\"_ _0\"></span>o m<span class=\"_ _0\"></span>ainta<span class=\"_ _0\"></span>in or adj<span class=\"_ _0\"></span>ust <span class=\"_ _0\"></span>its cap<span class=\"_ _0\"></span>ital str<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> can ad<span class=\"_ _0\"></span>just<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount <span class=\"_ _0\"></span>of div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds payab<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>o its<span class=\"_ _0\"></span> Shareho<span class=\"_ _0\"></span>lders,<span class=\"_ _0\"></span> retur<span class=\"_ _0\"></span>n cap<span class=\"_ _0\"></span>ital t<span class=\"_ _0\"></span>o its Sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>olders, <span class=\"_ _0\"></span>issu<span class=\"_ _0\"></span>e new<span class=\"_ _0\"></span> shares<span class=\"_ _0\"></span> or se<span class=\"_ _0\"></span>ll asset<span class=\"_ _0\"></span>s to <span class=\"_ _0\"></span>lowe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>its borr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ings. In line w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>ctor, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up mo<span class=\"_ _0\"></span>nitors<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>its capita<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>ed on the<span class=\"_ _0\"></span> gear<span class=\"_ _0\"></span>ing rat<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o, de<span class=\"_ _0\"></span>fined as t<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span> betwe<span class=\"_ _0\"></span>en net debt<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> capita<span class=\"_ _0\"></span>l. <span class=\"_ _0\"></span> Net intere<span class=\"_ _0\"></span>st-be<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng debt<span class=\"_ _0\"></span> is <span class=\"_ _0\"></span>calcul<span class=\"_ _0\"></span>ated by<span class=\"_ _0\"></span> add<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> the tota<span class=\"_ _0\"></span>l amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> of loans<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>includi<span class=\"_ _0\"></span>ng the <span class=\"_ _1\"></span>curre<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd no<span class=\"_ _0\"></span>n-c<span class=\"_ _0\"></span>urrent<span class=\"_ _0\"></span> portion<span class=\"_ _0\"></span>s as d<span class=\"_ _0\"></span>isclo<span class=\"_ _0\"></span>sed in the<span class=\"_ _0\"></span> state<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l positio<span class=\"_ _0\"></span>n) a<span class=\"_ _0\"></span>nd ded<span class=\"_ _0\"></span>ucting<span class=\"_ _0\"></span> all c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd <span class=\"_ _0\"></span>cash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> Tota<span class=\"_ _0\"></span>l equity<span class=\"_ _0\"></span> is ca<span class=\"_ _0\"></span>lculated<span class=\"_ _0\"></span> by<span class=\"_ _0\"></span> adding<span class=\"_ _0\"></span> Share<span class=\"_ _0\"></span>holde<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>\u2019 equity<span class=\"_ _0\"></span> (as s<span class=\"_ _0\"></span>hown in t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nt of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion), t<span class=\"_ _0\"></span>o inter<span class=\"_ _0\"></span>est<span class=\"_ _1\"></span><span class=\"ff1\">-</span>bearing <span class=\"_ _0\"></span>net debt,<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> exc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng tre<span class=\"_ _0\"></span>asury s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>non<span class=\"_ _1\"></span>-contro<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng intere<span class=\"_ _0\"></span>sts.<span class=\"_ _0\"></span> The Group c<span class=\"_ _2\"></span>alcu<span class=\"_ _2\"></span>lates th<span class=\"_ _2\"></span>e geari<span class=\"_ _2\"></span>ng rati<span class=\"_ _2\"></span>o as f<span class=\"_ _2\"></span>ollows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net debt<span class=\"_ _0\"></span> 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Equity 1,259,707,514  1,045,114,080  Treasury shares (No<span class=\"_ _0\"></span>te 5.2)<span class=\"_ _0\"></span> -  -  Non-controlli<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nter<span class=\"_ _2\"></span>est (Not<span class=\"_ _0\"></span>e 5.6)<span class=\"_ _0\"></span> (297,977) (286,896) Equity, except fo<span class=\"_ _0\"></span>r treasury sha<span class=\"_ _0\"></span>res and non<span class=\"_ _0\"></span>-controllin<span class=\"_ _0\"></span>g interes<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537  1,044,82<span class=\"_ _0\"></span>7,184  Total equity 1,641,62<span class=\"_ _0\"></span>7,471  1,639,59<span class=\"_ _0\"></span>9,981  Gearing 23.28%<span class=\"_ _0\"></span> 36.28%<span class=\"_ _0\"></span> 5.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Share C<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and t<span class=\"_ _2\"></span>reasury<span class=\"_ _2\"></span> Shares </span></span>Navigator<span class=\"_ _2\"></span>'s Sha<span class=\"_ _2\"></span>reholders<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _2\"></span>y is <span class=\"_ _2\"></span>a public<span class=\"_ _2\"></span> company wi<span class=\"_ _2\"></span>th its sh<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>es quote<span class=\"_ _2\"></span>d on the Eu<span class=\"_ _2\"></span>ronex<span class=\"_ _2\"></span>t Lis<span class=\"_ _2\"></span>bon. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A.\u2019s <span class=\"_ _2\"></span>share capi<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span> 500,000<span class=\"_ _2\"></span>,000 was ful<span class=\"_ _2\"></span>ly subscri<span class=\"_ _2\"></span>bed and i<span class=\"_ _2\"></span>s re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d by 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span> withou<span class=\"_ _2\"></span>t nominal<span class=\"_ _2\"></span> value (3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021: 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares). <span class=\"_ _2\"></span> At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 11<span class=\"_ _2\"></span> May 202<span class=\"_ _2\"></span>1, a <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Company's <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span> from Euro 50<span class=\"_ _2\"></span>0,000,000 <span class=\"_ _2\"></span>to Euro 49<span class=\"_ _2\"></span>5,597,957<span class=\"_ _2\"></span>.49 was <span class=\"_ _2\"></span>agre<span class=\"_ _2\"></span>ed, th<span class=\"_ _2\"></span>e amount o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on being Euro<span class=\"_ _2\"></span> 4,402,04<span class=\"_ _2\"></span>2.51, for <span class=\"_ _2\"></span>a speci<span class=\"_ _2\"></span>al pur<span class=\"_ _2\"></span>pose, <span class=\"_ _2\"></span>by canc<span class=\"_ _2\"></span>ellatio<span class=\"_ _2\"></span>n of 6<span class=\"_ _2\"></span>,316,931 treasu<span class=\"_ _2\"></span>ry shares<span class=\"_ _2\"></span>, witho<span class=\"_ _2\"></span>ut nomin<span class=\"_ _2\"></span>al value. Th<span class=\"_ _2\"></span>e Company wi<span class=\"_ _2\"></span>ll n<span class=\"_ _2\"></span>ow have 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>ordi<span class=\"_ _2\"></span>nary sha<span class=\"_ _2\"></span>res outs<span class=\"_ _2\"></span>tanding<span class=\"_ _2\"></span>, foll<span class=\"_ _2\"></span>owed by a shar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase fro<span class=\"_ _2\"></span>m Euro 49<span class=\"_ _2\"></span>5,597<span class=\"_ _2\"></span>,957.49 to <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>500,000,00<span class=\"_ _2\"></span>0, the <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>the increase <span class=\"_ _2\"></span>being Eu<span class=\"_ _2\"></span>ro 4,402<span class=\"_ _2\"></span>,042.5<span class=\"_ _2\"></span>1, with <span class=\"_ _2\"></span>no change i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>number o<span class=\"_ _2\"></span>f shar<span class=\"_ _2\"></span>es, to <span class=\"_ _2\"></span>be pai<span class=\"_ _2\"></span>d up by inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> free <span class=\"_ _2\"></span>reserves <span class=\"_ _2\"></span>(surplus<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal r<span class=\"_ _2\"></span>eserve)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>with quali<span class=\"_ _2\"></span>fied shar<span class=\"_ _2\"></span>eholdi<span class=\"_ _2\"></span>ngs in the <span class=\"_ _2\"></span>Company\u2019s c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> were as<span class=\"_ _2\"></span> foll<span class=\"_ _2\"></span>ows:<span class=\"ff1\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Designati<span class=\"_ _0\"></span>on No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % Semapa, SGPS, S.A<span class=\"_ _0\"></span>.  497,617,299  69.97% 497,617,299  69.97% Treasury shares<span class=\"_ _0\"></span> -  0.00% -  0.00% Floating shares<span class=\"_ _0\"></span> 213,565,770  30.03% 213,565,770  30.03% 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Trea<span class=\"_ _2\"></span>sury sha<span class=\"_ _2\"></span>res -<span class=\"_ _2\"></span> moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Book value Book value No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Treasury shares hel<span class=\"_ _0\"></span>d at the begi<span class=\"_ _0\"></span>nning of the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d -  -  6,316,931  20,189,264 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tion of treasury shares<span class=\"_ _0\"></span> -  -  -  -  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n the perio<span class=\"_ _0\"></span>d -  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> Treasury shares at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> -  -  -  -  These sha<span class=\"_ _2\"></span>res were mai<span class=\"_ _2\"></span>nly ac<span class=\"_ _2\"></span>quired <span class=\"_ _2\"></span>during 2<span class=\"_ _2\"></span>008 and 2<span class=\"_ _2\"></span>012<span class=\"_ _2\"></span> as well<span class=\"_ _2\"></span> as i<span class=\"_ _2\"></span>n 2018 <span class=\"_ _2\"></span>and 2019 <span class=\"_ _2\"></span>and were ex<span class=\"_ _2\"></span>tinguish<span class=\"_ _2\"></span>ed in 202<span class=\"_ _2\"></span>1. The evol<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>n of thi<span class=\"_ _2\"></span>s item i<span class=\"_ _2\"></span>s sho<span class=\"_ _2\"></span>wn below: 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Quantity Amou<span class=\"_ _0\"></span>nt Quantit<span class=\"_ _0\"></span>y Amou<span class=\"_ _0\"></span>nt Treasury shares h<span class=\"_ _0\"></span>eld in Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> -  -  6,316,93<span class=\"_ _0\"></span>1  20,189<span class=\"_ _0\"></span>,264  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n January -  -  -  -  February -  -  -  -  March -  -  -  -  April<span class=\"_ _0\"></span> -  -  -  -  May<span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> June -  -  -  -  July -  -  -  -  August -  -  -  -  September<span class=\"_ _0\"></span> -  -  -  -  October -  -  -  -  November -  -  -  -  December<span class=\"_ _0\"></span> -  -  -  -  -  -  (6,316<span class=\"_ _0\"></span>,931) (20,18<span class=\"_ _0\"></span>9,264) Treasury shares h<span class=\"_ _0\"></span>eld in Decembe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> -  -  -  -  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Navig<span class=\"_ _2\"></span>ator <span class=\"_ _2\"></span>did not hol<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>y own shar<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>the unit val<span class=\"_ _2\"></span>ue of the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t that da<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>was Euro 3.454<span class=\"_ _2\"></span> (31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2021: Eu<span class=\"_ _2\"></span>ro 3.35) a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e market c<span class=\"_ _2\"></span>apitalisati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>ompany a<span class=\"_ _2\"></span>t this da<span class=\"_ _2\"></span>te amoun<span class=\"_ _2\"></span>ted to<span class=\"_ _2\"></span> Euro 2,45<span class=\"_ _2\"></span>6,426,320 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 2,382<span class=\"_ _2\"></span>,463,281<span class=\"_ _2\"></span>) compar<span class=\"_ _2\"></span>ed to an<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, net of <span class=\"_ _2\"></span>non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interes<span class=\"_ _2\"></span>ts, of Eu<span class=\"_ _2\"></span>ro 1,259,40<span class=\"_ _2\"></span>9,537<span class=\"ff7 fs12\"> </span>(31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2021: <span class=\"_ _2\"></span>Euro 1,044<span class=\"_ _2\"></span>,827,1<span class=\"_ _2\"></span>84). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>ty. <span class=\"ff1\"> </span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>her equity <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _2\"></span>tion, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the procee<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the issu<span class=\"_ _2\"></span>e.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> for the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new business<span class=\"_ _2\"></span> are deduct<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt i<span class=\"_ _2\"></span>ssued. When any G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>res sha<span class=\"_ _2\"></span>res of <span class=\"_ _2\"></span>the par<span class=\"_ _2\"></span>ent c<span class=\"_ _2\"></span>ompany (treasu<span class=\"_ _2\"></span>ry sha<span class=\"_ _2\"></span>res)<span class=\"_ _2\"></span>, the payment, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des directl<span class=\"_ _2\"></span>y attri<span class=\"_ _2\"></span>butable i<span class=\"_ _2\"></span>ncremen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>costs, is<span class=\"_ _2\"></span> deducte<span class=\"_ _2\"></span>d from the Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the hold<span class=\"_ _2\"></span>ers of the <span class=\"_ _2\"></span>parent <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y\u2019s capital<span class=\"_ _2\"></span> until<span class=\"_ _2\"></span> such ti<span class=\"_ _2\"></span>me the shar<span class=\"_ _2\"></span>es are canc<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>led, rei<span class=\"_ _2\"></span>ssued or so<span class=\"_ _2\"></span>ld. <span class=\"_ _2\"></span> When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _2\"></span>, net of <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the <span class=\"ff8\">Sharehol<span class=\"_ _2\"></span>ders\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and no<span class=\"_ _2\"></span>t </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> 5.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare </span></span>2022 2021 Profit attributabl<span class=\"_ _0\"></span>e to Navigato<span class=\"_ _0\"></span>r's equity holder<span class=\"_ _0\"></span>s (Euro)<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171,411,455  Total number of sh<span class=\"_ _0\"></span>ares issued <span class=\"_ _0\"></span> 711,183,069  711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  Average treasury shar<span class=\"_ _0\"></span>es held for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d  -  -  Weighted avera<span class=\"_ _0\"></span>ge number of sha<span class=\"_ _0\"></span>res <span class=\"_ _0\"></span> 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  711,183,069  Basic earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _0\"></span> 0.552 0.241 Diluted earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _1\"></span> 0.552 0.241 Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Basic<span class=\"_ _2\"></span> earnings pe<span class=\"_ _2\"></span>r share a<span class=\"_ _2\"></span>re det<span class=\"_ _2\"></span>ermined <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the divi<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>profits o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>es attri<span class=\"_ _2\"></span>butable to the or<span class=\"_ _2\"></span>dinary <span class=\"_ _2\"></span>Sharehold<span class=\"_ _2\"></span>ers of<span class=\"_ _2\"></span> the Comp<span class=\"_ _2\"></span>any by <span class=\"_ _2\"></span>the weig<span class=\"_ _2\"></span>hted aver<span class=\"_ _2\"></span>age numb<span class=\"_ _2\"></span>er of co<span class=\"_ _2\"></span>mmon shares o<span class=\"_ _2\"></span>utstandin<span class=\"_ _2\"></span>g duri<span class=\"_ _2\"></span>ng the pe<span class=\"_ _2\"></span>riod. For the pu<span class=\"_ _2\"></span>rpose of<span class=\"_ _2\"></span> calc<span class=\"_ _2\"></span>ulating <span class=\"_ _2\"></span>dil<span class=\"_ _2\"></span>uted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare, the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>djusts <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>profits or loss<span class=\"_ _2\"></span>es attribu<span class=\"_ _2\"></span>table <span class=\"_ _2\"></span>to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty holde<span class=\"_ _2\"></span>rs, as <span class=\"_ _2\"></span>well as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>weighted a<span class=\"_ _2\"></span>verage num<span class=\"_ _2\"></span>ber of outstanding <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rposes of <span class=\"_ _2\"></span>all pot<span class=\"_ _2\"></span>ential<span class=\"_ _2\"></span> diluti<span class=\"_ _2\"></span>ve co<span class=\"_ _2\"></span>mmon shares. 5.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Divid<span class=\"_ _2\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span> and res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> distri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> </span></span>Divi<span class=\"_ _2\"></span>dend<span class=\"_ _2\"></span>s and rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>distr<span class=\"_ _2\"></span>ibuted<span class=\"_ _2\"></span> in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d Amou<span class=\"_ _0\"></span>nt Dividends<span class=\"_ _0\"></span> per approved<span class=\"_ _0\"></span> share (Eu<span class=\"_ _0\"></span>ro)<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Attributions in 202<span class=\"_ _0\"></span>2 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 131,632,875  0.185 Distribui<span class=\"_ _0\"></span>\u00e7\u00e3o de reservas l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vres 118,355,086  0.166 Attributions in 202<span class=\"_ _0\"></span>1 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 99,565,630 <span class=\"_ _0\"></span> 0.140 Distributi<span class=\"_ _0\"></span>on of antici<span class=\"_ _0\"></span>pated dividends <span class=\"_ _0\"></span> 49,996,170 <span class=\"_ _0\"></span> 0.070 At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 27 <span class=\"_ _2\"></span>May 2022<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _2\"></span>dends i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> Euro 99<span class=\"_ _2\"></span>,992,340<span class=\"_ _2\"></span>. At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 21<span class=\"_ _2\"></span> November 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.A<span class=\"_ _2\"></span>. r<span class=\"_ _2\"></span>esolved <span class=\"_ _2\"></span>to distribut<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>erves amo<span class=\"_ _2\"></span>unting <span class=\"_ _2\"></span>to Euro 1<span class=\"_ _2\"></span>49,995,621<span class=\"_ _2\"></span>, of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch Euro <span class=\"_ _2\"></span>118,355,086<span class=\"_ _2\"></span> came from <span class=\"_ _2\"></span>the Other res<span class=\"_ _2\"></span>erves <span class=\"_ _2\"></span>and Euro 31<span class=\"_ _2\"></span>,640<span class=\"_ _2\"></span>,535 was r<span class=\"_ _2\"></span>ecorded <span class=\"_ _2\"></span>in Reta<span class=\"_ _2\"></span>ined earnings<span class=\"_ _2\"></span>. At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 13 <span class=\"_ _2\"></span>May 2021<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _2\"></span>dends i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> Euro 99<span class=\"_ _2\"></span>,565<span class=\"_ _2\"></span>,630. On 16 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>1, the Bo<span class=\"_ _2\"></span>ard of<span class=\"_ _2\"></span> Directo<span class=\"_ _2\"></span>rs of<span class=\"_ _2\"></span> The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y, S.A. <span class=\"_ _2\"></span>decided to make an a<span class=\"_ _2\"></span>dvance on <span class=\"_ _2\"></span>profits <span class=\"_ _2\"></span>to Sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>ers, in <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of<span class=\"_ _2\"></span> Euro 49,99<span class=\"_ _2\"></span>6,170, <span class=\"_ _2\"></span>equivalen<span class=\"_ _2\"></span>t to the gross <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>0.0703 p<span class=\"_ _2\"></span>er shar<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The dist<span class=\"_ _2\"></span>ribution <span class=\"_ _2\"></span>of divi<span class=\"_ _2\"></span>dends to <span class=\"_ _2\"></span>Sharehol<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span> as a <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> the Group\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial statements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e period in<span class=\"_ _2\"></span> whi<span class=\"_ _2\"></span>ch the divi<span class=\"_ _2\"></span>dends a<span class=\"_ _2\"></span>re ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the Shar<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>ders at th<span class=\"_ _2\"></span>e General M<span class=\"_ _2\"></span>eeting <span class=\"_ _2\"></span>and up un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>the time of <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t or<span class=\"_ _2\"></span>, in the cas<span class=\"_ _2\"></span>e of an<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pated distributi<span class=\"_ _2\"></span>ons, <span class=\"_ _2\"></span>when appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>Directo<span class=\"_ _2\"></span>rs. 5.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Reserv<span class=\"_ _2\"></span>es and <span class=\"_ _2\"></span>retain<span class=\"_ _2\"></span>ed earn<span class=\"_ _2\"></span>ings </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Currency translatio<span class=\"_ _0\"></span>n reserve<span class=\"_ _0\"></span> 5,343,706  (24<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>46,001)<span class=\"_ _0\"></span> Fair value reserve<span class=\"_ _0\"></span> 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve<span class=\"_ _0\"></span> 100,000,000  100,000,000  Other reserves<span class=\"_ _0\"></span> 3,481,014  121,836,100  Retained earni<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span> 224,049,919  231,525,876  Reserves and retaine<span class=\"_ _0\"></span>d earnings<span class=\"_ _0\"></span> 366<span class=\"_ _0\"></span>,872,467<span class=\"_ _0\"></span>  423<span class=\"_ _0\"></span>,411,899<span class=\"_ _0\"></span>  Currenc<span class=\"_ _2\"></span>y exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge re<span class=\"_ _2\"></span>serve - <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>     <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator North Ame<span class=\"_ _0\"></span>rica (USD)<span class=\"_ _0\"></span> </span>(4,147,000) (4,847,972)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Mexico (MXN)<span class=\"_ _0\"></span> </span>(115,521) (69<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>53)<span class=\"_ _0\"></span>      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Mi<span class=\"_ _0\"></span>ddle East Tradi<span class=\"_ _0\"></span>ng DMCC (AED)<span class=\"_ _0\"></span> </span>(6,017) (7,594)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Egypt (EG<span class=\"_ _0\"></span>P) </span>(1,901) (4,037)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Company UK (GBP)<span class=\"_ _0\"></span> </span>(230,994) (369,114)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Eurasia (TY<span class=\"_ _0\"></span>R)<span class=\"_ _0\"></span> </span>799  799       <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Afri<span class=\"_ _0\"></span>que du Nord (MAD)<span class=\"_ _0\"></span> </span>395  395       <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Poland (PLN)<span class=\"_ _1\"></span> </span>(2,897) (2,897)      <span class=\"ls0\">Port<span class=\"_ _0\"></span>ucel<span class=\"_ _0\"></span> Mo\u00e7ambique (MZM)<span class=\"_ _0\"></span> </span>9,846,842  (19<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>45,827)<span class=\"_ _0\"></span> 5,343,70<span class=\"_ _0\"></span>6  (24,34<span class=\"_ _0\"></span>6,001) The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge r<span class=\"_ _2\"></span>eserve is<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y due to <span class=\"_ _2\"></span>the cumula<span class=\"_ _2\"></span>tive unf<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ences rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to the rep<span class=\"_ _2\"></span>ayment of<span class=\"_ _2\"></span> the lon<span class=\"_ _2\"></span>g-term loan <span class=\"_ _2\"></span>(shareho<span class=\"_ _2\"></span>lder <span class=\"_ _2\"></span>loan) granted to <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>bsidia<span class=\"_ _2\"></span>ry Por<span class=\"_ _2\"></span>tucel Mo\u00e7am<span class=\"_ _2\"></span>bique<span class=\"_ _2\"></span>. This l<span class=\"_ _2\"></span>oan, <span class=\"_ _2\"></span>of a quasi-equit<span class=\"_ _2\"></span>y natu<span class=\"_ _2\"></span>re, was denominate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>foreign cu<span class=\"_ _2\"></span>rrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion, a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cy, the co<span class=\"_ _2\"></span>rrespondin<span class=\"_ _2\"></span>g acc<span class=\"_ _2\"></span>umulated <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span>, recogni<span class=\"_ _2\"></span>ze<span class=\"_ _2\"></span>d in previous y<span class=\"_ _2\"></span>ears in<span class=\"_ _2\"></span> the Sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, w<span class=\"_ _2\"></span>ere recogni<span class=\"_ _2\"></span>sed in p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s for the peri<span class=\"_ _2\"></span>od. Fair va<span class=\"_ _2\"></span>lue re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves - deta<span class=\"_ _2\"></span>ils<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Gross amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> Tax Net amout<span class=\"_ _0\"></span> Gross amou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span> Tax Net amout<span class=\"_ _0\"></span> Interest rate ri<span class=\"_ _0\"></span>sk hedging 30,899,904 <span class=\"_ _0\"></span> (8,497,474) 22,402,430 <span class=\"_ _0\"></span> (2,231,713) 613,722  (1,617,991) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge hedging<span class=\"_ _0\"></span> 15,993,652 <span class=\"_ _0\"></span> (4,398,254) 11,595,398 <span class=\"_ _0\"></span> (5,498,048) 1,511,963  (3,986,085) 46,893<span class=\"_ _0\"></span>,556  (12,89<span class=\"_ _0\"></span>5,728) 33,997<span class=\"_ _0\"></span>,828  (7,729<span class=\"_ _0\"></span>,761) 2,125,68<span class=\"_ _0\"></span>5  (5,604<span class=\"_ _0\"></span>,076) Fair va<span class=\"_ _2\"></span>lue re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves - m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Opening balance<span class=\"_ _0\"></span> (5,604<span class=\"_ _0\"></span>,076) (6,641<span class=\"_ _0\"></span>,368) Change i<span class=\"_ _0\"></span>n the fair value of deriva<span class=\"_ _0\"></span>tive financial<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>ments (Note <span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>) 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Deferred tax (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,455) Closing balance<span class=\"_ _0\"></span> 33,997<span class=\"_ _0\"></span>,828  (5,604<span class=\"_ _0\"></span>,076) The amount co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>Change in <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ve fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n the amount of<span class=\"_ _2\"></span> \u20ac54.6 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion, i<span class=\"_ _2\"></span>ncludes: a) trans<span class=\"_ _2\"></span>fers <span class=\"_ _2\"></span>to <span class=\"ff1\">hedging<span class=\"_ _2\"></span> resul<span class=\"_ _2\"></span>ts in the <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t of nega<span class=\"_ _2\"></span>tive </span>\u20ac29.3 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion; b) C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>the fair val<span class=\"_ _2\"></span>ue of h<span class=\"_ _2\"></span>edging <span class=\"_ _2\"></span>deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments amountin<span class=\"_ _2\"></span>g to \u20ac83.9 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion.<span class=\"ff1\"> </span>Other re<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>rves <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Transfer of legal<span class=\"_ _0\"></span> reserve surpl<span class=\"_ _0\"></span>us to free reser<span class=\"_ _0\"></span>ves 9,790,475  9,790,475  Free reserves ari<span class=\"_ _0\"></span>sing from the share c<span class=\"_ _0\"></span>apital<span class=\"_ _0\"></span> reduction not di<span class=\"_ _0\"></span>stributed<span class=\"_ _0\"></span> 5,994  118,361,080  Adjustments to the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cation of 2014 profits (bal<span class=\"_ _0\"></span>ance sheet bon<span class=\"_ _0\"></span>us)<span class=\"_ _0\"></span> 1,476  1,476  Incorporation of c<span class=\"_ _0\"></span>apital res<span class=\"_ _0\"></span>erves (6,316,931) (6,316,931) 3,481,01<span class=\"_ _0\"></span>4  121<span class=\"_ _0\"></span>,836,100<span class=\"_ _0\"></span>  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Fair value r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the period <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.11) as<span class=\"_ _2\"></span> the hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>d to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss. Curr<span class=\"_ _2\"></span>ency exchange reser<span class=\"_ _2\"></span>ve The curr<span class=\"_ _2\"></span>ency trans<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e accu<span class=\"_ _2\"></span>mulated amoun<span class=\"_ _2\"></span>t relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the settlem<span class=\"_ _2\"></span>ent by th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>anslatio<span class=\"_ _2\"></span>n of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements of <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es oper<span class=\"_ _2\"></span>ating outsi<span class=\"_ _2\"></span>de t<span class=\"_ _2\"></span>he Euro z<span class=\"_ _2\"></span>one. Lega<span class=\"_ _2\"></span>l reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t least 5% o<span class=\"_ _2\"></span>f a<span class=\"_ _2\"></span>nnual n<span class=\"_ _2\"></span>et profit mus<span class=\"_ _2\"></span>t be <span class=\"_ _2\"></span>transfe<span class=\"_ _2\"></span>rred to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>east 20<span class=\"_ _2\"></span>% of t<span class=\"_ _2\"></span>he iss<span class=\"_ _2\"></span>ued capital<span class=\"_ _2\"></span>. This <span class=\"_ _2\"></span>reserv<span class=\"_ _2\"></span>e cannot be distribu<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>unless the <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _2\"></span>be d<span class=\"_ _2\"></span>rawn on <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>exhausted<span class=\"_ _2\"></span>, or inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Other reser<span class=\"_ _2\"></span>ves and<span class=\"_ _2\"></span> retained<span class=\"_ _2\"></span> earnings<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>available f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on to Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>that we<span class=\"_ _2\"></span>re consti<span class=\"_ _2\"></span>tuted throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>appropri<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pri<span class=\"_ _2\"></span>or period\u2019s <span class=\"_ _2\"></span>ear<span class=\"_ _2\"></span>nings, the <span class=\"_ _2\"></span>reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance cor<span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>onding to the <span class=\"_ _2\"></span>acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value of<span class=\"_ _2\"></span> treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held is<span class=\"_ _2\"></span> not dist<span class=\"_ _2\"></span>ributa<span class=\"_ _2\"></span>ble (Not<span class=\"_ _2\"></span>e 5.2)<span class=\"_ _2\"></span>. 5.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Non-contr<span class=\"_ _2\"></span>ollin<span class=\"_ _2\"></span>g inter<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span> </span></span>Detail <span class=\"_ _2\"></span>of n<span class=\"_ _2\"></span>on-cont<span class=\"_ _2\"></span>rollin<span class=\"_ _2\"></span>g inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s, by <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary % Equity Net prof<span class=\"_ _2\"></span>it Amounts in Euro<span class=\"_ _0\"></span> held 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2022 2021 RAIZ - I<span class=\"_ _0\"></span>nstituto de Investiga\u00e7\u00e3o d<span class=\"_ _0\"></span>a Flo<span class=\"_ _0\"></span>resta e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span> 3.0% 297,977  286,896  1,861  7,058  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que  9.98% -  -  -  -  297<span class=\"_ _0\"></span>,977  286<span class=\"_ _0\"></span>,896  1,861  7,058  Non-con<span class=\"_ _2\"></span>trolli<span class=\"_ _2\"></span>ng interes<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to RAI<span class=\"ls7f\">Z </span><span class=\"ff8\">\u2013</span> Ins<span class=\"_ _2\"></span>titu<span class=\"_ _2\"></span>to d<span class=\"_ _2\"></span>e Investi<span class=\"_ _2\"></span>ga\u00e7\u00e3o <span class=\"_ _2\"></span>da Florest<span class=\"_ _2\"></span>al e Papel<span class=\"_ _2\"></span>, where the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>wns 97% of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>pital and <span class=\"_ _2\"></span>votin<span class=\"_ _2\"></span>g rights<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>3% are owned by e<span class=\"_ _2\"></span>xternal<span class=\"_ _2\"></span> assoc<span class=\"_ _2\"></span>iates.<span class=\"_ _2\"></span> In 2014<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up signe<span class=\"_ _2\"></span>d agreemen<span class=\"_ _2\"></span>ts with <span class=\"_ _2\"></span>IFC <span class=\"ff8\">\u2013</span> Int<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>cional<span class=\"_ _2\"></span> Financ<span class=\"_ _2\"></span>e Corporation<span class=\"_ _2\"></span> for the entry o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>instituti<span class=\"_ _2\"></span>on into th<span class=\"_ _2\"></span>e share <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>tal of <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>bsidi<span class=\"_ _2\"></span>ary Por<span class=\"_ _2\"></span>tucel Mo\u00e7am<span class=\"_ _2\"></span>bique, <span class=\"_ _2\"></span>S.A., <span class=\"_ _2\"></span>thus ensuring <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>truction <span class=\"_ _2\"></span>phase <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>try pr<span class=\"_ _2\"></span>oject in <span class=\"_ _2\"></span>Mozambiqu<span class=\"_ _2\"></span>e. In 2<span class=\"_ _2\"></span>015, this Company pe<span class=\"_ _2\"></span>rformed a c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> increas<span class=\"_ _2\"></span>e from <span class=\"_ _2\"></span>MZM 1,000 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on to MZM 1,680.79<span class=\"_ _2\"></span>8 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> subscri<span class=\"_ _2\"></span>bing MZM 332<span class=\"_ _2\"></span>,798 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on correspondi<span class=\"_ _2\"></span>ng to 19<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>% of the c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> at th<span class=\"_ _2\"></span>at date<span class=\"_ _2\"></span>.  In Feb<span class=\"_ _2\"></span>ruary 2019<span class=\"_ _2\"></span>, there <span class=\"_ _2\"></span>was a <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsc<span class=\"_ _2\"></span>ribed, unde<span class=\"_ _2\"></span>rwritten <span class=\"_ _2\"></span>and pai<span class=\"_ _2\"></span>d-up capi<span class=\"_ _2\"></span>tal of the shar<span class=\"_ _2\"></span>eholder <span class=\"_ _2\"></span>The Na<span class=\"_ _2\"></span>vigator Compan<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>S.A. to <span class=\"_ _2\"></span>MZM 45<span class=\"_ _2\"></span>6,596,000, c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to<span class=\"_ _2\"></span> 90.02% of the <span class=\"_ _2\"></span>Company\u2019s s<span class=\"_ _2\"></span>hare c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the IFC\u2019<span class=\"_ _2\"></span>s hol<span class=\"_ _2\"></span>ding was<span class=\"_ _2\"></span> revised <span class=\"_ _2\"></span>to MZM 50,6<span class=\"_ _2\"></span>20,00<span class=\"_ _2\"></span>0, correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>9.98% of <span class=\"_ _2\"></span>the Por<span class=\"_ _2\"></span>tucel <span class=\"_ _2\"></span>Mo\u00e7ambi<span class=\"_ _2\"></span>que\u2019s sha<span class=\"_ _2\"></span>re capital<span class=\"_ _2\"></span>. <span class=\"ff1\"> </span>As at th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rting <span class=\"_ _2\"></span>date, th<span class=\"_ _2\"></span>ere are no<span class=\"_ _2\"></span> righ<span class=\"_ _2\"></span>ts of pro<span class=\"_ _2\"></span>tection<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f non-controll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nterests tha<span class=\"_ _2\"></span>t signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y restric<span class=\"_ _2\"></span>t the en<span class=\"_ _2\"></span>tity's<span class=\"_ _2\"></span> abili<span class=\"_ _2\"></span>ty to ac<span class=\"_ _2\"></span>cess or <span class=\"_ _2\"></span>use as<span class=\"_ _2\"></span>sets and se<span class=\"_ _2\"></span>ttle li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup. Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s of non-c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>ollin<span class=\"_ _2\"></span>g intere<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 286<span class=\"_ _0\"></span>,896  275<span class=\"_ _0\"></span>,182  Net profi<span class=\"_ _0\"></span>t for the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 1,861  7,058  Other comprehensi<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>ncome 9,220  4,656  Closing balance<span class=\"_ _0\"></span> 297<span class=\"_ _0\"></span>,977  286<span class=\"_ _0\"></span>,896  5.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Interest-<span class=\"_ _2\"></span>bearing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,397 <span class=\"_ _0\"></span> 109,087,302  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Refundabl<span class=\"_ _0\"></span>e grants 29,975,064 <span class=\"_ _0\"></span> 7,219,439  37,194,503 <span class=\"_ _0\"></span> 34,509,610 <span class=\"_ _0\"></span> 4,099,903  38,609,513 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  (8,055,598) -  (8,055,598) Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.5% 1.5% annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _2\"></span>e 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor iss<span class=\"_ _2\"></span>ued a <span class=\"_ _2\"></span>Euro 150 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion bond lo<span class=\"_ _2\"></span>an maturing i<span class=\"_ _2\"></span>n 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _2\"></span>d earl<span class=\"_ _2\"></span>y a l<span class=\"_ _2\"></span>oan of<span class=\"_ _2\"></span> the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>t, in<span class=\"_ _2\"></span> addi<span class=\"_ _2\"></span>tion to h<span class=\"_ _2\"></span>aving condi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the fulfi<span class=\"_ _2\"></span>lment of<span class=\"_ _2\"></span> sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _2\"></span>eady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ability A<span class=\"_ _2\"></span>genda <span class=\"_ _2\"></span>and, i<span class=\"_ _2\"></span>n tu<span class=\"_ _2\"></span>rn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sust<span class=\"_ _2\"></span>ainable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The ref<span class=\"_ _2\"></span>undable <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude gran<span class=\"_ _2\"></span>ts fro<span class=\"_ _2\"></span>m AIC<span class=\"_ _2\"></span>EP - Ag\u00eanci<span class=\"_ _2\"></span>a para o In<span class=\"_ _2\"></span>vesti<span class=\"_ _2\"></span>mento e Com\u00e9<span class=\"_ _2\"></span>rcio<span class=\"_ _2\"></span> Externo <span class=\"_ _2\"></span>de Portugal<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span> part of<span class=\"_ _2\"></span> a numb<span class=\"_ _2\"></span>er of res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d developm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>projects, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>udes the gran<span class=\"_ _2\"></span>t under th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nvestment <span class=\"_ _2\"></span>agreement <span class=\"_ _2\"></span>entere<span class=\"_ _2\"></span>d into wi<span class=\"_ _2\"></span>th the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group s<span class=\"_ _2\"></span>ubsidia<span class=\"_ _2\"></span>ry for the cons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>new Tiss<span class=\"_ _2\"></span>ue pl<span class=\"_ _2\"></span>ant in Av<span class=\"_ _2\"></span>eiro. <span class=\"_ _2\"></span>This ag<span class=\"_ _2\"></span>reement <span class=\"_ _2\"></span>comprises a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a refun<span class=\"_ _2\"></span>dable g<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>, up to <span class=\"_ _2\"></span>a maxim<span class=\"_ _2\"></span>um amoun<span class=\"_ _2\"></span>t of Euro <span class=\"_ _2\"></span>42,166,636<span class=\"_ _2\"></span>, without i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t payment<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>grace <span class=\"_ _2\"></span>period of <span class=\"_ _2\"></span>two <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>th the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>efund ha<span class=\"_ _2\"></span>ppening in 2027.<span class=\"ls0\"> </span>The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _2\"></span>e Note 8<span class=\"_ _2\"></span>.1.3 - L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed <span class=\"_ _0\"></span>rate 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed ra<span class=\"_ _0\"></span>te -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,778 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 37,194,503 <span class=\"_ _0\"></span> 37,194,503 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 7,219,439  29,975,064 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  -  Bank credit facilities  <span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty 2<span class=\"_ _2\"></span>0M<span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  31/12/<span class=\"_ _2\"></span>2021 Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> -  Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 38,609,513 <span class=\"_ _0\"></span> 38,609,513 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 4,099,903  34,509,610 <span class=\"_ _0\"></span> Deferrals -  (8,055,598) -  (8,055,598) Bank credit facilities<span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ties <span class=\"ls1b\">20M<span class=\"_ _0\"></span></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, consid<span class=\"_ _2\"></span>ering i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e annual<span class=\"_ _2\"></span> fees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: 1<span class=\"_ _2\"></span>.5%). At 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, 38% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>inked to<span class=\"_ _2\"></span> compli<span class=\"_ _2\"></span>ance with su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty commi<span class=\"_ _2\"></span>tments (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: 23<span class=\"_ _2\"></span>%). The ref<span class=\"_ _2\"></span>und terms <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e inte<span class=\"_ _2\"></span>rest-beari<span class=\"_ _2\"></span>ng liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es record<span class=\"_ _2\"></span>ed as non-cur<span class=\"_ _2\"></span>rent are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current 1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 84,259,122 <span class=\"_ _0\"></span> 234,259,122  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 156,640,074  86,223,407 <span class=\"_ _0\"></span> 3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 261,140,074  106,640,074  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs 19,640,074 <span class=\"_ _0\"></span> 261,140,074  More than 5 years<span class=\"_ _0\"></span> 124,807,625  37,834,234 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,486,969<span class=\"_ _0\"></span>  726<span class=\"_ _0\"></span>,096,911<span class=\"_ _0\"></span>  Fees (3,480,083) (11 471 019) 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ed Com<span class=\"_ _2\"></span>mercial <span class=\"_ _2\"></span>Paper Pro<span class=\"_ _2\"></span>grams, co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _2\"></span>,714). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up\u2019s in<span class=\"_ _2\"></span>terest<span class=\"ff1\">-bearing n<span class=\"_ _2\"></span>et d<span class=\"_ _2\"></span>ebt was as </span>fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net interest-<span class=\"_ _0\"></span>bearing debt 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Lease liabilities<span class=\"ff1\"> (No<span class=\"_ _0\"></span>te 5.8)<span class=\"_ _0\"></span></span> 61,641,049 <span class=\"_ _0\"></span> 53,240,925 <span class=\"_ _0\"></span> Interest-bea<span class=\"_ _0\"></span>ring net debt with le<span class=\"_ _0\"></span>ase liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 443<span class=\"_ _0\"></span>,858,983<span class=\"_ _0\"></span>  648<span class=\"_ _0\"></span>,013,722<span class=\"_ _0\"></span>  Financia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Covenant<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n force<span class=\"_ _2\"></span> Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net interest<span class=\"_ _0\"></span> Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBTDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Based on th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents presen<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>this r<span class=\"_ _2\"></span>eport<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e ratios w<span class=\"_ _2\"></span>ere as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows as <span class=\"_ _2\"></span>at 31 December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2021:<span class=\"_ _2\"></span> Ratio 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest coverage<span class=\"_ _0\"></span> 85.43  35.29  Indebtedness<span class=\"_ _0\"></span> 0.98  2.35  Net Debt / EBI<span class=\"_ _0\"></span>TDA 0.52  1.68  The amounts c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>the ta<span class=\"_ _2\"></span>ble abov<span class=\"_ _2\"></span>e exclud<span class=\"_ _2\"></span>e lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Cons<span class=\"_ _2\"></span>idering the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts, in <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>2021, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance with <span class=\"_ _2\"></span>the covenants n<span class=\"_ _2\"></span>egotia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 31 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>021, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Commer<span class=\"_ _2\"></span>cial paper<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral commerc<span class=\"_ _2\"></span>ial pa<span class=\"_ _2\"></span>per pro<span class=\"_ _2\"></span>grams n<span class=\"_ _2\"></span>egotiated<span class=\"_ _2\"></span>, of agr<span class=\"_ _2\"></span>eements <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>which it <span class=\"_ _2\"></span>is frequen<span class=\"_ _2\"></span>t to car<span class=\"_ _2\"></span>ry ou<span class=\"_ _2\"></span>t emissi<span class=\"_ _2\"></span>ons with c<span class=\"_ _2\"></span>ontractual<span class=\"_ _2\"></span> matu<span class=\"_ _2\"></span>rity <span class=\"_ _2\"></span>of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year bu<span class=\"_ _2\"></span>t with revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expects <span class=\"_ _2\"></span>to ro<span class=\"_ _2\"></span>ll o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>ese loan<span class=\"_ _2\"></span>s, it p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>them as<span class=\"_ _2\"></span> non<span class=\"_ _0\"></span>-current li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes Bonds, Co<span class=\"_ _2\"></span>mmercial <span class=\"_ _2\"></span>Paper<span class=\"_ _2\"></span>, bank loans<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, usi<span class=\"_ _2\"></span>ng the eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve interest <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the ref<span class=\"_ _2\"></span>und amoun<span class=\"_ _2\"></span>t and th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement amou<span class=\"_ _2\"></span>nt is r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>deb<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>under \"In<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>expenses on<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ther loans\" <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.11 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Net finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>results. </span></span>Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>approxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _2\"></span>g l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties that ar<span class=\"_ _2\"></span>e remun<span class=\"_ _2\"></span>erated at <span class=\"_ _2\"></span>a fi<span class=\"_ _2\"></span>xed rat<span class=\"_ _2\"></span>e is <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>sed in Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabil<span class=\"_ _2\"></span>ities.<span class=\"ff4\"> </span></span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate. 5.8.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Lease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span> </span></span>Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - nat<span class=\"_ _2\"></span>ure<span class=\"_ _2\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Forestry lands 46,724,663 <span class=\"_ _0\"></span> 2,666,086  49,390,749 <span class=\"_ _0\"></span> 40,983,597 <span class=\"_ _0\"></span> 2,281,533  43,265,130 <span class=\"_ _0\"></span> Buildi<span class=\"_ _0\"></span>ngs 1,868,940  513,178  2,382,118  2,382,118  502,419  2,884,537  Vehicl<span class=\"_ _0\"></span>es 3,070,109  1,540,904  4,611,013  2,046,436  1,370,600  3,417,036  Software li<span class=\"_ _0\"></span>censes 94,312  155,401  249,713  175,072  292,097  467,169  Other lease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es 3,331,059  1,676,397  5,007,456  1,829,870  1,377,184  3,207,054  55,089<span class=\"_ _0\"></span>,083  6,551,96<span class=\"_ _0\"></span>6  61,641<span class=\"_ _0\"></span>,049  47,417<span class=\"_ _0\"></span>,092  5,823,83<span class=\"_ _0\"></span>3  53,240<span class=\"_ _0\"></span>,925  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - <span class=\"_ _2\"></span>move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 53,240<span class=\"_ _0\"></span>,925  53,080<span class=\"_ _0\"></span>,919  Contract amortisa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (8,837,422) (8,965,290) New contracts<span class=\"_ _0\"></span> 15,338,938 <span class=\"_ _0\"></span> 7,448,703  Interest expense<span class=\"_ _0\"></span> 2,300,665  2,042,333  Other changes (402,057) (365,740) Total changes in rel<span class=\"_ _0\"></span>ated liabilities<span class=\"_ _0\"></span> 8,400,12<span class=\"_ _0\"></span>4  160<span class=\"_ _0\"></span>,006  Balance as at 31 Decem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span> 61,641<span class=\"_ _0\"></span>,049  53,240<span class=\"_ _0\"></span>,925  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - f<span class=\"_ _2\"></span>uture<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts i<span class=\"_ _0\"></span>n Euro Maturing Interest on Present <span class=\"_ _0\"></span>value Maturing Interest on Present <span class=\"_ _0\"></span>value rents liabilities<span class=\"_ _0\"></span> of liabiliti<span class=\"_ _0\"></span>es rents liabilities<span class=\"_ _0\"></span> of liabiliti<span class=\"_ _0\"></span>es Less than 1 year<span class=\"_ _0\"></span> 4,435,662  2,116,304  6,551,966  3,971,610  1,852,223  5,823,833  1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 3,891,713  1,952,737  5,844,450  3,368,272  1,708,916  5,077,188  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 3,041,072  1,797,386  4,838,458  2,867,678  1,575,482  4,443,160  3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 2,809,096  1,653,338  4,462,434  1,999,426  1,450,866  3,450,292  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 years<span class=\"_ _0\"></span> 2,165,139  1,516,362  3,681,501  1,748,655  1,337,957  3,086,612  More than 5 years<span class=\"_ _0\"></span> 25,989,077 <span class=\"_ _0\"></span> 10,273,163 <span class=\"_ _0\"></span> 36,262,240 <span class=\"_ _0\"></span> 22,150,369 <span class=\"_ _0\"></span> 9,209,471  31,359,840 <span class=\"_ _0\"></span> Present value of lia<span class=\"_ _0\"></span>bilities<span class=\"_ _0\"></span> 42,331<span class=\"_ _0\"></span>,759  19,309<span class=\"_ _0\"></span>,290  61,641<span class=\"_ _0\"></span>,049  36,106<span class=\"_ _0\"></span>,010  17,134<span class=\"_ _0\"></span>,915  53,240<span class=\"_ _0\"></span>,925  For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, th<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>were no chan<span class=\"_ _2\"></span>ges in the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty arising f<span class=\"_ _2\"></span>rom fin<span class=\"_ _2\"></span>ancing ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties, incl<span class=\"_ _2\"></span>uding ch<span class=\"_ _2\"></span>anges ari<span class=\"_ _2\"></span>sing f<span class=\"_ _2\"></span>rom cash <span class=\"_ _2\"></span>flows and<span class=\"_ _2\"></span>/or other chang<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of leas<span class=\"_ _2\"></span>e liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>is presen<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>in the<span class=\"_ _2\"></span> Note 8<span class=\"_ _2\"></span>.1.3 - Liqu<span class=\"_ _2\"></span>idity r<span class=\"_ _2\"></span>isk. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the s<span class=\"_ _2\"></span>tart da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ease, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>ses lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties measured a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>present value of<span class=\"_ _2\"></span> futur<span class=\"_ _2\"></span>e lease pa<span class=\"_ _2\"></span>yments, <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>ude fixed p<span class=\"_ _2\"></span>ayments <span class=\"_ _2\"></span>less l<span class=\"_ _2\"></span>ease <span class=\"_ _0\"></span>incen<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>, varia<span class=\"_ _2\"></span>ble lease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, and amoun<span class=\"_ _2\"></span>ts expect<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to be pai<span class=\"_ _2\"></span>d as resi<span class=\"_ _2\"></span>dual <span class=\"_ _2\"></span>value. Le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>yments al<span class=\"_ _2\"></span>so incl<span class=\"_ _2\"></span>ude the price o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>exercis<span class=\"_ _2\"></span>e of rene<span class=\"_ _2\"></span>wal option<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>easonably<span class=\"_ _2\"></span> certain to <span class=\"_ _2\"></span>be e<span class=\"_ _2\"></span>xercise<span class=\"_ _2\"></span>d by the G<span class=\"_ _2\"></span>roup or l<span class=\"_ _2\"></span>ease termi<span class=\"_ _2\"></span>nation penal<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>ayments i<span class=\"_ _2\"></span>f the l<span class=\"_ _2\"></span>ease term <span class=\"_ _2\"></span>refl<span class=\"_ _2\"></span>ects the Grou<span class=\"_ _2\"></span>p's o<span class=\"_ _2\"></span>ption to <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>te the agreem<span class=\"_ _2\"></span>ent.<span class=\"_ _2\"></span> In calc<span class=\"_ _2\"></span>ulating the <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>value of f<span class=\"_ _2\"></span>uture l<span class=\"_ _2\"></span>ease p<span class=\"_ _2\"></span>ayments, <span class=\"_ _2\"></span>the Group us<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span> incremen<span class=\"_ _2\"></span>tal finan<span class=\"_ _2\"></span>cing rate i<span class=\"_ _2\"></span>f the impl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate on<span class=\"_ _2\"></span> the l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s not easi<span class=\"_ _2\"></span>ly determi<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Subsequentl<span class=\"_ _2\"></span>y, the <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e lease l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>reased by th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>est amoun<span class=\"_ _2\"></span>t (Not<span class=\"_ _2\"></span>e 5.11 - Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results) an<span class=\"_ _2\"></span>d decr<span class=\"_ _2\"></span>eased <span class=\"_ _2\"></span>by the l<span class=\"_ _2\"></span>ease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span> (rents). 5.9.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equiv<span class=\"_ _2\"></span>alents </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Cash 32,356  35,334 <span class=\"_ _0\"></span> Short-term bank depo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ts 191,824,254  220,585,472  Other short-term i<span class=\"_ _0\"></span>nvestments <span class=\"_ _0\"></span> 151,227,178  18,550,446 <span class=\"_ _0\"></span> 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span>, the ca<span class=\"_ _2\"></span>ption Othe<span class=\"_ _2\"></span>r sho<span class=\"_ _2\"></span>rt-term i<span class=\"_ _2\"></span>nvestments <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des Euro<span class=\"_ _2\"></span> 151,227<span class=\"_ _2\"></span>,178 (31 <span class=\"_ _2\"></span>December 2021: <span class=\"_ _2\"></span>Euro 18,55<span class=\"_ _2\"></span>0,446) of<span class=\"_ _2\"></span> amounts i<span class=\"_ _2\"></span>nveste<span class=\"_ _2\"></span>d by N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span> a portfol<span class=\"_ _2\"></span>io of<span class=\"_ _2\"></span> short-term<span class=\"_ _2\"></span>, highly li<span class=\"_ _2\"></span>quid fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>assets and i<span class=\"_ _2\"></span>ssuers with <span class=\"_ _2\"></span>adequ<span class=\"_ _2\"></span>ate rati<span class=\"_ _2\"></span>ngs. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant balanc<span class=\"_ _2\"></span>es of c<span class=\"_ _2\"></span>ash and cash equi<span class=\"_ _2\"></span>valen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are su<span class=\"_ _2\"></span>bject to r<span class=\"_ _2\"></span>estriction<span class=\"_ _2\"></span>s on us<span class=\"_ _2\"></span>e by <span class=\"_ _2\"></span>the Group<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Cash <span class=\"_ _2\"></span>and cash equi<span class=\"_ _2\"></span>valents<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude cash, <span class=\"_ _2\"></span>bank accoun<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>sho<span class=\"_ _2\"></span>rt<span class=\"_ _0\"></span>-term in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ents wi<span class=\"_ _2\"></span>th an in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>maturity of u<span class=\"_ _2\"></span>p to <span class=\"_ _2\"></span>3 months, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>can be mobi<span class=\"_ _2\"></span>lised i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y withou<span class=\"_ _2\"></span>t any signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>risk in <span class=\"_ _2\"></span>value fl<span class=\"_ _2\"></span>uctuations<span class=\"_ _2\"></span>.  For cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w statement <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>es, this <span class=\"_ _2\"></span>caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes bank o<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>drafts, whi<span class=\"_ _2\"></span>ch ar<span class=\"_ _2\"></span>e presented i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al pos<span class=\"_ _2\"></span>ition as<span class=\"_ _2\"></span> a curre<span class=\"_ _2\"></span>nt li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty,<span class=\"_ _0\"></span> und<span class=\"_ _2\"></span>er the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interest-bearing li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (Not<span class=\"_ _2\"></span>e 5.7)<span class=\"_ _2\"></span>. 5.10.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cash <span class=\"_ _2\"></span>flows fr<span class=\"_ _2\"></span>om financ<span class=\"_ _2\"></span>ing act<span class=\"_ _2\"></span>ivities </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s of the<span class=\"_ _2\"></span> G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  982<span class=\"_ _0\"></span>,410,783<span class=\"_ _0\"></span>  Payment of loans<span class=\"_ _0\"></span> (533,070,676)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Receipts from lo<span class=\"_ _0\"></span>ans obtained<span class=\"_ _0\"></span> 430,000,000  147,500,000  Refundabl<span class=\"_ _0\"></span>e grants (5,636,313) (4,472,875) Changes in borrowi<span class=\"_ _0\"></span>ng costs 64,662  33,919 <span class=\"_ _0\"></span> Changes in interes<span class=\"_ _0\"></span>t-bearin<span class=\"_ _0\"></span>g debt<span class=\"_ _0\"></span> (108<span class=\"_ _0\"></span>,642,327) (148<span class=\"_ _0\"></span>,466,734) Gross interest-be<span class=\"_ _0\"></span>aring de<span class=\"_ _0\"></span>bt 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>come\" the i<span class=\"_ _2\"></span>ncome an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>gains resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>treasu<span class=\"_ _2\"></span>ry managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>btained f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e application o<span class=\"_ _2\"></span>f cash <span class=\"_ _2\"></span>surplus; an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed to h<span class=\"_ _2\"></span>edge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k on lo<span class=\"_ _2\"></span>ans, regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the fo<span class=\"_ _2\"></span>rmal <span class=\"_ _2\"></span>designation <span class=\"_ _2\"></span>of hed<span class=\"_ _2\"></span>ge. 6.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ax </span></span>6.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Income t<span class=\"_ _2\"></span>ax fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period </span></span>6.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Income tax <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>the consolid<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>income stat<span class=\"_ _2\"></span>ement Amounts in Euro<span class=\"_ _0\"></span> 2022 2021  Current tax<span class=\"_ _0\"></span> 150,703,440  37,586,136 <span class=\"_ _0\"></span>  Change in uncertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> (18<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>48,125)<span class=\"_ _0\"></span> (9,121,784)  Deferred tax (Note 6.2)<span class=\"_ _1\"></span> (8,317,503) 11,913,967 <span class=\"_ _0\"></span> 123<span class=\"_ _0\"></span>,937,812<span class=\"_ _0\"></span>  40,378<span class=\"_ _0\"></span>,319  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax i<span class=\"_ _2\"></span>ncludes E<span class=\"_ _2\"></span>uro 132,4<span class=\"_ _2\"></span>80,44<span class=\"_ _2\"></span>0 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 36,488,3<span class=\"_ _2\"></span>94) regardi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity cr<span class=\"_ _2\"></span>eated und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e aggr<span class=\"_ _2\"></span>egated in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>x regime o<span class=\"_ _2\"></span>f The Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A.. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 <span class=\"ff8\">Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1, the <span class=\"_ _2\"></span>capt<span class=\"_ _2\"></span>ion \u201cVari<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f uncertain<span class=\"_ _2\"></span> tax </span>positi<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n the period<span class=\"_ _2\"></span>\u201d reflec<span class=\"_ _2\"></span>ts the <span class=\"_ _2\"></span>excess<span class=\"_ _2\"></span>/insuf<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ency of tax es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e favour<span class=\"_ _2\"></span>able outcome o<span class=\"_ _2\"></span>f some c<span class=\"_ _2\"></span>ases r<span class=\"_ _2\"></span>elated to<span class=\"_ _2\"></span> matte<span class=\"_ _2\"></span>rs with hi<span class=\"_ _2\"></span>gh unce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>nty, as w<span class=\"_ _2\"></span>ell <span class=\"_ _2\"></span>as reques<span class=\"_ _2\"></span>ts for bi<span class=\"_ _2\"></span>nding info<span class=\"_ _2\"></span>rmation, cl<span class=\"_ _2\"></span>aims to the <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>Administra<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and jurisp<span class=\"_ _2\"></span>ru<span class=\"_ _2\"></span>dence of th<span class=\"_ _2\"></span>e courts<span class=\"_ _2\"></span>. There have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en, no<span class=\"_ _2\"></span>r are an<span class=\"_ _2\"></span>y expec<span class=\"_ _2\"></span>ted ch<span class=\"_ _2\"></span>anges a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from varia<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>in the ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d to determin<span class=\"_ _2\"></span>e the ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>tax amoun<span class=\"_ _2\"></span>t. Nominal<span class=\"_ _2\"></span> tax<span class=\"_ _2\"></span> rate<span class=\"_ _2\"></span> In the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d, the <span class=\"_ _2\"></span>Group cons<span class=\"_ _2\"></span>iders a n<span class=\"_ _2\"></span>ominal <span class=\"_ _2\"></span>tax rat<span class=\"_ _2\"></span>e in Po<span class=\"_ _2\"></span>rtugal <span class=\"_ _2\"></span>of 27<span class=\"_ _2\"></span>.5%, resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>x legisl<span class=\"_ _2\"></span>ation as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 2022 2021 Portuga<span class=\"_ _2\"></span>l Nomi<span class=\"_ _0\"></span>nal income tax rate<span class=\"_ _0\"></span> 21.0% 21.0% Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge<span class=\"_ _0\"></span> 1.5% 1.5% 22.5% 22.5% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>1,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 7,500,0<span class=\"_ _0\"></span>00 <span class=\"_ _0\"></span> 3.0% 3.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>7,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 35,000,<span class=\"_ _0\"></span>000 <span class=\"_ _0\"></span> 5.0% 5.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts above Euro <span class=\"_ _0\"></span>35,000,000 <span class=\"_ _0\"></span> 9.0% 9.0% Reconci<span class=\"_ _2\"></span>liation<span class=\"_ _2\"></span> of the<span class=\"_ _2\"></span> effe<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>ome tax<span class=\"_ _2\"></span> rat<span class=\"_ _2\"></span>e for t<span class=\"_ _2\"></span>he pe<span class=\"_ _2\"></span>riod Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 516<span class=\"_ _0\"></span>,476,743<span class=\"_ _0\"></span>  211<span class=\"_ _0\"></span>,796,832<span class=\"_ _0\"></span>  Expected tax at nomi<span class=\"_ _0\"></span>nal rate <span class=\"_ _0\"></span>(21%) 108,460,116  44,477,335 <span class=\"_ _0\"></span> Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge (202<span class=\"_ _0\"></span>2: 1.38% ; 202<span class=\"_ _0\"></span>1: 1.17%)<span class=\"_ _0\"></span> 7,144,221  2,480,719  State surcharge (2022; <span class=\"_ _0\"></span>5.23% ; 2021: <span class=\"_ _0\"></span>3.04%)<span class=\"_ _0\"></span> 27,023,780 <span class=\"_ _0\"></span> 6,442,237  Income tax resultin<span class=\"_ _0\"></span>g from the a<span class=\"_ _0\"></span>pplicable tax <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> 142<span class=\"_ _0\"></span>,628,117<span class=\"_ _0\"></span>  53,400<span class=\"_ _0\"></span>,290  Nomin<span class=\"_ _0\"></span>al tax<span class=\"_ _2\"></span> r<span class=\"_ _0\"></span>ate for the p<span class=\"_ _0\"></span>eriod 27.6% 25.2% Differences (a)<span class=\"_ _0\"></span> (17<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>01,119)<span class=\"_ _0\"></span> (4,008,681) Excess of income tax e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span> -  (4,684,477) Tax benefi<span class=\"_ _0\"></span>ts (2,557,382) (5,120,858) Autonomous taxati<span class=\"_ _0\"></span>on 868,196  792,046  123<span class=\"_ _0\"></span>,937,812<span class=\"_ _0\"></span>  40,378<span class=\"_ _0\"></span>,319  Effective tax rate<span class=\"_ _0\"></span> 24.0% 19.1% (a) This amount co<span class=\"_ _0\"></span>ncerns mainl<span class=\"_ _0\"></span>y: 2022 2021 Capital gains/ (lo<span class=\"_ _0\"></span>sses) for tax pu<span class=\"_ _0\"></span>rposes (92<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> 1,993,450  Capital gains/ (lo<span class=\"_ _0\"></span>sses) for accou<span class=\"_ _0\"></span>nting purpos<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 16,734 <span class=\"_ _0\"></span> (2,039,580) Taxable provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mpairment <span class=\"_ _0\"></span> (32<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>89,635)<span class=\"_ _0\"></span> (7,167,993) Tax benefi<span class=\"_ _0\"></span>ts (26<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>37,333)<span class=\"_ _0\"></span> (5,871,622) Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (2,394,591) (5,118,074) Other (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>47)<span class=\"_ _0\"></span> 3,626,797  (61,82<span class=\"_ _0\"></span>2,251) (14,57<span class=\"_ _0\"></span>7,022) Tax effect  (27<span class=\"_ _0\"></span>.5%) (17,00<span class=\"_ _0\"></span>1,119) (4,008<span class=\"_ _0\"></span>,681) 6.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Tax recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidat<span class=\"_ _2\"></span>ed statement <span class=\"_ _2\"></span>of financial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Assets Amounts pendi<span class=\"_ _0\"></span>ng refund 16,216,543 <span class=\"_ _0\"></span> 1,118,815  16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  Liabilities Corporate Income T<span class=\"_ _0\"></span>ax - I<span class=\"_ _0\"></span>RC 110,712,325  19,913,222 <span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional tax <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (IRC)<span class=\"_ _0\"></span> 14,762,361 <span class=\"_ _0\"></span> 19,967,180 <span class=\"_ _0\"></span> 125<span class=\"_ _0\"></span>,474,686<span class=\"_ _0\"></span>  39,880<span class=\"_ _0\"></span>,402  Detail <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Corporat<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x - <span class=\"_ _2\"></span>IRC (<span class=\"_ _2\"></span>net) Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Income tax for the peri<span class=\"_ _0\"></span>od 150,703,440  37,586,136 <span class=\"_ _0\"></span> Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> (37<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>00,934)<span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>00,792)<span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax recoverable<span class=\"_ _0\"></span> (44<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>86)<span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>09)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es / (recei<span class=\"_ _0\"></span>vables) (2,445,495) 1,350,687  110<span class=\"_ _0\"></span>,712,325<span class=\"_ _0\"></span>  19,913<span class=\"_ _0\"></span>,222  The amounts o<span class=\"_ _2\"></span>f cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te income ta<span class=\"_ _2\"></span>x paid i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d are det<span class=\"_ _2\"></span>ailed as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Payment/(Refund) of co<span class=\"_ _0\"></span>rporate incom<span class=\"_ _0\"></span>e tax for the pr<span class=\"_ _0\"></span>evio<span class=\"_ _0\"></span>us per<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>od <span class=\"_ _1\"></span> 10,851,693 <span class=\"_ _0\"></span> 2,748,971  Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> 37,500,934 <span class=\"_ _0\"></span> 19,000,792 <span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax 44,686 <span class=\"_ _0\"></span> 22,809 <span class=\"_ _0\"></span> Refunds of tax procee<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs decided in favou<span class=\"_ _0\"></span>r of the group<span class=\"_ _0\"></span> (977,298) (2,090,502) Payments of addi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>onal tax liabili<span class=\"_ _0\"></span>ties 17,350,270 <span class=\"_ _0\"></span> -  Other income tax p<span class=\"_ _0\"></span>ayments/(refunds<span class=\"_ _0\"></span> (4,905) 967,532  Income tax pai<span class=\"_ _0\"></span>d / (received) <span class=\"_ _0\"></span> 64,765<span class=\"_ _0\"></span>,380  20,649<span class=\"_ _0\"></span>,602  Amount<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>pendin<span class=\"_ _2\"></span>g refu<span class=\"_ _2\"></span>nd Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 2005 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 13,886,728 <span class=\"_ _0\"></span> -  RFAI<span class=\"_ _0\"></span> 20<span class=\"_ _2\"></span>10 to <span class=\"_ _0\"></span>2012 - co<span class=\"_ _0\"></span>mpensatory inter<span class=\"_ _0\"></span>est 1,076,611  1,076,611  2016 Corporate i<span class=\"_ _0\"></span>ncome tax - N<span class=\"_ _0\"></span>avigator Tissu<span class=\"_ _0\"></span>e Rod\u00e3o<span class=\"_ _0\"></span> 861,866  -  IRC 2016 - Processo<span class=\"_ _0\"></span> CAAD 7/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span> 272,697  -  2020 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 62,867 <span class=\"_ _0\"></span> -  Other 55,774 <span class=\"_ _0\"></span> 42,204 <span class=\"_ _0\"></span> 16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  The movements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 1,118,81<span class=\"_ _0\"></span>5  3,482,76<span class=\"_ _0\"></span>2  Increases  16,075,026 <span class=\"_ _0\"></span> 97,239 <span class=\"_ _0\"></span> Payments / (recei<span class=\"_ _0\"></span>pts)<span class=\"_ _0\"></span> (977,298) (2,027,635) Reversals<span class=\"_ _0\"></span> -  (433,551) 16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  Uncerta<span class=\"_ _2\"></span>in ta<span class=\"_ _2\"></span>x <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 19,967<span class=\"_ _0\"></span>,180  22,898<span class=\"_ _0\"></span>,753  Increases  4,572,566  8,094,261  Payments / (recei<span class=\"_ _0\"></span>pts)<span class=\"_ _0\"></span> 17,350,270 <span class=\"_ _0\"></span> (62<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>67)<span class=\"_ _0\"></span> Reversals<span class=\"_ _0\"></span> (27<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>27,655)<span class=\"_ _0\"></span> (10<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>62,967)<span class=\"_ _0\"></span> Changes in the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> (5,204<span class=\"_ _0\"></span>,819) (2,931<span class=\"_ _0\"></span>,573) 14,762<span class=\"_ _0\"></span>,361  19,967<span class=\"_ _0\"></span>,180  Taxes <span class=\"_ _2\"></span>paid i<span class=\"_ _2\"></span>n liti<span class=\"_ _2\"></span>gation<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1, the <span class=\"_ _2\"></span>additio<span class=\"_ _2\"></span>nal tax ass<span class=\"_ _2\"></span>essments<span class=\"_ _2\"></span> that a<span class=\"_ _2\"></span>re already <span class=\"_ _2\"></span>paid and co<span class=\"_ _2\"></span>ntes<span class=\"_ _2\"></span>ted, not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in as<span class=\"_ _2\"></span>sets, <span class=\"_ _2\"></span>refe<span class=\"_ _2\"></span>r to the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group an<span class=\"_ _2\"></span>d ar<span class=\"_ _2\"></span>e summaris<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax (Note <span class=\"_ _0\"></span>10.3)<span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 2006 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax (Note 10.3)<span class=\"_ _1\"></span> 8,150,146  8,150,146  2015 Corporate i<span class=\"_ _0\"></span>ncome tax - N<span class=\"_ _0\"></span>avigator Tissu<span class=\"_ _0\"></span>e R\u00f3d\u00e3o, S.A.<span class=\"_ _0\"></span> 7,586,361  7,586,361  2018 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax 14,433,913 <span class=\"_ _0\"></span> -  2016 State surcharge<span class=\"_ _0\"></span> 3,761,397  3,761,397  2017 State surcharge<span class=\"_ _0\"></span> 8,462,724  8,462,724  2018 State surcharge<span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 2016 and 2017 CDTJI corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax<span class=\"_ _0\"></span> 1,522,660  1,522,660  66,535<span class=\"_ _0\"></span>,292  52,101<span class=\"_ _0\"></span>,379  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>for ad<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> tax ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ents tha<span class=\"_ _2\"></span>t may res<span class=\"_ _2\"></span>ult from <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>ws by the ta<span class=\"_ _2\"></span>x authori<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>differen<span class=\"_ _2\"></span>t countries<span class=\"_ _2\"></span> wher<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p operates<span class=\"_ _2\"></span>. When <span class=\"_ _2\"></span>the final<span class=\"_ _2\"></span> result o<span class=\"_ _2\"></span>f these si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns is <span class=\"_ _2\"></span>different f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tially <span class=\"_ _2\"></span>recorded<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ences w<span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span> have an impact o<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me tax in <span class=\"_ _2\"></span>the peri<span class=\"_ _2\"></span>od in <span class=\"_ _2\"></span>which the<span class=\"_ _2\"></span>y occur. In Portu<span class=\"_ _2\"></span>gal, annual<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>revi<span class=\"_ _2\"></span>ew and poss<span class=\"_ _2\"></span>ible adjus<span class=\"_ _2\"></span>tment <span class=\"_ _2\"></span>by the tax au<span class=\"_ _2\"></span>thorities f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 4 y<span class=\"_ _2\"></span>ears. H<span class=\"_ _2\"></span>owever, i<span class=\"_ _2\"></span>f tax lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>they ma<span class=\"_ _2\"></span>y be subject <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>view by th<span class=\"_ _2\"></span>e tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r a peri<span class=\"_ _2\"></span>od of 6<span class=\"_ _2\"></span> years. <span class=\"_ _2\"></span>In othe<span class=\"_ _2\"></span>r countri<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the Group oper<span class=\"_ _2\"></span>ates, th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>eriods ar<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>ferent, us<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly highe<span class=\"_ _2\"></span>r. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>considers <span class=\"_ _2\"></span>that an<span class=\"_ _2\"></span>y corr<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> to th<span class=\"_ _2\"></span>ose stat<span class=\"_ _2\"></span>ements as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of reviews/i<span class=\"_ _2\"></span>nspecti<span class=\"_ _2\"></span>ons by th<span class=\"_ _2\"></span>e tax au<span class=\"_ _2\"></span>thori<span class=\"_ _2\"></span>ties will<span class=\"_ _2\"></span> not hav<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> the conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements as<span class=\"_ _2\"></span> at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2020, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the <span class=\"ff9\">period </span>s<span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>and incl<span class=\"_ _2\"></span>uding 201<span class=\"_ _2\"></span>8 have alre<span class=\"_ _2\"></span>ady been <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>wed. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, if<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>effec<span class=\"_ _2\"></span>tive tax <span class=\"_ _2\"></span>rate corres<span class=\"_ _2\"></span>ponded to <span class=\"_ _2\"></span>the nomi<span class=\"_ _2\"></span>nal rat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>27.5%, there wou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>an increas<span class=\"_ _2\"></span>e in e<span class=\"_ _2\"></span>xpenses <span class=\"_ _2\"></span>with inco<span class=\"_ _2\"></span>me taxes<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 18<span class=\"_ _2\"></span>,093<span class=\"_ _2\"></span>,292 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 17<span class=\"_ _2\"></span>,865,8<span class=\"_ _2\"></span>09). Uncertain ta<span class=\"_ _2\"></span>x pos<span class=\"_ _2\"></span>itions<span class=\"_ _2\"></span> The amount of<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es recorded <span class=\"_ _2\"></span>for t<span class=\"_ _2\"></span>ax proce<span class=\"_ _2\"></span>edings ari<span class=\"_ _2\"></span>ses from <span class=\"_ _2\"></span>an ass<span class=\"_ _2\"></span>essment made by the <span class=\"_ _2\"></span>Group, <span class=\"_ _2\"></span>as to<span class=\"_ _2\"></span> the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n, regarding potenti<span class=\"_ _2\"></span>al dif<span class=\"_ _2\"></span>ferences of<span class=\"_ _2\"></span> unders<span class=\"_ _2\"></span>tanding wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ties, considering <span class=\"_ _2\"></span>the d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents in tax mat<span class=\"_ _2\"></span>ters<span class=\"_ _2\"></span>.  The Group<span class=\"_ _2\"></span>, in rela<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n to the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of unc<span class=\"_ _2\"></span>ertain <span class=\"_ _2\"></span>tax posi<span class=\"_ _2\"></span>tions, c<span class=\"_ _2\"></span>onsiders <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns of IFR<span class=\"_ _2\"></span>IC 23 - \"Unce<span class=\"_ _2\"></span>rtain<span class=\"_ _2\"></span>ty over <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax Trea<span class=\"_ _2\"></span>tments<span class=\"_ _2\"></span>\", namel<span class=\"_ _2\"></span>y the meas<span class=\"_ _2\"></span>urement of<span class=\"_ _2\"></span> risks <span class=\"_ _2\"></span>and uncertainti<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the defini<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e best es<span class=\"_ _2\"></span>timate o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e expense <span class=\"_ _2\"></span>requir<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gation, by <span class=\"_ _2\"></span>weighing <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the possibl<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ed by them an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>eir ass<span class=\"_ _2\"></span>ociated probabili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Current i<span class=\"_ _2\"></span>ncome t<span class=\"_ _2\"></span>ax is c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on net p<span class=\"_ _2\"></span>rofit, <span class=\"_ _2\"></span>adjusted i<span class=\"_ _2\"></span>n conf<span class=\"_ _2\"></span>ormity <span class=\"_ _2\"></span>with tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in f<span class=\"_ _2\"></span>orce at th<span class=\"_ _2\"></span>e sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> consol<span class=\"_ _2\"></span>idated fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>date. Taxa<span class=\"_ _2\"></span>tion group In Portu<span class=\"_ _2\"></span>gal, th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>subject <span class=\"_ _2\"></span>to the s<span class=\"_ _2\"></span>pecial <span class=\"_ _2\"></span>tax re<span class=\"_ _2\"></span>gime for grou<span class=\"_ _2\"></span>ps o<span class=\"_ _2\"></span>f compani<span class=\"_ _2\"></span>es (RETGS), c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g companies <span class=\"_ _2\"></span>in which <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>harehol<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> is equal<span class=\"_ _2\"></span> to or mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% and which meet <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>laid down <span class=\"_ _2\"></span>in a<span class=\"_ _2\"></span>rticles<span class=\"_ _2\"></span> 69, and fo<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lowing o<span class=\"_ _2\"></span>f the Corpora<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>Income Tax Code (IRC<span class=\"_ _2\"></span> Code)<span class=\"_ _2\"></span>. These comp<span class=\"_ _2\"></span>anies i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the RE<span class=\"_ _2\"></span>TGS calc<span class=\"_ _2\"></span>ulate in<span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>taxes as if<span class=\"_ _2\"></span> they <span class=\"_ _2\"></span>were ta<span class=\"_ _2\"></span>xed independ<span class=\"_ _2\"></span>ently. L<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties are r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>due to <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant entit<span class=\"_ _2\"></span>y of the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> Group, cur<span class=\"_ _2\"></span>rentl<span class=\"_ _2\"></span>y The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S<span class=\"_ _2\"></span>.A. <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s res<span class=\"_ _2\"></span>ponsible f<span class=\"_ _2\"></span>or the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>overall<span class=\"_ _2\"></span> clearanc<span class=\"_ _2\"></span>e and paym<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>rporate i<span class=\"_ _2\"></span>ncome <span class=\"_ _2\"></span>tax. Wh<span class=\"_ _2\"></span>ere ther<span class=\"_ _2\"></span>e are <span class=\"_ _2\"></span>gains o<span class=\"_ _2\"></span>n the us<span class=\"_ _2\"></span>e of this regime<span class=\"_ _2\"></span>, these are <span class=\"_ _2\"></span>record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>ncome in <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant en<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ty financi<span class=\"_ _2\"></span>al statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In 2018<span class=\"_ _2\"></span>, a tax grou<span class=\"_ _2\"></span>p was al<span class=\"_ _2\"></span>so es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed in Sp<span class=\"_ _2\"></span>ain, whic<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des the three s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>of the group bas<span class=\"_ _2\"></span>ed in tha<span class=\"_ _2\"></span>t coun<span class=\"_ _2\"></span>try and o<span class=\"_ _2\"></span>wned <span class=\"_ _2\"></span>by Bosques<span class=\"_ _2\"></span> do A<span class=\"_ _2\"></span>tl\u00e2ntico, S.L<span class=\"_ _2\"></span>., the pa<span class=\"_ _2\"></span>rent-compan<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span> the ta<span class=\"_ _2\"></span>x group. 6.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Deferr<span class=\"_ _2\"></span>ed taxes<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>ferred<span class=\"_ _2\"></span> taxe<span class=\"_ _2\"></span>s  <span class=\"ff4 fs12\">As at 1 </span>Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 Januar<span class=\"_ _0\"></span>y  Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span> 2022  Increas<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Decreases <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Equity <span class=\"_ _0\"></span> 2022 <span class=\"fc7 sc0\"> </span>Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax assets Taxed provisi<span class=\"_ _0\"></span>ons 4,544,163  9,369,827  -  -  13,913,990 <span class=\"_ _0\"></span> Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 62,470,397 <span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>02,890)<span class=\"_ _0\"></span> -  43,767,507 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 7,448,830  -  -  (7,448,830) -  Deferred accounti<span class=\"_ _0\"></span>ng gains on i<span class=\"_ _0\"></span>ntra-group <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons 21,090,053 <span class=\"_ _0\"></span> 5,138,400  -  -  26,228,453 <span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets -  14,456,082 <span class=\"_ _0\"></span> -  -  14,456,082 <span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> 203,588  -  (203,588) -  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 4,200,000  -  (3,640,000) -  560,000  99,957<span class=\"_ _0\"></span>,031  28,964<span class=\"_ _0\"></span>,309  (22,54<span class=\"_ _0\"></span>6,478) (7,448<span class=\"_ _0\"></span>,830) 98,926<span class=\"_ _0\"></span>,032  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (388,758) (213,971) -  244,246  (358,483) Fi<span class=\"_ _0\"></span>nancial instruments -  (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>94,177)<span class=\"_ _0\"></span> 21,570,514 <span class=\"_ _0\"></span> (1,680,081) -  (5,403,744) Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> (306,642,712)<span class=\"_ _0\"></span> 5,934,899  -  -  (300,707,813)<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> (4,142,627) 213,450  -  66,683 <span class=\"_ _0\"></span> (3,862,494) (336<span class=\"_ _0\"></span>,468,274) 27,504<span class=\"_ _0\"></span>,892  (1,680<span class=\"_ _0\"></span>,081) (46,86<span class=\"_ _0\"></span>3,556) (357<span class=\"_ _0\"></span>,507,019) Deferred tax assets <span class=\"_ _0\"></span> 27,488,184 <span class=\"_ _0\"></span> 7,965,185  (6,200,281) (2,048,428) 27,204,659 <span class=\"_ _0\"></span> Government grants (N<span class=\"_ _0\"></span>ote 3.5)<span class=\"_ _0\"></span> 549,224  -  (549,224) -  -  Deferred tax ass<span class=\"_ _0\"></span>ets  28,037<span class=\"_ _0\"></span>,408  7,965,18<span class=\"_ _0\"></span>5  (6,749<span class=\"_ _0\"></span>,505) (2,048<span class=\"_ _0\"></span>,428) 27,204<span class=\"_ _0\"></span>,659  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (92,52<span class=\"_ _0\"></span>8,775) 7,563,84<span class=\"_ _0\"></span>5  (462<span class=\"_ _0\"></span>,022) (12,88<span class=\"_ _0\"></span>7,478) (98,31<span class=\"_ _0\"></span>4,430)  As at 1 Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 Januar<span class=\"_ _0\"></span>y  Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span> 2021  Increas<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Decreases <span class=\"_ _0\"></span>  Equity <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>2021 <span class=\"fc7 sc0\"> </span>Temporary diffe<span class=\"_ _0\"></span>rences origin<span class=\"_ _0\"></span>ating defer<span class=\"_ _0\"></span>red tax assets Taxed provisi<span class=\"_ _0\"></span>ons 6,974,025  -  (2,429,862) -  4,544,163  Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 71,179,011 <span class=\"_ _0\"></span> -  (8,708,614) -  62,470,397 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 8,879,577  -  -  (1,430,747) 7,448,830  Deferred accounti<span class=\"_ _0\"></span>ng gains on i<span class=\"_ _0\"></span>ntra-group 15,145,588 <span class=\"_ _0\"></span> 5,944,465  -  -  21,090,053 <span class=\"_ _0\"></span> transactions<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> 203,588  -  -  -  203,588  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 7,000,000  -  (3,360,000) 560,000  4,200,000  109<span class=\"_ _0\"></span>,381,789<span class=\"_ _0\"></span>  5,944,46<span class=\"_ _0\"></span>5  (14,49<span class=\"_ _0\"></span>8,476) (870<span class=\"_ _0\"></span>,747) 99,957<span class=\"_ _0\"></span>,031  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (224,593) 649,357  -  (813,522) (388,758) Deferred accounti<span class=\"_ _0\"></span>ng losses on int<span class=\"_ _0\"></span>ra-group (9,929,599) -  -  9,929,599  -  transactions<span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets (23<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>21,032)<span class=\"_ _0\"></span> -  (2,173,145) -  (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>94,177)<span class=\"_ _0\"></span> Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> (272,907,547)<span class=\"_ _0\"></span> -  (33<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>35,165)<span class=\"_ _0\"></span> -  (306,642,712)<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> (6,406,374) 489,447  -  1,774,300  (4,142,627) (312<span class=\"_ _0\"></span>,589,145) 1,138,80<span class=\"_ _0\"></span>4  (35,90<span class=\"_ _0\"></span>8,310) 10,890<span class=\"_ _0\"></span>,377  (336<span class=\"_ _0\"></span>,468,274) Deferred tax assets <span class=\"_ _0\"></span> 30,079,992 <span class=\"_ _0\"></span> 1,634,728  (3,987,081) (239,455) 27,488,184 <span class=\"_ _0\"></span> Government grants (N<span class=\"_ _0\"></span>ote 3.5)<span class=\"_ _0\"></span> 549,224  -  -  -  549,224  Deferred tax ass<span class=\"_ _0\"></span>ets  30,629<span class=\"_ _0\"></span>,216  1,634,72<span class=\"_ _0\"></span>8  (3,987<span class=\"_ _0\"></span>,081) (239<span class=\"_ _0\"></span>,455) 28,037<span class=\"_ _0\"></span>,408  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (85,96<span class=\"_ _0\"></span>2,015) 313<span class=\"_ _0\"></span>,171  (9,874<span class=\"_ _0\"></span>,785) 2,994,85<span class=\"_ _0\"></span>4  (92,52<span class=\"_ _0\"></span>8,775) In the m<span class=\"_ _2\"></span>easuremen<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>erred ta<span class=\"_ _2\"></span>xes as a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1 and 202<span class=\"_ _2\"></span>0, the ra<span class=\"_ _2\"></span>te of 27.50% was u<span class=\"_ _2\"></span>sed.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Deferred t<span class=\"_ _2\"></span>ax is<span class=\"_ _2\"></span> calcul<span class=\"_ _2\"></span>ated base<span class=\"_ _2\"></span>d on <span class=\"_ _2\"></span>the liabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on on <span class=\"_ _2\"></span>the temporary <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>between the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alues <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>their res<span class=\"_ _2\"></span>pective tax base. <span class=\"_ _2\"></span>To d<span class=\"_ _2\"></span>etermin<span class=\"_ _2\"></span>e the defe<span class=\"_ _2\"></span>rred <span class=\"_ _2\"></span>tax, <span class=\"_ _2\"></span>the tax ra<span class=\"_ _2\"></span>te e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted t<span class=\"_ _0\"></span>o be i<span class=\"_ _2\"></span>n force i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in which the <span class=\"_ _2\"></span>tempora<span class=\"_ _2\"></span>ry diffe<span class=\"_ _2\"></span>rences <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be reverse<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>used. Deferred t<span class=\"_ _2\"></span>ax asse<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed wh<span class=\"_ _2\"></span>enever th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>asonabl<span class=\"_ _2\"></span>e likeli<span class=\"_ _2\"></span>hood that f<span class=\"_ _2\"></span>uture taxable <span class=\"_ _2\"></span>profits <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be generat<span class=\"_ _2\"></span>ed agai<span class=\"_ _2\"></span>nst whic<span class=\"_ _2\"></span>h they c<span class=\"_ _2\"></span>an be <span class=\"_ _2\"></span>offset. <span class=\"_ _2\"></span>Deferred tax <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re revised <span class=\"_ _2\"></span>periodical<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d decreas<span class=\"_ _2\"></span>ed when<span class=\"_ _2\"></span>ever i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>ey will<span class=\"_ _2\"></span> not be us<span class=\"_ _2\"></span>ed. Deferred t<span class=\"_ _2\"></span>axes a<span class=\"_ _2\"></span>re rec<span class=\"_ _2\"></span>orded as <span class=\"_ _2\"></span>an inco<span class=\"_ _2\"></span>me or e<span class=\"_ _2\"></span>xpense fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he period<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>xcept where <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>result from amo<span class=\"_ _2\"></span>unts recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectly <span class=\"_ _2\"></span>under Shar<span class=\"_ _2\"></span>eholders\u2019<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> in <span class=\"_ _2\"></span>which defer<span class=\"_ _2\"></span>red tax i<span class=\"_ _2\"></span>s </span>also<span class=\"_ _2\"></span> recorded un<span class=\"_ _2\"></span>der the sam<span class=\"_ _2\"></span>e cap<span class=\"_ _2\"></span>tion. Ta<span class=\"_ _2\"></span>x benef<span class=\"_ _2\"></span>its a<span class=\"_ _2\"></span>ttributed <span class=\"_ _2\"></span>to the Gro<span class=\"_ _2\"></span>up re<span class=\"_ _2\"></span>gardi<span class=\"_ _2\"></span>ng its investmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t as th<span class=\"_ _2\"></span>ere is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient ta<span class=\"_ _2\"></span>xable inco<span class=\"_ _2\"></span>me to all<span class=\"_ _2\"></span>ow its us<span class=\"_ _2\"></span>e. 7.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Payr<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span> </span></span>7.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Payroll<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span> </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es - fixed <span class=\"_ _0\"></span>(Note 7.3)<span class=\"_ _0\"></span> 3,352,988  3,358,889  Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es  - variabl<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span> 6,780,465  6,616,077  Other remunerati<span class=\"_ _0\"></span>ons 128,388,853  105,452,229  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 23,596,088 <span class=\"_ _0\"></span> 22,186,532 <span class=\"_ _0\"></span> Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (Note 7.2.4)<span class=\"_ _0\"></span> 1,305,000  1,565,032  Other payroll<span class=\"_ _0\"></span> costs 22,815,841 <span class=\"_ _0\"></span> 15,837,036 <span class=\"_ _0\"></span> Payroll costs 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n payrol<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>ts is <span class=\"_ _2\"></span>related to <span class=\"_ _2\"></span>the good <span class=\"_ _2\"></span>perfor<span class=\"_ _2\"></span>mance o<span class=\"_ _2\"></span>f Navigato<span class=\"_ _2\"></span>r in 2022<span class=\"_ _2\"></span>, which all<span class=\"_ _2\"></span>owed the recogni<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f a hi<span class=\"_ _2\"></span>gher valu<span class=\"_ _2\"></span>e of acc<span class=\"_ _2\"></span>rued e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>payment of <span class=\"_ _2\"></span>employee bonuses <span class=\"_ _2\"></span>in 202<span class=\"_ _2\"></span>3, the paymen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a new produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty bonu<span class=\"_ _2\"></span>s to <span class=\"_ _2\"></span>employees <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>reinforc<span class=\"_ _2\"></span>ement of the <span class=\"_ _2\"></span>rejuvena<span class=\"_ _2\"></span>tion prog<span class=\"_ _2\"></span>ramme.<span class=\"_ _2\"></span> Num<span class=\"_ _2\"></span>ber of em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyees <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>segment at<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> end <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2021<span class=\"_ _2\"></span> </span> Var. 22/<span class=\"_ _2\"></span>21 <span class=\"fc7 sc0\"> </span>Market pul<span class=\"_ _0\"></span>p 262  254  8 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>UWF 1,801  1,778  23 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Ti<span class=\"_ _0\"></span>ssue 410  383  27 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Other 773  735  38 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>3,246  3,150  96 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>Other Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>are detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows du<span class=\"_ _2\"></span>ring the <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>ds ende<span class=\"_ _2\"></span>d 31 December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Traini<span class=\"_ _0\"></span>ng 1,451,447  848,438  Soci<span class=\"_ _0\"></span>al act<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on 2,760,881  2,519,264  Insurance <span class=\"_ _0\"></span> 5,449,464  5,544,604  Compensati<span class=\"_ _0\"></span>ons 12,624,106 <span class=\"_ _0\"></span> 6,464,506  Other 529,943  460,224  22,815<span class=\"_ _0\"></span>,841  15,837<span class=\"_ _0\"></span>,036  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Short-term emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>enefits<span class=\"_ _2\"></span> Acquired ri<span class=\"_ _2\"></span>ghts - ho<span class=\"_ _2\"></span>lida<span class=\"_ _2\"></span>ys and hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owanc<span class=\"_ _2\"></span>e In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ollecti<span class=\"_ _2\"></span>ve la<span class=\"_ _2\"></span>bour agreem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>pplicabl<span class=\"_ _2\"></span>e to The N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. as well<span class=\"_ _2\"></span> as under <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>greement c<span class=\"_ _2\"></span>elebra<span class=\"_ _2\"></span>ted with <span class=\"_ _2\"></span>the L<span class=\"_ _2\"></span>abour Unions<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up comp<span class=\"_ _2\"></span>anies are entitled <span class=\"_ _2\"></span>to a 2<span class=\"_ _2\"></span>5 worki<span class=\"_ _2\"></span>ng days <span class=\"_ _2\"></span>leave, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as to a <span class=\"_ _2\"></span>month\u2019<span class=\"_ _2\"></span>s hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owance.<span class=\"ff1\"> </span>Productivi<span class=\"_ _2\"></span>ty bonus<span class=\"_ _2\"></span> In 2022<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up intro<span class=\"_ _2\"></span>duced a P<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity <span class=\"_ _2\"></span>bonus i<span class=\"_ _2\"></span>n addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the normal bon<span class=\"_ _2\"></span>us p<span class=\"_ _2\"></span>aid to employees<span class=\"_ _2\"></span>. The ai<span class=\"_ _2\"></span>m of thi<span class=\"_ _2\"></span>s bonus<span class=\"_ _2\"></span> is to f<span class=\"_ _2\"></span>ocus on <span class=\"_ _2\"></span>increasi<span class=\"_ _2\"></span>ng produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty and prof<span class=\"_ _2\"></span>itabi<span class=\"_ _2\"></span>lity, <span class=\"_ _2\"></span>which are criti<span class=\"_ _2\"></span>cal and <span class=\"_ _2\"></span>fundament<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>prerequisi<span class=\"_ _2\"></span>tes for co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nued in<span class=\"_ _2\"></span>vestment i<span class=\"_ _2\"></span>n busin<span class=\"_ _2\"></span>ess gro<span class=\"_ _2\"></span>wth and sustain<span class=\"_ _2\"></span>able improv<span class=\"_ _2\"></span>ements <span class=\"_ _2\"></span>in sal<span class=\"_ _2\"></span>aries and <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts. Thus<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>he Producti<span class=\"_ _2\"></span>vity Bonus <span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>the achievemen<span class=\"_ _2\"></span>t of produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> levels a<span class=\"_ _2\"></span>t chal<span class=\"_ _2\"></span>lenging <span class=\"_ _2\"></span>threshol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>corresponding <span class=\"_ _2\"></span>to di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>t level<span class=\"_ _2\"></span>s of remunera<span class=\"_ _2\"></span>tion, bas<span class=\"_ _2\"></span>ed on a b<span class=\"_ _2\"></span>asic<span class=\"_ _2\"></span> monthly s<span class=\"_ _2\"></span>alary. Bonuses Accordin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the current <span class=\"_ _2\"></span>Performan<span class=\"_ _2\"></span>ce Mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>Syste<span class=\"_ _2\"></span>m (<span class=\"ff9\">Si<span class=\"_ _0\"></span>stema d<span class=\"_ _2\"></span>e Gest<span class=\"_ _2\"></span>\u00e3o de </span>Desempenho<span class=\"ff1\">), <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es hav<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>right <span class=\"_ _2\"></span>to a bonus, <span class=\"_ _2\"></span>based o<span class=\"_ _2\"></span>n annuall<span class=\"_ _2\"></span>y defined o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives. <span class=\"_ _2\"></span>The </span>entitlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>this bonus<span class=\"_ _2\"></span> is u<span class=\"_ _2\"></span>sually <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>year <span class=\"_ _2\"></span>preceding i<span class=\"_ _2\"></span>ts p<span class=\"_ _2\"></span>ayment. These li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e year i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>the Empl<span class=\"_ _2\"></span>oyees acquir<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>e respecti<span class=\"_ _2\"></span>ve ri<span class=\"_ _2\"></span>ght, against th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement and i<span class=\"_ _2\"></span>rrespec<span class=\"_ _2\"></span>tive of <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te o<span class=\"_ _2\"></span>f payment, <span class=\"_ _2\"></span>whil<span class=\"_ _2\"></span>st the bal<span class=\"_ _2\"></span>ance payable <span class=\"_ _2\"></span>at the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n is <span class=\"_ _2\"></span>shown under the caption <span class=\"_ _2\"></span>Payables <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>ther cur<span class=\"_ _2\"></span>rent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. Benefits <span class=\"_ _2\"></span>arising <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> employmen<span class=\"_ _2\"></span>t The benefi<span class=\"_ _2\"></span>ts arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of emplo<span class=\"_ _2\"></span>yment are <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecognised wh<span class=\"_ _2\"></span>en the G<span class=\"_ _2\"></span>roup can <span class=\"_ _2\"></span>no longer wi<span class=\"_ _2\"></span>thdraw <span class=\"_ _2\"></span>the offe<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>such benefi<span class=\"_ _2\"></span>ts o<span class=\"_ _2\"></span>r in whi<span class=\"_ _2\"></span>ch the <span class=\"_ _2\"></span>Group recogni<span class=\"_ _2\"></span>ses <span class=\"_ _2\"></span>the cost o<span class=\"_ _2\"></span>f restruc<span class=\"_ _2\"></span>turing un<span class=\"_ _2\"></span>der the <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>ions reco<span class=\"_ _2\"></span>rding. <span class=\"_ _2\"></span>Benefi<span class=\"_ _2\"></span>ts due <span class=\"_ _2\"></span>more than 12 <span class=\"_ _2\"></span>months af<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>e en<span class=\"_ _2\"></span>d of the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>period a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>counted <span class=\"_ _2\"></span>to thei<span class=\"_ _2\"></span>r presen<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue.<span class=\"ff4\"> </span>7.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Employe<span class=\"_ _2\"></span>e bene<span class=\"_ _2\"></span>fits </span></span>7.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Introduction<span class=\"_ _2\"></span> Some Group c<span class=\"_ _2\"></span>ompanies <span class=\"_ _2\"></span>gran<span class=\"_ _2\"></span>t their <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es post-re<span class=\"_ _2\"></span>tirement ben<span class=\"_ _2\"></span>efits, <span class=\"_ _2\"></span>either i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the form o<span class=\"_ _2\"></span>f defined b<span class=\"_ _2\"></span>enefit pl<span class=\"_ _2\"></span>ans or i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> defi<span class=\"_ _2\"></span>ned cont<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> pl<span class=\"_ _2\"></span>ans.  The plans ar<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>nded th<span class=\"_ _2\"></span>rough a cl<span class=\"_ _2\"></span>osed P<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n Fund, man<span class=\"_ _2\"></span>aged by an <span class=\"_ _2\"></span>ext<span class=\"_ _2\"></span>ernal en<span class=\"_ _2\"></span>tity, whi<span class=\"_ _2\"></span>ch subcontrac<span class=\"_ _2\"></span>ts the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of i<span class=\"_ _2\"></span>ts asse<span class=\"_ _2\"></span>ts to e<span class=\"_ _2\"></span>xternal <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>et management <span class=\"_ _2\"></span>entities<span class=\"_ _2\"></span>.  A. Pen<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>Plan <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Define<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>nefit<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as respons<span class=\"_ _2\"></span>ibili<span class=\"_ _2\"></span>ties wi<span class=\"_ _2\"></span>th post<span class=\"_ _2\"></span>-employment <span class=\"_ _2\"></span>ben<span class=\"_ _2\"></span>efit plan<span class=\"_ _2\"></span>s for a <span class=\"_ _2\"></span>reduced <span class=\"_ _2\"></span>group of Employees who <span class=\"_ _2\"></span>have ch<span class=\"_ _2\"></span>osen <span class=\"_ _2\"></span>to maintai<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Defined <span class=\"_ _2\"></span>Ben<span class=\"_ _2\"></span>efit Plan (Th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Compan<span class=\"_ _2\"></span>y) or who have cho<span class=\"_ _2\"></span>sen <span class=\"_ _2\"></span>to maintai<span class=\"_ _2\"></span>n a Saf<span class=\"_ _2\"></span>eguard C<span class=\"_ _2\"></span>lause, <span class=\"_ _2\"></span>the lat<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing the conv<span class=\"_ _2\"></span>ersion<span class=\"_ _2\"></span> of thei<span class=\"_ _2\"></span>r plan i<span class=\"_ _2\"></span>nto a Defi<span class=\"_ _2\"></span>ned Cont<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> Plan (Th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Com<span class=\"_ _2\"></span>pany)<span class=\"_ _2\"></span>. In eff<span class=\"_ _2\"></span>ect, th<span class=\"_ _2\"></span>e safegua<span class=\"_ _2\"></span>rd cl<span class=\"_ _2\"></span>ause gives th<span class=\"_ _2\"></span>e Employe<span class=\"_ _2\"></span>e the o<span class=\"_ _2\"></span>ption, a<span class=\"_ _2\"></span>t the ti<span class=\"_ _2\"></span>me of re<span class=\"_ _2\"></span>tirem<span class=\"_ _2\"></span>ent, <span class=\"_ _2\"></span>to pay a <span class=\"_ _2\"></span>pension <span class=\"_ _2\"></span>in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with the pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> lai<span class=\"_ _2\"></span>d down on the D<span class=\"_ _2\"></span>efined B<span class=\"_ _2\"></span>enefi<span class=\"_ _2\"></span>t Plan. Fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>hose who <span class=\"_ _2\"></span>choose to <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>vate the Safeguar<span class=\"_ _2\"></span>d Clause, <span class=\"_ _2\"></span>the acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed balanc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the Define<span class=\"_ _2\"></span>d C<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span> Plan (<span class=\"ff9\">Conta</span> 1<span class=\"_ _2\"></span>) wi<span class=\"_ _2\"></span>ll be used to f<span class=\"_ _2\"></span>inance <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty of the D<span class=\"_ _2\"></span>efined B<span class=\"_ _2\"></span>enefit <span class=\"_ _2\"></span>Plan. B. Pen<span class=\"_ _2\"></span>sion Pla<span class=\"_ _2\"></span>n <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Define<span class=\"_ _2\"></span>d cont<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>bution<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>three Def<span class=\"_ _2\"></span>ined Con<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n plan<span class=\"_ _2\"></span>s were in <span class=\"_ _2\"></span>force co<span class=\"_ _2\"></span>vering 3<span class=\"_ _2\"></span>,097<span class=\"_ _2\"></span> employees <span class=\"_ _2\"></span>(2021: <span class=\"_ _2\"></span>2,936 Empl<span class=\"_ _2\"></span>oyees) (No<span class=\"_ _2\"></span>te 7.2<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>. 7.2.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Defined b<span class=\"_ _2\"></span>enefit plan<span class=\"_ _2\"></span> Policy fo<span class=\"_ _2\"></span>r managi<span class=\"_ _2\"></span>ng the ri<span class=\"_ _2\"></span>sk asso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h defi<span class=\"_ _2\"></span>ned ben<span class=\"_ _2\"></span>efit plans<span class=\"_ _2\"></span> The Group<span class=\"_ _0\"></span>'s exp<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> risk i<span class=\"_ _0\"></span>s lim<span class=\"_ _0\"></span>ited t<span class=\"_ _0\"></span>o the n<span class=\"_ _0\"></span>umbe<span class=\"_ _0\"></span>r of ex<span class=\"_ _0\"></span>isting bene<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>iciaries<span class=\"_ _0\"></span> and w<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span> tend<span class=\"_ _0\"></span> to decre<span class=\"_ _0\"></span>ase, <span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ce there are<span class=\"_ _0\"></span> no d<span class=\"_ _0\"></span>efined<span class=\"_ _0\"></span> bene<span class=\"_ _0\"></span>fit p<span class=\"_ _0\"></span>lans open<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> new<span class=\"_ _0\"></span> employ<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>s in the <span class=\"_ _0\"></span>Gro<span class=\"_ _0\"></span>up.<span class=\"_ _1\"></span> The most<span class=\"_ _0\"></span> sign<span class=\"_ _0\"></span>ificant<span class=\"_ _0\"></span> risks<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> which th<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Group<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>is expo<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>hrough de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ined bene<span class=\"_ _0\"></span>fit p<span class=\"_ _0\"></span>lans <span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>lude:<span class=\"_ _0\"></span> i) Risk of<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>in the l<span class=\"_ _0\"></span>ongev<span class=\"_ _0\"></span>ity of<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipants<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> ii) Market<span class=\"_ _0\"></span> rate<span class=\"_ _0\"></span> var<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> <span class=\"ff8\">\u2013<span class=\"_ _0\"></span></span> rate vari<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span> the rate u<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>o disco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> liabi<span class=\"_ _0\"></span>lities (te<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>nica<span class=\"_ _0\"></span>l interest <span class=\"_ _0\"></span>rate) which i<span class=\"_ _0\"></span>s based <span class=\"_ _0\"></span>on yi<span class=\"_ _0\"></span>eld c<span class=\"_ _0\"></span>urv<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>f hig<span class=\"_ _0\"></span>hly rated<span class=\"_ _0\"></span> bo<span class=\"_ _0\"></span>nds wit<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> mat<span class=\"_ _0\"></span>uritie<span class=\"_ _0\"></span>s simi<span class=\"_ _0\"></span>lar to<span class=\"_ _0\"></span> the liab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ities' exp<span class=\"_ _0\"></span>iry dat<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> the fixed rate<span class=\"_ _0\"></span> of ret<span class=\"_ _0\"></span>urn<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> assets.<span class=\"_ _0\"></span> The<span class=\"_ _0\"></span> Gr<span class=\"_ _0\"></span>oup use<span class=\"_ _0\"></span>s yie<span class=\"_ _0\"></span>ld c<span class=\"_ _0\"></span>urves i<span class=\"_ _0\"></span>n order t<span class=\"_ _0\"></span>o mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>or the ev<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f rates<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> performs<span class=\"_ _0\"></span> sens<span class=\"_ _0\"></span>itivity <span class=\"_ _0\"></span>analy<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span> of intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate var<span class=\"_ _0\"></span>iati<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns <span class=\"_ _0\"></span>with<span class=\"_ _0\"></span> the aim <span class=\"_ _0\"></span>of f<span class=\"_ _0\"></span>oreseei<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd prev<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ing the<span class=\"_ _0\"></span> conseq<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>t impact <span class=\"_ _0\"></span>on the<span class=\"_ _0\"></span> fund'<span class=\"_ _0\"></span>s fundi<span class=\"_ _0\"></span>ng leve<span class=\"_ _0\"></span>l.<span class=\"_ _1\"></span> iii) Risk<span class=\"_ _0\"></span> of cha<span class=\"_ _0\"></span>nge <span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> wage<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> pens<span class=\"_ _0\"></span>ion gr<span class=\"_ _0\"></span>owth <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span> iv) Retur<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span> the fu<span class=\"_ _0\"></span>nd's <span class=\"_ _0\"></span>financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _0\"></span> the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> clos<span class=\"_ _0\"></span>ely mo<span class=\"_ _0\"></span>nitors<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> evolut<span class=\"_ _0\"></span>ion of<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> fund's <span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s, as<span class=\"_ _0\"></span> well a<span class=\"_ _0\"></span>s the evol<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> mai<span class=\"_ _0\"></span>n finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l market <span class=\"_ _0\"></span>indi<span class=\"_ _0\"></span>cators, rev<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iting t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>olicy ap<span class=\"_ _0\"></span>proved<span class=\"_ _0\"></span> f<span class=\"_ _0\"></span>or the management<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s whenev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> just<span class=\"_ _0\"></span>ifiab<span class=\"_ _0\"></span>le, and <span class=\"_ _0\"></span>at l<span class=\"_ _0\"></span>east every<span class=\"_ _0\"></span> thre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icy is <span class=\"_ _0\"></span>alig<span class=\"_ _0\"></span>ned with a <span class=\"_ _0\"></span>conservat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> view<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f asset<span class=\"_ _0\"></span> manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed on the<span class=\"_ _0\"></span> ba<span class=\"_ _0\"></span>sis of<span class=\"_ _0\"></span> the resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sibil<span class=\"_ _0\"></span>ities t<span class=\"_ _0\"></span>o be f<span class=\"_ _0\"></span>inanced<span class=\"_ _0\"></span> by the fund.<span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span>'s go<span class=\"_ _0\"></span>al is t<span class=\"_ _0\"></span>o ma<span class=\"_ _0\"></span>inta<span class=\"_ _0\"></span>in a l<span class=\"_ _0\"></span>iabi<span class=\"_ _0\"></span>lity coverag<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> level<span class=\"_ _0\"></span> of 90<span class=\"_ _0\"></span>%, ther<span class=\"_ _0\"></span>eby s<span class=\"_ _0\"></span>afeg<span class=\"_ _0\"></span>uard<span class=\"_ _0\"></span>ing aga<span class=\"_ _0\"></span>inst t<span class=\"_ _0\"></span>he above<span class=\"_ _1\"></span> risks.<span class=\"_ _38\"></span> Net liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es Net li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties reflec<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idat<span class=\"_ _2\"></span>ed statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on and the numb<span class=\"_ _2\"></span>er of benefici<span class=\"_ _2\"></span>aries of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>defined <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>t plans i<span class=\"_ _2\"></span>n forc<span class=\"_ _2\"></span>e in the Gr<span class=\"_ _2\"></span>oup are d<span class=\"_ _2\"></span>etailed <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows: 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>No. of No. of Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Past service li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties    <span class=\"ls0\">Active empl<span class=\"_ _0\"></span>oyees, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng indi<span class=\"_ _0\"></span>vidual accounts<span class=\"_ _0\"></span> </span>367  49,465,578 <span class=\"_ _0\"></span> 408  71,291,405 <span class=\"_ _0\"></span>    <span class=\"ls0\">Al<span class=\"_ _0\"></span>umni </span>140  22,728,925 <span class=\"_ _0\"></span> 126  26,059,672 <span class=\"_ _0\"></span>    <span class=\"ls0\">Reti<span class=\"_ _0\"></span>red employees<span class=\"_ _0\"></span> </span>590  85,075,143 <span class=\"_ _0\"></span> 567  93,651,512 <span class=\"_ _0\"></span> Market val<span class=\"_ _0\"></span>ue of pension funds<span class=\"_ _0\"></span> (154,433,916)<span class=\"_ _0\"></span> (185,327,671)<span class=\"_ _0\"></span> Total net liabilities<span class=\"_ _0\"></span> 1,097  2,835,73<span class=\"_ _0\"></span>0  1,101  5,674,91<span class=\"_ _0\"></span>8  Historic<span class=\"_ _2\"></span>al info<span class=\"_ _2\"></span>rmat<span class=\"_ _2\"></span>ion - la<span class=\"_ _2\"></span>st fi<span class=\"_ _2\"></span>ve yea<span class=\"_ _2\"></span>rs  Amounts in Euro<span class=\"_ _0\"></span> 2018 2019 2020 2021 2022 Present value of l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties  154,456,240  179,880,752  191,253,527  191,002,589  157,269,646  Fair value of assets <span class=\"_ _0\"></span>and reserves<span class=\"_ _0\"></span> 147,131,961  173,292,676  178,691,062  185,327,671  154,433,916  Surplus / (deficit)<span class=\"_ _1\"></span> (7,324<span class=\"_ _0\"></span>,279) (6,588<span class=\"_ _0\"></span>,076) (12,56<span class=\"_ _0\"></span>2,465) (5,674<span class=\"_ _0\"></span>,918) (2,835<span class=\"_ _0\"></span>,730) Evolut<span class=\"_ _2\"></span>ion of <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ned <span class=\"_ _2\"></span>benefit<span class=\"_ _2\"></span> plan lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span> 2022 Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _0\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 191,002,589  26,336  2,349,180  (29<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>69,349)<span class=\"_ _0\"></span> (6,239,110) 157,269,646  191<span class=\"_ _0\"></span>,002,589<span class=\"_ _0\"></span>  26,336<span class=\"_ _0\"></span>  2,349,18<span class=\"_ _0\"></span>0  (29,86<span class=\"_ _0\"></span>9,349) (6,239<span class=\"_ _0\"></span>,110) 157<span class=\"_ _0\"></span>,269,646  2021 Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _0\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 191,253,527  44,883  2,353,176  3,350,242  (5,999,239) 191,002,589  191<span class=\"_ _0\"></span>,253,527<span class=\"_ _0\"></span>  44,883<span class=\"_ _0\"></span>  2,353,17<span class=\"_ _0\"></span>6  3,350,24<span class=\"_ _0\"></span>2  (5,999<span class=\"_ _0\"></span>,239) 191<span class=\"_ _0\"></span>,002,589  The avera<span class=\"_ _2\"></span>ge expec<span class=\"_ _2\"></span>ted dura<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _2\"></span>t liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>s 13.4 <span class=\"_ _2\"></span>years (2021: 15 y<span class=\"_ _2\"></span>ears).<span class=\"_ _2\"></span> Funds<span class=\"_ _2\"></span> Fund<span class=\"_ _2\"></span>s alloc<span class=\"_ _2\"></span>ated t<span class=\"_ _2\"></span>o the <span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>benefit pe<span class=\"_ _2\"></span>nsion <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>ns <span class=\"ffa\">\u2013</span> evolut<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,691,062<span class=\"_ _0\"></span>  Charge for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  5,318,407  Expected i<span class=\"_ _0\"></span>ncome for the perio<span class=\"_ _0\"></span>d 2,277,915  2,195,584  Remeasurement <span class=\"_ _0\"></span> (26<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>32,571)<span class=\"_ _0\"></span> 5,275,230  Pensio<span class=\"_ _0\"></span>ns pa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>d (6,239,099) (5,999,229) Other  (153,383) Closing balance<span class=\"_ _0\"></span> 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>of 20<span class=\"_ _2\"></span>22 and 20<span class=\"_ _2\"></span>21, <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>ributions <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t plans p<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ted above as al<span class=\"_ _2\"></span>locatio<span class=\"_ _2\"></span>ns were <span class=\"_ _2\"></span>made i<span class=\"_ _2\"></span>n full<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e Group comp<span class=\"_ _2\"></span>anies <span class=\"_ _2\"></span>and no co<span class=\"_ _2\"></span>ntributi<span class=\"_ _2\"></span>ons wer<span class=\"_ _2\"></span>e made by the <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ticipants <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>ese plans<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>this opti<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>exists.  The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e define<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t plan are und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e manag<span class=\"_ _2\"></span>ement of AGE<span class=\"_ _2\"></span>AS <span class=\"ff8\">\u2013</span> Pensio<span class=\"_ _2\"></span>ns, Schro<span class=\"_ _2\"></span>ders, <span class=\"_ _2\"></span>Santande<span class=\"_ _2\"></span>r AM and <span class=\"_ _2\"></span>Julius<span class=\"_ _2\"></span> Baer, <span class=\"_ _2\"></span>as de<span class=\"_ _2\"></span>tailed belo<span class=\"_ _2\"></span>w: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Defined benefi<span class=\"_ _0\"></span>t and <span class=\"ff9\">Conta </span><span class=\"ls78\">1:</span> AGEAS - Pensio<span class=\"_ _0\"></span>ns 105,079  3,938,660  Schroders 62,325,236 <span class=\"_ _0\"></span> 70,993,049 <span class=\"_ _0\"></span> Santander AM<span class=\"_ _0\"></span> 62,244,783 <span class=\"_ _0\"></span> 72,705,468 <span class=\"_ _0\"></span> Conta <span class=\"ff1 ls78\">1 <span class=\"ls0\">-<span class=\"_ _2\"></span> J<span class=\"_ _0\"></span>uli<span class=\"_ _0\"></span>us Baer </span></span>29,758,819 <span class=\"_ _0\"></span> 37,690,494 <span class=\"_ _0\"></span> Total Defined benefit <span class=\"_ _0\"></span>and <span class=\"fff\">Cont<span class=\"_ _0\"></span>a</span> 1 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  Fund<span class=\"_ _2\"></span>s alloc<span class=\"_ _2\"></span>ated t<span class=\"_ _2\"></span>o define<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>benefit <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>- c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>positi<span class=\"_ _2\"></span>on of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>Securities listed in<span class=\"_ _0\"></span> the market<span class=\"_ _0\"></span> Bonds 94,778,925 <span class=\"_ _0\"></span> 61.37% 112,303,157  60.60% Shares 40,402,326 <span class=\"_ _0\"></span> 26.16% 50,274,545 <span class=\"_ _0\"></span> 27.13% Publi<span class=\"_ _0\"></span>c debt 17,282,244 <span class=\"_ _0\"></span> 11.19% 14,558,914 <span class=\"_ _0\"></span> 7.86% Liqui<span class=\"_ _0\"></span>dity 1,865,342  1.21% 4,252,394  2.29% Real estate<span class=\"_ _0\"></span> -  0.00% -  0.00% Other short-term i<span class=\"_ _0\"></span>nvestments<span class=\"_ _0\"></span> 105,079  0.07% 3,938,660  2.13% 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund <span class=\"_ _2\"></span>do no<span class=\"_ _2\"></span>t incl<span class=\"_ _2\"></span>ude any ass<span class=\"_ _2\"></span>ets o<span class=\"_ _2\"></span>f the Grou<span class=\"_ _2\"></span>p. 7.2.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Defined cont<span class=\"_ _2\"></span>ributi<span class=\"_ _2\"></span>ons plan As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021 and 2<span class=\"_ _2\"></span>020, <span class=\"_ _2\"></span>two defi<span class=\"_ _2\"></span>ned con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on pl<span class=\"_ _2\"></span>ans were in f<span class=\"_ _2\"></span>orc<span class=\"_ _2\"></span>e for mos<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e Employees<span class=\"_ _2\"></span>. The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund <span class=\"_ _2\"></span>that fi<span class=\"_ _2\"></span>nance t<span class=\"_ _2\"></span>he define<span class=\"_ _2\"></span>d co<span class=\"_ _2\"></span>ntributio<span class=\"_ _2\"></span>n plans <span class=\"_ _2\"></span>are unde<span class=\"_ _2\"></span>r th<span class=\"_ _2\"></span>e managemen<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>Ageas P<span class=\"_ _2\"></span>ens\u00f5es, <span class=\"_ _2\"></span>as detai<span class=\"_ _2\"></span>led belo<span class=\"_ _2\"></span>w: No. of Profitabili<span class=\"_ _0\"></span>ty No. of Profitabili<span class=\"_ _0\"></span>ty Amounts in Euro<span class=\"_ _0\"></span> Benefi<span class=\"_ _0\"></span>ciaries <span class=\"_ _0\"></span><span class=\"ff6 fc1\"> </span>% 2022 Benefi<span class=\"_ _0\"></span>ciaries % 2021 Defined contri<span class=\"_ _0\"></span>bution (Ageas Pens\u00f5es): Defensive sub-fund<span class=\"_ _0\"></span> 112<span class=\"ff3 fs1 fc1\"> </span>-12.79% 6,804,787  110  2.92% 7,995,969  Conservative sub-fu<span class=\"_ _0\"></span>nd 370  -13.41% 14,513,526 <span class=\"_ _0\"></span> 374  5.89% 19,301,087 <span class=\"_ _0\"></span> Dynamic sub-fu<span class=\"_ _0\"></span>nd 716  -13.40% 14,840,248 <span class=\"_ _0\"></span> 696  10.46% 17,234,845 <span class=\"_ _0\"></span> Agressive-sub-fun<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> 1,899  -14.56% 5,541,395  1,756  16.04% 6,462,291  Total defined cont<span class=\"_ _0\"></span>ribution<span class=\"_ _0\"></span> 3,097  41,699<span class=\"_ _0\"></span>,956  2,936  50,994<span class=\"_ _0\"></span>,193  * of <span class=\"_ _2\"></span>wh<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ch 28<span class=\"_ _2\"></span>4 are<span class=\"_ _2\"></span> f<span class=\"_ _2\"></span>ormer em<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>loyees<span class=\"_ _2\"></span> 7.2.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Expenses inc<span class=\"_ _2\"></span>urred <span class=\"_ _2\"></span>with p<span class=\"_ _2\"></span>ost<span class=\"_ _0\"></span>-empl<span class=\"_ _2\"></span>oyme<span class=\"_ _2\"></span>nt benefit p<span class=\"_ _2\"></span>lans The effec<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>ement for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>periods en<span class=\"_ _2\"></span>ded 3<span class=\"_ _2\"></span>1 December 2022<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>31 Decemb<span class=\"_ _2\"></span>er 2021 <span class=\"_ _2\"></span>was as fo<span class=\"_ _2\"></span>llows: 2022 2021 Defin<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> Defin<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> Current contribution - Impact on Current contribution - Impact on services Net Contributions net r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>ult services Net Contributions net r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>ult Amounts in Euro<span class=\"_ _0\"></span> cost inter<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> for th<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> period<span class=\"_ _0\"></span> (Note 7.1) cost inter<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> for th<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> period<span class=\"_ _0\"></span> (Note 7.1) Pensio<span class=\"_ _0\"></span>ns with autonomous<span class=\"_ _0\"></span> fund 26,336 <span class=\"_ _0\"></span> 71,265  -  97,601 <span class=\"_ _0\"></span> 44,883  157,591  -  202,474  Defined contri<span class=\"_ _0\"></span>butions pl<span class=\"_ _0\"></span>ans -  -  1,207,399  1,207,399  -  -  1,362,558  1,362,558  26,336<span class=\"_ _0\"></span>  71,265<span class=\"_ _0\"></span>  1,207,39<span class=\"_ _0\"></span>9  1,305,00<span class=\"_ _0\"></span>0  44,883<span class=\"_ _0\"></span>  157<span class=\"_ _0\"></span>,591  1,362,55<span class=\"_ _0\"></span>8  1,565,03<span class=\"_ _0\"></span>2  7.2.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Remeasurem<span class=\"_ _2\"></span>ent recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehensi<span class=\"_ _2\"></span>ve income 2022 Remensura\u00e7\u00f5es<span class=\"_ _0\"></span> Demographic Financial Experience Return on Gross Deferred Impact on Amounts in Euro<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> assumptions<span class=\"ff1\"> </span>assumptions<span class=\"ff1\"> </span>Plan Assets<span class=\"ff1\"> </span>amount<span class=\"ff1\"> </span>tax<span class=\"ff1\"> </span>Equit<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Pensio<span class=\"_ _0\"></span>ns with autonomous -  (35<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>26,332)<span class=\"_ _0\"></span> 6,059,525  32,603,596 <span class=\"_ _0\"></span> 2,936,789  67,168  3,003,957  fund -  (35,72<span class=\"_ _0\"></span>6,332) 6,059,52<span class=\"_ _0\"></span>5  32,603<span class=\"_ _0\"></span>,596  2,936,78<span class=\"_ _0\"></span>9  67,168<span class=\"_ _0\"></span>  3,003,95<span class=\"_ _0\"></span>7  2021 Remensura\u00e7\u00f5es<span class=\"_ _0\"></span> Demographic Financial Experience Return on Gross Deferred Impact on Amounts in Euro<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> assumptions assumptions Plan Assets amount tax Equit<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous - <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,924,988 <span class=\"fc5\"> </span>(223,719)<span class=\"fc5\"> </span>1,701,269 <span class=\"fc5\"> </span>fund - <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,924,98<span class=\"_ _0\"></span>8 <span class=\"fc5\"> </span>(223<span class=\"_ _0\"></span>,719)<span class=\"fc5\"> </span>1,701,26<span class=\"_ _0\"></span>9 <span class=\"fc5\"> </span>The re-measu<span class=\"_ _2\"></span>remen<span class=\"_ _2\"></span>ts ref<span class=\"_ _2\"></span>erred to a<span class=\"_ _2\"></span>bove <span class=\"_ _2\"></span>result fro<span class=\"_ _2\"></span>m exper<span class=\"_ _2\"></span>ience gai<span class=\"_ _2\"></span>ns and l<span class=\"_ _2\"></span>osses, <span class=\"_ _2\"></span>both in<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>and demographi<span class=\"_ _2\"></span>c terms<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty Benefits For<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span> Decree Law no 187/2<span class=\"_ _0\"></span>007 of 10 May<span class=\"_ _0\"></span> Disabili<span class=\"_ _0\"></span>ty table   EKV 80  EKV 80  Mortali<span class=\"_ _0\"></span>ty table TV 88-<span class=\"ls78\">90</span> TV 88-<span class=\"ls78\">90</span> Discount rate<span class=\"_ _0\"></span> 3.50% 1.25% Wage growth rate<span class=\"_ _0\"></span> 2.00% 1.00% Return rate on plan as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span> 3.50% 1.25% Pensio<span class=\"_ _0\"></span>ns gr<span class=\"_ _2\"></span>ow<span class=\"_ _0\"></span>th rate 1.5% or 2.00% 1.00% Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>0.5% decrease in the di<span class=\"_ _0\"></span>scount <span class=\"_ _0\"></span>rate Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 10,585,975 <span class=\"_ _0\"></span> 0.5% increase in the di<span class=\"_ _0\"></span>scount r<span class=\"_ _0\"></span>ate Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (9,619,544) 0.5% decrease in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (2,067,884) 0.5% increase in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 2,174,018  0.5% decrease in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (7,796,773) 0.5% increase in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,963,146  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>0.25% decrease in<span class=\"_ _0\"></span> the discoun<span class=\"_ _0\"></span>t rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,293,802  0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the discou<span class=\"_ _0\"></span>nt rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (6,901,576) 0.25% decrease in<span class=\"_ _0\"></span> the wage growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (1,643,123) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the wag<span class=\"_ _0\"></span>e growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 1,687,898  0.25% decrease in<span class=\"_ _0\"></span> the pensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _1\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (5,167,727) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the p<span class=\"_ _0\"></span>ensions growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 5,375,162  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined benef<span class=\"_ _2\"></span>it plan<span class=\"_ _2\"></span> Some of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidi<span class=\"_ _2\"></span>aries ha<span class=\"_ _2\"></span>ve assume<span class=\"_ _2\"></span>d the commi<span class=\"_ _2\"></span>tment to <span class=\"_ _2\"></span>make pa<span class=\"_ _2\"></span>yments <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>eir employees i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>form of<span class=\"_ _2\"></span> complemen<span class=\"_ _2\"></span>tary re<span class=\"_ _2\"></span>tiremen<span class=\"_ _2\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _2\"></span>ons, di<span class=\"_ _2\"></span>sabili<span class=\"_ _2\"></span>ty, early <span class=\"_ _2\"></span>retir<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>and survivors\u2019<span class=\"_ _2\"></span> pensi<span class=\"_ _2\"></span>ons, havi<span class=\"_ _2\"></span>ng cons<span class=\"_ _2\"></span>titut<span class=\"_ _2\"></span>ed defi<span class=\"_ _2\"></span>ned<span class=\"_ _0\"></span><span class=\"ff1\">-benefi<span class=\"_ _2\"></span>t pl<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>. </span>The Group s<span class=\"_ _2\"></span>et up <span class=\"_ _2\"></span>autonomous<span class=\"_ _2\"></span> pension <span class=\"_ _2\"></span>funds as <span class=\"_ _2\"></span>a means<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>of fundi<span class=\"_ _2\"></span>ng most of<span class=\"_ _2\"></span> the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Based on th<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit u<span class=\"_ _2\"></span>nit me<span class=\"_ _2\"></span>thod, the G<span class=\"_ _2\"></span>roup rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>es the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>attributi<span class=\"_ _2\"></span>on of these <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts as <span class=\"_ _2\"></span>the ser<span class=\"_ _2\"></span>vices ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>vided by <span class=\"_ _2\"></span>the em<span class=\"_ _2\"></span>ployees. <span class=\"_ _2\"></span>The total <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity is<span class=\"_ _2\"></span> estima<span class=\"_ _2\"></span>ted separatel<span class=\"_ _2\"></span>y for <span class=\"_ _2\"></span>each plan<span class=\"_ _2\"></span> at l<span class=\"_ _2\"></span>east once <span class=\"_ _2\"></span>every s<span class=\"_ _2\"></span>ix mon<span class=\"_ _2\"></span>ths, o<span class=\"_ _2\"></span>n the da<span class=\"_ _2\"></span>te of c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng of the i<span class=\"_ _2\"></span>nteri<span class=\"_ _2\"></span>m and annual<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ts, by a s<span class=\"_ _2\"></span>pecial<span class=\"_ _2\"></span>ised and i<span class=\"_ _2\"></span>ndepen<span class=\"_ _2\"></span>dent en<span class=\"_ _2\"></span>tity<span class=\"_ _2\"></span>. The liabi<span class=\"_ _2\"></span>lity thus<span class=\"_ _2\"></span> det<span class=\"_ _2\"></span>ermined is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n, less <span class=\"_ _2\"></span>the fair val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the fun<span class=\"_ _2\"></span>ds s<span class=\"_ _2\"></span>et up, und<span class=\"_ _2\"></span>er Pensi<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Actuarial<span class=\"_ _2\"></span> deviati<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in th<span class=\"_ _2\"></span>e value <span class=\"_ _2\"></span>of esti<span class=\"_ _2\"></span>mated l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities, as <span class=\"_ _2\"></span>a consequence <span class=\"_ _2\"></span>of chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and demo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns used an<span class=\"_ _2\"></span>d experi<span class=\"_ _2\"></span>ence gains, ad<span class=\"_ _2\"></span>ded to<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>tial bet<span class=\"_ _2\"></span>ween the ac<span class=\"_ _2\"></span>tual<span class=\"_ _2\"></span> return <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>fund assets an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed share of<span class=\"_ _2\"></span> net in<span class=\"_ _2\"></span>terest, <span class=\"_ _2\"></span>are d<span class=\"_ _2\"></span>esignat<span class=\"_ _2\"></span>ed as r<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>-measurem<span class=\"_ _2\"></span>ents <span class=\"_ _2\"></span>and recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y in the statement <span class=\"_ _2\"></span>of compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome, under <span class=\"_ _2\"></span>retaine<span class=\"_ _2\"></span>d earni<span class=\"_ _2\"></span>ngs. Net inter<span class=\"_ _2\"></span>est cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of the di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span> rate <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>net l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (value of<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es less <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f fund as<span class=\"_ _2\"></span>sets) <span class=\"_ _2\"></span>and<span class=\"_ _0\"></span> i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement for the p<span class=\"_ _2\"></span>eriod u<span class=\"_ _2\"></span>nder Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. The gains an<span class=\"_ _2\"></span>d l<span class=\"_ _2\"></span>osses gene<span class=\"_ _2\"></span>rated b<span class=\"_ _2\"></span>y a cur<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>ment or se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f a defi<span class=\"_ _2\"></span>ned-benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>are recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod when <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he curtail<span class=\"_ _2\"></span>ment or <span class=\"_ _2\"></span>settlemen<span class=\"_ _2\"></span>t occurs. A curtail<span class=\"_ _2\"></span>ment occurs <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a ma<span class=\"_ _2\"></span>terial re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he number of <span class=\"_ _2\"></span>emplo<span class=\"_ _2\"></span>yees. Costs <span class=\"_ _2\"></span>for past l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities resu<span class=\"_ _2\"></span>lting f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new plan or <span class=\"_ _2\"></span>incre<span class=\"_ _2\"></span>ases in<span class=\"_ _2\"></span> benefi<span class=\"_ _2\"></span>ts attribu<span class=\"_ _2\"></span>ted are <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d imm<span class=\"_ _2\"></span>ediately i<span class=\"_ _2\"></span>n the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>tement f<span class=\"_ _2\"></span>or t<span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined contrib<span class=\"_ _2\"></span>ution<span class=\"_ _2\"></span> plan Most of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidia<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>assumed comm<span class=\"_ _2\"></span>itments <span class=\"_ _2\"></span>reg<span class=\"_ _2\"></span>arding pa<span class=\"_ _2\"></span>yments to <span class=\"_ _2\"></span>a defi<span class=\"_ _2\"></span>ned contributi<span class=\"_ _2\"></span>on plan <span class=\"_ _2\"></span>in a pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>tage of <span class=\"_ _2\"></span>the empl<span class=\"_ _2\"></span>oyees\u2019 sal<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span>, in o<span class=\"_ _2\"></span>rder to pro<span class=\"_ _2\"></span>vide r<span class=\"_ _2\"></span>etir<span class=\"_ _2\"></span>ement, disabil<span class=\"_ _2\"></span>ity, earl<span class=\"_ _2\"></span>y <span class=\"ff8\">retirem<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d survivo<span class=\"_ _2\"></span>rs\u2019 pensi<span class=\"_ _2\"></span>ons.<span class=\"ff1\"> </span></span>To this <span class=\"_ _2\"></span>end, Pensi<span class=\"_ _2\"></span>on Funds <span class=\"_ _2\"></span>have b<span class=\"_ _2\"></span>een se<span class=\"_ _2\"></span>t up <span class=\"_ _2\"></span>to capital<span class=\"_ _2\"></span>ise <span class=\"_ _2\"></span>on thos<span class=\"_ _2\"></span>e contribu<span class=\"_ _2\"></span>tions, <span class=\"_ _2\"></span>for which employees ma<span class=\"_ _2\"></span>y stil<span class=\"_ _2\"></span>l make <span class=\"_ _2\"></span>voluntar<span class=\"_ _2\"></span>y contri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns, but <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up does<span class=\"_ _2\"></span> not assum<span class=\"_ _2\"></span>e any addi<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> contributi<span class=\"_ _2\"></span>on res<span class=\"_ _2\"></span>ponsibil<span class=\"_ _2\"></span>ities o<span class=\"_ _2\"></span>r a pre-fi<span class=\"_ _2\"></span>xed r<span class=\"_ _2\"></span>eturn. Thus<span class=\"_ _2\"></span>, the co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s made are reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>expenses o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d in whic<span class=\"_ _2\"></span>h they ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed, regardl<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>the ti<span class=\"_ _2\"></span>me of their se<span class=\"_ _2\"></span>ttlemen<span class=\"_ _2\"></span>t. 7.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Remunerat<span class=\"_ _2\"></span>ion o<span class=\"_ _2\"></span>f key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>personne<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Corpor<span class=\"_ _0\"></span>ate Bodies<span class=\"_ _0\"></span>   <span class=\"ls0\">Board of Di<span class=\"_ _0\"></span>rectors </span>2,<span class=\"ls0\">980,65<span class=\"_ _0\"></span>2  </span>2,978,880    <span class=\"ls0\">Superviso<span class=\"_ _0\"></span>ry Board<span class=\"_ _0\"></span> </span>53,998  53,998 <span class=\"_ _0\"></span>   <span class=\"ls0\">Envi<span class=\"_ _0\"></span>ronmental Counci<span class=\"_ _0\"></span>l </span>15,250  33,500 <span class=\"_ _0\"></span>   <span class=\"ls0\">General Meeti<span class=\"_ _0\"></span>ng </span>7,000  4,000  3,<span class=\"ls1c\">056</span>,<span class=\"ls1c\">900</span> <span class=\"_ _2\"></span> 3,070,<span class=\"ls1c\">378</span>   Corporate Bodi<span class=\"_ _0\"></span>es of other Group c<span class=\"_ _0\"></span>ompanies <span class=\"_ _1\"></span> 296<span class=\"ls0\">,</span>088<span class=\"ls0\"> <span class=\"_ _2\"></span> </span>288<span class=\"_ _0\"></span>,511 <span class=\"fc5\"> </span>Total (Note 7.1)<span class=\"_ _0\"></span> 3,352,98<span class=\"_ _0\"></span>8  3,358,88<span class=\"_ _0\"></span>9  Remuner<span class=\"_ _2\"></span>ation of the memb<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>f the Boar<span class=\"_ _2\"></span>d of Dir<span class=\"_ _2\"></span>ectors Full<span class=\"_ _2\"></span> details <span class=\"_ _2\"></span>of the remun<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>tion pol<span class=\"_ _2\"></span>icy for <span class=\"_ _2\"></span>the members <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Navigator's <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Direc<span class=\"_ _2\"></span>tors ar<span class=\"_ _2\"></span>e describe<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's Corpora<span class=\"_ _2\"></span>te Gov<span class=\"_ _2\"></span>ernanc<span class=\"_ _2\"></span>e Repor<span class=\"_ _2\"></span>t. Regarding <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits, <span class=\"_ _2\"></span>as at <span class=\"_ _2\"></span>31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span>, the amount of<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es rela<span class=\"_ _2\"></span>ted to post em<span class=\"_ _2\"></span>ploymen<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>efit plans<span class=\"_ _2\"></span>, in r<span class=\"_ _2\"></span>espect <span class=\"_ _2\"></span>of one Bo<span class=\"_ _2\"></span>ard<span class=\"_ _2\"></span> Member of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup, amo<span class=\"_ _2\"></span>unted to Euro 82<span class=\"_ _2\"></span>7,005 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>956,764)<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>addi<span class=\"_ _2\"></span>tion, thre<span class=\"_ _2\"></span>e of the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t Board Members ar<span class=\"_ _2\"></span>e members<span class=\"_ _2\"></span> of pensi<span class=\"_ _2\"></span>on plans<span class=\"_ _2\"></span> of Navi<span class=\"_ _2\"></span>gator B<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ds, S.A.<span class=\"_ _2\"></span>, a subsi<span class=\"_ _2\"></span>diary <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Company, as <span class=\"_ _2\"></span>Empl<span class=\"_ _2\"></span>oyees of t<span class=\"_ _2\"></span>hat compan<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>before jo<span class=\"_ _2\"></span>ining <span class=\"_ _2\"></span>management pos<span class=\"_ _2\"></span>itions. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, with <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>pect to the <span class=\"_ _2\"></span>members of<span class=\"_ _2\"></span> the Boa<span class=\"_ _2\"></span>rd of Directors <span class=\"_ _2\"></span>of Navi<span class=\"_ _2\"></span>gator<span class=\"_ _2\"></span>, there <span class=\"_ _2\"></span>were no<span class=\"_ _2\"></span>: i) ad<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>es all<span class=\"_ _2\"></span>ocated to o<span class=\"_ _2\"></span>ther lo<span class=\"_ _2\"></span>ng-term benefits<span class=\"_ _2\"></span>, ii<span class=\"_ _2\"></span>) benefits <span class=\"_ _2\"></span>arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>terminati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>employme<span class=\"_ _2\"></span>nt, ii<span class=\"_ _2\"></span>i) paym<span class=\"_ _2\"></span>ents bas<span class=\"_ _2\"></span>ed on all<span class=\"_ _2\"></span>ocated shares, an<span class=\"_ _2\"></span>d iv) o<span class=\"_ _2\"></span>utstan<span class=\"_ _2\"></span>ding bal<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>. 8.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Finan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>instru<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s </span></span>8.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span> mana<span class=\"_ _2\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent </span></span>The Company<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the le<span class=\"_ _2\"></span>vel of the N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, has <span class=\"_ _2\"></span>a ri<span class=\"_ _2\"></span>sk<span class=\"_ _0\"></span>-management <span class=\"_ _2\"></span>progr<span class=\"_ _2\"></span>am, which focus<span class=\"_ _2\"></span>es its an<span class=\"_ _2\"></span>alysis <span class=\"_ _2\"></span>on the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>view to<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>tigate the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> advers<span class=\"_ _2\"></span>e effects <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al perform<span class=\"_ _2\"></span>ance. R<span class=\"_ _2\"></span>isk man<span class=\"_ _2\"></span>agement is<span class=\"_ _2\"></span> u<span class=\"_ _2\"></span>ndertaken <span class=\"_ _2\"></span>by the Grou<span class=\"_ _2\"></span>p's Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Management i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>poli<span class=\"_ _2\"></span>cies appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>recto<span class=\"_ _2\"></span>rs and moni<span class=\"_ _2\"></span>tored by the <span class=\"_ _2\"></span>Risks an<span class=\"_ _2\"></span>d Control <span class=\"_ _2\"></span>Commis<span class=\"_ _2\"></span>sion. The Company <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>ts a proac<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>pproach <span class=\"_ _2\"></span>to risk man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment, as <span class=\"_ _2\"></span>a way to <span class=\"_ _2\"></span>mitigate th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al adve<span class=\"_ _2\"></span>rse effec<span class=\"_ _2\"></span>ts asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with tho<span class=\"_ _2\"></span>se risks<span class=\"_ _2\"></span>, nam<span class=\"_ _2\"></span>ely the fo<span class=\"_ _2\"></span>reign <span class=\"_ _2\"></span>exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>risk and interes<span class=\"_ _2\"></span>t rate ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> 8.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Currency ri<span class=\"_ _2\"></span>sk Currency<span class=\"_ _2\"></span> risk manag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent policy<span class=\"_ _2\"></span> A signif<span class=\"_ _0\"></span>icant<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of the N<span class=\"_ _0\"></span>avig<span class=\"_ _0\"></span>ator Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s sale<span class=\"_ _0\"></span>s is pri<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> in curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ies <span class=\"_ _0\"></span><span class=\"ff1\">ot<span class=\"_ _0\"></span>her t<span class=\"_ _0\"></span>han the<span class=\"_ _0\"></span> Euro,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span>fore<span class=\"_ _0\"></span> its ev<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ion </span>can have<span class=\"_ _0\"></span> a s<span class=\"_ _0\"></span>ignificant<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>mpact o<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>he cas<span class=\"_ _0\"></span>h flows<span class=\"_ _0\"></span> obta<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>from the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span>'s f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> sale<span class=\"_ _0\"></span>s, with t<span class=\"_ _0\"></span>he curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span> w<span class=\"_ _0\"></span>ith the<span class=\"_ _0\"></span> greatest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>ing the U<span class=\"_ _0\"></span>SD. A<span class=\"_ _0\"></span>lso, <span class=\"_ _0\"></span>sales<span class=\"_ _0\"></span> in GB<span class=\"_ _0\"></span>P, P<span class=\"_ _0\"></span>LN and<span class=\"_ _0\"></span> CHF h<span class=\"_ _0\"></span>ave <span class=\"_ _0\"></span>some we<span class=\"_ _0\"></span>ight,<span class=\"_ _0\"></span> hav<span class=\"_ _0\"></span>ing sal<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span> other currenc<span class=\"_ _0\"></span>ies less<span class=\"_ _0\"></span> expre<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion.<span class=\"_ _0\"></span> Purchas<span class=\"_ _0\"></span>es of s<span class=\"_ _0\"></span>ome raw<span class=\"_ _0\"></span> mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ls are<span class=\"_ _0\"></span> also <span class=\"_ _0\"></span>made<span class=\"_ _0\"></span> in US<span class=\"_ _0\"></span>D, <span class=\"_ _0\"></span>namely p<span class=\"_ _0\"></span>art <span class=\"_ _0\"></span>of wo<span class=\"_ _0\"></span>od and <span class=\"_ _0\"></span>long<span class=\"_ _1\"></span>-fibre<span class=\"_ _0\"></span> pu<span class=\"_ _0\"></span>lp import<span class=\"_ _0\"></span>s <span class=\"_ _0\"></span>of wo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> and acqu<span class=\"_ _0\"></span>isit<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>f long<span class=\"_ _0\"></span>-fibre<span class=\"_ _0\"></span> pu<span class=\"_ _0\"></span>lp. T<span class=\"_ _0\"></span>herefore, <span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>nges <span class=\"_ _0\"></span>in USD <span class=\"_ _0\"></span>may <span class=\"_ _0\"></span>have<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>ct <span class=\"_ _0\"></span>on acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion val<span class=\"_ _0\"></span>ues.<span class=\"_ _1\"></span> In add<span class=\"_ _0\"></span>ition,<span class=\"_ _0\"></span> once<span class=\"_ _0\"></span> a sa<span class=\"_ _0\"></span>le or purc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>se is ma<span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>in a curr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y other th<span class=\"_ _0\"></span>an t<span class=\"_ _0\"></span>he Eur<span class=\"_ _0\"></span>o, the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>comes <span class=\"_ _0\"></span>expo<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>o exchange<span class=\"_ _0\"></span> rate r<span class=\"_ _0\"></span>isk u<span class=\"_ _0\"></span>ntil t<span class=\"_ _0\"></span>he rece<span class=\"_ _0\"></span>ipt <span class=\"_ _0\"></span>or payme<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>f su<span class=\"_ _0\"></span>ch s<span class=\"_ _0\"></span>ale or pur<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>se, if n<span class=\"_ _0\"></span>o hedg<span class=\"_ _0\"></span>ing <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s are <span class=\"_ _0\"></span>in p<span class=\"_ _0\"></span>lace. As a res<span class=\"_ _0\"></span>ult, ther<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>is a sign<span class=\"_ _0\"></span>ificant <span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ber of<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s and debt<span class=\"_ _0\"></span>s pay<span class=\"_ _0\"></span>able,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> latter w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> lesse<span class=\"_ _0\"></span>r expre<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on, exposed<span class=\"_ _0\"></span> to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate<span class=\"_ _0\"></span> risk. <span class=\"_ _0\"></span> Use of <span class=\"_ _0\"></span>deriva<span class=\"_ _0\"></span>tive fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstrum<span class=\"_ _0\"></span>ents<span class=\"_ _1\"></span> The Group<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>s fore<span class=\"_ _0\"></span>ign exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risk<span class=\"_ _0\"></span>s by<span class=\"_ _0\"></span> using de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vative f<span class=\"_ _0\"></span>inanc<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, <span class=\"_ _0\"></span>in accord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith a p<span class=\"_ _0\"></span>olicy<span class=\"_ _1\"></span> that is s<span class=\"_ _0\"></span>ubject<span class=\"_ _0\"></span> to per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>ic rev<span class=\"_ _0\"></span>iew and w<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>urpose <span class=\"_ _0\"></span>is t<span class=\"_ _0\"></span>o lim<span class=\"_ _0\"></span>it the exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e r<span class=\"_ _0\"></span>isk asso<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>iated with<span class=\"_ _0\"></span> future<span class=\"_ _0\"></span> sale<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d purchase<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>counts<span class=\"_ _0\"></span> receivab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> and payab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> and ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r assets<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich are<span class=\"_ _0\"></span> de<span class=\"_ _0\"></span>nominate<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncies<span class=\"_ _0\"></span> other t<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span> the Euro.<span class=\"_ _0\"></span> In the per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s prese<span class=\"_ _0\"></span>nted,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> hold<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>rivative<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at are hedg<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> exchang<span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span> r<span class=\"_ _0\"></span>isk of f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> operati<span class=\"_ _0\"></span>ons in curren<span class=\"_ _0\"></span>cies <span class=\"_ _0\"></span>other tha<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>he pre<span class=\"_ _0\"></span>sentat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span> curren<span class=\"_ _0\"></span>cy (see <span class=\"_ _0\"></span>Note 8.2<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Der<span class=\"_ _0\"></span>ivativ<span class=\"_ _0\"></span>e finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> instrume<span class=\"_ _0\"></span>nts).<span class=\"_ _1\"></span> Expo<span class=\"_ _2\"></span>sure of<span class=\"_ _2\"></span> fina<span class=\"_ _2\"></span>ncial a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s t<span class=\"_ _2\"></span>o ex<span class=\"_ _2\"></span>change<span class=\"_ _2\"></span> rate r<span class=\"_ _2\"></span>isk a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>nsitiv<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>nalysi<span class=\"_ _2\"></span>s  South  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span>  Polish <span class=\"fc7 sc0\"> </span> Turkish <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Swiss <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Mozambi<span class=\"_ _0\"></span>can  Moroc<span class=\"_ _0\"></span>can African  Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 dollar <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>poun<span class=\"_ _0\"></span>d  zloti <span class=\"fc7 sc0\"> </span>lira <span class=\"fc7 sc0\"> </span>franc <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>metical <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>dirham <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>rand  (Euro) <span class=\"_ _0\"></span> Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 669,343  920,577  628,521  277,417  60,783  69,989,502 <span class=\"_ _0\"></span> 528,284  40,922  3,033,736  Receivables<span class=\"_ _0\"></span> 121,178,751  27,203,259 <span class=\"_ _0\"></span> 22,284,073 <span class=\"_ _0\"></span> 124,322  3,171,682  119,228,330  -  -  158,098,615  Total financial as<span class=\"_ _0\"></span>sets 121<span class=\"_ _0\"></span>,848,094<span class=\"_ _0\"></span>  28,123<span class=\"_ _0\"></span>,836  22,912<span class=\"_ _0\"></span>,594  401<span class=\"_ _0\"></span>,739  3,232,46<span class=\"_ _0\"></span>5  189<span class=\"_ _0\"></span>,217,832<span class=\"_ _0\"></span>  528<span class=\"_ _0\"></span>,284  40,922<span class=\"_ _0\"></span>  161<span class=\"_ _0\"></span>,132,351<span class=\"_ _0\"></span>  Loans Payables<span class=\"_ _0\"></span> (270,975) (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>83)<span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>10)<span class=\"_ _0\"></span> (30<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>85)<span class=\"_ _0\"></span> (98<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>03)<span class=\"_ _0\"></span> (1,373,124) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  (270<span class=\"_ _0\"></span>,975) (11,08<span class=\"_ _0\"></span>3) (22,91<span class=\"_ _0\"></span>0) (30,68<span class=\"_ _0\"></span>5) -  (98,20<span class=\"_ _0\"></span>3) -  (1,373<span class=\"_ _0\"></span>,124) Financial net position i<span class=\"_ _0\"></span>n foreign 121<span class=\"_ _0\"></span>,848,094<span class=\"_ _0\"></span>  27,852<span class=\"_ _0\"></span>,861  22,901<span class=\"_ _0\"></span>,511  378<span class=\"_ _0\"></span>,829  3,201,78<span class=\"_ _0\"></span>0  189<span class=\"_ _0\"></span>,217,832<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,081  40,922<span class=\"_ _0\"></span>  159<span class=\"_ _0\"></span>,759,227<span class=\"_ _0\"></span>  currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 117<span class=\"_ _0\"></span>,308,264<span class=\"_ _0\"></span>  32,454<span class=\"_ _0\"></span>,977  4,882,63<span class=\"_ _0\"></span>5  21,870<span class=\"_ _0\"></span>  3,214,63<span class=\"_ _0\"></span>9  2,847,30<span class=\"_ _0\"></span>8  40,715<span class=\"_ _0\"></span>  2,405  160<span class=\"_ _0\"></span>,772,812<span class=\"_ _0\"></span>  Impact of +10%<span class=\"_ _0\"></span> change in all <span class=\"_ _0\"></span>exchange rat<span class=\"_ _0\"></span>es on results fo<span class=\"_ _0\"></span>r the period<span class=\"_ _1\"></span> 9,305,76<span class=\"_ _0\"></span>0  Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange r<span class=\"_ _0\"></span>ates on results fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (11,37<span class=\"_ _0\"></span>3,706)  South  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span>  Polish <span class=\"fc7 sc0\"> </span> Turkish <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Swiss <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Mozambi<span class=\"_ _0\"></span>can  Moroc<span class=\"_ _0\"></span>can African  Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 dollar <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>poun<span class=\"_ _0\"></span>d <span class=\"fc0\"> </span>zloti <span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>lira <span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>franc <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>metical <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>dirham <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>rand <span class=\"fc0\"> </span>(Euro) <span class=\"_ _0\"></span><span class=\"fc0\"> </span>Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 3,392,118 <span class=\"fc5\"> </span>442,905 <span class=\"fc5\"> </span>546,861 <span class=\"fc5\"> </span>102,302 <span class=\"fc5\"> </span>117,265 <span class=\"fc5\"> </span>10,352,877 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>651,982 <span class=\"fc5\"> </span>40,922 <span class=\"fc5\"> </span>3,968,677 <span class=\"fc5\"> </span>Receivables<span class=\"_ _0\"></span> 63,112,114 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>7,550,211 <span class=\"fc5\"> </span>6,306,245 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,498,477 <span class=\"fc5\"> </span>3,588,455 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>67,580,500 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>Total financial as<span class=\"_ _0\"></span>sets 66,504<span class=\"_ _0\"></span>,232 <span class=\"fc5\"> </span>7,993,11<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>6,853,10<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>102<span class=\"_ _0\"></span>,302 <span class=\"fc5\"> </span>1,615,74<span class=\"_ _0\"></span>2 <span class=\"fc5\"> </span>13,941<span class=\"_ _0\"></span>,332 <span class=\"fc5\"> </span>651<span class=\"_ _0\"></span>,982 <span class=\"fc5\"> </span>40,922<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>71,549<span class=\"_ _0\"></span>,177 <span class=\"fc5\"> </span>Loans Payables<span class=\"_ _0\"></span> (4,349,239) (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>25)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>(12<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>(1,312)<span class=\"fc5\"> </span>(4,062)<span class=\"fc5\"> </span>(6,579,943)<span class=\"fc5\"> </span>(71<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>00)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>(3,979,758)<span class=\"fc5\"> </span>Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (4,349<span class=\"_ _0\"></span>,239)<span class=\"fc5\"> </span>(24,52<span class=\"_ _0\"></span>5)<span class=\"fc5\"> </span>(12,18<span class=\"_ _0\"></span>0)<span class=\"fc5\"> </span>(1,312<span class=\"_ _0\"></span>)<span class=\"fc5\"> </span>(4,062<span class=\"_ _0\"></span>)<span class=\"fc5\"> </span>(6,579<span class=\"_ _0\"></span>,943)<span class=\"fc5\"> </span>(71,00<span class=\"_ _0\"></span>0)<span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>(3,979<span class=\"_ _0\"></span>,758)<span class=\"fc5\"> </span>Financial net position i<span class=\"_ _0\"></span>n foreign 62,154<span class=\"_ _0\"></span>,993 <span class=\"fc5\"> </span>7,968,59<span class=\"_ _0\"></span>0 <span class=\"fc5\"> </span>6,840,92<span class=\"_ _0\"></span>7 <span class=\"fc5\"> </span>100<span class=\"_ _0\"></span>,990 <span class=\"fc5\"> </span>1,611,68<span class=\"_ _0\"></span>0 <span class=\"fc5\"> </span>7,361,38<span class=\"_ _0\"></span>9 <span class=\"fc5\"> </span>580<span class=\"_ _0\"></span>,982 <span class=\"fc5\"> </span>40,922<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>67,569<span class=\"_ _0\"></span>,419 <span class=\"fc5\"> </span>currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 54,878<span class=\"_ _0\"></span>,150 <span class=\"fc5\"> </span>9,483,25<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>1,488,16<span class=\"_ _0\"></span>1 <span class=\"fc5\"> </span>6,629 <span class=\"fc5\"> </span>1,560,04<span class=\"_ _0\"></span>3 <span class=\"fc5\"> </span>101<span class=\"_ _0\"></span>,789 <span class=\"fc5\"> </span>55,245<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>2,266 <span class=\"fc5\"> </span>67,569<span class=\"_ _0\"></span>,419 <span class=\"fc5\"> </span>Impact of +10%<span class=\"_ _0\"></span> change in all <span class=\"_ _0\"></span>exchange rat<span class=\"_ _0\"></span>es on results fo<span class=\"_ _0\"></span>r the period<span class=\"_ _1\"></span> 8,223,51<span class=\"_ _0\"></span>2 <span class=\"fc5\"> </span>Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange rate<span class=\"_ _0\"></span>s on results fo<span class=\"_ _0\"></span>r the <span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>riod (10,19<span class=\"_ _0\"></span>9,055)<span class=\"fc5\"> </span>In this <span class=\"_ _2\"></span>Note, th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>e exposure o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>to for<span class=\"_ _2\"></span>eign exchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s. There ar<span class=\"_ _2\"></span>e curr<span class=\"_ _2\"></span>encies<span class=\"_ _2\"></span> in whi<span class=\"_ _2\"></span>ch the Group has<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>rried ou<span class=\"_ _2\"></span>t trans<span class=\"_ _2\"></span>actions <span class=\"_ _2\"></span>but i<span class=\"_ _2\"></span>n which, a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e balance <span class=\"_ _2\"></span>sheet da<span class=\"_ _2\"></span>te, i<span class=\"_ _2\"></span>t does no<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e relevan<span class=\"_ _2\"></span>t foreign <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge exposu<span class=\"_ _2\"></span>res, whic<span class=\"_ _2\"></span>h is <span class=\"_ _2\"></span>why the <span class=\"_ _2\"></span>exch<span class=\"_ _2\"></span>ange rates di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed in not<span class=\"_ _2\"></span>e 1.4.4 are more num<span class=\"_ _2\"></span>erous <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>ies p<span class=\"_ _2\"></span>resented i<span class=\"_ _2\"></span>n this <span class=\"_ _2\"></span>note. 8.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Interest rate <span class=\"_ _2\"></span>risk<span class=\"_ _2\"></span> Interest <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk managem<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>olicy A signif<span class=\"_ _0\"></span>icant<span class=\"_ _0\"></span> share <span class=\"_ _0\"></span>of the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span>\u2019s f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>st is i<span class=\"_ _0\"></span>ndexed t<span class=\"_ _0\"></span>o sh<span class=\"_ _0\"></span>ort<span class=\"_ _0\"></span><span class=\"ff1\">-t<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span> referen<span class=\"_ _0\"></span>ce <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rates,<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich </span>are rev<span class=\"_ _0\"></span>iewed mo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span> once a yea<span class=\"_ _0\"></span>r (ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>lly every<span class=\"_ _1\"></span> six mo<span class=\"_ _0\"></span>nths <span class=\"_ _0\"></span>for med<span class=\"_ _0\"></span>ium a<span class=\"_ _0\"></span>nd <span class=\"_ _0\"></span>long<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>m debt).<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>nce<span class=\"ls80\">, </span>changes<span class=\"_ _0\"></span> in inter<span class=\"_ _0\"></span>est <span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span> can have<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>ct on t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>Group\u2019s ear<span class=\"_ _0\"></span>nings.<span class=\"_ _0\"></span> <span class=\"_ _1\"></span><span class=\"ff1\"> </span>The Group<span class=\"_ _0\"></span> per<span class=\"_ _0\"></span>iodic<span class=\"_ _0\"></span>ally<span class=\"_ _0\"></span> review<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s intere<span class=\"_ _0\"></span>st rate r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span> mana<span class=\"_ _0\"></span>gement<span class=\"_ _0\"></span> strategy.<span class=\"_ _1\"></span> In view<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> curre<span class=\"_ _0\"></span>nt <span class=\"_ _0\"></span>leve<span class=\"_ _0\"></span>l of intere<span class=\"_ _0\"></span>st rates, we<span class=\"_ _0\"></span> have<span class=\"_ _0\"></span> favou<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ract<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>f fixed<span class=\"_ _0\"></span> rate deb<span class=\"_ _1\"></span>t.<span class=\"_ _0\"></span> Use of <span class=\"_ _0\"></span>deriva<span class=\"_ _0\"></span>tive fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uments<span class=\"_ _1\"></span> When de<span class=\"_ _0\"></span>emed<span class=\"_ _0\"></span> appr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>iate by the<span class=\"_ _0\"></span> Bo<span class=\"_ _0\"></span>ard, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up use<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> deriv<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>8.2), na<span class=\"_ _0\"></span>mely<span class=\"_ _0\"></span> swaps,<span class=\"_ _0\"></span> with th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rpose <span class=\"_ _0\"></span>of fixi<span class=\"_ _0\"></span>ng the <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>est rate<span class=\"_ _0\"></span> on<span class=\"_ _0\"></span> loans <span class=\"_ _0\"></span>obta<span class=\"_ _0\"></span>ined, wit<span class=\"_ _0\"></span>hin <span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>in para<span class=\"_ _0\"></span>meter<span class=\"_ _0\"></span>s, dee<span class=\"_ _0\"></span>med appropr<span class=\"_ _0\"></span>iate by<span class=\"_ _0\"></span> the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>'s r<span class=\"_ _0\"></span>isk ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icies.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure to <span class=\"_ _2\"></span>intere<span class=\"_ _2\"></span>st <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _2\"></span>y 6<span class=\"_ _2\"></span>% (31 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21: 5%) of<span class=\"_ _2\"></span> the N<span class=\"_ _2\"></span>avigator Group\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities are <span class=\"_ _2\"></span>indexed to <span class=\"_ _2\"></span>short<span class=\"ff1\">-term <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ates, re<span class=\"_ _2\"></span>vised in <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>ds </span>below one <span class=\"_ _2\"></span>year (usu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y 6-month ra<span class=\"_ _2\"></span>tes for l<span class=\"_ _2\"></span>ong-te<span class=\"_ _2\"></span>rm debt<span class=\"_ _2\"></span>), plus dul<span class=\"_ _2\"></span>y negoti<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>risk spr<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. Hence, chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>tes can i<span class=\"_ _2\"></span>mpact th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>s earn<span class=\"_ _2\"></span>ings.<span class=\"ff1\"> </span>The Group h<span class=\"_ _2\"></span>as favou<span class=\"_ _2\"></span>red th<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>acting o<span class=\"_ _2\"></span>f fixe<span class=\"_ _2\"></span>d ra<span class=\"_ _2\"></span>te debt <span class=\"_ _2\"></span>and has de<span class=\"_ _2\"></span>rivat<span class=\"_ _0\"></span>iv<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial instruments <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>cover i<span class=\"_ _2\"></span>ts inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate ri<span class=\"_ _2\"></span>sk, namel<span class=\"_ _2\"></span>y inte<span class=\"_ _2\"></span>rest-rate swaps<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the purpos<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> fixi<span class=\"_ _2\"></span>ng the inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e on <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up\u2019s bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs within <span class=\"_ _2\"></span>certai<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>mits. <span class=\"ff1\"> </span>As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the detai<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>the finan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities wi<span class=\"_ _2\"></span>th inte<span class=\"_ _2\"></span>rest rate exposu<span class=\"_ _2\"></span>re, con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>e maturi<span class=\"_ _2\"></span>ty or <span class=\"_ _2\"></span>the next i<span class=\"_ _2\"></span>nter<span class=\"_ _2\"></span>est-fixing da<span class=\"_ _2\"></span>te is <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows: Up to <span class=\"fc7 sc0\"> </span>1-<span class=\"ls76\">3 </span><span class=\"fc7 sc0\"> </span>3-12 1-<span class=\"ls76\">5 </span><span class=\"fc7 sc0\"> </span>More than<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 1 month<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s month<span class=\"_ _0\"></span>s years 5 years <span class=\"_ _0\"></span> Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 343,083,788  -  -  -  -  343,083,788  Total financial as<span class=\"_ _0\"></span>sets 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  -  -  -  -  343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  492,801,587  123,710,317  616,511,905  Refundabl<span class=\"_ _0\"></span>e grants -  -  -  28,877,757 <span class=\"_ _0\"></span> 1,097,307  29,975,064 <span class=\"_ _0\"></span> Current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  49,857,143 <span class=\"_ _0\"></span> 25,218,254 <span class=\"_ _0\"></span> -  -  75,075,397 <span class=\"_ _0\"></span> Refundabl<span class=\"_ _0\"></span>e grants -  -  7,219,439  -  -  7,219,439  Total financial li<span class=\"_ _0\"></span>abilities<span class=\"_ _0\"></span> -  49,857<span class=\"_ _0\"></span>,143  32,437<span class=\"_ _0\"></span>,693  521<span class=\"_ _0\"></span>,679,344<span class=\"_ _0\"></span>  124<span class=\"_ _0\"></span>,807,625<span class=\"_ _0\"></span>  728<span class=\"_ _0\"></span>,781,805<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  293<span class=\"_ _0\"></span>,226,645<span class=\"_ _0\"></span>  260<span class=\"_ _0\"></span>,788,952<span class=\"_ _0\"></span>  (260<span class=\"_ _0\"></span>,890,392) (385<span class=\"_ _0\"></span>,698,017) Up<span class=\"ls0\"> to <span class=\"fc7 sc0\"> </span></span>1-<span class=\"ls76\">3 </span> 3-12 1-<span class=\"ls76\">5 </span> More than<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 1 month<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s month<span class=\"_ _0\"></span>s years 5 years <span class=\"_ _0\"></span> Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 239,171,252  -  -  -  -  239,171,252  Total financial as<span class=\"_ _0\"></span>sets 239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  -  -  -  -  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  647,913,901  32,202,381 <span class=\"_ _0\"></span> 680,116,282  Refundabl<span class=\"_ _0\"></span>e grants -  -  -  28,877,757 <span class=\"_ _0\"></span> 5,631,853  34,509,610 <span class=\"_ _0\"></span> Current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  115,218,254  -  -  -  115,218,254  Refundabl<span class=\"_ _0\"></span>e grants -  -  4,099,903  -  -  4,099,903  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  115<span class=\"_ _0\"></span>,218,254<span class=\"_ _0\"></span>  4,099,90<span class=\"_ _0\"></span>3  676<span class=\"_ _0\"></span>,791,658<span class=\"_ _0\"></span>  37,834<span class=\"_ _0\"></span>,234  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,952,998<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,853,095<span class=\"_ _0\"></span>  (556<span class=\"_ _0\"></span>,938,563) (594<span class=\"_ _0\"></span>,772,797) Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis The Group us<span class=\"_ _2\"></span>es the s<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty analysis <span class=\"_ _2\"></span>techni<span class=\"_ _2\"></span>que to m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>re impacts on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t and equit<span class=\"_ _2\"></span>y of i<span class=\"_ _2\"></span>ncrease o<span class=\"_ _2\"></span>r decr<span class=\"_ _2\"></span>ease on i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>tes maint<span class=\"_ _2\"></span>ainin<span class=\"_ _2\"></span>g the other <span class=\"_ _2\"></span>variabl<span class=\"_ _2\"></span>es constan<span class=\"_ _2\"></span>t. This i<span class=\"_ _2\"></span>s an i<span class=\"_ _2\"></span>llus<span class=\"_ _2\"></span>trative analysis<span class=\"_ _2\"></span> only s<span class=\"_ _2\"></span>ince chang<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> marke<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>rarely o<span class=\"_ _2\"></span>ccur se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y. The sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> based on th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowing <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons: i) C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market in<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>rates af<span class=\"_ _2\"></span>fect int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t income <span class=\"_ _2\"></span>and ex<span class=\"_ _2\"></span>penses a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng from varia<span class=\"_ _2\"></span>ble finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments;<span class=\"_ _2\"></span> ii<span class=\"_ _2\"></span>) Changes i<span class=\"_ _2\"></span>n market i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>tes aff<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrumen<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets o<span class=\"_ _2\"></span>r l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties; ii<span class=\"_ _2\"></span>i) Changes <span class=\"_ _2\"></span>in fai<span class=\"_ _2\"></span>r value o<span class=\"_ _2\"></span>f deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>and other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are measure<span class=\"_ _2\"></span>d using <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>scounted cash f<span class=\"_ _2\"></span>lows m<span class=\"_ _2\"></span>ethod, <span class=\"_ _2\"></span>with marke<span class=\"_ _2\"></span>t inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rates at year end.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>A 0.50% i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes on <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>nterest on <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ans are cal<span class=\"_ _2\"></span>culate<span class=\"_ _2\"></span>d would ha<span class=\"_ _2\"></span>ve an impact o<span class=\"_ _2\"></span>n its earni<span class=\"_ _2\"></span>ngs <span class=\"_ _2\"></span>before <span class=\"_ _2\"></span>taxes, fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31<span class=\"_ _2\"></span> December 2022 <span class=\"_ _2\"></span>by ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tely Euro 23<span class=\"_ _2\"></span>3,333 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro<span class=\"_ _2\"></span> 106,250<span class=\"ff9 ls19\">).<span class=\"ls0\"> </span></span>8.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Liquidit<span class=\"_ _2\"></span>y risk Liquid<span class=\"_ _2\"></span>ity ri<span class=\"_ _2\"></span>sk managem<span class=\"_ _2\"></span>ent policy<span class=\"_ _2\"></span> The Group<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>s the <span class=\"_ _0\"></span>liqu<span class=\"_ _0\"></span>idity r<span class=\"_ _0\"></span>isk in tw<span class=\"_ _0\"></span>o way<span class=\"_ _0\"></span>s: <span class=\"_ _1\"></span> i.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">ensur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>its fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l debt <span class=\"_ _0\"></span>has a <span class=\"_ _0\"></span>high<span class=\"_ _0\"></span> med<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span>- a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>ong-ter<span class=\"_ _0\"></span>m com<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ities approp<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ate </span></span>to the c<span class=\"_ _0\"></span>haracter<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ics of t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>ndustrie<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>here it <span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>ates,<span class=\"_ _0\"></span> and<span class=\"_ _1\"></span> ii.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">b<span class=\"_ _0\"></span>y contra<span class=\"_ _0\"></span>cting w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> institut<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>faci<span class=\"_ _0\"></span>lities a<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le at al<span class=\"_ _0\"></span>l time<span class=\"_ _0\"></span>s for an<span class=\"_ _0\"></span> amou<span class=\"_ _0\"></span>nt t<span class=\"_ _0\"></span>hat </span></span>guarante<span class=\"_ _0\"></span>es adequ<span class=\"_ _0\"></span>ate <span class=\"_ _0\"></span>liqu<span class=\"_ _0\"></span>idity.<span class=\"_ _0\"></span> Availab<span class=\"_ _0\"></span>le but <span class=\"_ _0\"></span>not us<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>cred<span class=\"_ _0\"></span>its<span class=\"_ _0\"></span><span class=\"ff4\"> </span>The Group<span class=\"_ _0\"></span>'s po<span class=\"_ _0\"></span>licy<span class=\"_ _0\"></span> is t<span class=\"_ _0\"></span>o maint<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>in cred<span class=\"_ _0\"></span>it faci<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies at ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uate leve<span class=\"_ _0\"></span>ls to, t<span class=\"_ _0\"></span>ogethe<span class=\"_ _0\"></span>r w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f Ca<span class=\"_ _0\"></span>sh and<span class=\"_ _0\"></span> Cas<span class=\"_ _0\"></span>h Equiva<span class=\"_ _0\"></span>lents <span class=\"_ _0\"></span>in order<span class=\"_ _0\"></span> to gua<span class=\"_ _0\"></span>rantee,<span class=\"_ _0\"></span> wit<span class=\"_ _0\"></span>h so<span class=\"_ _0\"></span>me <span class=\"_ _0\"></span>comfort<span class=\"_ _0\"></span> margi<span class=\"_ _0\"></span>n, the<span class=\"_ _0\"></span> cash cy<span class=\"_ _0\"></span>cle exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted for<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> next 12<span class=\"_ _0\"></span> mont<span class=\"_ _0\"></span>hs.<span class=\"_ _38\"></span> Contra<span class=\"_ _2\"></span>ctual ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>urity of <span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span> (undi<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>sh flo<span class=\"_ _2\"></span>ws incl<span class=\"_ _2\"></span>udin<span class=\"_ _2\"></span>g inte<span class=\"_ _2\"></span>rest)<span class=\"_ _2\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs  years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 <span class=\"ls0\">De<span class=\"_ _2\"></span>cember <span class=\"_ _2\"></span>2022 </span>Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000  10,257,500 <span class=\"_ _0\"></span> 19,942,100 <span class=\"_ _0\"></span> 341,457,650  101,310,000  473,387,250  Commercial<span class=\"_ _0\"></span> paper -  35,994,000 <span class=\"_ _0\"></span> 745,500  107,733,500  -  144,473,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  5,150,218  21,558,721 <span class=\"_ _0\"></span> 100,824,499  25,127,815 <span class=\"_ _0\"></span> 152,661,253  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> -  -  -  -  -  -  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  (1,027,675) (5,685,408) (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>83,272)<span class=\"_ _0\"></span> (652,775) (31<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>49,130)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es -  -  -  -  -  -  Total liabilities<span class=\"_ _0\"></span> 420<span class=\"_ _0\"></span>,000  50,374<span class=\"_ _0\"></span>,043  40,660<span class=\"_ _0\"></span>,815  554<span class=\"_ _0\"></span>,310,134<span class=\"_ _0\"></span>  131<span class=\"_ _0\"></span>,416,893<span class=\"_ _0\"></span>  777<span class=\"_ _0\"></span>,181,886<span class=\"_ _0\"></span>  Of which in<span class=\"_ _0\"></span>terest (at the rates 41,739<span class=\"_ _0\"></span>,698  prevailing at that <span class=\"_ _0\"></span>date)<span class=\"_ _0\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5.7) Bond lo<span class=\"_ _0\"></span>ans 420,000  2,197,750  6,495,875  457,660,500  -  466,774,125  Commercial<span class=\"_ _0\"></span> paper 65,130,000 <span class=\"_ _0\"></span> 36,242,500 <span class=\"_ _0\"></span> 994,000  144,224,500  -  246,591,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  552,000  13,495,740 <span class=\"_ _0\"></span> 80,570,487 <span class=\"_ _0\"></span> 33,462,507 <span class=\"_ _0\"></span> 128,080,734  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (Note 5.8)<span class=\"_ _0\"></span> -  -  -  -  -  -  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  1,185,597  1,259,307  323,238  -  2,768,142  Other payabl<span class=\"_ _0\"></span>es -  -  -  -  -  -  Total liabilities<span class=\"_ _0\"></span> 65,550<span class=\"_ _0\"></span>,000  40,177<span class=\"_ _0\"></span>,847  26,344<span class=\"_ _0\"></span>,824  711<span class=\"_ _0\"></span>,656,482<span class=\"_ _0\"></span>  39,094<span class=\"_ _0\"></span>,360  882<span class=\"_ _0\"></span>,823,514<span class=\"_ _0\"></span>  Of which interest (a<span class=\"_ _0\"></span>t the rates 37,408<span class=\"_ _0\"></span>,448  prevailing at that <span class=\"_ _0\"></span>date)<span class=\"_ _0\"></span> The tabl<span class=\"_ _2\"></span>e takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt th<span class=\"_ _2\"></span>e debt <span class=\"_ _2\"></span>issued an<span class=\"_ _2\"></span>d the l<span class=\"_ _2\"></span>ong-term d<span class=\"_ _2\"></span>ebt c<span class=\"_ _2\"></span>ontracted <span class=\"_ _2\"></span>and not disbursed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>refinance <span class=\"_ _2\"></span>the deb<span class=\"_ _2\"></span>t maturi<span class=\"_ _2\"></span>ng in 2<span class=\"_ _2\"></span>023 (A<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e and unuse<span class=\"_ _2\"></span>d cre<span class=\"_ _2\"></span>dit facili<span class=\"_ _2\"></span>ties). The cont<span class=\"_ _2\"></span>ractual ma<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>the int<span class=\"_ _2\"></span>erest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabiliti<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>presupposes <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>ulfi<span class=\"_ _2\"></span>lment of f<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>ial covenants<span class=\"_ _2\"></span>, as d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>led<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in Note <span class=\"_ _2\"></span>5.7 - Inte<span class=\"_ _2\"></span>rest-b<span class=\"_ _2\"></span>earing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities. Credit <span class=\"_ _2\"></span>line<span class=\"_ _2\"></span>s availa<span class=\"_ _2\"></span>ble <span class=\"_ _2\"></span>but not<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Unused credit l<span class=\"_ _0\"></span>ines Commercial<span class=\"_ _0\"></span> paper (wi<span class=\"_ _0\"></span>th long term underw<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>ng) 190,000,000  125,000,000  Long-term fi<span class=\"_ _0\"></span>nancing contracted a<span class=\"_ _0\"></span>nd not disbursed<span class=\"_ _0\"></span> -  -  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 20,450,714 <span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> 210<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  145<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  Commercial<span class=\"_ _0\"></span> paper used (Not<span class=\"_ _0\"></span>e 5.7)<span class=\"_ _0\"></span> 140,000,000  240,000,000  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es used 588,781,805  605,415,068  Contracted credit lin<span class=\"_ _0\"></span>es (nominal value)<span class=\"_ _1\"></span> 939<span class=\"_ _0\"></span>,232,519<span class=\"_ _0\"></span>  990<span class=\"_ _0\"></span>,865,782<span class=\"_ _0\"></span>  8.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Credit ri<span class=\"_ _2\"></span>sk Credit<span class=\"_ _2\"></span> risk m<span class=\"_ _2\"></span>anagement pol<span class=\"_ _2\"></span>icy The Group<span class=\"_ _0\"></span> is exp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed to cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span> risk on<span class=\"_ _0\"></span> ba<span class=\"_ _0\"></span>lance<span class=\"_ _0\"></span>s receiv<span class=\"_ _0\"></span>able<span class=\"_ _0\"></span> from Tr<span class=\"_ _0\"></span>ade re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> ot<span class=\"_ _0\"></span>her de<span class=\"_ _0\"></span>btor<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>has adopted <span class=\"_ _0\"></span>a pol<span class=\"_ _0\"></span>icy of <span class=\"_ _0\"></span>manag<span class=\"_ _0\"></span>ing ri<span class=\"_ _0\"></span>sk <span class=\"_ _0\"></span>coverage<span class=\"_ _0\"></span> w<span class=\"_ _0\"></span>ithin cert<span class=\"_ _0\"></span>ain <span class=\"_ _0\"></span>levels t<span class=\"_ _0\"></span>hrough<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce with<span class=\"_ _0\"></span> a spe<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span>ised independe<span class=\"_ _0\"></span>nt c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any. <span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ha<span class=\"_ _0\"></span>s adopte<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> a po<span class=\"_ _0\"></span>licy of<span class=\"_ _0\"></span> credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>urance <span class=\"_ _0\"></span>for th<span class=\"_ _0\"></span>e major<span class=\"_ _0\"></span>ity <span class=\"_ _0\"></span>of Trade r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les, wit<span class=\"_ _0\"></span>h a 5<span class=\"_ _0\"></span>% ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ible. A<span class=\"_ _0\"></span>s such, <span class=\"_ _0\"></span>its expo<span class=\"_ _0\"></span>sure to<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it risk <span class=\"_ _0\"></span>is c<span class=\"_ _0\"></span>onside<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>o have be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>itigated<span class=\"_ _0\"></span> up<span class=\"_ _0\"></span> to ac<span class=\"_ _0\"></span>ceptab<span class=\"_ _0\"></span>le leve<span class=\"_ _0\"></span>ls,<span class=\"_ _0\"></span> when <span class=\"_ _0\"></span>compare<span class=\"_ _0\"></span>d w<span class=\"_ _0\"></span>ith its sale<span class=\"_ _0\"></span>s. Mo<span class=\"_ _0\"></span>st sales t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> are not<span class=\"_ _0\"></span> cove<span class=\"_ _0\"></span>red <span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>y credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce are <span class=\"_ _0\"></span>covered<span class=\"_ _0\"></span> by<span class=\"_ _0\"></span> bank<span class=\"_ _0\"></span> guarantee<span class=\"_ _0\"></span>s, <span class=\"_ _0\"></span>letters<span class=\"_ _0\"></span> of cred<span class=\"_ _0\"></span>it, document<span class=\"_ _0\"></span>ary <span class=\"_ _0\"></span>cred<span class=\"_ _0\"></span>its or ret<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ion of<span class=\"_ _0\"></span> title ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ents,<span class=\"_ _0\"></span> and any<span class=\"_ _0\"></span> unhedg<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> expo<span class=\"_ _0\"></span>sure is w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in lim<span class=\"_ _0\"></span>its pre<span class=\"_ _0\"></span>viou<span class=\"_ _0\"></span>sly approved<span class=\"_ _0\"></span> by the<span class=\"_ _0\"></span> Exe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Com<span class=\"_ _0\"></span>mittee.<span class=\"_ _1\"></span> However,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> wor<span class=\"_ _0\"></span>sening<span class=\"_ _0\"></span> of glob<span class=\"_ _0\"></span>al ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span> cond<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ions or<span class=\"_ _0\"></span> advers<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span> affecti<span class=\"_ _0\"></span>ng <span class=\"_ _0\"></span>only e<span class=\"_ _0\"></span>conomie<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span> a loca<span class=\"_ _0\"></span>l sc<span class=\"_ _0\"></span>ale ma<span class=\"_ _0\"></span>y lead to d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on in the<span class=\"_ _0\"></span> ab<span class=\"_ _0\"></span>ility o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>Navig<span class=\"_ _0\"></span>ator Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s Custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s to me<span class=\"_ _0\"></span>et the<span class=\"_ _0\"></span>ir ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions, lead<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>ies providi<span class=\"_ _0\"></span>ng cred<span class=\"_ _0\"></span>it <span class=\"_ _0\"></span>insura<span class=\"_ _0\"></span>nce to<span class=\"_ _0\"></span> sign<span class=\"_ _0\"></span>ificant<span class=\"_ _0\"></span>ly decrea<span class=\"_ _0\"></span>se t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>amou<span class=\"_ _0\"></span>nt of<span class=\"_ _1\"></span> cred<span class=\"_ _0\"></span>it faci<span class=\"_ _0\"></span>lities t<span class=\"_ _0\"></span>hat are<span class=\"_ _0\"></span> ava<span class=\"_ _0\"></span>ilable<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span> Custome<span class=\"_ _0\"></span>rs. T<span class=\"_ _0\"></span>his sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>io may<span class=\"_ _0\"></span> resu<span class=\"_ _0\"></span>lt in l<span class=\"_ _0\"></span>imitat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ounts t<span class=\"_ _0\"></span>hat <span class=\"_ _0\"></span>can be<span class=\"_ _0\"></span> sold<span class=\"_ _0\"></span> to s<span class=\"_ _0\"></span>ome Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> Cust<span class=\"_ _0\"></span>omers without d<span class=\"_ _0\"></span>irectly<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>incurr<span class=\"_ _0\"></span>ing cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk leve<span class=\"_ _0\"></span>ls that<span class=\"_ _0\"></span> are<span class=\"_ _0\"></span> not c<span class=\"_ _0\"></span>ompatib<span class=\"_ _0\"></span>le w<span class=\"_ _0\"></span>ith the<span class=\"_ _0\"></span> risk p<span class=\"_ _0\"></span>olicy <span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>is are<span class=\"_ _1\"></span><span class=\"lsa\">a.<span class=\"_ _0\"></span></span> Cash e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>alents<span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ad<span class=\"_ _0\"></span>opts str<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icies in <span class=\"_ _0\"></span>approv<span class=\"_ _0\"></span>ing <span class=\"_ _0\"></span>its f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l counterp<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ies, <span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>iting<span class=\"_ _0\"></span> its exp<span class=\"_ _0\"></span>osure <span class=\"_ _0\"></span>in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith <span class=\"_ _0\"></span>an indiv<span class=\"_ _0\"></span>idual ri<span class=\"_ _0\"></span>sk ana<span class=\"_ _0\"></span>lysis<span class=\"_ _0\"></span> and w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in prev<span class=\"_ _0\"></span>ious<span class=\"_ _0\"></span>ly approve<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> limit<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> Maximum<span class=\"_ _2\"></span> ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span> to c<span class=\"_ _2\"></span>redit <span class=\"_ _2\"></span>ri<span class=\"ls82\">sk<span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>The Group's <span class=\"_ _2\"></span>maximu<span class=\"_ _2\"></span>m exposu<span class=\"_ _2\"></span>re to the <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>eir ne<span class=\"_ _2\"></span>t amount, as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 25,282,858 <span class=\"_ _0\"></span> 8,604,547  Current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 499,143,408  317,882,760  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> 343,083,788  239,171,252  867<span class=\"_ _0\"></span>,510,055<span class=\"_ _0\"></span>  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>  Agein<span class=\"_ _2\"></span>g str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les bala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Trad<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>eivables sho<span class=\"_ _2\"></span>wed <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ageing st<span class=\"_ _2\"></span>ructur<span class=\"_ _2\"></span>e, consi<span class=\"_ _2\"></span>dering th<span class=\"_ _2\"></span>e due <span class=\"_ _2\"></span>dates fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g before <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts not due<span class=\"_ _0\"></span> 300,633,239  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> 40,593,683 <span class=\"_ _0\"></span> 2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> 339,640  199,088  from 181 to 360 days<span class=\"_ _0\"></span> 22,940  83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> 2,224  -  from 541 to 720 days<span class=\"_ _0\"></span> 8,507  -  more than 721 days<span class=\"_ _0\"></span> 1,226  -  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Balances consi<span class=\"_ _0\"></span>dered impai<span class=\"_ _0\"></span>red 6,621,084  2,173,128  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> (6,621,084) (2,173,128) Net balance of trade <span class=\"_ _0\"></span>receivables (N<span class=\"_ _0\"></span>ote 4.2)<span class=\"_ _0\"></span> 341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Trade receivabl<span class=\"_ _0\"></span>es covered by credit i<span class=\"_ _0\"></span>nsurance<span class=\"_ _0\"></span> 314,114,794  191,731,227  Trade receivabl<span class=\"_ _0\"></span>es covered by bank g<span class=\"_ _0\"></span>uarantees<span class=\"_ _0\"></span> 3,133,247  2,761,574  Trade receivabl<span class=\"_ _0\"></span>es covered by ti<span class=\"_ _0\"></span>tle reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n agr<span class=\"_ _2\"></span>eem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> 12,271,335 <span class=\"_ _0\"></span> 5,464,991  Trade receivabl<span class=\"_ _0\"></span>es covered by let<span class=\"_ _0\"></span>ters of credit / docum<span class=\"_ _0\"></span>entary remi<span class=\"_ _0\"></span>ttances<span class=\"_ _0\"></span> 9,310,135  5,765,396  Covered receivables<span class=\"_ _0\"></span> 338<span class=\"_ _0\"></span>,829,511<span class=\"_ _0\"></span>  205<span class=\"_ _0\"></span>,723,188<span class=\"_ _0\"></span>  Credit facili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ava<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>e and unused 459,495,787  353,731,395  Credit hedging fa<span class=\"_ _0\"></span>cilities contr<span class=\"_ _0\"></span>acted<span class=\"_ _0\"></span> 798<span class=\"_ _0\"></span>,325,298<span class=\"_ _0\"></span>  559<span class=\"_ _0\"></span>,454,583<span class=\"_ _0\"></span>  The amounts s<span class=\"_ _2\"></span>hown <span class=\"_ _2\"></span>above co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>amounts <span class=\"_ _2\"></span>outs<span class=\"_ _2\"></span>tanding accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d due da<span class=\"_ _2\"></span>tes.  The amounts n<span class=\"_ _2\"></span>ot c<span class=\"_ _2\"></span>overed <span class=\"_ _2\"></span>relate <span class=\"_ _2\"></span>to amounts <span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>viously ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the E<span class=\"_ _2\"></span>xecuti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p (Euro 2<span class=\"_ _2\"></span>,771,947).<span class=\"_ _2\"></span> Despite some <span class=\"_ _2\"></span>delays <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f those amo<span class=\"_ _2\"></span>unts<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>hat does no<span class=\"_ _2\"></span>t resul<span class=\"_ _2\"></span>t, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with the a<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation<span class=\"_ _2\"></span>, in the i<span class=\"_ _2\"></span>denti<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of i<span class=\"_ _2\"></span>mpairment l<span class=\"_ _2\"></span>osses othe<span class=\"_ _2\"></span>r than <span class=\"_ _2\"></span>the ones consi<span class=\"_ _2\"></span>dered through <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espective l<span class=\"_ _2\"></span>osses<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e are c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nforma<span class=\"_ _2\"></span>tion periodical<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>llected on <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al beha<span class=\"_ _2\"></span>viour of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up\u2019s C<span class=\"_ _2\"></span>ustomers, <span class=\"_ _2\"></span>which al<span class=\"_ _2\"></span>low, in conjunc<span class=\"_ _2\"></span>tion with <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>perienc<span class=\"_ _2\"></span>e obtaine<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>lient <span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>foli<span class=\"_ _2\"></span>o analysi<span class=\"_ _2\"></span>s and with <span class=\"_ _2\"></span>the histor<span class=\"_ _2\"></span>y of credit d<span class=\"_ _2\"></span>efaults<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the part no<span class=\"_ _2\"></span>t at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the insuran<span class=\"_ _2\"></span>ce c<span class=\"_ _2\"></span>ompany, to <span class=\"_ _2\"></span>defin<span class=\"_ _2\"></span>e the amo<span class=\"_ _2\"></span>unt of loss<span class=\"_ _2\"></span>es to be reco<span class=\"_ _2\"></span>gnised <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees in pl<span class=\"_ _2\"></span>ace f<span class=\"_ _2\"></span>or a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f outstanding <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>ong-term <span class=\"_ _2\"></span>balances, <span class=\"_ _2\"></span>justi<span class=\"_ _2\"></span>fy <span class=\"_ _2\"></span>the fact <span class=\"_ _2\"></span>that n<span class=\"_ _2\"></span>o impai<span class=\"_ _2\"></span>rment loss <span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>as been <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded for tho<span class=\"_ _2\"></span>se balances<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>The rules d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t risk in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce polic<span class=\"_ _2\"></span>y appli<span class=\"_ _2\"></span>ed by the Navigator G<span class=\"_ _2\"></span>roup, <span class=\"_ _2\"></span>ensure <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t coverage o<span class=\"_ _2\"></span>f all<span class=\"_ _2\"></span> outst<span class=\"_ _2\"></span>anding balanc<span class=\"_ _2\"></span>es. The analysi<span class=\"_ _2\"></span>s of th<span class=\"_ _2\"></span>e open <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es, by busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>, is as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:<span class=\"_ _0\"></span> 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 18,354,214 <span class=\"_ _0\"></span> 205,260,083  41,107,860 <span class=\"_ _0\"></span> 23,335,066 <span class=\"_ _0\"></span> 12,576,016 <span class=\"_ _0\"></span> 300,633,239  from 1 to 90 days<span class=\"_ _0\"></span> 578,572  35,168,534 <span class=\"_ _0\"></span> 3,229,499  124,008  1,493,070  40,593,683 <span class=\"_ _0\"></span> from 91 to 180 days<span class=\"_ _0\"></span> 7,275  -  42,050 <span class=\"_ _0\"></span> -  290,315  339,640  from 181 to 360 days<span class=\"_ _0\"></span> -  -  9,449  -  13,490 <span class=\"_ _0\"></span> 22,939 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  2,224  -  -  2,224  from 541 to 720 days<span class=\"_ _0\"></span> -  -  8,507  -  -  8,507  more than 721 days<span class=\"_ _0\"></span> -  -  1,226  -  -  1,226  18,940<span class=\"_ _0\"></span>,061  240<span class=\"_ _0\"></span>,428,617<span class=\"_ _0\"></span>  44,400<span class=\"_ _0\"></span>,815  23,459<span class=\"_ _0\"></span>,074  14,372<span class=\"_ _0\"></span>,891  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 27,781,181 <span class=\"_ _0\"></span> 145,229,659  29,844,012 <span class=\"_ _0\"></span> 791,242  4,405,378  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> -  -  1,127,754  -  1,327,312  2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> -  -  96,945 <span class=\"_ _0\"></span> -  102,143  199,088  from 181 to 360 days<span class=\"_ _0\"></span> -  -  45,744 <span class=\"_ _0\"></span> -  37,713 <span class=\"_ _0\"></span> 83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  -  -  -  -  from 541 to 720 days<span class=\"_ _0\"></span> -  -  -  -  -  -  more than 721 days<span class=\"_ _0\"></span> -  -  -  -  -  -  27,781<span class=\"_ _0\"></span>,181  145<span class=\"_ _0\"></span>,229,659<span class=\"_ _0\"></span>  31,114<span class=\"_ _0\"></span>,455  791<span class=\"_ _0\"></span>,242  5,872,54<span class=\"_ _0\"></span>6  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  The tabl<span class=\"_ _2\"></span>e belo<span class=\"_ _2\"></span>w represen<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>e quality of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>oup\u2019s <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk, as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 2022 <span class=\"_ _2\"></span>and 31 Decembe<span class=\"_ _2\"></span>r 202<span class=\"_ _2\"></span>1, for fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>(cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equivalen<span class=\"_ _2\"></span>ts), (Hi<span class=\"_ _2\"></span>ghest <span class=\"_ _2\"></span>credit rating b<span class=\"_ _2\"></span>y one of <span class=\"_ _2\"></span>the thr<span class=\"_ _2\"></span>ee ra<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>encies, <span class=\"ff10\">Stand<span class=\"_ _2\"></span>ard &amp; <span class=\"_ _2\"></span>Poo<span class=\"_ _2\"></span>r\u2019s, Fitc<span class=\"_ _2\"></span>h<span class=\"ff9\"> </span>or <span class=\"_ _2\"></span>Moody\u2019s<span class=\"ff1 ls79\">): <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span></span>Financial<span class=\"_ _2\"></span> Institut<span class=\"_ _2\"></span>ions  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Rating AA<span class=\"ls0\"> </span>6,231,679  9,801,253  AA<span class=\"ls0\">- </span>74,995,499 <span class=\"_ _0\"></span> -  A+<span class=\"ls0\"> </span>122,316,040  84,976,652 <span class=\"_ _0\"></span> A 476,414  6,609,078  A- 83,063,488 <span class=\"_ _0\"></span> 61,586,886 <span class=\"_ _0\"></span> BBB+<span class=\"ls0\"> </span>-  -  BBB<span class=\"ls0\"> </span>51,917,908 <span class=\"_ _0\"></span> 73,253,991 <span class=\"_ _0\"></span> BBB<span class=\"ls0\">- </span>-  -  BB+<span class=\"ls0\"> </span>186,584  60,468 <span class=\"_ _0\"></span> BB   -  108,006  BB<span class=\"ls0\">- </span>899,601  -  B+<span class=\"ls0\"> </span>-  -  B -  179,662  B- -  -  Other 2,996,574  2,595,255  343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  \"Other\" amo<span class=\"_ _2\"></span>unts inc<span class=\"_ _2\"></span>lude <span class=\"_ _2\"></span>bank deposi<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>with banks <span class=\"_ _2\"></span>or en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es with no<span class=\"_ _2\"></span> rating<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>namel<span class=\"_ _2\"></span>y local<span class=\"_ _2\"></span> banks in <span class=\"_ _2\"></span>Mozambiqu<span class=\"_ _2\"></span>e and o<span class=\"_ _2\"></span>ther for<span class=\"_ _2\"></span>eign br<span class=\"_ _2\"></span>anches. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup ado<span class=\"_ _2\"></span>pts stri<span class=\"_ _2\"></span>ct poli<span class=\"_ _2\"></span>cies i<span class=\"_ _2\"></span>n approvi<span class=\"_ _2\"></span>ng its<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> counterpar<span class=\"_ _2\"></span>ties, li<span class=\"_ _2\"></span>miting i<span class=\"_ _2\"></span>ts exposur<span class=\"_ _2\"></span>e in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with an i<span class=\"_ _2\"></span>ndividu<span class=\"_ _2\"></span>al ris<span class=\"_ _2\"></span>k analysis<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d within pr<span class=\"_ _2\"></span>eviousl<span class=\"_ _2\"></span>y approv<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts. Impairm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> of tra<span class=\"_ _2\"></span>de an<span class=\"_ _2\"></span>d ot<span class=\"_ _2\"></span>her rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>bles Impa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t Amounts in Euro<span class=\"_ _0\"></span> Trade re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les <span class=\"_ _0\"></span> Other debto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span> Total <span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (1,984<span class=\"_ _0\"></span>,970) (231<span class=\"_ _0\"></span>,262) (2,216<span class=\"_ _0\"></span>,232) Increase - I<span class=\"_ _0\"></span>FRS 9 impact on res<span class=\"_ _0\"></span>ults for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 123,146  -  123,146  Increases (Note 2.3)<span class=\"_ _0\"></span> (404,476) (3,762) (408,238) Reversals<span class=\"_ _0\"></span> 77,603 <span class=\"_ _0\"></span> -  77,603 <span class=\"_ _0\"></span> Charge-off<span class=\"_ _0\"></span> 15,568 <span class=\"_ _0\"></span> 15,568 <span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (2,173<span class=\"_ _0\"></span>,129) (235<span class=\"_ _0\"></span>,024) (2,408<span class=\"_ _0\"></span>,153) Increase - I<span class=\"_ _0\"></span>FRS 9 impact on res<span class=\"_ _0\"></span>ults for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> (1,171,788) -  (1,171,788) Increases (Note 2.3)<span class=\"_ _0\"></span> (3,277,947) (45<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>16)<span class=\"_ _0\"></span> (3,323,063) Reversals<span class=\"_ _0\"></span> 101,523  1,283  102,806  Charge-off<span class=\"_ _0\"></span> (99<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>43)<span class=\"_ _0\"></span> (4,885) (104,628) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (6,621<span class=\"_ _0\"></span>,084) (283<span class=\"_ _0\"></span>,742) (6,904<span class=\"_ _0\"></span>,826) Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impair<span class=\"_ _2\"></span>ment of debt in<span class=\"_ _2\"></span>strument<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>assesses<span class=\"_ _2\"></span>, on <span class=\"_ _2\"></span>a prospec<span class=\"_ _2\"></span>tive basi<span class=\"_ _2\"></span>s, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit l<span class=\"_ _2\"></span>osses ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed with i<span class=\"_ _2\"></span>ts finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>mpreh<span class=\"_ _2\"></span>ensive inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p recognis<span class=\"_ _2\"></span>es exp<span class=\"_ _2\"></span>ected cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>throughout <span class=\"_ _2\"></span>the lif<span class=\"_ _2\"></span>etime of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>ncreases<span class=\"_ _2\"></span> in c<span class=\"_ _2\"></span>redit risk si<span class=\"_ _2\"></span>nce its <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _2\"></span>ther indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or <span class=\"_ _2\"></span>collec<span class=\"_ _2\"></span>tively, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>idering al<span class=\"_ _2\"></span>l reasonabl<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>able pros<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation.<span class=\"_ _2\"></span> If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit ris<span class=\"_ _2\"></span>k associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument has<span class=\"_ _2\"></span> not inc<span class=\"_ _2\"></span>reased signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>its in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n, the Gro<span class=\"_ _2\"></span>up measu<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>impairme<span class=\"_ _2\"></span>nt of tha<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrument <span class=\"_ _2\"></span>by an amo<span class=\"_ _2\"></span>unt equi<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ent to the <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit lo<span class=\"_ _2\"></span>sses. IFRS 9 provi<span class=\"_ _2\"></span>des tha<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> these imp<span class=\"_ _2\"></span>airme<span class=\"_ _2\"></span>nts, one of<span class=\"_ _2\"></span> two mo<span class=\"_ _2\"></span>dels i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor's <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets, s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t a fin<span class=\"_ _2\"></span>ancial insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _2\"></span>ere a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _2\"></span>dopted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _2\"></span>th IFRS 9 i<span class=\"_ _2\"></span>s as f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _2\"></span>dit sal<span class=\"_ _2\"></span>es mad<span class=\"_ _2\"></span>e by the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>e last <span class=\"_ _2\"></span>12 months, as<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>well as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _2\"></span>ers\u2019 <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t profil<span class=\"_ _2\"></span>e, by se<span class=\"_ _2\"></span>tting <span class=\"_ _2\"></span>buc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _2\"></span>requenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based<span class=\"_ _0\"></span> on I<span class=\"_ _2\"></span>. and <span class=\"_ _2\"></span>II. abo<span class=\"_ _2\"></span>ve, esti<span class=\"_ _2\"></span>mate th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of def<span class=\"_ _2\"></span>aul<span class=\"_ _2\"></span>t (i.e., <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _2\"></span>t I<span class=\"_ _2\"></span>. compar<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>balan<span class=\"_ _2\"></span>ce of o<span class=\"_ _2\"></span>utstand<span class=\"_ _2\"></span>ing sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tages of<span class=\"_ _2\"></span> future <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>tions obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _2\"></span>the def<span class=\"_ _2\"></span>ault pe<span class=\"_ _2\"></span>rcentages <span class=\"_ _2\"></span>as calc<span class=\"_ _2\"></span>ulat<span class=\"_ _2\"></span>ed in IV<span class=\"_ _2\"></span>. to <span class=\"_ _2\"></span>the balan<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>Customers s<span class=\"_ _2\"></span>till </span></span>outstanding <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _2\"></span>days as \u201c<span class=\"_ _2\"></span>defaul<span class=\"_ _2\"></span>t\u201d, th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Group c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ered a <span class=\"_ _2\"></span>period o<span class=\"_ _2\"></span>f 180 days, sinc<span class=\"_ _2\"></span>e the e<span class=\"_ _2\"></span>xperi<span class=\"_ _2\"></span>ence of r<span class=\"_ _2\"></span>eal l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before this <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>s low. This <span class=\"_ _2\"></span>period is<span class=\"_ _2\"></span> aligne<span class=\"_ _2\"></span>d with the curr<span class=\"_ _2\"></span>ent ris<span class=\"_ _2\"></span>k managem<span class=\"_ _2\"></span>ent pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es of the c<span class=\"_ _2\"></span>ompany, na<span class=\"_ _2\"></span>mely i<span class=\"_ _2\"></span>n what r<span class=\"_ _2\"></span>egards th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit insu<span class=\"_ _2\"></span>rance hired<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>to the fac<span class=\"_ _2\"></span>t tha<span class=\"_ _2\"></span>t there i<span class=\"_ _2\"></span>s no s<span class=\"_ _2\"></span>ales with<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant components <span class=\"_ _2\"></span>of fun<span class=\"_ _2\"></span>ding in li<span class=\"_ _2\"></span>ght of IFRS 1<span class=\"_ _2\"></span>5. Additi<span class=\"_ _2\"></span>onally, <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y ev<span class=\"_ _2\"></span>aluated <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>mpact of co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>180 d<span class=\"_ _2\"></span>ays of \u201cdefault\u201d i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>ead of <span class=\"_ _2\"></span>the 90 da<span class=\"_ _2\"></span>ys and th<span class=\"_ _2\"></span>e Ex<span class=\"_ _2\"></span>pected Cre<span class=\"_ _2\"></span>dit L<span class=\"_ _2\"></span>oss woul<span class=\"_ _2\"></span>d not change si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantl<span class=\"_ _2\"></span>y.<span class=\"ff1\"> </span>In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>this pe<span class=\"_ _2\"></span>riod, in<span class=\"_ _2\"></span> the ev<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>an acciden<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>redit insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>the<span class=\"_ _0\"></span> model c<span class=\"_ _2\"></span>onsiders th<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>mit of<span class=\"_ _2\"></span> 5% paid by <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Gro<span class=\"_ _2\"></span>up (10% for n<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal Cu<span class=\"_ _2\"></span>stomers). Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _2\"></span>the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> level.<span class=\"_ _2\"></span> In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk val<span class=\"_ _2\"></span>ue was <span class=\"_ _2\"></span>increase<span class=\"_ _2\"></span>d by Eu<span class=\"_ _2\"></span>ro 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: decreas<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>y Euro 123<span class=\"_ _2\"></span>,146).<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>es impai<span class=\"_ _2\"></span>rment on<span class=\"_ _2\"></span> a case-<span class=\"ls24\">by</span>-case <span class=\"_ _2\"></span>basis, bas<span class=\"_ _2\"></span>ed on s<span class=\"_ _2\"></span>pecific balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _2\"></span>, cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the his<span class=\"_ _2\"></span>tori<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>nformation <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>whether <span class=\"_ _2\"></span>there are <span class=\"_ _2\"></span>objecti<span class=\"_ _2\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets. <span class=\"_ _2\"></span>The Gr<span class=\"_ _2\"></span>oup uses the <span class=\"_ _2\"></span>write-off<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>edure onl<span class=\"_ _2\"></span>y when th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>definitely <span class=\"_ _2\"></span>uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a cour<span class=\"_ _2\"></span>t decis<span class=\"_ _2\"></span>ion. 8.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Deriv<span class=\"_ _2\"></span>ative f<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>ruments </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e fina<span class=\"_ _2\"></span>ncial i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s 2022 2021  Trading  Hedging<span class=\"_ _0\"></span>  Trading  Hedging<span class=\"_ _0\"></span> Amount <span class=\"ls84\">in<span class=\"_ _2\"></span><span class=\"ls0\"> Euro </span></span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Balance at the be<span class=\"_ _0\"></span>ginning <span class=\"_ _0\"></span> (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,606) 3,160,13<span class=\"_ _0\"></span>1  (5,336<span class=\"_ _0\"></span>,693) (2,176<span class=\"_ _0\"></span>,561) of the period New contracts / settl<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> 2,911,822  (1,409,252) 1,502,569  (623,573) 2,326,437  1,702,864  Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through (4,289,597) (1,504,772) (5,794,369) (4,265,016) (3,191,640) (7,456,656) profit and l<span class=\"_ _0\"></span>oss (Note 5.11) Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through other comprehensive i<span class=\"_ _0\"></span>ncome -  54,623,316 <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> -  1,430,747  1,430,747  (Note 5.5)<span class=\"_ _0\"></span> Balance at the end <span class=\"_ _0\"></span> (3,106<span class=\"_ _0\"></span>,233) 46,938<span class=\"_ _0\"></span>,143  43,831<span class=\"_ _0\"></span>,910  (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) of the period 8.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Detail and <span class=\"_ _2\"></span>maturity <span class=\"_ _2\"></span>of de<span class=\"_ _2\"></span>rivative <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instrume<span class=\"_ _2\"></span>nts by nature 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22<span class=\"fs6 fc4\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 345,000,000  USD 2,023  6,011,256  -  6,011,256  Hedging (future sal<span class=\"_ _0\"></span>es) 144,000,000  GBP 2,023  1,294,665  -  1,294,665  Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,028  31,949,130 <span class=\"_ _0\"></span> -  31,949,130 <span class=\"_ _0\"></span> Energy  50,521,199 <span class=\"_ _0\"></span> EUR 2,023  7,683,092  -  7,683,092  46,938<span class=\"_ _0\"></span>,143  -  46,938<span class=\"_ _0\"></span>,143  Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 76,977,456 <span class=\"_ _0\"></span> USD 2,023  1,325,016  (4,679,289) (3,354,273) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 18,800,000 <span class=\"_ _0\"></span> GBP 2,023  251,284  -  251,284  Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 1,750,000  CHF 2,023  -  (3,244) (3,244) 1,576,30<span class=\"_ _0\"></span>0  (4,682<span class=\"_ _0\"></span>,533) (3,106<span class=\"_ _0\"></span>,233) 48,514<span class=\"_ _0\"></span>,443  (4,682<span class=\"_ _0\"></span>,533) 43,831<span class=\"_ _0\"></span>,910  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21<span class=\"fs6\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 242,500,000  USD 2,022  9,066  (1,426,675) (1,417,609) Hedging (future sal<span class=\"_ _0\"></span>es) 83,000,000 <span class=\"_ _0\"></span> GBP 2,022  (483,940) (483,940) Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,026  1,621,916  (2,804,403) (1,182,487) BHKP pul<span class=\"_ _0\"></span>p 27,120,000 <span class=\"_ _0\"></span> USD 2,022  -  (1,687,112) (1,687,112) 1,630,98<span class=\"_ _0\"></span>2  (6,402<span class=\"_ _0\"></span>,130) (4,771<span class=\"_ _0\"></span>,148) Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 129,745,503  USD 2,023  -  (1,640,154) (1,640,154) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 9,050,000  GBP 2,021  -  (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 300,000  CHF 2,021  -  (1,448) (1,448) -  (1,728<span class=\"_ _0\"></span>,458) (1,728<span class=\"_ _0\"></span>,458) 1,630,98<span class=\"_ _0\"></span>2  (8,130<span class=\"_ _0\"></span>,589) (6,499<span class=\"_ _0\"></span>,606) Cash flow <span class=\"_ _2\"></span>hedge<span class=\"_ _2\"></span> | Exchange ra<span class=\"_ _2\"></span>te ri<span class=\"_ _2\"></span>sk EUR/U<span class=\"_ _2\"></span>SD and EUR/G<span class=\"_ _2\"></span>BP<span class=\"_ _0\"></span> During the <span class=\"_ _2\"></span>Duri<span class=\"_ _2\"></span>ng the l<span class=\"_ _2\"></span>ast 6 mo<span class=\"_ _2\"></span>nths of <span class=\"_ _2\"></span>2022, th<span class=\"_ _2\"></span>e Group c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>luded the con<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ting of deri<span class=\"_ _2\"></span>vative finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments by ac<span class=\"_ _2\"></span>quiri<span class=\"_ _2\"></span>ng USD 3<span class=\"_ _2\"></span>45,000,000<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>GBP 144,00<span class=\"_ _2\"></span>0,000 i<span class=\"_ _2\"></span>n Zero Co<span class=\"_ _2\"></span>st Col<span class=\"_ _2\"></span>lar, thus guaran<span class=\"_ _2\"></span>teein<span class=\"_ _2\"></span>g total<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e estima<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f exposur<span class=\"_ _2\"></span>e for 2<span class=\"_ _2\"></span>023. Interest ra<span class=\"_ _2\"></span>te hedg<span class=\"_ _2\"></span>e During the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t quarte<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>2022, the Gro<span class=\"_ _2\"></span>up c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d t<span class=\"_ _2\"></span>wo new swaps i<span class=\"_ _2\"></span>n the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> Euro 75,000,0<span class=\"_ _2\"></span>00 each, <span class=\"_ _2\"></span>to fi<span class=\"_ _2\"></span>x the in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>te asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator 20<span class=\"_ _2\"></span>22-<span class=\"_ _0\"></span>2028 <span class=\"_ _2\"></span>bond loan <span class=\"_ _2\"></span>in the amount o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>,000,000, st<span class=\"_ _2\"></span>arting i<span class=\"_ _2\"></span>n Jun-2<span class=\"_ _2\"></span>2.  Energy H<span class=\"_ _2\"></span>edging In view of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> exposure <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>during t<span class=\"_ _2\"></span>he last quar<span class=\"_ _2\"></span>ter of <span class=\"_ _2\"></span>2022, s<span class=\"_ _2\"></span>waps <span class=\"_ _2\"></span>were contract<span class=\"_ _2\"></span>ed to s<span class=\"_ _2\"></span>et the <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>gy sold f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>volume o<span class=\"_ _2\"></span>f approxi<span class=\"_ _2\"></span>mately 253<span class=\"_ _2\"></span>,716 <span class=\"_ _2\"></span>MW<span class=\"_ _0\"></span>h, en<span class=\"_ _2\"></span>ding on 31<span class=\"_ _2\"></span> December 2023<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>in deriva<span class=\"_ _2\"></span>tive <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed on the <span class=\"_ _2\"></span>basi<span class=\"_ _2\"></span>s of quo<span class=\"_ _2\"></span>ted instruments<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ves is <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d throu<span class=\"_ _2\"></span>gh the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _2\"></span>valuati<span class=\"_ _2\"></span>on models, <span class=\"_ _2\"></span>in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _2\"></span>ayables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>, when negative, an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r Recei<span class=\"_ _2\"></span>vables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.2), wh<span class=\"_ _2\"></span>en posi<span class=\"_ _2\"></span>tive. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 - Financ<span class=\"_ _2\"></span>ial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue appl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _2\"></span>dgin<span class=\"_ _2\"></span>g) proj<span class=\"_ _2\"></span>ect cur<span class=\"_ _2\"></span>rently i<span class=\"_ _2\"></span>n progress. Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _2\"></span>exchang<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rates so jus<span class=\"_ _2\"></span>tif<span class=\"_ _2\"></span>y, the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange coll<span class=\"_ _2\"></span>ars<span class=\"_ _2\"></span>, forwards, <span class=\"_ _2\"></span>etc<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _2\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _2\"></span>vativ<span class=\"_ _2\"></span>es contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p re<span class=\"_ _2\"></span>present eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve economic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks<span class=\"_ _2\"></span>, not al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>them qualif<span class=\"_ _2\"></span>y as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>truments i<span class=\"_ _2\"></span>n accou<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ng terms to<span class=\"_ _2\"></span> satisfy <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>able rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>rements. <span class=\"_ _2\"></span>Instruments <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>do not <span class=\"_ _2\"></span>qualify a<span class=\"_ _2\"></span>s h<span class=\"_ _2\"></span>edging instrum<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>at their fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value and c<span class=\"_ _2\"></span>hanges i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results (N<span class=\"_ _2\"></span>ote 5.11<span class=\"_ _2\"></span>), wh<span class=\"_ _2\"></span>en relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>tions, or <span class=\"_ _2\"></span>in Ex<span class=\"_ _2\"></span>ternal services<span class=\"_ _2\"></span> and suppli<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 2.3) o<span class=\"_ _2\"></span>r Rev<span class=\"_ _2\"></span>enue (Not<span class=\"_ _2\"></span>e 2.1)<span class=\"_ _2\"></span>, when ref<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rring to he<span class=\"_ _2\"></span>dging of<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable flo<span class=\"_ _2\"></span>ws in a c<span class=\"_ _2\"></span>urrency oth<span class=\"_ _2\"></span>er than <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>enta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _2\"></span>y. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts used fo<span class=\"_ _2\"></span>r hedgi<span class=\"_ _2\"></span>ng purpos<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>may be reco<span class=\"_ _2\"></span>gnised as h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instruments <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at they co<span class=\"_ _2\"></span>mply, c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns set ou<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _2\"></span>. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _2\"></span>ting, <span class=\"_ _2\"></span>any cumu<span class=\"_ _2\"></span>lativ<span class=\"_ _2\"></span>e gain or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled to the <span class=\"_ _2\"></span>income statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _2\"></span>em is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n, in whi<span class=\"_ _2\"></span>ch case an<span class=\"_ _2\"></span>y cumula<span class=\"_ _2\"></span>tive gain<span class=\"_ _2\"></span> or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>time remains<span class=\"_ _2\"></span> in equi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Income statem<span class=\"_ _2\"></span>ent.<span class=\"ff9\"> </span>Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BH<span class=\"_ _2\"></span>KP) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e to int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t rate risk an<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>xchange rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, the Grou<span class=\"_ _2\"></span>p ent<span class=\"_ _2\"></span>ers into <span class=\"_ _2\"></span>cash fl<span class=\"_ _2\"></span>ow hedges.<span class=\"_ _2\"></span> Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _2\"></span>tive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly recognised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>. The gain<span class=\"_ _2\"></span> or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>relating to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>neffectiv<span class=\"_ _2\"></span>e portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _2\"></span>reclas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>the periods wh<span class=\"_ _2\"></span>en the h<span class=\"_ _2\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _2\"></span>exampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _2\"></span>kes place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>temen<span class=\"_ _2\"></span>t withi<span class=\"_ _2\"></span>n \"Net financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts\" (Not<span class=\"_ _2\"></span>e 5.11). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t), <span class=\"_ _2\"></span>the gai<span class=\"_ _2\"></span>ns and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re tran<span class=\"_ _2\"></span>sferred f<span class=\"_ _2\"></span>rom e<span class=\"_ _2\"></span>quity and in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>. Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g deri<span class=\"_ _2\"></span>vatives The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposu<span class=\"_ _2\"></span>re on s<span class=\"_ _2\"></span>ales i<span class=\"_ _2\"></span>nvoi<span class=\"_ _2\"></span>ced in f<span class=\"_ _2\"></span>oreign currenci<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>namely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _2\"></span>d pounds <span class=\"_ _2\"></span>sterli<span class=\"_ _2\"></span>ng (G<span class=\"_ _2\"></span>BP). As <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> fi<span class=\"ff1\">nancial<span class=\"_ _2\"></span> statements a<span class=\"_ _2\"></span>re pres<span class=\"_ _2\"></span>ented </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _2\"></span>ke cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e same currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purposes, <span class=\"_ _2\"></span>act as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>natural he<span class=\"_ _2\"></span>dge. Thus<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e hedge i<span class=\"_ _2\"></span>s aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _2\"></span>et <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> items i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve curr<span class=\"_ _2\"></span>ency fluc<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns. Th<span class=\"ls0\">e he<span class=\"_ _2\"></span>dging i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d in thi<span class=\"_ _2\"></span>s operati<span class=\"_ _2\"></span>on are fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e forwa<span class=\"_ _2\"></span>rd cont<span class=\"_ _2\"></span>racts </span>covering th<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>t exposu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>currencies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than th<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>esentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y, for amou<span class=\"_ _2\"></span>nts <span class=\"_ _2\"></span>and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>risk h<span class=\"_ _2\"></span>edged is<span class=\"_ _2\"></span> the chan<span class=\"_ _2\"></span>ge <span class=\"_ _0\"></span>in the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>expresse<span class=\"_ _2\"></span>d in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the present<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>y. At <span class=\"_ _2\"></span>the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables e<span class=\"_ _2\"></span>xpressed in<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>ag<span class=\"_ _0\"></span>ainst <span class=\"_ _2\"></span>the fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the forwards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _2\"></span>UR/<span class=\"_ _2\"></span>GBP The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup makes <span class=\"_ _2\"></span>use of <span class=\"_ _2\"></span>deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in ord<span class=\"_ _2\"></span>er to li<span class=\"_ _2\"></span>mit th<span class=\"_ _2\"></span>e net exchange <span class=\"_ _2\"></span>risk asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>sales and f<span class=\"_ _2\"></span>uture pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>USD and G<span class=\"_ _2\"></span>BP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _2\"></span>Interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup hedges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t pa<span class=\"_ _2\"></span>yments ass<span class=\"_ _2\"></span>ociated with <span class=\"_ _2\"></span>comm<span class=\"_ _2\"></span>ercial <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span>sues by hirin<span class=\"_ _2\"></span>g an inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>p, whi<span class=\"_ _2\"></span>ch pays a f<span class=\"_ _2\"></span>ixed ra<span class=\"_ _2\"></span>te an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>es a fl<span class=\"_ _2\"></span>oating ra<span class=\"_ _2\"></span>te. This<span class=\"_ _2\"></span> instrument i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>esignate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws from <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper prog<span class=\"_ _2\"></span>ram and <span class=\"_ _2\"></span>the bond lo<span class=\"_ _2\"></span>an. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _2\"></span>- BHK<span class=\"_ _2\"></span>P The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup uses d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the <span class=\"_ _2\"></span>exposure risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e variati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the pul<span class=\"_ _2\"></span>p price<span class=\"_ _2\"></span>, inde<span class=\"_ _2\"></span>xed to PIX<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>USD. 8.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es </span></span>8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Categories o<span class=\"_ _2\"></span>f Group<span class=\"_ _2\"></span> Financial<span class=\"_ _2\"></span> Instrum<span class=\"_ _2\"></span>ents The finan<span class=\"_ _2\"></span>cial i<span class=\"_ _2\"></span>nstruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h capti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial assets<span class=\"_ _0\"></span> at fair value  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial through<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at fair  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and value throu<span class=\"_ _0\"></span>gh  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at loss other derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide  Non-amortised (excluding compreh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> financial financial the scope<span class=\"_ _0\"></span> financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> income <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>of IFRS <span class=\"_ _0\"></span>9 <span class=\"fc7 sc0\"> </span>assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 25,282,859 <span class=\"_ _0\"></span> -  -  -  -  -  -  25,282,859 <span class=\"_ _0\"></span>  Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 363,009,769  -  -  46,938,143 <span class=\"_ _0\"></span> 1,576,300  -  87,619,196 <span class=\"_ _0\"></span> 499,143,408   Cash and cash 5.9 343,083,788  -  -  -  -  -  -  343,083,788  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 731<span class=\"_ _0\"></span>,376,417<span class=\"_ _0\"></span>  -  -  46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  -  87,619<span class=\"_ _0\"></span>,196  867<span class=\"_ _0\"></span>,510,056<span class=\"_ _0\"></span>  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 8.3 8,604,547  -  -  -  -  -  -  8,604,547   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 236,454,808  -  -  1,630,982  -  -  79,796,970 <span class=\"_ _0\"></span> 317,882,760   Cash and cash 5.9 239,171,252  -  -  -  -  -  -  239,171,252  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 484<span class=\"_ _0\"></span>,230,607<span class=\"_ _0\"></span>  -  -  1,630,98<span class=\"_ _0\"></span>2  -  -  79,796<span class=\"_ _0\"></span>,970  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at fair value through<span class=\"_ _0\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and  Hedging<span class=\"_ _0\"></span>  Trading  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at loss derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve liabilities  Non-amortised (excluding financial financial outs<span class=\"_ _0\"></span>ide the financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> scope of <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>liabilities <span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 725,301,722  -  -  -  -  -  725,301,722   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  61,641,049 <span class=\"_ _0\"></span> -  61,641,049 <span class=\"_ _0\"></span>  Payables  4.3 605,630,951  -  -  4,682,533  -  -  610,313,484  Total liabilities<span class=\"_ _0\"></span> 1,330,93<span class=\"_ _0\"></span>2,673  -  -  4,682,53<span class=\"_ _0\"></span>3  61,641<span class=\"_ _0\"></span>,049  -  1,397,25<span class=\"_ _0\"></span>6,255  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 833,944,049  -  -  -  -  -  833,944,049   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  53,240,925 <span class=\"_ _0\"></span> -  53,240,925 <span class=\"_ _0\"></span>  Payables  4.3 422,045,733  -  6,402,130  1,728,458  -  -  430,176,321  Total liabilities<span class=\"_ _0\"></span> 1,255,98<span class=\"_ _0\"></span>9,782  -  6,402,13<span class=\"_ _0\"></span>0  1,728,45<span class=\"_ _0\"></span>8  53,240<span class=\"_ _0\"></span>,925  -  1,317,36<span class=\"_ _0\"></span>1,295  8.3.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Fair val<span class=\"_ _2\"></span>ue of financial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties Financia<span class=\"_ _2\"></span>l as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r va<span class=\"_ _2\"></span>lue 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span>  Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (N<span class=\"_ _0\"></span>ote 8.2) -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Assets measured a<span class=\"_ _0\"></span>t fair value<span class=\"_ _0\"></span>      <span class=\"ls0\">Bi<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asset<span class=\"_ _2\"></span>s (Note 3.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> </span>-  -  122,499,875  -  -  147,324,061  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  -  1,630,98<span class=\"_ _0\"></span>2  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2)<span class=\"_ _0\"></span> -  -  -  -  (6,402,130) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,588) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>fixed-inter<span class=\"_ _2\"></span>est inter<span class=\"_ _2\"></span>est-bea<span class=\"_ _2\"></span>ring liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th th<span class=\"_ _2\"></span>e charact<span class=\"_ _2\"></span>eristic<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>each financin<span class=\"_ _2\"></span>g, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _2\"></span>IFRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Based on quo<span class=\"_ _2\"></span>tes f<span class=\"_ _2\"></span>rom ac<span class=\"_ _2\"></span>tive net mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>at r<span class=\"_ _2\"></span>eporting da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are obser<span class=\"_ _2\"></span>vable in </span>the mar<span class=\"_ _2\"></span>ket. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are not o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble </span>in the <span class=\"_ _2\"></span>market.<span class=\"_ _2\"></span><span class=\"fs0 fc1\"> </span>9.<span class=\"ff7 ls0\"> <span class=\"_\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>iona<span class=\"_ _2\"></span>l r<span class=\"_ _2\"></span>isk m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t </span></span>The Group o<span class=\"_ _2\"></span>perates <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try s<span class=\"_ _2\"></span>ectors, <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> eucalyptus f<span class=\"_ _2\"></span>or us<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the production <span class=\"_ _2\"></span>of BEKP <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y incorporat<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of UWF an<span class=\"_ _2\"></span>d Tissue paper but i<span class=\"_ _2\"></span>s als<span class=\"_ _2\"></span>o sol<span class=\"_ _2\"></span>d in the mar<span class=\"_ _2\"></span>ket, an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n energy p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n, essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y through <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>est biomass<span class=\"_ _2\"></span> that is <span class=\"_ _2\"></span>genera<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e BEKP pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n proc<span class=\"_ _2\"></span>ess. All <span class=\"_ _2\"></span>the activiti<span class=\"_ _2\"></span>es in whi<span class=\"_ _2\"></span>ch th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>involved <span class=\"_ _2\"></span>are subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>risks whi<span class=\"_ _2\"></span>ch coul<span class=\"_ _2\"></span>d have a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant impact on<span class=\"_ _2\"></span> its ope<span class=\"_ _2\"></span>rations, <span class=\"_ _2\"></span>its o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng resul<span class=\"_ _2\"></span>ts, the cash<span class=\"_ _2\"></span> flow <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span>rated and i<span class=\"_ _2\"></span>n its finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n. The risk fac<span class=\"_ _2\"></span>tors <span class=\"_ _2\"></span>analys<span class=\"_ _2\"></span>ed in thi<span class=\"_ _2\"></span>s chap<span class=\"_ _2\"></span>ter c<span class=\"_ _2\"></span>an be s<span class=\"_ _2\"></span>tructured<span class=\"_ _2\"></span> as f<span class=\"_ _2\"></span>ollows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Specifi<span class=\"_ _2\"></span>c risks <span class=\"_ _2\"></span>inheren<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e secto<span class=\"_ _2\"></span>rs of <span class=\"_ _2\"></span>activit<span class=\"_ _2\"></span>y in whic<span class=\"_ _2\"></span>h th<span class=\"_ _2\"></span>e Navigato<span class=\"_ _2\"></span>r Group op<span class=\"_ _2\"></span>erates: </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>estr<span class=\"_ _2\"></span>y sector<span class=\"_ _2\"></span> </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on and sal<span class=\"_ _2\"></span>e of BE<span class=\"_ _2\"></span>KP pul<span class=\"_ _2\"></span>p, UWF pa<span class=\"_ _2\"></span>per an<span class=\"_ _2\"></span>d tissue </span></span>paper \uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>energy </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with cl<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>e change </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Human resources <span class=\"_ _2\"></span>and tal<span class=\"_ _2\"></span>ent managem<span class=\"_ _2\"></span>ent </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">I<span class=\"_ _0\"></span>nformatio<span class=\"_ _2\"></span>n sys<span class=\"_ _2\"></span>tems </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Context ris<span class=\"_ _2\"></span>ks </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Navigator Grou<span class=\"_ _2\"></span>p risks an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e way i<span class=\"_ _2\"></span>t perfo<span class=\"_ _2\"></span>rms its ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. </span></span>The Group h<span class=\"_ _2\"></span>as a ri<span class=\"_ _2\"></span>sk-managem<span class=\"_ _2\"></span>ent pro<span class=\"_ _2\"></span>gram in pl<span class=\"_ _2\"></span>ace whi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>is f<span class=\"_ _2\"></span>ocused on <span class=\"_ _2\"></span>the analysis<span class=\"_ _2\"></span> of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>markets in ord<span class=\"_ _2\"></span>er to mi<span class=\"_ _2\"></span>tigate <span class=\"_ _2\"></span>the po<span class=\"_ _2\"></span>tenti<span class=\"_ _2\"></span>al advers<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ects on i<span class=\"_ _2\"></span>ts fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> performan<span class=\"_ _2\"></span>ce. Ris<span class=\"_ _2\"></span>k management i<span class=\"_ _2\"></span>s conduc<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Finance <span class=\"_ _2\"></span>Depa<span class=\"_ _2\"></span>rtment i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>polici<span class=\"_ _2\"></span>es approved <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _2\"></span>rs. <span class=\"_ _2\"></span>The Financ<span class=\"_ _2\"></span>e Depar<span class=\"_ _2\"></span>tment e<span class=\"_ _2\"></span>valuates an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>rtakes <span class=\"_ _2\"></span>the hedging of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial ri<span class=\"_ _2\"></span>sks in<span class=\"_ _2\"></span> strict co<span class=\"_ _2\"></span>ordi<span class=\"_ _2\"></span>nation with <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup\u2019s<span class=\"_ _2\"></span> operati<span class=\"_ _2\"></span>ng unit<span class=\"ff1\">s. <span class=\"_ _2\"></span> </span>The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>provides <span class=\"_ _2\"></span>the prin<span class=\"_ _2\"></span>ciples <span class=\"_ _2\"></span>of ris<span class=\"_ _2\"></span>k man<span class=\"_ _2\"></span>agement <span class=\"_ _2\"></span>as a whol<span class=\"_ _2\"></span>e and po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es covering s<span class=\"_ _2\"></span>pecif<span class=\"_ _2\"></span>ic areas <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>foreign <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge risk<span class=\"_ _2\"></span>, inte<span class=\"_ _2\"></span>rest rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k, credi<span class=\"_ _2\"></span>t risk, th<span class=\"_ _2\"></span>e use of<span class=\"_ _2\"></span> deri<span class=\"_ _2\"></span>vatives an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r non-deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> instruments an<span class=\"_ _2\"></span>d the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t of l<span class=\"_ _2\"></span>iquidi<span class=\"_ _2\"></span>ty surplus. <span class=\"_ _2\"></span>The Ris<span class=\"_ _2\"></span>k Managemen<span class=\"_ _2\"></span>t Depar<span class=\"_ _2\"></span>tment mo<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tors the impl<span class=\"_ _2\"></span>ementa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f risk managemen<span class=\"_ _2\"></span>t polici<span class=\"_ _2\"></span>es defin<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors. 9.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Speci<span class=\"_ _2\"></span>fic risks<span class=\"_ _2\"></span> inher<span class=\"_ _2\"></span>ent to<span class=\"_ _2\"></span> the se<span class=\"_ _2\"></span>ctors o<span class=\"_ _2\"></span>f </span></span>activit<span class=\"_ _2\"></span>y in <span class=\"_ _2\"></span>which t<span class=\"_ _2\"></span>he Nav<span class=\"_ _2\"></span>igator <span class=\"_ _2\"></span>Group operat<span class=\"_ _2\"></span>es 9.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>restry <span class=\"_ _2\"></span>sector As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ged arou<span class=\"_ _2\"></span>nd 106,8 tho<span class=\"_ _2\"></span>usand <span class=\"_ _2\"></span>hectares (2021: <span class=\"_ _2\"></span>105.5 thous<span class=\"_ _2\"></span>and h<span class=\"_ _2\"></span>ectares) di<span class=\"_ _2\"></span>stri<span class=\"_ _2\"></span>buted across<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>and Po<span class=\"_ _2\"></span>rtugal, <span class=\"_ _2\"></span>the Azo<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d Galic<span class=\"_ _2\"></span>ia (Spain)<span class=\"_ _2\"></span>, in 1,3<span class=\"_ _2\"></span>24 Managemen<span class=\"_ _2\"></span>t Units i<span class=\"_ _2\"></span>n 169 <span class=\"_ _2\"></span>munici<span class=\"_ _2\"></span>palities<span class=\"_ _2\"></span> in Po<span class=\"_ _2\"></span>rtugal, an<span class=\"_ _2\"></span>d 42 Mana<span class=\"_ _2\"></span>gement Units di<span class=\"_ _2\"></span>stribute<span class=\"_ _2\"></span>d across<span class=\"_ _2\"></span> 3 pro<span class=\"_ _2\"></span>vinces i<span class=\"_ _2\"></span>n Gal<span class=\"_ _2\"></span>icia, Spai<span class=\"_ _2\"></span>n, in ac<span class=\"_ _2\"></span>cordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>nciples expressed i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Forestr<span class=\"_ _2\"></span>y Pol<span class=\"_ _2\"></span>icy. Eucal<span class=\"_ _2\"></span>yptus an<span class=\"_ _2\"></span>d ar<span class=\"_ _2\"></span>eas und<span class=\"_ _2\"></span>er ongoin<span class=\"_ _2\"></span>g affores<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>on with thi<span class=\"_ _2\"></span>s sort of s<span class=\"_ _2\"></span>pecies occ<span class=\"_ _2\"></span>upy 73% of t<span class=\"_ _2\"></span>his<span class=\"_ _2\"></span> area, namel<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Eucaly<span class=\"_ _2\"></span>ptus <span class=\"_ _2\"></span>globulus <span class=\"_ _2\"></span>species, d<span class=\"_ _2\"></span>eemed to <span class=\"_ _2\"></span>have the perf<span class=\"_ _2\"></span>ect fib<span class=\"_ _2\"></span>re for hi<span class=\"_ _2\"></span>gh-quali<span class=\"_ _2\"></span>ty pap<span class=\"_ _2\"></span>ers. <span class=\"_ _2\"></span>In the remai<span class=\"_ _2\"></span>ning <span class=\"_ _2\"></span>area, in <span class=\"_ _2\"></span>additi<span class=\"_ _2\"></span>on to con<span class=\"_ _2\"></span>serva<span class=\"_ _2\"></span>tion areas tha<span class=\"_ _2\"></span>t accoun<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r about 12<span class=\"_ _2\"></span>.1% of <span class=\"_ _2\"></span>the tot<span class=\"_ _2\"></span>al area u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r managem<span class=\"_ _2\"></span>ent in Portu<span class=\"_ _2\"></span>gal, pine <span class=\"_ _2\"></span>and cork oak f<span class=\"_ _2\"></span>orests <span class=\"_ _2\"></span>are amo<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>largest <span class=\"_ _2\"></span>priva<span class=\"_ _2\"></span>tely own<span class=\"_ _2\"></span>ed nati<span class=\"_ _2\"></span>onal produc<span class=\"_ _2\"></span>ers. As a pi<span class=\"_ _2\"></span>oneer in Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _2\"></span> in promo<span class=\"_ _2\"></span>ting c<span class=\"_ _2\"></span>ertifie<span class=\"_ _2\"></span>d forest m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>agement, mo<span class=\"_ _2\"></span>st of i<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>restry as<span class=\"_ _2\"></span>sets \u00ae\u00ae\u00aelocated i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal are c<span class=\"_ _2\"></span>ertifi<span class=\"_ _2\"></span>ed by FSC (Fores<span class=\"_ _2\"></span>t S<span class=\"_ _2\"></span>tew<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>rdshi<span class=\"_ _2\"></span>p Council) (FSC-C010<span class=\"_ _2\"></span>852) and b<span class=\"_ _2\"></span>y PEFC\u2122 <span class=\"_ _2\"></span>(Programme fo<span class=\"_ _2\"></span>r the En<span class=\"_ _2\"></span>dorsemen<span class=\"_ _2\"></span>t of Fo<span class=\"_ _2\"></span>rest C<span class=\"_ _2\"></span>ertif<span class=\"_ _2\"></span>ication <span class=\"_ _2\"></span>schemes) (PE<span class=\"_ _2\"></span>FC\u2122/1<span class=\"_ _2\"></span>3<span class=\"_ _0\"></span><span class=\"ff1\">-<span class=\"ls18\">23</span>-001), </span>recogniti<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t management o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>these a<span class=\"_ _2\"></span>reas is c<span class=\"_ _2\"></span>arri<span class=\"_ _2\"></span>ed out i<span class=\"_ _2\"></span>n an envi<span class=\"_ _2\"></span>ronmentally<span class=\"_ _2\"></span>, economi<span class=\"_ _2\"></span>call<span class=\"_ _2\"></span>y and soc<span class=\"_ _2\"></span>iall<span class=\"_ _2\"></span>y responsible <span class=\"_ _2\"></span>way, fol<span class=\"_ _2\"></span>lowing a <span class=\"_ _2\"></span>strict an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nterna<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span>ly recogni<span class=\"_ _2\"></span>sed cri<span class=\"_ _2\"></span>teria<span class=\"_ _2\"></span>. Navigator o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes in so<span class=\"_ _2\"></span>phistica<span class=\"_ _2\"></span>ted ma<span class=\"_ _2\"></span>rkets arou<span class=\"_ _2\"></span>nd the <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>rld where <span class=\"_ _2\"></span>the deman<span class=\"_ _2\"></span>d for c<span class=\"_ _2\"></span>ertif<span class=\"_ _2\"></span>ied products i<span class=\"_ _2\"></span>s an una<span class=\"_ _2\"></span>voidabl<span class=\"_ _2\"></span>e real<span class=\"_ _2\"></span>ity. Si<span class=\"_ _2\"></span>nce only <span class=\"_ _2\"></span>a small<span class=\"_ _2\"></span> part <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the national<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>certified<span class=\"_ _2\"></span>, in 2016, <span class=\"_ _2\"></span>the Company s<span class=\"_ _2\"></span>tarted <span class=\"_ _2\"></span>a prog<span class=\"_ _2\"></span>ram to <span class=\"_ _2\"></span>encourag<span class=\"_ _2\"></span>e producers <span class=\"_ _2\"></span>to join<span class=\"_ _2\"></span> sustainabl<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>orest managemen<span class=\"_ _2\"></span>t models th<span class=\"_ _2\"></span>at, <span class=\"_ _2\"></span>once cer<span class=\"_ _2\"></span>tified, al<span class=\"_ _2\"></span>low <span class=\"_ _2\"></span>the conti<span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>us improvemen<span class=\"_ _2\"></span>t of man<span class=\"_ _2\"></span>agement practices<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion valuati<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>the ans<span class=\"_ _2\"></span>wer to <span class=\"_ _2\"></span>the demand <span class=\"_ _2\"></span>for c<span class=\"_ _2\"></span>ertified <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t is felt worl<span class=\"_ _2\"></span>dwide. <span class=\"_ _2\"></span>This eff<span class=\"_ _2\"></span>ort has<span class=\"_ _2\"></span> been i<span class=\"_ _2\"></span>ncreasin<span class=\"_ _2\"></span>g the ar<span class=\"_ _2\"></span>ea of<span class=\"_ _2\"></span> certi<span class=\"_ _2\"></span>fied for<span class=\"_ _2\"></span>est i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal be<span class=\"_ _2\"></span>tween \u00ae2016 <span class=\"_ _2\"></span>and 2022 <span class=\"_ _2\"></span>both via FSC <span class=\"ff8\">(f<span class=\"_ _2\"></span>rom 370<span class=\"_ _2\"></span>,000 ha to<span class=\"_ _2\"></span> 550,6<span class=\"_ _2\"></span>00 ha) <span class=\"_ _2\"></span>and PEFC\u2122 <span class=\"_ _2\"></span>(from 260<span class=\"_ _2\"></span>,000 ha </span>to 318<span class=\"_ _2\"></span>,230 ha).<span class=\"_ _2\"></span> Even so, i<span class=\"_ _2\"></span>t is c<span class=\"_ _2\"></span>lear <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>effo<span class=\"_ _2\"></span>rt should <span class=\"_ _2\"></span>continue i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the future<span class=\"_ _2\"></span>, given <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>weight tha<span class=\"_ _2\"></span>t stil<span class=\"_ _2\"></span>l represents <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>orest ar<span class=\"_ _2\"></span>ea not <span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>ed by an<span class=\"_ _2\"></span>y sus<span class=\"_ _2\"></span>tainable <span class=\"_ _2\"></span>forest man<span class=\"_ _2\"></span>agemen<span class=\"_ _2\"></span>t system <span class=\"_ _2\"></span>in Portugal<span class=\"_ _2\"></span>. As an <span class=\"_ _2\"></span>example<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the end o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span> the fores<span class=\"_ _2\"></span>try a<span class=\"_ _2\"></span>rea manag<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Group<span class=\"_ _2\"></span>, altho<span class=\"_ _2\"></span>ugh it repr<span class=\"_ _2\"></span>esented a<span class=\"_ _2\"></span>bout 3% of<span class=\"_ _2\"></span> Por<span class=\"_ _2\"></span>tugal\u2019s <span class=\"_ _2\"></span>tota<span class=\"ff1\">l fo<span class=\"_ _2\"></span>rested a<span class=\"_ _2\"></span>rea, i<span class=\"_ _2\"></span>t represen<span class=\"_ _2\"></span>ted, ho<span class=\"_ _2\"></span>wever, 34<span class=\"_ _2\"></span>% of al<span class=\"_ _2\"></span>l </span>certifi<span class=\"_ _2\"></span>ed Portugu<span class=\"_ _2\"></span>ese fo<span class=\"_ _2\"></span>rests <span class=\"_ _2\"></span>according <span class=\"_ _2\"></span>with PEF<span class=\"_ _2\"></span>C\u2122 stan<span class=\"_ _2\"></span>dards <span class=\"_ _2\"></span>and 19% of<span class=\"_ _2\"></span> all <span class=\"_ _2\"></span>certified \u00aePortugues<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>ts acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>with FSC s<span class=\"_ _2\"></span>tandards<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> We are, ho<span class=\"_ _2\"></span>wever, o<span class=\"_ _2\"></span>ptimi<span class=\"_ _2\"></span>stic about <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ath t<span class=\"_ _2\"></span>aken, which<span class=\"_ _2\"></span> demons<span class=\"_ _2\"></span>trates the adh<span class=\"_ _2\"></span>erenc<span class=\"_ _2\"></span>e of Forestr<span class=\"_ _2\"></span>y Produc<span class=\"_ _2\"></span>tion to s<span class=\"_ _2\"></span>ustaina<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>rest managem<span class=\"_ _2\"></span>ent mo<span class=\"_ _2\"></span>dels. In 2<span class=\"_ _2\"></span>022, 65<span class=\"_ _2\"></span>% of <span class=\"_ _2\"></span>wood from national<span class=\"_ _2\"></span> sources<span class=\"_ _2\"></span>, excl<span class=\"_ _2\"></span>uding self-su<span class=\"_ _2\"></span>ffici<span class=\"_ _2\"></span>ency, al<span class=\"_ _2\"></span>ready cam<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>from prope<span class=\"_ _2\"></span>rties <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>d their fo<span class=\"_ _2\"></span>rest managemen<span class=\"_ _2\"></span>t certi<span class=\"_ _2\"></span>fied (2021<span class=\"_ _2\"></span>: 63%). <span class=\"_ _2\"></span>It shou<span class=\"_ _2\"></span>ld also<span class=\"_ _2\"></span> be not<span class=\"_ _2\"></span>ed that, <span class=\"_ _2\"></span>within<span class=\"_ _2\"></span> this i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ve, th<span class=\"_ _2\"></span>e Group has <span class=\"_ _2\"></span>seen a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant incr<span class=\"_ _2\"></span>ease i<span class=\"_ _2\"></span>n the num<span class=\"_ _2\"></span>ber of <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>od Supplier c<span class=\"_ _2\"></span>hain of<span class=\"_ _2\"></span> custo<span class=\"_ _2\"></span>dy / li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty certifi<span class=\"_ _2\"></span>cation, r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting a <span class=\"_ _2\"></span>step f<span class=\"_ _2\"></span>urther o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>developme<span class=\"_ _2\"></span>nt of a <span class=\"_ _2\"></span>Supplier\u2019s <span class=\"_ _2\"></span>portfo<span class=\"_ _2\"></span>lio <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l make it pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to ensur<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>purposes<span class=\"_ _2\"></span> defined i<span class=\"_ _2\"></span>n terms <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> wood from <span class=\"_ _2\"></span>sources wi<span class=\"_ _2\"></span>th cer<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed forest mana<span class=\"_ _2\"></span>gemen<span class=\"_ _2\"></span>t. As a way of<span class=\"_ _2\"></span> promo<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>the certi<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>forest man<span class=\"_ _2\"></span>agement i<span class=\"_ _2\"></span>n the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> eucalyp<span class=\"_ _2\"></span>tus fores<span class=\"_ _2\"></span>t, sinc<span class=\"_ _2\"></span>e 2007, the G<span class=\"_ _2\"></span>roup has co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nuously <span class=\"_ _2\"></span>differen<span class=\"_ _2\"></span>tiated th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> t<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>wood rec<span class=\"_ _2\"></span>eived at i<span class=\"_ _2\"></span>ts factori<span class=\"_ _2\"></span>es, pos<span class=\"_ _2\"></span>itively <span class=\"_ _2\"></span>discri<span class=\"_ _2\"></span>minating <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> wood fro<span class=\"_ _2\"></span>m managemen<span class=\"_ _2\"></span>t uni<span class=\"_ _2\"></span>ts that h<span class=\"_ _2\"></span>ave certifi<span class=\"_ _2\"></span>ed thei<span class=\"_ _2\"></span>r managemen<span class=\"_ _2\"></span>t. sust<span class=\"_ _2\"></span>ainabl<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try. <span class=\"_ _2\"></span>This sup<span class=\"_ _2\"></span>port to <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>ystem was <span class=\"_ _2\"></span>innovati<span class=\"_ _2\"></span>ve worldwid<span class=\"_ _2\"></span>e and all<span class=\"_ _2\"></span>owed the s<span class=\"_ _2\"></span>tabili<span class=\"_ _2\"></span>zation<span class=\"_ _2\"></span> of fo<span class=\"_ _2\"></span>rest manage<span class=\"_ _2\"></span>ment certi<span class=\"_ _2\"></span>fied as <span class=\"_ _2\"></span>a practi<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>recognized in the <span class=\"_ _2\"></span>market an<span class=\"_ _2\"></span>d which, <span class=\"_ _2\"></span>being r<span class=\"_ _2\"></span>emunera<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>ducts <span class=\"_ _2\"></span>it inc<span class=\"_ _2\"></span>orporates, mu<span class=\"_ _2\"></span>st remun<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>te the res<span class=\"_ _2\"></span>pective p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n chain.<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, to d<span class=\"_ _2\"></span>emonstra<span class=\"_ _2\"></span>te its o<span class=\"_ _2\"></span>ngoi<span class=\"_ _2\"></span>ng commi<span class=\"_ _2\"></span>tment to i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>sustainabl<span class=\"_ _2\"></span>e developmen<span class=\"_ _2\"></span>t objectiv<span class=\"_ _2\"></span>es, in Jun<span class=\"_ _2\"></span>e 2022 <span class=\"_ _2\"></span>the Group is<span class=\"_ _2\"></span>sued a <span class=\"_ _2\"></span>Euro 150<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>euro bond under <span class=\"_ _2\"></span>the Sus<span class=\"_ _2\"></span>tainabil<span class=\"_ _2\"></span>ity Li<span class=\"_ _2\"></span>nked Bonds f<span class=\"_ _2\"></span>ramework, <span class=\"_ _2\"></span>with an in<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>est rate l<span class=\"_ _2\"></span>inke<span class=\"_ _2\"></span>d to three E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>G indi<span class=\"_ _2\"></span>cators: CO2 emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>(EU ETS basis); <span class=\"_ _2\"></span>% of ce<span class=\"_ _2\"></span>rtified woo<span class=\"_ _2\"></span>d purchas<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Portuguese <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t;<span class=\"_ _0\"></span> energ<span class=\"_ _2\"></span>y consumpti<span class=\"_ _2\"></span>on from renewable <span class=\"_ _2\"></span>sources<span class=\"_ _2\"></span>. With <span class=\"_ _2\"></span>this o<span class=\"_ _2\"></span>peration, <span class=\"_ _2\"></span>we en<span class=\"_ _2\"></span>ded the y<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>with almos<span class=\"_ _2\"></span>t 40% of <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>funding issu<span class=\"_ _2\"></span>ed being of a <span class=\"_ _2\"></span>sust<span class=\"_ _2\"></span>ainable natu<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>. The Group <span class=\"_ _2\"></span>was a<span class=\"_ _2\"></span>warded Land <span class=\"_ _2\"></span>Use and <span class=\"_ _2\"></span>Use Ri<span class=\"_ _2\"></span>ghts (DU<span class=\"_ _2\"></span>AT) i<span class=\"_ _2\"></span>n Mozambique, l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e provinces <span class=\"_ _2\"></span>of Man<span class=\"_ _2\"></span>ica and Zamb<span class=\"_ _2\"></span>ezia, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g about <span class=\"_ _2\"></span>50 n<span class=\"_ _2\"></span>on-contiguous<span class=\"_ _2\"></span> plots<span class=\"_ _2\"></span>, and a pl<span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>ng permit for <span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>246,000 <span class=\"_ _2\"></span>hectares<span class=\"_ _2\"></span>, mad<span class=\"_ _2\"></span>e availabl<span class=\"_ _2\"></span>e un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he Investmen<span class=\"_ _2\"></span>t Agreem<span class=\"_ _2\"></span>ent si<span class=\"_ _2\"></span>gned with the <span class=\"_ _2\"></span>Mozambican<span class=\"_ _2\"></span> Governmen<span class=\"_ _2\"></span>t, of <span class=\"_ _2\"></span>which a<span class=\"_ _2\"></span>round 14<span class=\"_ _2\"></span>.0 t<span class=\"_ _2\"></span>housan<span class=\"_ _2\"></span>d hectares <span class=\"_ _2\"></span>have be<span class=\"_ _2\"></span>en plant<span class=\"_ _2\"></span>ed. The project <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>resees the <span class=\"_ _2\"></span>inst<span class=\"_ _2\"></span>allati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>an industri<span class=\"_ _2\"></span>al uni<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the pro<span class=\"_ _2\"></span>duction o<span class=\"_ _2\"></span>f BEKP pul<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d electric<span class=\"_ _2\"></span> power i<span class=\"_ _2\"></span>n tha<span class=\"_ _2\"></span>t countr<span class=\"_ _2\"></span>y. In Jul<span class=\"_ _2\"></span>y 2018, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Mozambic<span class=\"_ _2\"></span>an Governmen<span class=\"_ _2\"></span>t and Po<span class=\"_ _2\"></span>rtucel Mo\u00e7ambique si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>Memoran<span class=\"_ _2\"></span>dum of <span class=\"_ _2\"></span>Understan<span class=\"_ _2\"></span>ding (<span class=\"_ _2\"></span>MoU) th<span class=\"_ _2\"></span>rough which <span class=\"_ _2\"></span>they a<span class=\"_ _2\"></span>greed on a set of <span class=\"_ _2\"></span>preceding c<span class=\"_ _2\"></span>ondi<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>required to <span class=\"_ _2\"></span>procee<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the in<span class=\"_ _2\"></span>vestmen<span class=\"_ _2\"></span>t, namely an<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly of a lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> nature, <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l be impl<span class=\"_ _2\"></span>emented i<span class=\"_ _2\"></span>n two phas<span class=\"_ _2\"></span>es. In <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>rst <span class=\"_ _2\"></span>phase, th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>rest base will<span class=\"_ _2\"></span> be increased <span class=\"_ _2\"></span>to app<span class=\"_ _2\"></span>roximat<span class=\"_ _2\"></span>ely 40,000<span class=\"_ _2\"></span> hec<span class=\"_ _2\"></span>tares, whic<span class=\"_ _2\"></span>h will<span class=\"_ _2\"></span> guarante<span class=\"_ _2\"></span>e the su<span class=\"_ _2\"></span>pply of a <span class=\"_ _2\"></span>unit (to be <span class=\"_ _2\"></span>built) f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>eucaly<span class=\"_ _2\"></span>ptus woo<span class=\"_ _2\"></span>d chips f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>export<span class=\"_ _2\"></span>, of app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y 1 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n tons per <span class=\"_ _2\"></span>year, i<span class=\"_ _2\"></span>n an es<span class=\"_ _2\"></span>timate<span class=\"_ _2\"></span>d addi<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>investmen<span class=\"_ _2\"></span>t of US<span class=\"_ _2\"></span>D 140 mi<span class=\"_ _2\"></span>llion. In a sta<span class=\"_ _2\"></span>tement mad<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e mark<span class=\"_ _2\"></span>et in No<span class=\"_ _2\"></span>vember <span class=\"_ _2\"></span>2021, the <span class=\"_ _2\"></span>concessi<span class=\"_ _2\"></span>onaire o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>Macuze po<span class=\"_ _2\"></span>rt and the Am<span class=\"_ _2\"></span>erican f<span class=\"_ _2\"></span>und, Etho<span class=\"_ _2\"></span>s Ass<span class=\"_ _2\"></span>et Manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>Inc, info<span class=\"_ _2\"></span>rmed th<span class=\"_ _2\"></span>at they h<span class=\"_ _2\"></span>ad si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>long-term finan<span class=\"_ _2\"></span>cing ag<span class=\"_ _2\"></span>reement i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> USD 40<span class=\"_ _2\"></span>0 mil<span class=\"_ _2\"></span>lion, which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>ensure th<span class=\"_ _2\"></span>e construc<span class=\"_ _2\"></span>tion of the <span class=\"_ _2\"></span>first ph<span class=\"_ _2\"></span>ase of<span class=\"_ _2\"></span> the Macus<span class=\"_ _2\"></span>e port <span class=\"_ _2\"></span>and roa<span class=\"_ _2\"></span>d accessi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty, which <span class=\"_ _2\"></span>involves <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nstruc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> terminals<span class=\"_ _2\"></span> for th<span class=\"_ _2\"></span>e oper<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> agricul<span class=\"_ _2\"></span>tural<span class=\"_ _2\"></span> products<span class=\"_ _2\"></span>, woodc<span class=\"_ _2\"></span>hips, <span class=\"_ _2\"></span>fertil<span class=\"_ _2\"></span>izers <span class=\"_ _2\"></span>and fuel, wi<span class=\"_ _2\"></span>th the capacity <span class=\"_ _2\"></span>to oper<span class=\"_ _2\"></span>ate ships <span class=\"_ _2\"></span>up to<span class=\"_ _2\"></span> 65,000 <span class=\"_ _2\"></span>DWT. Ta<span class=\"_ _2\"></span>king in<span class=\"_ _2\"></span>to ac<span class=\"_ _2\"></span>count the d<span class=\"_ _2\"></span>elays i<span class=\"_ _2\"></span>n the s<span class=\"_ _2\"></span>tart of<span class=\"_ _2\"></span> constructi<span class=\"_ _2\"></span>on, <span class=\"_ _2\"></span>the infras<span class=\"_ _2\"></span>tructu<span class=\"_ _2\"></span>re is <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>to be o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>26/2027. Navigator <span class=\"_ _2\"></span>and th<span class=\"_ _2\"></span>e Governm<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>Mozambique h<span class=\"_ _2\"></span>ave <span class=\"_ _2\"></span>been workin<span class=\"_ _2\"></span>g under <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms of <span class=\"_ _2\"></span>the Mo<span class=\"_ _2\"></span>U signed i<span class=\"_ _2\"></span>n 2018<span class=\"_ _2\"></span>, namely on th<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>eme of l<span class=\"_ _2\"></span>and and <span class=\"_ _2\"></span>develo<span class=\"_ _2\"></span>pment, ha<span class=\"_ _2\"></span>ving ad<span class=\"_ _2\"></span>vanced the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t Forest De<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t programm<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>Mozambique, <span class=\"_ _2\"></span>a Gover<span class=\"_ _2\"></span>nment i<span class=\"_ _2\"></span>nitiative <span class=\"_ _2\"></span>with fu<span class=\"_ _2\"></span>nding f<span class=\"_ _2\"></span>rom the World Bank<span class=\"_ _2\"></span>. The goal<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>to pro<span class=\"_ _2\"></span>mote small<span class=\"_ _2\"></span> and me<span class=\"_ _2\"></span>dium-scal<span class=\"_ _2\"></span>e sustai<span class=\"_ _2\"></span>nable commerci<span class=\"_ _2\"></span>al fo<span class=\"_ _2\"></span>rest plantation<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>the res<span class=\"_ _2\"></span>toratio<span class=\"_ _2\"></span>n of deg<span class=\"_ _2\"></span>raded ar<span class=\"_ _2\"></span>eas, <span class=\"_ _2\"></span>with abo<span class=\"_ _2\"></span>ut 2,000 h<span class=\"_ _2\"></span>a having <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>plant<span class=\"_ _0\"></span>ed betweeb <span class=\"_ _2\"></span>2019 and <span class=\"_ _2\"></span>2022. Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7ambiqu<span class=\"_ _2\"></span>e plays <span class=\"_ _2\"></span>an a<span class=\"_ _2\"></span>ctive role <span class=\"_ _2\"></span>in de<span class=\"_ _2\"></span>veloping an<span class=\"_ _2\"></span>d implementi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>programme<span class=\"_ _2\"></span>, provi<span class=\"_ _2\"></span>ding a ran<span class=\"_ _2\"></span>ge of s<span class=\"_ _2\"></span>uppo<span class=\"_ _2\"></span>rt, defi<span class=\"_ _2\"></span>ning the f<span class=\"_ _2\"></span>orest<span class=\"_ _2\"></span>ry mod<span class=\"_ _2\"></span>el, supplying <span class=\"_ _2\"></span>cloned pl<span class=\"_ _2\"></span>ants <span class=\"_ _2\"></span>at subs<span class=\"_ _2\"></span>idised p<span class=\"_ _2\"></span>rices an<span class=\"_ _2\"></span>d access <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>raw materi<span class=\"_ _2\"></span>als an<span class=\"_ _2\"></span>d know-<span class=\"ls39\">ho<span class=\"ls85\">w.<span class=\"_ _2\"></span><span class=\"ls0\"> </span></span></span>Work also <span class=\"_ _2\"></span>starte<span class=\"_ _2\"></span>d on har<span class=\"_ _2\"></span>vesting <span class=\"_ _2\"></span>timber f<span class=\"_ _2\"></span>rom Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span> Mo\u00e7ambi<span class=\"_ _2\"></span>que's plan<span class=\"_ _2\"></span>tation<span class=\"_ _2\"></span>s in Mani<span class=\"_ _2\"></span>ca, for export f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Port of B<span class=\"_ _2\"></span>eira, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>make it possi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>, amon<span class=\"_ _2\"></span>gst other <span class=\"_ _2\"></span>goals, <span class=\"_ _2\"></span>to pu<span class=\"_ _2\"></span>t 3Mozambique o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world map <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>this f<span class=\"_ _2\"></span>orest-base<span class=\"_ _2\"></span>d indust<span class=\"_ _2\"></span>ry. Duri<span class=\"_ _2\"></span>ng 2022, aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m3of wood <span class=\"_ _2\"></span>were har<span class=\"_ _2\"></span>vested<span class=\"_ _2\"></span>, and thre<span class=\"_ _2\"></span>e vess<span class=\"_ _2\"></span>els wer<span class=\"_ _2\"></span>e shippe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>Portugal, <span class=\"_ _2\"></span>with aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m. In terms<span class=\"_ _2\"></span> of f<span class=\"_ _2\"></span>orestry p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n fac<span class=\"_ _2\"></span>tor th<span class=\"_ _2\"></span>reateni<span class=\"_ _2\"></span>ng the c<span class=\"_ _2\"></span>ompetiti<span class=\"_ _2\"></span>veness <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e eucalyptus f<span class=\"_ _2\"></span>orest<span class=\"_ _2\"></span>ry sec<span class=\"_ _2\"></span>tor li<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the low p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese fo<span class=\"_ _2\"></span>rest, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>has a l<span class=\"_ _2\"></span>ow intensi<span class=\"_ _2\"></span>ty of mana<span class=\"_ _2\"></span>gement, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>contribut<span class=\"_ _2\"></span>es to d<span class=\"_ _2\"></span>ecreasin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>profitabil<span class=\"_ _2\"></span>ity an<span class=\"_ _2\"></span>d increasi<span class=\"_ _2\"></span>ng ris<span class=\"_ _2\"></span>ks of<span class=\"_ _2\"></span> forest f<span class=\"_ _2\"></span>ire an<span class=\"_ _2\"></span>d plant h<span class=\"_ _2\"></span>ealth. <span class=\"_ _2\"></span>The com<span class=\"_ _2\"></span>binatio<span class=\"_ _2\"></span>n of al<span class=\"_ _2\"></span>l these f<span class=\"_ _2\"></span>actors<span class=\"_ _2\"></span>, in r<span class=\"_ _2\"></span>ecent <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>thout an<span class=\"_ _2\"></span>y strategi<span class=\"_ _2\"></span>c measur<span class=\"_ _2\"></span>es of the S<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>te in the i<span class=\"_ _2\"></span>ndus<span class=\"_ _2\"></span>try, has f<span class=\"_ _2\"></span>orced<span class=\"_ _2\"></span> the i<span class=\"_ _2\"></span>mport of <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>terial, <span class=\"_ _2\"></span>a process c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e profita<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the i<span class=\"_ _2\"></span>ndustr<span class=\"_ _2\"></span>y. Since<span class=\"_ _2\"></span> the en<span class=\"_ _2\"></span>tire fo<span class=\"_ _2\"></span>rest-based indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>secto<span class=\"_ _2\"></span>r depen<span class=\"_ _2\"></span>ds on the a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty of ra<span class=\"_ _2\"></span>w mater<span class=\"_ _2\"></span>ials<span class=\"_ _2\"></span> in the qual<span class=\"_ _2\"></span>ity and <span class=\"_ _2\"></span>quantit<span class=\"_ _2\"></span>y necessary <span class=\"_ _2\"></span>to mai<span class=\"_ _2\"></span>ntain th<span class=\"_ _2\"></span>e industri<span class=\"_ _2\"></span>al uni<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>our count<span class=\"_ _2\"></span>ry, i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>shocking to <span class=\"_ _2\"></span>concl<span class=\"_ _2\"></span>ude that <span class=\"_ _2\"></span>the lac<span class=\"_ _2\"></span>k of i<span class=\"_ _2\"></span>nvestment i<span class=\"_ _2\"></span>n the r<span class=\"_ _2\"></span>ehabili<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> national<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t ar<span class=\"_ _2\"></span>eas <span class=\"_ _2\"></span>is currentl<span class=\"_ _2\"></span>y jeopar<span class=\"_ _2\"></span>disi<span class=\"_ _2\"></span>ng the sustain<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f such <span class=\"_ _2\"></span>an import<span class=\"_ _2\"></span>ant sec<span class=\"_ _2\"></span>tor for <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>. The Group con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ers the <span class=\"_ _2\"></span>challenge o<span class=\"_ _2\"></span>f p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity and <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ve fores<span class=\"_ _2\"></span>t management <span class=\"_ _2\"></span>as a <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gic axis o<span class=\"_ _2\"></span>f develo<span class=\"_ _2\"></span>pment. As a <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y with <span class=\"_ _2\"></span>responsibi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the secto<span class=\"_ _2\"></span>r, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r has be<span class=\"_ _2\"></span>en promoting s<span class=\"_ _2\"></span>ever<span class=\"_ _2\"></span>al ini<span class=\"_ _2\"></span>tiatives ai<span class=\"_ _2\"></span>med at <span class=\"_ _2\"></span>helping <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>verse t<span class=\"_ _2\"></span>his <span class=\"_ _2\"></span>trend. Thes<span class=\"_ _2\"></span>e initiatives co<span class=\"_ _2\"></span>ver several<span class=\"_ _2\"></span> areas<span class=\"_ _2\"></span>, from th<span class=\"_ _2\"></span>e supply of<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>roved pl<span class=\"_ _2\"></span>ants s<span class=\"_ _2\"></span>temmi<span class=\"_ _2\"></span>ng from a gen<span class=\"_ _2\"></span>etic i<span class=\"_ _2\"></span>mprovemen<span class=\"_ _2\"></span>t programme <span class=\"_ _2\"></span>with decad<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> develo<span class=\"_ _2\"></span>pment, <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt to for<span class=\"_ _2\"></span>estry <span class=\"_ _2\"></span>producers <span class=\"_ _2\"></span>(with programs suc<span class=\"_ _2\"></span>h as P<span class=\"_ _2\"></span>remium, e<span class=\"_ _2\"></span>-globulus<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt through <span class=\"_ _2\"></span>dozens of ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ons of trainin<span class=\"_ _2\"></span>g that, co<span class=\"_ _2\"></span>mplementi<span class=\"_ _2\"></span>ng tho<span class=\"_ _2\"></span>se or<span class=\"_ _2\"></span>ganized with <span class=\"_ _2\"></span>the Su<span class=\"_ _2\"></span>ppliers <span class=\"_ _2\"></span>we use, <span class=\"_ _2\"></span>extend <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>ransfer of<span class=\"_ _2\"></span> knowledge <span class=\"_ _2\"></span>to o<span class=\"_ _2\"></span>ther compan<span class=\"_ _2\"></span>ies i<span class=\"_ _2\"></span>n the sec<span class=\"_ _2\"></span>tor). Moreover<span class=\"_ _2\"></span>, throu<span class=\"_ _2\"></span>gh Biond <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Associ<span class=\"_ _2\"></span>a\u00e7\u00e3o das Bi<span class=\"_ _2\"></span>oind\u00fast<span class=\"_ _2\"></span>rias <span class=\"_ _2\"></span>de Base F<span class=\"_ _2\"></span>lores<span class=\"_ _2\"></span>tal (repres<span class=\"_ _2\"></span>enting <span class=\"_ _2\"></span>the main <span class=\"_ _2\"></span>ind<span class=\"ff8\">ustrial<span class=\"_ _2\"></span> groups in<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>ector), Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r has <span class=\"_ _2\"></span>also c<span class=\"_ _2\"></span>ollaborated i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e \u201cMelho<span class=\"_ _2\"></span>r Eucali<span class=\"_ _2\"></span>pto\u201d </span>Program<span class=\"_ _2\"></span>, in whic<span class=\"_ _2\"></span>h \u201cLi<span class=\"_ _2\"></span>mpa &amp; Aduba\u201d i<span class=\"_ _2\"></span>s devel<span class=\"_ _2\"></span>oped<span class=\"_ _2\"></span>. Under t<span class=\"_ _2\"></span>his i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ve, Biond car<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>out at <span class=\"_ _2\"></span>its own expens<span class=\"_ _2\"></span>e the f<span class=\"_ _2\"></span>ertil<span class=\"_ _2\"></span>isatio<span class=\"_ _2\"></span>n of the pl<span class=\"_ _2\"></span>ots of <span class=\"_ _2\"></span>land o<span class=\"_ _2\"></span>wned <span class=\"_ _2\"></span>by privat<span class=\"_ _2\"></span>e individuals <span class=\"_ _2\"></span>who appl<span class=\"_ _2\"></span>y to the programme, an<span class=\"_ _2\"></span>d who c<span class=\"_ _2\"></span>lean up <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>eucal<span class=\"_ _2\"></span>yptus fo<span class=\"_ _2\"></span>rest pro<span class=\"_ _2\"></span>perties<span class=\"_ _2\"></span>. Thi<span class=\"_ _2\"></span>s measure<span class=\"_ _2\"></span>, empowering producti<span class=\"_ _2\"></span>vity, al<span class=\"_ _2\"></span>so enabl<span class=\"_ _2\"></span>es a <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>the risk of<span class=\"_ _2\"></span> wildfi<span class=\"_ _2\"></span>re by re<span class=\"_ _2\"></span>ducing th<span class=\"_ _2\"></span>e fuel<span class=\"_ _2\"></span> load o<span class=\"_ _2\"></span>n the plots, i<span class=\"_ _2\"></span>mpacti<span class=\"_ _2\"></span>ng on 15<span class=\"_ _2\"></span>,000 ha duri<span class=\"_ _2\"></span>ng 2021 <span class=\"_ _2\"></span>and on mor<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>an 14,550 <span class=\"_ _2\"></span>ha in <span class=\"_ _2\"></span>2022, acc<span class=\"_ _2\"></span>umulating more than 4<span class=\"_ _2\"></span>7,000 ha <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady inter<span class=\"_ _2\"></span>vened. CBi<span class=\"_ _2\"></span>ond is<span class=\"_ _2\"></span> also <span class=\"_ _2\"></span>implementin<span class=\"_ _2\"></span>g 2 a<span class=\"_ _2\"></span>dditional<span class=\"_ _2\"></span> programs - \"Replantar<span class=\"_ _2\"></span>\" - which<span class=\"_ _2\"></span> aims to<span class=\"_ _2\"></span> provide <span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>downers with <span class=\"_ _2\"></span>direc<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> support fo<span class=\"_ _2\"></span>r the r<span class=\"_ _2\"></span>eplanti<span class=\"_ _2\"></span>ng of thei<span class=\"_ _2\"></span>r eucaly<span class=\"_ _2\"></span>ptus for<span class=\"_ _2\"></span>est plots <span class=\"_ _2\"></span>(31 <span class=\"_ _2\"></span>hectares <span class=\"_ _2\"></span>comple<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> in the mu<span class=\"_ _2\"></span>nicipal<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>Pedr\u00f3g\u00e3o Grande), as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as an<span class=\"_ _2\"></span> initi<span class=\"_ _2\"></span>ative of th<span class=\"_ _2\"></span>e same <span class=\"_ _2\"></span>nature <span class=\"_ _2\"></span>- Recu<span class=\"_ _2\"></span>pera\u00e7\u00e3o de <span class=\"_ _2\"></span>\u00c1reas Ar<span class=\"_ _2\"></span>didas - ai<span class=\"_ _2\"></span>med at the reco<span class=\"_ _2\"></span>very of<span class=\"_ _2\"></span> burned ar<span class=\"_ _2\"></span>eas hi<span class=\"_ _2\"></span>t by f<span class=\"_ _2\"></span>ires from <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>to 201<span class=\"_ _2\"></span>8 seekin<span class=\"_ _2\"></span>g the reh<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>itation of thes<span class=\"_ _2\"></span>e areas for <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>est mana<span class=\"_ _2\"></span>gement (400<span class=\"_ _2\"></span> hectares<span class=\"_ _2\"></span> comple<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span>).<span class=\"_ _0\"></span> In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the ri<span class=\"_ _2\"></span>sks rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>rural fi<span class=\"_ _2\"></span>res <span class=\"_ _2\"></span>and plant he<span class=\"_ _2\"></span>alth, <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s a regulato<span class=\"_ _2\"></span>ry envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>that stron<span class=\"_ _2\"></span>gly af<span class=\"_ _2\"></span>fects <span class=\"_ _2\"></span>professi<span class=\"_ _2\"></span>onal f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y activi<span class=\"_ _2\"></span>ty, <span class=\"_ _2\"></span>leading <span class=\"_ _2\"></span>to a con<span class=\"ls0\">tinued dec<span class=\"_ _2\"></span>rease in <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>evels<span class=\"_ _2\"></span> of fo<span class=\"_ _2\"></span>restry i<span class=\"_ _2\"></span>nterventi<span class=\"_ _2\"></span>on at<span class=\"_ _2\"></span> scal<span class=\"_ _2\"></span>e, whose lea<span class=\"_ _2\"></span>ding in<span class=\"_ _2\"></span>dicator i<span class=\"_ _2\"></span>s the </span>evolutio<span class=\"_ _2\"></span>n (contin<span class=\"_ _2\"></span>uous re<span class=\"_ _2\"></span>duction) o<span class=\"_ _2\"></span>f for<span class=\"_ _2\"></span>ested <span class=\"_ _2\"></span>or refo<span class=\"_ _2\"></span>rested <span class=\"_ _2\"></span>areas i<span class=\"_ _2\"></span>n our co<span class=\"_ _2\"></span>untry. <span class=\"_ _2\"></span>The sustain<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f an en<span class=\"_ _2\"></span>tire sec<span class=\"_ _2\"></span>tor, <span class=\"_ _2\"></span>based on a <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>rge number<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>small <span class=\"_ _2\"></span>suppliers of s<span class=\"_ _2\"></span>ervices and products<span class=\"_ _2\"></span>, is de<span class=\"_ _2\"></span>pendent o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>activi<span class=\"_ _2\"></span>ty level<span class=\"_ _2\"></span>s (regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the speci<span class=\"_ _2\"></span>es) <span class=\"_ _2\"></span>that ou<span class=\"_ _2\"></span>r count<span class=\"_ _2\"></span>ry has not been a<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>ensure<span class=\"_ _2\"></span>. This c<span class=\"_ _2\"></span>ompromises <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty of this<span class=\"_ _2\"></span> business <span class=\"_ _2\"></span>networ<span class=\"_ _2\"></span>k, whic<span class=\"_ _2\"></span>h is essential<span class=\"_ _2\"></span> to ensu<span class=\"_ _2\"></span>re th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>ventio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>rural areas <span class=\"_ _2\"></span>that re<span class=\"_ _2\"></span>duce ri<span class=\"_ _2\"></span>sk and <span class=\"_ _2\"></span>promote pro<span class=\"_ _2\"></span>ductivi<span class=\"_ _2\"></span>ty and inc<span class=\"_ _2\"></span>ome in <span class=\"_ _2\"></span>regions of<span class=\"_ _2\"></span> the coun<span class=\"_ _2\"></span>try <span class=\"_ _2\"></span>where the fo<span class=\"_ _2\"></span>rest i<span class=\"_ _2\"></span>s a<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficant c<span class=\"_ _2\"></span>omponent of <span class=\"_ _2\"></span>the income of man<span class=\"_ _2\"></span>y famili<span class=\"_ _2\"></span>es. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s acti<span class=\"_ _2\"></span>vity i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>risks r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to f<span class=\"_ _2\"></span>ires i<span class=\"_ _2\"></span>n rural areas<span class=\"_ _2\"></span>, in<span class=\"_ _2\"></span>cludi<span class=\"ff1\">ng: </span>i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Destruc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> current <span class=\"_ _2\"></span>and futu<span class=\"_ _2\"></span>re woo<span class=\"_ _2\"></span>d inven<span class=\"_ _2\"></span>tory, belo<span class=\"_ _2\"></span>ngin<span class=\"_ _2\"></span>g to the N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Group <span class=\"_ _2\"></span>as </span></span>well as<span class=\"_ _2\"></span> to third <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ties; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">I<span class=\"_ _0\"></span>ncreasing <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>ts of f<span class=\"_ _2\"></span>orestry an<span class=\"_ _2\"></span>d subse<span class=\"_ _2\"></span>quent lan<span class=\"_ _2\"></span>d pre<span class=\"_ _2\"></span>parati<span class=\"_ _2\"></span>on f<span class=\"_ _2\"></span>or plantatio<span class=\"_ _2\"></span>n. </span></span>In this <span class=\"_ _2\"></span>respect<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>manner in <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the Navig<span class=\"_ _2\"></span>ator Grou<span class=\"_ _2\"></span>p manages <span class=\"_ _2\"></span>its woo<span class=\"_ _2\"></span>dlands i<span class=\"_ _2\"></span>s the fron<span class=\"_ _2\"></span>t li<span class=\"_ _2\"></span>ne for mi<span class=\"_ _2\"></span>tigating this<span class=\"_ _2\"></span> risk<span class=\"_ _2\"></span>. In a<span class=\"_ _2\"></span>ddition, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Innovatio<span class=\"_ _2\"></span>n and Devel<span class=\"_ _2\"></span>opment <span class=\"_ _2\"></span>effort is<span class=\"_ _2\"></span> aimed a<span class=\"_ _2\"></span>t adaptin<span class=\"_ _2\"></span>g forest<span class=\"_ _2\"></span>ry techni<span class=\"_ _2\"></span>ques <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>reality of <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal fo<span class=\"_ _2\"></span>rest, with a <span class=\"_ _2\"></span>view <span class=\"_ _2\"></span>to mi<span class=\"_ _2\"></span>tigating impacts, r<span class=\"_ _2\"></span>educing <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d impro<span class=\"_ _2\"></span>ving manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>practic<span class=\"_ _2\"></span>es, by the C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d by mar<span class=\"_ _2\"></span>ket operators<span class=\"_ _2\"></span>. Among the <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erent manag<span class=\"_ _2\"></span>ement m<span class=\"_ _2\"></span>easures un<span class=\"_ _2\"></span>dertak<span class=\"_ _2\"></span>en by the N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Group<span class=\"_ _2\"></span>, the s<span class=\"_ _2\"></span>trict compli<span class=\"_ _2\"></span>ance with bi<span class=\"_ _2\"></span>odivers<span class=\"_ _2\"></span>ity rul<span class=\"_ _2\"></span>es, a <span class=\"_ _2\"></span>proper pl<span class=\"_ _2\"></span>anning o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e forest fac<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es to <span class=\"_ _2\"></span>be implemen<span class=\"_ _2\"></span>ted and the con<span class=\"_ _2\"></span>structi<span class=\"_ _2\"></span>on and m<span class=\"_ _2\"></span>aintenanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>roads and <span class=\"_ _2\"></span>acces<span class=\"_ _2\"></span>s ro<span class=\"_ _2\"></span>ads to each o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the areas <span class=\"_ _2\"></span>under developmen<span class=\"_ _2\"></span>t are pa<span class=\"_ _2\"></span>rticul<span class=\"_ _2\"></span>arly r<span class=\"_ _2\"></span>elevant i<span class=\"_ _2\"></span>n miti<span class=\"_ _2\"></span>gating <span class=\"_ _2\"></span>the fire<span class=\"_ _2\"></span> risk. In addi<span class=\"_ _2\"></span>tion, the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group h<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a share in<span class=\"_ _2\"></span> the Af<span class=\"_ _2\"></span>ocel<span class=\"_ _2\"></span>ca groupin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> an <span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rest grouping b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup and <span class=\"_ _2\"></span>the AL<span class=\"_ _2\"></span>TRI Gro<span class=\"_ _2\"></span>up, whose mi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>n is <span class=\"_ _2\"></span>to provide assi<span class=\"_ _2\"></span>stance in <span class=\"_ _2\"></span>the figh<span class=\"_ _2\"></span>t against f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>t fir<span class=\"_ _2\"></span>es at th<span class=\"_ _2\"></span>e grou<span class=\"_ _2\"></span>ped compani<span class=\"_ _2\"></span>es\u2019 prop<span class=\"_ _2\"></span>erties<span class=\"_ _2\"></span>, in stri<span class=\"_ _2\"></span>ct coordi<span class=\"_ _2\"></span>nation and c<span class=\"_ _2\"></span>ollabo<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span> with the N<span class=\"_ _2\"></span>ational<span class=\"_ _2\"></span> Ci<span class=\"_ _2\"></span>vil Prote<span class=\"_ _2\"></span>ction <span class=\"_ _2\"></span>Authorit<span class=\"_ _2\"></span>y (Autori<span class=\"_ _2\"></span>dade Nacional<span class=\"_ _2\"></span> de Prot<span class=\"_ _2\"></span>ec\u00e7\u00e3o Ci<span class=\"_ _2\"></span>vil <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>ANEPC). This <span class=\"_ _2\"></span>groupi<span class=\"_ _2\"></span>ng manages<span class=\"_ _2\"></span> an a<span class=\"_ _2\"></span>nnual <span class=\"_ _2\"></span>budget of abo<span class=\"_ _2\"></span>ut Euro<span class=\"_ _2\"></span> 3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n, without pu<span class=\"_ _2\"></span>blic<span class=\"_ _2\"></span> funds, and h<span class=\"_ _2\"></span>as c<span class=\"_ _2\"></span>reated an <span class=\"_ _2\"></span>effi<span class=\"_ _2\"></span>cient and <span class=\"_ _2\"></span>fle<span class=\"_ _2\"></span>xible struc<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>mplements practices <span class=\"_ _2\"></span>aimed <span class=\"_ _2\"></span>at reduci<span class=\"_ _2\"></span>ng prot<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d minimi<span class=\"_ _2\"></span>sing the dama<span class=\"_ _2\"></span>ge caus<span class=\"_ _2\"></span>ed by fo<span class=\"_ _2\"></span>rest fi<span class=\"_ _2\"></span>res to the ACE<span class=\"_ _2\"></span> companies<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h own an<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>e more <span class=\"_ _2\"></span>than 1<span class=\"_ _2\"></span>90 thous<span class=\"_ _2\"></span>and hectares <span class=\"_ _2\"></span>of fo<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n Portugal<span class=\"_ _2\"></span>. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has al<span class=\"_ _2\"></span>so a res<span class=\"_ _2\"></span>earch i<span class=\"_ _2\"></span>nstitu<span class=\"_ _2\"></span>te, RAIZ<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>whose activi<span class=\"_ _2\"></span>ty is<span class=\"_ _2\"></span> focused <span class=\"_ _2\"></span>on 3 mai<span class=\"_ _2\"></span>n areas: A<span class=\"_ _2\"></span>pplied Res<span class=\"_ _2\"></span>earch<span class=\"_ _2\"></span>, Cons<span class=\"_ _2\"></span>ulting and T<span class=\"_ _2\"></span>raining. <span class=\"_ _2\"></span>In the f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y research<span class=\"_ _2\"></span> area, R<span class=\"_ _2\"></span>AIZ se<span class=\"_ _2\"></span>eks: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">To improv<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity of <span class=\"_ _2\"></span>eucalyp<span class=\"_ _2\"></span>tus fores<span class=\"_ _2\"></span>ts;  </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o enhance <span class=\"_ _2\"></span>the qu<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>ty of the fi<span class=\"_ _2\"></span>bre p<span class=\"_ _2\"></span>roduce<span class=\"_ _2\"></span>d from tha<span class=\"_ _2\"></span>t woo<span class=\"_ _2\"></span>d; </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o impl<span class=\"_ _2\"></span>ement a sus<span class=\"_ _2\"></span>tained fo<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>ry mana<span class=\"_ _2\"></span>gement pro<span class=\"_ _2\"></span>gram <span class=\"_ _2\"></span>from an eco<span class=\"_ _2\"></span>nomic, </span></span>environment<span class=\"_ _2\"></span>al and s<span class=\"_ _2\"></span>ocial<span class=\"_ _2\"></span> perspecti<span class=\"_ _2\"></span>ves; iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>To f<span class=\"_ _2\"></span>oster <span class=\"_ _2\"></span>practic<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>rocesses ai<span class=\"_ _2\"></span>med at r<span class=\"_ _2\"></span>educin<span class=\"_ _2\"></span>g wood<span class=\"_ _2\"></span> productio<span class=\"_ _2\"></span>n costs<span class=\"_ _2\"></span>. 3On 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, a 10% i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e in the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>per m of <span class=\"_ _2\"></span>eucalyptus <span class=\"_ _2\"></span>wood cons<span class=\"_ _2\"></span>umed in BEKP pul<span class=\"_ _2\"></span>p producti<span class=\"_ _2\"></span>on woul<span class=\"_ _2\"></span>d have had a <span class=\"_ _2\"></span>nega<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n the Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p\u2019s o<span class=\"_ _2\"></span>perating results <span class=\"_ _2\"></span>of app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y Euro 41,00<span class=\"_ _2\"></span>0,00<span class=\"_ _2\"></span>0 (31 Decem<span class=\"_ _2\"></span>ber 2<span class=\"_ _2\"></span>021: E<span class=\"_ _2\"></span>uro 31,400,000).<span class=\"_ _2\"></span> 9.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>e of BEKP <span class=\"_ _2\"></span>pulp, UWF <span class=\"_ _2\"></span>paper and <span class=\"_ _2\"></span>Tissue p<span class=\"_ _2\"></span>aper Suppl<span class=\"_ _2\"></span>y of raw<span class=\"_ _2\"></span> mat<span class=\"_ _2\"></span>eria<span class=\"_ _2\"></span>ls Navigator's <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>supply of <span class=\"_ _2\"></span>wood (f<span class=\"_ _2\"></span>rom i<span class=\"_ _2\"></span>ts own ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>es) for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction o<span class=\"_ _2\"></span>f BEKP pulp i<span class=\"_ _2\"></span>s only <span class=\"_ _2\"></span>about 11% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's ne<span class=\"_ _2\"></span>eds (2021<span class=\"_ _2\"></span>: 18%)<span class=\"_ _2\"></span>. Theref<span class=\"_ _2\"></span>ore, i<span class=\"_ _2\"></span>s a re<span class=\"_ _2\"></span>gular ne<span class=\"_ _2\"></span>ed for <span class=\"_ _2\"></span>the Company to <span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>e wood <span class=\"_ _2\"></span>in the dom<span class=\"_ _2\"></span>estic <span class=\"_ _2\"></span>market <span class=\"_ _2\"></span>(still<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent), u<span class=\"_ _0\"></span>sing <span class=\"_ _2\"></span>the Spani<span class=\"_ _2\"></span>sh mar<span class=\"_ _2\"></span>ket and the non<span class=\"_ _2\"></span>-Europe<span class=\"_ _2\"></span>an (outsi<span class=\"_ _2\"></span>de the <span class=\"_ _2\"></span>Iberian<span class=\"_ _2\"></span> Peninsu<span class=\"_ _2\"></span>la) mar<span class=\"_ _2\"></span>kets, mai<span class=\"_ _2\"></span>nly Brazi<span class=\"_ _2\"></span>l, Urugua<span class=\"_ _2\"></span>y and Mozambique (m<span class=\"_ _2\"></span>ainl<span class=\"_ _2\"></span>y from NVG'<span class=\"_ _2\"></span>s lo<span class=\"_ _2\"></span>cal plan<span class=\"_ _2\"></span>tations) a<span class=\"_ _2\"></span>t an a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al compare<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e nation<span class=\"_ _2\"></span>al market due <span class=\"_ _2\"></span>to tr<span class=\"_ _2\"></span>anspor<span class=\"_ _2\"></span>t.  The sup<span class=\"_ _2\"></span>ply of wood <span class=\"_ _2\"></span>from int<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>markets, nam<span class=\"_ _2\"></span>ely e<span class=\"_ _2\"></span>ucalyptus<span class=\"_ _2\"></span>, is s<span class=\"_ _2\"></span>ubject to <span class=\"_ _2\"></span>pric<span class=\"_ _2\"></span>e variations<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y due to <span class=\"_ _2\"></span>exchange <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t, which has<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onsequentl<span class=\"_ _2\"></span>y impli<span class=\"_ _2\"></span>cations <span class=\"_ _2\"></span>in the production <span class=\"_ _2\"></span>cost of<span class=\"_ _2\"></span> Na<span class=\"_ _2\"></span>vigator an<span class=\"_ _2\"></span>d BEKP pul<span class=\"_ _2\"></span>p produci<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>mpanies. <span class=\"_ _2\"></span>Moreover<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>volatil<span class=\"_ _2\"></span>ity of wood tr<span class=\"_ _2\"></span>ansportatio<span class=\"_ _2\"></span>n costs <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>units al<span class=\"_ _2\"></span>so has <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>ts m<span class=\"_ _2\"></span>ainly due to <span class=\"_ _2\"></span>the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of fuel<span class=\"_ _2\"></span> prices<span class=\"_ _2\"></span>, oil<span class=\"_ _2\"></span> prices, l<span class=\"_ _2\"></span>ower scarci<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>large <span class=\"_ _2\"></span>ships witho<span class=\"_ _2\"></span>ut o<span class=\"_ _2\"></span>ptimisatio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f returns an<span class=\"_ _2\"></span>d sea f<span class=\"_ _2\"></span>reight osci<span class=\"_ _2\"></span>llati<span class=\"_ _2\"></span>on. The real<span class=\"_ _2\"></span>isatio<span class=\"_ _2\"></span>n of new f<span class=\"_ _2\"></span>orest pl<span class=\"_ _2\"></span>antati<span class=\"_ _2\"></span>ons is<span class=\"_ _2\"></span> subjec<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e autho<span class=\"_ _2\"></span>risation of<span class=\"_ _2\"></span> the com<span class=\"_ _2\"></span>petent entities <span class=\"_ _2\"></span>and to <span class=\"_ _2\"></span>a poli<span class=\"_ _2\"></span>cy of ar<span class=\"_ _2\"></span>ea in<span class=\"_ _2\"></span>crease <span class=\"_ _2\"></span>restricti<span class=\"_ _2\"></span>ons, whic<span class=\"_ _2\"></span>h may <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>t the national<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>tion potenti<span class=\"_ _2\"></span>al, altho<span class=\"_ _2\"></span>ugh ther<span class=\"_ _2\"></span>e are man<span class=\"_ _2\"></span>y ini<span class=\"_ _2\"></span>tiativ<span class=\"_ _2\"></span>es to hel<span class=\"_ _2\"></span>p for<span class=\"_ _2\"></span>est produc<span class=\"_ _2\"></span>ers, <span class=\"_ _2\"></span>among th<span class=\"_ _2\"></span>em the su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>t in woo<span class=\"_ _2\"></span>d certific<span class=\"_ _2\"></span>ation to <span class=\"_ _2\"></span>meet <span class=\"_ _2\"></span>the comme<span class=\"_ _2\"></span>rcial demand f<span class=\"_ _2\"></span>or c<span class=\"_ _2\"></span>ertified p<span class=\"_ _2\"></span>roducts <span class=\"_ _2\"></span>(pa<span class=\"_ _2\"></span>per and pul<span class=\"_ _2\"></span>p), and to i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e the produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the exi<span class=\"_ _2\"></span>sting ar<span class=\"_ _2\"></span>eas, fo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>a greater a<span class=\"_ _2\"></span>vailabi<span class=\"_ _2\"></span>lity of<span class=\"_ _2\"></span> raw mat<span class=\"_ _2\"></span>erial<span class=\"_ _2\"></span> in the <span class=\"_ _2\"></span>domestic ma<span class=\"_ _2\"></span>rket, <span class=\"_ _2\"></span>the use o<span class=\"_ _2\"></span>f impor<span class=\"_ _2\"></span>ts wil<span class=\"_ _2\"></span>l always b<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>an unavoi<span class=\"_ _2\"></span>dable n<span class=\"_ _2\"></span>eed in th<span class=\"_ _2\"></span>e short/me<span class=\"_ _2\"></span>dium/long <span class=\"_ _2\"></span>term. Due to th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient domestic<span class=\"_ _2\"></span> producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>wood in qu<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ntity, n<span class=\"_ _2\"></span>amely in t<span class=\"_ _2\"></span>erms of<span class=\"_ _2\"></span> cer<span class=\"_ _2\"></span>tified wood, <span class=\"_ _2\"></span>the Company h<span class=\"_ _2\"></span>as to i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>quanti<span class=\"_ _2\"></span>ty of impor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ed wood, eith<span class=\"_ _2\"></span>er from <span class=\"_ _2\"></span>Spai<span class=\"_ _2\"></span>n or from other mor<span class=\"_ _2\"></span>e distan<span class=\"_ _2\"></span>t mark<span class=\"_ _2\"></span>ets, to en<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>e suppl<span class=\"_ _2\"></span>y to th<span class=\"_ _2\"></span>e m<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ls, without restri<span class=\"_ _2\"></span>ctions, i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e next decade(s)<span class=\"_ _2\"></span>. It shoul<span class=\"_ _2\"></span>d be no<span class=\"_ _2\"></span>ted tha<span class=\"_ _2\"></span>t, since <span class=\"_ _2\"></span>wood i<span class=\"_ _2\"></span>s one o<span class=\"_ _2\"></span>f the main<span class=\"_ _2\"></span> pul<span class=\"_ _2\"></span>p producti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>ts, any i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n 3the cost <span class=\"_ _2\"></span>of m of <span class=\"_ _2\"></span>eucaly<span class=\"_ _2\"></span>ptus woo<span class=\"_ _2\"></span>d consumed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e pulp p<span class=\"_ _2\"></span>roduction BE<span class=\"_ _2\"></span>KP alwa<span class=\"_ _2\"></span>ys represen<span class=\"_ _2\"></span>ts a negative <span class=\"_ _2\"></span>impact on <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany'<span class=\"_ _2\"></span>s operating <span class=\"_ _2\"></span>profi<span class=\"_ _2\"></span>t. For other <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>terials, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng chemic<span class=\"_ _2\"></span>als, <span class=\"_ _2\"></span>the main ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k identifi<span class=\"_ _2\"></span>ed is th<span class=\"_ _2\"></span>e scarci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>ts under th<span class=\"_ _2\"></span>e growi<span class=\"_ _2\"></span>ng demand f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>these produc<span class=\"_ _2\"></span>ts i<span class=\"_ _2\"></span>n emerging<span class=\"_ _2\"></span> markets, p<span class=\"_ _2\"></span>articul<span class=\"_ _2\"></span>arly in <span class=\"_ _2\"></span>Asia an<span class=\"_ _2\"></span>d markets <span class=\"_ _2\"></span>supplyin<span class=\"_ _2\"></span>g them, whi<span class=\"_ _2\"></span>ch can <span class=\"_ _2\"></span>create oc<span class=\"_ _2\"></span>casion<span class=\"_ _2\"></span>al imbal<span class=\"_ _2\"></span>ances o<span class=\"_ _2\"></span>f supply and <span class=\"_ _2\"></span>deman<span class=\"_ _2\"></span>d. In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up, <span class=\"_ _2\"></span>together <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Altr<span class=\"_ _2\"></span>i G<span class=\"_ _2\"></span>roup, establi<span class=\"_ _2\"></span>shed in<span class=\"_ _2\"></span> 2018 <span class=\"_ _2\"></span>a Compl<span class=\"_ _2\"></span>ementary Groupi<span class=\"_ _2\"></span>ng of C<span class=\"_ _2\"></span>ompanies - Pul<span class=\"_ _2\"></span>p C<span class=\"_ _2\"></span>hem, ACE<span class=\"_ _2\"></span> <span class=\"ff8\">\u2013</span> in<span class=\"_ _2\"></span>tended for <span class=\"_ _2\"></span>the join<span class=\"_ _2\"></span>t acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of chemic<span class=\"_ _2\"></span>al products<span class=\"_ _2\"></span>, benef<span class=\"_ _2\"></span>iting f<span class=\"_ _2\"></span>rom economies<span class=\"_ _2\"></span> of sc<span class=\"_ _2\"></span>ale an<span class=\"_ _2\"></span>d thus mi<span class=\"_ _2\"></span>tigati<span class=\"_ _2\"></span>ng this ri<span class=\"_ _2\"></span>sk. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a 1<span class=\"_ _2\"></span>0% worseni<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> chemic<span class=\"_ _2\"></span>al products woul<span class=\"_ _2\"></span>d h<span class=\"_ _2\"></span>ave represent<span class=\"_ _2\"></span>ed a ne<span class=\"_ _2\"></span>gative i<span class=\"_ _2\"></span>mpact on <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>operating <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ts of aro<span class=\"_ _2\"></span>und Euro 25<span class=\"_ _2\"></span>,200<span class=\"_ _2\"></span>,000 (31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 11,300,000<span class=\"_ _2\"></span>).<span class=\"_ _2\"></span> On 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, a 10% <span class=\"_ _2\"></span>drop in th<span class=\"_ _2\"></span>e price <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ton of<span class=\"_ _2\"></span> BEKP pul<span class=\"_ _2\"></span>p and of 5<span class=\"_ _2\"></span>% in the <span class=\"_ _2\"></span>price p<span class=\"_ _2\"></span>er ton of<span class=\"_ _2\"></span> UWF pape<span class=\"_ _2\"></span>r and <span class=\"_ _2\"></span>tissue pap<span class=\"_ _2\"></span>er sold <span class=\"_ _2\"></span>by the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor <span class=\"_ _2\"></span>Group in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d, would <span class=\"_ _2\"></span>have represent<span class=\"_ _2\"></span>ed an impac<span class=\"_ _2\"></span>t on<span class=\"_ _2\"></span> its ope<span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>of ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y Euro 20<span class=\"_ _2\"></span>,900,00<span class=\"_ _2\"></span>0 and Euro 101,400<span class=\"_ _2\"></span>,000, res<span class=\"_ _2\"></span>pectivel<span class=\"_ _2\"></span>y (31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>17,0<span class=\"_ _2\"></span>00,000 and <span class=\"_ _2\"></span>Euro 65,40<span class=\"_ _2\"></span>0,000<span class=\"_ _2\"></span>, respecti<span class=\"_ _2\"></span>vely). The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup seeks <span class=\"_ _2\"></span>to mitig<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>risks throu<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span> proactiv<span class=\"_ _2\"></span>e sourci<span class=\"_ _2\"></span>ng, by i<span class=\"_ _2\"></span>dentifyi<span class=\"_ _2\"></span>ng sources <span class=\"_ _2\"></span>of suppl<span class=\"_ _2\"></span>y geogr<span class=\"_ _2\"></span>aphicall<span class=\"_ _2\"></span>y dispe<span class=\"_ _2\"></span>rsed, whil<span class=\"_ _2\"></span>st se<span class=\"_ _2\"></span>eking <span class=\"_ _2\"></span>to secure l<span class=\"_ _2\"></span>ong-term su<span class=\"_ _2\"></span>pply con<span class=\"_ _2\"></span>tracts that ensu<span class=\"_ _2\"></span>re volume<span class=\"_ _2\"></span>, pri<span class=\"_ _2\"></span>ce and quali<span class=\"_ _2\"></span>ty l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tent wit<span class=\"_ _2\"></span>h its<span class=\"_ _2\"></span> requirements<span class=\"_ _2\"></span>. Final<span class=\"_ _2\"></span>ly, another <span class=\"_ _2\"></span>resourc<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>quired for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>proce<span class=\"_ _2\"></span>ss i<span class=\"_ _2\"></span>s water. C<span class=\"_ _2\"></span>onsidering <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>water i<span class=\"_ _2\"></span>s a fi<span class=\"_ _2\"></span>nite resource <span class=\"_ _2\"></span>and gi<span class=\"_ _2\"></span>ven i<span class=\"_ _2\"></span>ts rele<span class=\"_ _2\"></span>vance <span class=\"_ _2\"></span>to the pul<span class=\"_ _2\"></span>p and <span class=\"_ _2\"></span>paper p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>proces<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup has taken on<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>special <span class=\"_ _2\"></span>concern f<span class=\"_ _2\"></span>or its <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ervation, an<span class=\"_ _2\"></span>d ov<span class=\"_ _2\"></span>er the las<span class=\"_ _2\"></span>t few <span class=\"_ _2\"></span>years, i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts have been <span class=\"_ _2\"></span>made to <span class=\"_ _2\"></span>reduce <span class=\"_ _2\"></span>the use o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>this i<span class=\"_ _2\"></span>mportant reso<span class=\"_ _2\"></span>urce. As<span class=\"_ _2\"></span> par<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p's Water <span class=\"_ _2\"></span>Use Reduction<span class=\"_ _2\"></span> Programm<span class=\"_ _2\"></span>e (PR<span class=\"_ _2\"></span>UA -<span class=\"_ _0\"></span> \"P<span class=\"_ _2\"></span>rograma <span class=\"_ _2\"></span>de Redu\u00e7<span class=\"_ _2\"></span>\u00e3o do <span class=\"_ _2\"></span>Uso de \u00c1<span class=\"_ _2\"></span>gua\"), i<span class=\"_ _2\"></span>t has b<span class=\"_ _2\"></span>een possi<span class=\"_ _2\"></span>ble to reduc<span class=\"_ _2\"></span>e the us<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>water in <span class=\"_ _2\"></span>Navigator's<span class=\"_ _2\"></span> indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>comple<span class=\"_ _2\"></span>xes by 1<span class=\"_ _2\"></span>0% between <span class=\"_ _2\"></span>2019 (bas<span class=\"_ _2\"></span>e year) an<span class=\"_ _2\"></span>d 2022, an<span class=\"_ _2\"></span>d it <span class=\"_ _2\"></span>is ex<span class=\"_ _2\"></span>pected th<span class=\"_ _2\"></span>at the <span class=\"_ _2\"></span>use of thi<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>eso<span class=\"_ _2\"></span>urce will<span class=\"_ _2\"></span> be reduc<span class=\"_ _2\"></span>ed by a<span class=\"_ _2\"></span>t least 3<span class=\"_ _2\"></span>3% by 2030. <span class=\"_ _2\"></span>This <span class=\"_ _2\"></span>is part of<span class=\"_ _2\"></span> a comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e stra<span class=\"_ _2\"></span>tegy <span class=\"_ _2\"></span>that is <span class=\"_ _2\"></span>being pursu<span class=\"_ _2\"></span>ed rigo<span class=\"_ _2\"></span>rousl<span class=\"_ _2\"></span>y, bri<span class=\"_ _2\"></span>nging th<span class=\"_ _2\"></span>e Group cl<span class=\"_ _2\"></span>oser to ac<span class=\"_ _2\"></span>hie<span class=\"_ _2\"></span>ving the <span class=\"_ _2\"></span>goals o<span class=\"_ _2\"></span>f its \"Ag<span class=\"_ _2\"></span>enda 203<span class=\"_ _2\"></span>0\". Mar<span class=\"_ _2\"></span>ket Price<span class=\"_ _2\"></span> for <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, BEKP <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d Tiss<span class=\"_ _2\"></span>ue pape<span class=\"_ _2\"></span>r Imbalances <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e supply<span class=\"_ _2\"></span>/demand ra<span class=\"_ _2\"></span>tio <span class=\"_ _2\"></span>in the BEKP, <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>paper and ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>paper mar<span class=\"_ _2\"></span>kets m<span class=\"_ _2\"></span>ay have a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant impac<span class=\"_ _2\"></span>t on pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d, as a cons<span class=\"_ _2\"></span>equence<span class=\"_ _2\"></span>, on the Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rmance. Th<span class=\"_ _2\"></span>e market pri<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>BEKP <span class=\"_ _2\"></span>pulp, <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F an<span class=\"_ _2\"></span>d Tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>are def<span class=\"_ _2\"></span>ined i<span class=\"_ _2\"></span>n the worl<span class=\"_ _2\"></span>d glo<span class=\"_ _2\"></span>bal mar<span class=\"_ _2\"></span>ket in perfec<span class=\"_ _2\"></span>t competi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>have a s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant impac<span class=\"_ _2\"></span>t on <span class=\"_ _2\"></span>the N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group\u2019s re<span class=\"_ _2\"></span>venues <span class=\"_ _2\"></span>and on i<span class=\"_ _2\"></span>ts profitabi<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>. Cycli<span class=\"_ _2\"></span>cal fl<span class=\"_ _2\"></span>uctuations <span class=\"_ _2\"></span>in BEKP <span class=\"_ _2\"></span>pulp, <span class=\"_ _2\"></span>Tissue pap<span class=\"_ _2\"></span>er and <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F Pa<span class=\"_ _2\"></span>per pri<span class=\"_ _2\"></span>ces mainl<span class=\"_ _2\"></span>y arise from both <span class=\"_ _2\"></span>changes<span class=\"_ _2\"></span> in the wo<span class=\"_ _2\"></span>rld s<span class=\"_ _2\"></span>upply an<span class=\"_ _2\"></span>d demand an<span class=\"_ _2\"></span>d t<span class=\"_ _2\"></span>he finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>situation<span class=\"_ _2\"></span> of each<span class=\"_ _2\"></span> of the internatio<span class=\"_ _2\"></span>nal mar<span class=\"_ _2\"></span>ket pl<span class=\"_ _2\"></span>ayers (Pro<span class=\"_ _2\"></span>ducers<span class=\"_ _2\"></span>, Trad<span class=\"_ _2\"></span>ers, Dis<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>ors, Customers<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>tc.), cr<span class=\"_ _2\"></span>eating success<span class=\"_ _2\"></span>ive changes i<span class=\"_ _2\"></span>n e<span class=\"_ _2\"></span>quili<span class=\"_ _2\"></span>brium prices<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>raising <span class=\"_ _2\"></span>the glo<span class=\"_ _2\"></span>bal market\u2019<span class=\"_ _2\"></span>s volati<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>The BEKP pul<span class=\"_ _2\"></span>p and <span class=\"_ _2\"></span>UWF pa<span class=\"_ _2\"></span>per marke<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>highly co<span class=\"_ _2\"></span>mpet<span class=\"_ _2\"></span>itive. Signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>varia<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> in exis<span class=\"_ _2\"></span>ting production <span class=\"_ _2\"></span>capaci<span class=\"_ _2\"></span>ties co<span class=\"_ _2\"></span>uld hav<span class=\"_ _2\"></span>e a stron<span class=\"_ _2\"></span>g inf<span class=\"_ _2\"></span>luence o<span class=\"_ _2\"></span>n worl<span class=\"_ _2\"></span>d market pric<span class=\"_ _2\"></span>es. These f<span class=\"_ _2\"></span>actors<span class=\"_ _2\"></span> have encourage<span class=\"_ _2\"></span>d the N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>to fol<span class=\"_ _2\"></span>low a defi<span class=\"_ _2\"></span>ned mark<span class=\"_ _2\"></span>eting and <span class=\"_ _2\"></span>brandin<span class=\"_ _2\"></span>g stra<span class=\"_ _2\"></span>tegy and <span class=\"_ _2\"></span>to invest i<span class=\"_ _2\"></span>n rele<span class=\"_ _2\"></span>vant ca<span class=\"_ _2\"></span>pital e<span class=\"_ _2\"></span>xpenditure <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>mprove pro<span class=\"_ _2\"></span>ductiv<span class=\"_ _2\"></span>ity and g<span class=\"_ _2\"></span>enerate hi<span class=\"_ _2\"></span>gh-qualit<span class=\"_ _2\"></span>y and differenti<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts.  Dema<span class=\"_ _2\"></span>nd for t<span class=\"_ _2\"></span>he Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gator Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p\u2019s prod<span class=\"_ _2\"></span>ucts<span class=\"ff4\"> </span>Notwithst<span class=\"_ _2\"></span>anding th<span class=\"_ _2\"></span>e ref<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>below <span class=\"_ _2\"></span>to the conc<span class=\"_ _2\"></span>entra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>o of the <span class=\"_ _2\"></span>Navigator Group\u2019s <span class=\"_ _2\"></span>Customers<span class=\"_ _2\"></span>, any d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>in de<span class=\"ff1\">mand <span class=\"_ _2\"></span>for BEKP, <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>and tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>in the Eu<span class=\"_ _2\"></span>ropean </span>and the <span class=\"_ _2\"></span>United <span class=\"_ _2\"></span>States ma<span class=\"_ _2\"></span>rkets c<span class=\"_ _2\"></span>ould hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant impact o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p\u2019s turnover. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>demand fo<span class=\"_ _2\"></span>r BEKP pro<span class=\"_ _2\"></span>duced b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Group al<span class=\"_ _2\"></span>so depen<span class=\"_ _2\"></span>ds on the <span class=\"_ _2\"></span>evoluti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the capacity f<span class=\"_ _2\"></span>or pap<span class=\"_ _2\"></span>er pro<span class=\"_ _2\"></span>ductio<span class=\"ff8\">n in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>world, since <span class=\"_ _2\"></span>variou<span class=\"_ _2\"></span>s N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group\u2019s maj<span class=\"_ _2\"></span>or Cus<span class=\"_ _2\"></span>tomers </span>are th<span class=\"_ _2\"></span>emselves <span class=\"_ _2\"></span>paper pro<span class=\"_ _2\"></span>ducers<span class=\"_ _2\"></span>. The demand f<span class=\"_ _2\"></span>or uncoa<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>printing an<span class=\"_ _2\"></span>d wri<span class=\"_ _2\"></span>ting pap<span class=\"_ _2\"></span>er has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>historic<span class=\"_ _2\"></span>ally rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>with macroecono<span class=\"_ _2\"></span>mic f<span class=\"_ _2\"></span>actors (e<span class=\"_ _2\"></span>.g., GD<span class=\"_ _2\"></span>P growth<span class=\"_ _2\"></span>, employm<span class=\"_ _2\"></span>ent, p<span class=\"_ _2\"></span>articul<span class=\"_ _2\"></span>arly in <span class=\"_ _2\"></span>white<span class=\"_ _0\"></span> coll<span class=\"_ _2\"></span>ar jo<span class=\"_ _2\"></span>bs, confi<span class=\"_ _2\"></span>dence indi<span class=\"_ _2\"></span>ces), <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal (e<span class=\"_ _2\"></span>.g., p<span class=\"_ _2\"></span>enetra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation techno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y and hardwa<span class=\"_ _2\"></span>re / softwar<span class=\"_ _2\"></span>e, and demog<span class=\"_ _2\"></span>raphic <span class=\"_ _2\"></span>(e.g<span class=\"_ _2\"></span>., populati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>, average <span class=\"_ _2\"></span>level<span class=\"_ _2\"></span> of educati<span class=\"_ _2\"></span>on, a<span class=\"_ _2\"></span>ge struc<span class=\"_ _2\"></span>ture of<span class=\"_ _2\"></span> soci<span class=\"_ _2\"></span>ety). The <span class=\"_ _2\"></span>evolution <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>ese facto<span class=\"_ _2\"></span>rs driv<span class=\"_ _2\"></span>es th<span class=\"_ _2\"></span>e demand <span class=\"_ _2\"></span>for pape<span class=\"_ _2\"></span>r positivel<span class=\"_ _2\"></span>y or <span class=\"_ _2\"></span>negativ<span class=\"_ _2\"></span>ely, and in <span class=\"_ _2\"></span>the recent <span class=\"_ _2\"></span>past<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>trend of<span class=\"_ _2\"></span> paper co<span class=\"_ _2\"></span>nsumpti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> negative <span class=\"_ _2\"></span>in the mor<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>veloped countri<span class=\"_ _2\"></span>es and posi<span class=\"_ _2\"></span>tive or <span class=\"_ _2\"></span>stabl<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e emer<span class=\"_ _2\"></span>ging / <span class=\"_ _2\"></span>developi<span class=\"_ _2\"></span>ng countries<span class=\"_ _2\"></span>. Natur<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y, the performanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up also <span class=\"_ _2\"></span>depends <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>evolution<span class=\"_ _2\"></span> of deman<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the vario<span class=\"_ _2\"></span>us markets <span class=\"_ _2\"></span>in which<span class=\"_ _2\"></span> it oper<span class=\"_ _2\"></span>ates.<span class=\"_ _2\"></span> Regarding <span class=\"_ _2\"></span>the d<span class=\"_ _2\"></span>emand for <span class=\"_ _2\"></span>eucalyp<span class=\"_ _2\"></span>tus mar<span class=\"_ _2\"></span>ket pul<span class=\"_ _2\"></span>p, this<span class=\"_ _2\"></span> is l<span class=\"_ _2\"></span>argely depen<span class=\"_ _2\"></span>dent on <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction progress<span class=\"_ _2\"></span> in the n<span class=\"_ _2\"></span>on-int<span class=\"_ _2\"></span>egrated <span class=\"_ _2\"></span>producers <span class=\"_ _2\"></span>of p<span class=\"_ _2\"></span>rinting and <span class=\"_ _2\"></span>writin<span class=\"_ _2\"></span>g paper<span class=\"_ _2\"></span>, tissue an<span class=\"_ _2\"></span>d special<span class=\"_ _2\"></span>ity papers. C<span class=\"_ _2\"></span>hinese d<span class=\"_ _2\"></span>emand for <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>s type of<span class=\"_ _2\"></span> pulp r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts more than<span class=\"_ _2\"></span> 1/3 of<span class=\"_ _2\"></span> the worl<span class=\"_ _2\"></span>d'<span class=\"_ _2\"></span>s demand, making C<span class=\"_ _2\"></span>hina one <span class=\"_ _2\"></span>of the mos<span class=\"_ _2\"></span>t brea<span class=\"_ _2\"></span>kthrough <span class=\"_ _2\"></span>drivers <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>demand. Regarding <span class=\"_ _2\"></span>Tissue s<span class=\"_ _2\"></span>egment<span class=\"_ _2\"></span>, the ke<span class=\"_ _2\"></span>y vari<span class=\"_ _2\"></span>ables aff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ng the demand <span class=\"_ _2\"></span>are: \uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Ex<span class=\"_ _0\"></span>pected f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c growth;<span class=\"_ _2\"></span> </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Population grow<span class=\"_ _2\"></span>th and o<span class=\"_ _2\"></span>ther soc<span class=\"_ _2\"></span>ial an<span class=\"_ _2\"></span>d demogra<span class=\"_ _2\"></span>phic c<span class=\"_ _2\"></span>hanges; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Level of dev<span class=\"_ _2\"></span>elopmen<span class=\"_ _2\"></span>t of the se<span class=\"_ _2\"></span>rvice s<span class=\"_ _2\"></span>ector<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>touris<span class=\"_ _2\"></span>m; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Hyg<span class=\"_ _0\"></span>iene st<span class=\"_ _2\"></span>andar<span class=\"_ _2\"></span>ds and p<span class=\"_ _2\"></span>roduct pene<span class=\"_ _2\"></span>trati<span class=\"_ _2\"></span>on levels<span class=\"_ _2\"></span>; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">De<span class=\"_ _0\"></span>velopm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>the qual<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>Tissu<span class=\"_ _2\"></span>e paper an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>t s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ations; and </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Substitutio<span class=\"_ _2\"></span>n effects<span class=\"_ _2\"></span>. </span></span>Tissue pap<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n is n<span class=\"_ _2\"></span>ot very sens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>e to cycli<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mical <span class=\"_ _2\"></span>changes, altho<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>t tends <span class=\"_ _2\"></span>to grow f<span class=\"_ _2\"></span>aster wi<span class=\"_ _2\"></span>th high<span class=\"_ _2\"></span>er economi<span class=\"_ _2\"></span>c gro<span class=\"_ _2\"></span>wth. On <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>other hand<span class=\"_ _2\"></span>, an incre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n production <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d, cons<span class=\"_ _2\"></span>equen<span class=\"_ _2\"></span>tly, sales <span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ces can c<span class=\"_ _2\"></span>reate a downg<span class=\"_ _2\"></span>rading <span class=\"_ _2\"></span>effect o<span class=\"_ _2\"></span>n consumpti<span class=\"_ _2\"></span>on. The impor<span class=\"_ _2\"></span>tance of <span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> growth f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of Tissu<span class=\"_ _2\"></span>e is mo<span class=\"_ _2\"></span>re obvious i<span class=\"_ _2\"></span>n developin<span class=\"_ _2\"></span>g countri<span class=\"_ _2\"></span>es. When <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>evel o<span class=\"_ _2\"></span>f the inc<span class=\"_ _2\"></span>ome per <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>ta is ver<span class=\"_ _2\"></span>y low, <span class=\"_ _2\"></span>the consu<span class=\"_ _2\"></span>mption<span class=\"_ _2\"></span> of Tissue ten<span class=\"_ _2\"></span>ds to b<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>w. There <span class=\"_ _2\"></span>is a thr<span class=\"_ _2\"></span>eshold af<span class=\"_ _2\"></span>ter whic<span class=\"_ _2\"></span>h co<span class=\"_ _2\"></span>nsumption <span class=\"_ _2\"></span>accelera<span class=\"_ _2\"></span>tes. E<span class=\"_ _2\"></span>conomic<span class=\"_ _2\"></span> growth al<span class=\"_ _2\"></span>lows grea<span class=\"_ _2\"></span>ter pen<span class=\"_ _2\"></span>etrati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>t, which<span class=\"_ _2\"></span> is<span class=\"_ _2\"></span> one o<span class=\"_ _2\"></span>f the main <span class=\"_ _2\"></span>drivers <span class=\"_ _2\"></span>of d<span class=\"_ _2\"></span>emand for s<span class=\"_ _2\"></span>uch paper <span class=\"_ _2\"></span>in the po<span class=\"_ _2\"></span>pulati<span class=\"_ _2\"></span>on with l<span class=\"_ _2\"></span>ower i<span class=\"_ _2\"></span>ncomes. <span class=\"_ _2\"></span>In ec<span class=\"_ _2\"></span>onomies <span class=\"_ _2\"></span>with strong <span class=\"_ _2\"></span>dependenc<span class=\"_ _2\"></span>e on tourism, <span class=\"_ _2\"></span>a gradual<span class=\"_ _2\"></span> recove<span class=\"_ _2\"></span>ry in c<span class=\"_ _2\"></span>onsumption<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e profess<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>nal sector <span class=\"_ _2\"></span>is expec<span class=\"_ _2\"></span>ted, as restrictio<span class=\"_ _2\"></span>ns on mo<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty are l<span class=\"_ _2\"></span>ifted <span class=\"_ _2\"></span>and tou<span class=\"_ _2\"></span>rist fl<span class=\"_ _2\"></span>ows are no<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>malized. The <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span> a As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a 1<span class=\"_ _2\"></span>0% worseni<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> electric<span class=\"_ _2\"></span>ity, witho<span class=\"_ _2\"></span>ut co<span class=\"_ _2\"></span>mpensati<span class=\"_ _2\"></span>on in the contr<span class=\"_ _2\"></span>actual <span class=\"_ _2\"></span>tarif<span class=\"_ _2\"></span>f, would ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ted a n<span class=\"_ _2\"></span>egative i<span class=\"_ _2\"></span>mpact o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Group's o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g results <span class=\"_ _2\"></span>of around E<span class=\"_ _2\"></span>uro <span class=\"_ _2\"></span>17,300,000<span class=\"_ _2\"></span> (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: E<span class=\"_ _2\"></span>uro 10<span class=\"_ _2\"></span>,800,000). product <span class=\"_ _2\"></span>that does<span class=\"_ _2\"></span> not fac<span class=\"_ _2\"></span>e major <span class=\"_ _2\"></span>threa<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>substi<span class=\"_ _2\"></span>tution b<span class=\"_ _2\"></span>y other m<span class=\"_ _2\"></span>aterial<span class=\"_ _2\"></span>s, and <span class=\"_ _2\"></span>there <span class=\"_ _2\"></span>are no expecte<span class=\"_ _2\"></span>d changes a<span class=\"_ _2\"></span>t this <span class=\"_ _2\"></span>level<span class=\"_ _2\"></span>. In c<span class=\"_ _2\"></span>ontrast, c<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in hy<span class=\"_ _2\"></span>giene and cl<span class=\"_ _2\"></span>eaning s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rds that may be assoc<span class=\"_ _2\"></span>iated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e curren<span class=\"_ _2\"></span>t health <span class=\"_ _2\"></span>cri<span class=\"_ _2\"></span>sis <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>tend to boo<span class=\"_ _2\"></span>st Tissue c<span class=\"_ _2\"></span>onsump<span class=\"_ _2\"></span>tion. Cons<span class=\"_ _2\"></span>umer preferences <span class=\"_ _2\"></span>may hav<span class=\"_ _2\"></span>e an i<span class=\"_ _2\"></span>mpact <span class=\"_ _2\"></span>on global<span class=\"_ _2\"></span> paper deman<span class=\"_ _2\"></span>d or i<span class=\"_ _2\"></span>n cer<span class=\"_ _2\"></span>tain particu<span class=\"_ _2\"></span>lar types o<span class=\"_ _2\"></span>f paper, su<span class=\"_ _2\"></span>ch as <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>demand for <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>ycled pro<span class=\"_ _2\"></span>ducts <span class=\"_ _2\"></span>or produc<span class=\"_ _2\"></span>ts with ce<span class=\"_ _2\"></span>rtifi<span class=\"_ _2\"></span>ed virgi<span class=\"_ _2\"></span>n fibre<span class=\"_ _2\"></span>.<span class=\"fc1\"> </span>Regarding <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>matter<span class=\"_ _2\"></span>, and in th<span class=\"_ _2\"></span>e par<span class=\"_ _2\"></span>ticular <span class=\"_ _2\"></span>case of <span class=\"_ _2\"></span>UWF a<span class=\"_ _2\"></span>nd Tissue <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up believes <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the mar<span class=\"_ _2\"></span>keting str<span class=\"_ _2\"></span>ategy an<span class=\"_ _2\"></span>d bran<span class=\"_ _2\"></span>ding tha<span class=\"_ _2\"></span>t has been f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wed, combin<span class=\"_ _2\"></span>ed with th<span class=\"_ _2\"></span>e signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>made to <span class=\"_ _2\"></span>improve <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity and <span class=\"_ _2\"></span>produce h<span class=\"_ _2\"></span>igh <span class=\"_ _2\"></span>quality p<span class=\"_ _2\"></span>roducts<span class=\"_ _2\"></span>, allo<span class=\"_ _2\"></span>w it to <span class=\"_ _2\"></span>deliver <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>ducts in<span class=\"_ _2\"></span> market s<span class=\"_ _2\"></span>egmen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are l<span class=\"_ _2\"></span>ess sensi<span class=\"_ _2\"></span>tive to <span class=\"_ _2\"></span>variations<span class=\"_ _2\"></span> in dem<span class=\"_ _2\"></span>and, resulti<span class=\"_ _2\"></span>ng in a <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>exp<span class=\"_ _0\"></span>osu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>this ri<span class=\"_ _2\"></span>sk. Ener<span class=\"_ _2\"></span>gy The pulp an<span class=\"_ _2\"></span>d pa<span class=\"_ _2\"></span>per produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>process ar<span class=\"_ _2\"></span>e depend<span class=\"_ _2\"></span>ent on <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>tant s<span class=\"_ _2\"></span>upply o<span class=\"_ _2\"></span>f electric<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d steam ene<span class=\"_ _2\"></span>rgy. <span class=\"_ _2\"></span>The Grou<span class=\"_ _2\"></span>p has sev<span class=\"_ _2\"></span>eral cogen<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on combi<span class=\"_ _2\"></span>ned hea<span class=\"_ _2\"></span>t and power <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion un<span class=\"_ _2\"></span>its, which en<span class=\"_ _2\"></span>sure this s<span class=\"_ _2\"></span>upply, <span class=\"_ _2\"></span>and r<span class=\"_ _2\"></span>edundancies <span class=\"_ _2\"></span>have <span class=\"_ _2\"></span>been plann<span class=\"_ _2\"></span>ed between th<span class=\"_ _2\"></span>e va<span class=\"_ _2\"></span>rious <span class=\"_ _2\"></span>units i<span class=\"_ _2\"></span>n order <span class=\"_ _2\"></span>to mitigat<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>risk of<span class=\"_ _2\"></span> any un<span class=\"_ _2\"></span>planned shu<span class=\"_ _2\"></span>tdowns<span class=\"_ _2\"></span>.  Moreover<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup owns <span class=\"_ _2\"></span>two biomas<span class=\"_ _2\"></span>s po<span class=\"_ _2\"></span>wer plants <span class=\"_ _2\"></span>that<span class=\"_ _2\"></span> are in<span class=\"_ _2\"></span>dependent o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e pulp and paper produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> process an<span class=\"_ _2\"></span>d are <span class=\"_ _2\"></span>dedica<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of renewa<span class=\"_ _2\"></span>ble electric<span class=\"_ _2\"></span>ity for sal<span class=\"_ _2\"></span>e to the g<span class=\"_ _2\"></span>rid. Under the c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t regul<span class=\"_ _2\"></span>atory f<span class=\"_ _2\"></span>ramework<span class=\"_ _2\"></span>, all <span class=\"_ _2\"></span>electrici<span class=\"_ _2\"></span>ty pro<span class=\"_ _2\"></span>duced by th<span class=\"_ _2\"></span>e cogene<span class=\"_ _2\"></span>ration <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>ts is sold <span class=\"_ _2\"></span>on the mark<span class=\"_ _2\"></span>et. <span class=\"_ _2\"></span> In fact<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>2022, al<span class=\"_ _2\"></span>l renewabl<span class=\"_ _2\"></span>e cogen<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n plants s<span class=\"_ _2\"></span>old th<span class=\"_ _2\"></span>eir entire <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>on the mar<span class=\"_ _2\"></span>ket under Dec<span class=\"_ _2\"></span>ree-Law No<span class=\"_ _2\"></span>. 119-<span class=\"_ _2\"></span>A/2021 of<span class=\"_ _2\"></span> 22 Decemb<span class=\"_ _2\"></span>er, mo<span class=\"_ _2\"></span>re s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ally Artic<span class=\"_ _2\"></span>le 35-Y Excep<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> regime ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e to cog<span class=\"_ _2\"></span>enerati<span class=\"_ _2\"></span>on activi<span class=\"_ _2\"></span>ty. <span class=\"_ _2\"></span>This dipl<span class=\"_ _2\"></span>oma al<span class=\"_ _2\"></span>lowed co<span class=\"_ _2\"></span>genera<span class=\"_ _2\"></span>tors to mov<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the general r<span class=\"_ _2\"></span>egime of <span class=\"_ _2\"></span>remunera<span class=\"_ _2\"></span>tion, s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket, <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the possibi<span class=\"_ _2\"></span>lity of<span class=\"_ _2\"></span> lat<span class=\"_ _2\"></span>er returning <span class=\"_ _2\"></span>to the special<span class=\"_ _2\"></span> mode of <span class=\"_ _2\"></span>origin, u<span class=\"_ _2\"></span>nder th<span class=\"_ _2\"></span>e terms<span class=\"_ _2\"></span> of Ar<span class=\"_ _2\"></span>ticl<span class=\"_ _2\"></span>e 6(2) of <span class=\"_ _2\"></span>Decree-Law N<span class=\"_ _2\"></span>o. 23/201<span class=\"_ _2\"></span>0, o<span class=\"_ _2\"></span>f 25 March, i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t wording. Fu<span class=\"_ _2\"></span>rthe<span class=\"_ _2\"></span>rmore, th<span class=\"_ _2\"></span>e natur<span class=\"_ _2\"></span>al ga<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>mbined cycle <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>t in Set\u00fa<span class=\"_ _2\"></span>bal, which h<span class=\"_ _2\"></span>ad alrea<span class=\"_ _2\"></span>dy been sel<span class=\"_ _2\"></span>ling par<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>its elec<span class=\"_ _2\"></span>trici<span class=\"_ _2\"></span>ty, sta<span class=\"_ _2\"></span>rted to sell<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>entire <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on on the market duri<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - Port<span class=\"_ _2\"></span>uga<span class=\"_ _2\"></span>l The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>strong p<span class=\"_ _2\"></span>resenc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>. It<span class=\"_ _2\"></span>s activi<span class=\"_ _2\"></span>ty is bas<span class=\"_ _2\"></span>ed on ass<span class=\"_ _2\"></span>ets mai<span class=\"_ _2\"></span>nly located i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal. Simi<span class=\"_ _2\"></span>larly, <span class=\"_ _2\"></span>about 20% o<span class=\"_ _2\"></span>f its <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>teri<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>mes from Portugu<span class=\"_ _2\"></span>ese fores<span class=\"_ _2\"></span>ts. The Group i<span class=\"_ _2\"></span>s the <span class=\"_ _2\"></span>thir<span class=\"_ _2\"></span>d larges<span class=\"_ _2\"></span>t expor<span class=\"_ _2\"></span>ter in Por<span class=\"_ _2\"></span>tugal an<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span> largest <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span>rator of Na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> Added Value, r<span class=\"_ _2\"></span>epresenti<span class=\"_ _2\"></span>ng appro<span class=\"_ _2\"></span>ximatel<span class=\"_ _2\"></span>y 1% of <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ational <span class=\"_ _2\"></span>GDP, abou<span class=\"_ _2\"></span>t 3% o<span class=\"_ _2\"></span>f nation<span class=\"_ _2\"></span>al expo<span class=\"_ _2\"></span>rts of goods, cl<span class=\"_ _2\"></span>ose to 6% o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>total con<span class=\"_ _2\"></span>taineri<span class=\"_ _2\"></span>sed ca<span class=\"_ _2\"></span>rgo exported <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>y national <span class=\"_ _2\"></span>ports.<span class=\"_ _2\"></span> Although <span class=\"_ _2\"></span>open to <span class=\"_ _2\"></span>the worl<span class=\"_ _2\"></span>d, the s<span class=\"_ _2\"></span>trong <span class=\"_ _2\"></span>dependenc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>country of<span class=\"_ _2\"></span> origin <span class=\"_ _2\"></span>in te<span class=\"_ _2\"></span>rms of production <span class=\"_ _2\"></span>fac<span class=\"_ _2\"></span>tors expos<span class=\"_ _2\"></span>es the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>to Portu<span class=\"_ _2\"></span>gal's ri<span class=\"_ _2\"></span>sk in<span class=\"_ _2\"></span>dex. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - Mo<span class=\"_ _2\"></span>zam<span class=\"_ _2\"></span>bique<span class=\"_ _2\"></span> Due to th<span class=\"_ _2\"></span>e investm<span class=\"_ _2\"></span>ent in <span class=\"_ _2\"></span>the Moz<span class=\"_ _2\"></span>ambican <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>t, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>expose<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the specif<span class=\"_ _2\"></span>ic ris<span class=\"_ _2\"></span>k in thi<span class=\"_ _2\"></span>s country<span class=\"_ _2\"></span>. However<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>deratio<span class=\"_ _2\"></span>n has b<span class=\"_ _2\"></span>een given <span class=\"_ _2\"></span>to in<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>terms of timin<span class=\"_ _2\"></span>g, choice o<span class=\"_ _2\"></span>f suppli<span class=\"_ _2\"></span>ers/par<span class=\"_ _2\"></span>tners an<span class=\"_ _2\"></span>d geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span> loc<span class=\"_ _2\"></span>ation, taking <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> risk i<span class=\"_ _2\"></span>nto accoun<span class=\"_ _2\"></span>t, and the Group <span class=\"_ _2\"></span>ensures <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>these steps <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>taken <span class=\"_ _2\"></span>with reas<span class=\"_ _2\"></span>onabl<span class=\"_ _2\"></span>e certai<span class=\"_ _2\"></span>nty that <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e will <span class=\"_ _2\"></span>be no effects <span class=\"_ _2\"></span>arising f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the risk<span class=\"_ _2\"></span>. At this <span class=\"_ _2\"></span>moment, th<span class=\"_ _2\"></span>e Mozambi<span class=\"_ _2\"></span>que pro<span class=\"_ _2\"></span>ject is<span class=\"_ _2\"></span> ess<span class=\"_ _2\"></span>entially <span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>orestry pro<span class=\"_ _2\"></span>ject<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>an option <span class=\"_ _2\"></span>to develop <span class=\"_ _2\"></span>an indus<span class=\"_ _2\"></span>trial p<span class=\"_ _2\"></span>roject. <span class=\"_ _2\"></span>The plann<span class=\"_ _2\"></span>ed in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be implemented i<span class=\"_ _2\"></span>n two phas<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>e first <span class=\"_ _2\"></span>being a shi<span class=\"_ _2\"></span>p produc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n (woodchip<span class=\"_ _2\"></span>) proj<span class=\"_ _2\"></span>ect an<span class=\"_ _2\"></span>d a sec<span class=\"_ _2\"></span>ond phase th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>tructi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a large-scal<span class=\"_ _2\"></span>e pulp mil<span class=\"_ _2\"></span>l. The Group i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, prepa<span class=\"_ _2\"></span>red to mo<span class=\"_ _2\"></span>ve fo<span class=\"_ _2\"></span>rward with th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try <span class=\"_ _2\"></span>plan foreseen<span class=\"_ _2\"></span>, once th<span class=\"_ _2\"></span>e necess<span class=\"_ _2\"></span>ary co<span class=\"_ _2\"></span>nditions<span class=\"ff8\">\u2014</span>most <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>which are un<span class=\"_ _2\"></span>der dis<span class=\"_ _2\"></span>cussio<span class=\"_ _2\"></span>n with the Mozambican<span class=\"_ _2\"></span> authori<span class=\"_ _2\"></span>ties<span class=\"ff8\">\u2014</span>are m<span class=\"_ _2\"></span>et.<span class=\"_ _2\"></span> Until 3<span class=\"_ _2\"></span>1 Decemb<span class=\"_ _2\"></span>er 2022, th<span class=\"_ _2\"></span>e expens<span class=\"_ _2\"></span>es incur<span class=\"_ _2\"></span>red in <span class=\"_ _2\"></span>this p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ject amount <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>132,688<span class=\"_ _2\"></span>,730 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 12<span class=\"_ _2\"></span>4.9 mil<span class=\"_ _2\"></span>lion), mai<span class=\"_ _2\"></span>nly rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>plantation, l<span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>preparati<span class=\"_ _2\"></span>on and forest mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e, to l<span class=\"_ _2\"></span>and mana<span class=\"_ _2\"></span>gement, <span class=\"_ _2\"></span>environmen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>and soc<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>licens<span class=\"_ _2\"></span>ing and the construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> what i<span class=\"_ _2\"></span>s now one <span class=\"_ _2\"></span>of Afri<span class=\"_ _2\"></span>ca's l<span class=\"_ _2\"></span>argest f<span class=\"_ _2\"></span>orest n<span class=\"_ _2\"></span>urseri<span class=\"_ _2\"></span>es. Cons<span class=\"_ _2\"></span>idering that Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor is <span class=\"_ _2\"></span>still<span class=\"_ _2\"></span> working on <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>ndition<span class=\"_ _2\"></span>s prece<span class=\"_ _2\"></span>dent fo<span class=\"_ _2\"></span>r Phase 1<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>MoU, as pre<span class=\"_ _2\"></span>viousl<span class=\"_ _2\"></span>y mentioned, th<span class=\"_ _2\"></span>e estima<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>probable <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>are duly <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ned. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - US<span class=\"_ _2\"></span>A The US mark<span class=\"_ _2\"></span>et has a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant <span class=\"_ _2\"></span>weight <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>total tu<span class=\"_ _2\"></span>rnov<span class=\"_ _2\"></span>er of UWF <span class=\"_ _2\"></span>paper, i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e exposur<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>countr<span class=\"_ _2\"></span>y\u2019s speci<span class=\"_ _2\"></span>fic ri<span class=\"_ _2\"></span>sk.<span class=\"ff1\"> </span>This exposu<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>equires a c<span class=\"_ _2\"></span>areful<span class=\"_ _2\"></span> eval<span class=\"_ _2\"></span>uation of<span class=\"_ _2\"></span> the impac<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>resultin<span class=\"_ _2\"></span>g, for <span class=\"_ _2\"></span>example, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>changes in regul<span class=\"_ _2\"></span>ations an<span class=\"_ _2\"></span>d taxes<span class=\"_ _2\"></span>, or e<span class=\"_ _2\"></span>ven from <span class=\"_ _2\"></span>their a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>terpretatio<span class=\"_ _2\"></span>n by G<span class=\"_ _2\"></span>overnmental entities <span class=\"_ _2\"></span>and tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties. <span class=\"_ _2\"></span> Simil<span class=\"_ _2\"></span>arly to produc<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>f othe<span class=\"_ _2\"></span>r national<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>(Austral<span class=\"_ _2\"></span>ians, B<span class=\"_ _2\"></span>razil<span class=\"_ _2\"></span>ians, C<span class=\"_ _2\"></span>hinese and Indon<span class=\"_ _2\"></span>esians), with re<span class=\"_ _2\"></span>gard to U<span class=\"_ _2\"></span>WF paper i<span class=\"_ _2\"></span>mports<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>the USA, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p <span class=\"_ _2\"></span>has, sinc<span class=\"_ _2\"></span>e 2015, be<span class=\"_ _2\"></span>en the <span class=\"_ _2\"></span>target of<span class=\"_ _2\"></span> anti-dumping <span class=\"_ _2\"></span>measures <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>the Depar<span class=\"_ _2\"></span>tment of <span class=\"_ _2\"></span>Commerc<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>country, <span class=\"_ _2\"></span>and its <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts are subject <span class=\"_ _2\"></span>to anti-<span class=\"_ _2\"></span>dumping du<span class=\"_ _2\"></span>ties defi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>United Sta<span class=\"_ _2\"></span>tes Depa<span class=\"_ _2\"></span>rtment o<span class=\"_ _2\"></span>f Commerc<span class=\"_ _2\"></span>e - see Note 4.2. <span class=\"_ _2\"></span>Until <span class=\"_ _2\"></span>2022 thes<span class=\"_ _2\"></span>e duties<span class=\"_ _2\"></span> aff<span class=\"_ _2\"></span>ected the <span class=\"_ _2\"></span>Group'<span class=\"_ _2\"></span>s ea<span class=\"_ _2\"></span>rni<span class=\"_ _2\"></span>ngs by Euro 32<span class=\"_ _2\"></span>,334<span class=\"_ _2\"></span>,413 - review periods 1<span class=\"_ _2\"></span> to 7 (20<span class=\"_ _2\"></span>21: Eu<span class=\"_ _2\"></span>ro 30,48<span class=\"_ _2\"></span>2,935)<span class=\"_ _2\"></span>. Competit<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> Increas<span class=\"_ _2\"></span>ed competi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>aper and pul<span class=\"_ _2\"></span>p mark<span class=\"_ _2\"></span>ets ma<span class=\"_ _2\"></span>y have a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant impac<span class=\"_ _2\"></span>t in pri<span class=\"_ _2\"></span>ce and cons<span class=\"_ _2\"></span>equently<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p\u2019s profi<span class=\"_ _2\"></span>tabil<span class=\"_ _2\"></span>ity. <span class=\"ff1\"> </span>The pulp an<span class=\"_ _2\"></span>d pa<span class=\"_ _2\"></span>per marke<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>highly c<span class=\"_ _2\"></span>ompetiti<span class=\"_ _2\"></span>ve and th<span class=\"_ _2\"></span>us the <span class=\"_ _2\"></span>entry in<span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t of new production <span class=\"_ _2\"></span>units <span class=\"_ _2\"></span>with i<span class=\"_ _2\"></span>ncreased <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>capaci<span class=\"_ _2\"></span>ty could h<span class=\"_ _2\"></span>ave a rel<span class=\"_ _2\"></span>evant i<span class=\"_ _2\"></span>mpact on prices worl<span class=\"_ _2\"></span>dwide<span class=\"_ _2\"></span>.  BEKP produce<span class=\"_ _2\"></span>rs f<span class=\"_ _2\"></span>rom the sou<span class=\"_ _2\"></span>thern h<span class=\"_ _2\"></span>emispher<span class=\"_ _2\"></span>e (namel<span class=\"_ _2\"></span>y fr<span class=\"_ _2\"></span>om Brazi<span class=\"_ _2\"></span>l, Chi<span class=\"_ _2\"></span>le, Urugua<span class=\"_ _2\"></span>y and Indonesia)<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts stil<span class=\"_ _2\"></span>l si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantly lo<span class=\"_ _2\"></span>wer than thos<span class=\"_ _2\"></span>e in the n<span class=\"_ _2\"></span>orthe<span class=\"_ _2\"></span>rn hemis<span class=\"_ _2\"></span>phere,<span class=\"_ _2\"></span> have been <span class=\"_ _2\"></span>gaining <span class=\"_ _2\"></span>weight i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>market, <span class=\"_ _2\"></span>undermin<span class=\"_ _2\"></span>ing the c<span class=\"_ _2\"></span>ompetitive <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span>pean pulp produc<span class=\"_ _2\"></span>ers. <span class=\"_ _2\"></span>In the <span class=\"_ _2\"></span>coming yea<span class=\"_ _2\"></span>rs capaci<span class=\"_ _2\"></span>ty i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>planned in <span class=\"_ _2\"></span>South <span class=\"_ _2\"></span>America<span class=\"_ _2\"></span>, strengtheni<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the positio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>roducers i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>global<span class=\"_ _2\"></span> market. These fac<span class=\"_ _2\"></span>tors ha<span class=\"_ _2\"></span>ve force<span class=\"_ _2\"></span>d the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group <span class=\"_ _2\"></span>to mak<span class=\"_ _2\"></span>e signi<span class=\"_ _2\"></span>ficant investm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>kee<span class=\"_ _2\"></span>p production <span class=\"_ _2\"></span>costs co<span class=\"_ _2\"></span>mpetiti<span class=\"_ _2\"></span>ve and <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>e high-qualit<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>ducts as i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>at this competitiv<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>essure <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>remain strong i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e futur<span class=\"_ _2\"></span>e.  There has<span class=\"_ _2\"></span> been s<span class=\"_ _2\"></span>ome disi<span class=\"_ _2\"></span>nvestment i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the paper s<span class=\"_ _2\"></span>ector i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the US, wi<span class=\"_ _2\"></span>th clo<span class=\"_ _2\"></span>sures/<span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersions <span class=\"_ _2\"></span>of instal<span class=\"_ _2\"></span>led capaci<span class=\"_ _2\"></span>ty by some <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>producers, i<span class=\"_ _2\"></span>n a cl<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>atte<span class=\"_ _2\"></span>mpt to adjus<span class=\"_ _2\"></span>t su<span class=\"_ _2\"></span>pply accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the negative <span class=\"_ _2\"></span>evolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> demand. On <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y, investme<span class=\"_ _2\"></span>nts i<span class=\"_ _2\"></span>n new UWF capac<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>n Chi<span class=\"_ _2\"></span>na in the short<span class=\"_ _2\"></span>- and m<span class=\"_ _2\"></span>edium-term <span class=\"_ _2\"></span>have oc<span class=\"_ _2\"></span>curred and <span class=\"_ _2\"></span>are e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has b<span class=\"_ _2\"></span>een adju<span class=\"_ _2\"></span>sting its<span class=\"_ _2\"></span> comme<span class=\"_ _2\"></span>rcial <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gy to <span class=\"_ _2\"></span>the evol<span class=\"_ _2\"></span>ution of<span class=\"_ _2\"></span> regional<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on patterns<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e Group has <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e in the US<span class=\"_ _2\"></span>, accounti<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r about half <span class=\"_ _2\"></span>of European <span class=\"_ _2\"></span>producer <span class=\"_ _2\"></span>sales <span class=\"_ _2\"></span>to this<span class=\"_ _2\"></span> market<span class=\"_ _2\"></span>. The turno<span class=\"_ _2\"></span>ver i<span class=\"_ _2\"></span>ntended to<span class=\"_ _2\"></span> the Eu<span class=\"_ _2\"></span>ropean ma<span class=\"_ _2\"></span>rkets r<span class=\"_ _2\"></span>epresent<span class=\"_ _2\"></span>ed 65% (2021<span class=\"_ _2\"></span>: 55%), <span class=\"_ _2\"></span>achie<span class=\"_ _2\"></span>ving particul<span class=\"_ _2\"></span>arly s<span class=\"_ _2\"></span>trong marke<span class=\"_ _2\"></span>t shar<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>Western Euro<span class=\"_ _2\"></span>pean co<span class=\"_ _2\"></span>untri<span class=\"_ _2\"></span>es and <span class=\"_ _2\"></span>relevant <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t shares in<span class=\"_ _2\"></span> the othe<span class=\"_ _2\"></span>r main E<span class=\"_ _2\"></span>uropean mar<span class=\"_ _2\"></span>kets<span class=\"_ _2\"></span>. Conce<span class=\"_ _2\"></span>ntratio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>Cust<span class=\"_ _2\"></span>omers<span class=\"_ _2\"></span>\u2019 portf<span class=\"_ _2\"></span>olio<span class=\"ff4\"> </span>As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the <span class=\"ff8\">Grou<span class=\"_ _2\"></span>p\u2019s 10 <span class=\"_ _2\"></span>main BEKP <span class=\"_ _2\"></span>Customer groups<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>counted <span class=\"_ _2\"></span>for 15% o<span class=\"_ _2\"></span>f </span>the peri<span class=\"_ _2\"></span>od\u2019s pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P pulp (202<span class=\"_ _2\"></span>1: 15%<span class=\"_ _2\"></span>) and 71<span class=\"_ _2\"></span>% of <span class=\"_ _2\"></span>external sal<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>BEKP pulp (2021: <span class=\"_ _2\"></span>71%). This<span class=\"_ _2\"></span> asymmetr<span class=\"_ _2\"></span>y is <span class=\"_ _2\"></span>a result o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e strate<span class=\"_ _2\"></span>gy pursu<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>sting of<span class=\"_ _2\"></span> a growing i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the BEKP pul<span class=\"_ _2\"></span>p produ<span class=\"_ _2\"></span>ced i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper pro<span class=\"_ _2\"></span>duced and sol<span class=\"_ _2\"></span>d. Never<span class=\"_ _2\"></span>theless<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup belie<span class=\"_ _2\"></span>ves th<span class=\"_ _2\"></span>ere is l<span class=\"_ _2\"></span>ittle <span class=\"_ _2\"></span>expos<span class=\"_ _2\"></span>ure to <span class=\"_ _2\"></span>risks of<span class=\"_ _2\"></span> Custome<span class=\"_ _2\"></span>r concentra<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in the mar<span class=\"_ _2\"></span>keting of <span class=\"_ _2\"></span>BEKP <span class=\"_ _2\"></span>pulp. In 2022<span class=\"_ _2\"></span>, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup\u2019s i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ed slightl<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>ts<span class=\"_ _0\"></span><span class=\"ff1\"> reli<span class=\"_ _2\"></span>ance <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>10 mai<span class=\"_ _2\"></span>n Customer grou<span class=\"_ _2\"></span>ps </span>for UWF p<span class=\"_ _2\"></span>aper whi<span class=\"_ _2\"></span>ch accou<span class=\"_ _2\"></span>nted fo<span class=\"_ _2\"></span>r 39% of <span class=\"_ _2\"></span>this p<span class=\"_ _2\"></span>roduct\u2019s <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>es during th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod (2021<span class=\"_ _2\"></span>: 37%). <span class=\"fff\"> </span>The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>rded 171<span class=\"_ _2\"></span> new Custome<span class=\"_ _2\"></span>rs with <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>2022. Al<span class=\"_ _2\"></span>so, regardi<span class=\"_ _2\"></span>ng UWF paper, th<span class=\"_ _2\"></span>e Group f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>ws a risk mi<span class=\"_ _2\"></span>tigatio<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>rategy for i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>Cu<span class=\"_ _2\"></span>stomer concent<span class=\"_ _2\"></span>ration. <span class=\"_ _2\"></span>The Navigator G<span class=\"_ _2\"></span>roup sel<span class=\"_ _2\"></span>ls UW<span class=\"_ _2\"></span>F paper to <span class=\"_ _2\"></span>aroun<span class=\"_ _2\"></span>d 130 co<span class=\"_ _2\"></span>untries <span class=\"_ _2\"></span>and to arou<span class=\"_ _2\"></span>nd 1,0<span class=\"_ _2\"></span>00 indi<span class=\"_ _2\"></span>vidual Customers, <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>eby allowi<span class=\"_ _2\"></span>ng a <span class=\"_ _2\"></span>dispersion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e risk o<span class=\"_ _2\"></span>f sal<span class=\"_ _2\"></span>es co<span class=\"_ _2\"></span>ncentrati<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>a reduc<span class=\"_ _2\"></span>ed number of marke<span class=\"_ _2\"></span>ts and/o<span class=\"_ _2\"></span>r Customers<span class=\"_ _2\"></span>. In 2021<span class=\"_ _2\"></span>, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup launc<span class=\"_ _2\"></span>hed i<span class=\"_ _2\"></span>ts omnic<span class=\"_ _2\"></span>hannel pl<span class=\"_ _2\"></span>atform, <span class=\"_ _2\"></span>NVG Hu<span class=\"_ _2\"></span>b, to imp<span class=\"_ _2\"></span>rove <span class=\"_ _2\"></span>the level o<span class=\"_ _2\"></span>f service<span class=\"_ _2\"></span>, tran<span class=\"_ _2\"></span>sparency an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nformation<span class=\"_ _2\"></span> provide<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>its c<span class=\"_ _2\"></span>ustomers<span class=\"_ _2\"></span>. In 2022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p extende<span class=\"_ _2\"></span>d the NVG Hu<span class=\"_ _2\"></span>b platfo<span class=\"_ _2\"></span>rm to <span class=\"_ _2\"></span>the Tis<span class=\"_ _2\"></span>sue Busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>Uni<span class=\"_ _2\"></span>t, signif<span class=\"_ _2\"></span>icantly i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>provin<span class=\"_ _2\"></span>g the us<span class=\"_ _2\"></span>er experienc<span class=\"_ _2\"></span>e (UX) <span class=\"_ _2\"></span>thanks <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e 360  redesign <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the po<span class=\"_ _2\"></span>rtal <span class=\"_ _2\"></span>and introduci<span class=\"_ _2\"></span>ng a num<span class=\"_ _2\"></span>ber of functi<span class=\"_ _2\"></span>onali<span class=\"_ _2\"></span>ties to i<span class=\"_ _2\"></span>mprove cus<span class=\"_ _2\"></span>tomer s<span class=\"_ _2\"></span>ervice an<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>ess optimi<span class=\"_ _2\"></span>sation. Onli<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>quotati<span class=\"_ _2\"></span>on requests, <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the clai<span class=\"_ _2\"></span>ms modul<span class=\"_ _2\"></span>e, a n<span class=\"_ _2\"></span>ew sect<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>dedi<span class=\"_ _0\"></span>cated to <span class=\"_ _2\"></span>notifi<span class=\"_ _2\"></span>cations <span class=\"_ _2\"></span>and shipment mo<span class=\"_ _2\"></span>nitoring <span class=\"_ _2\"></span>are jus<span class=\"_ _2\"></span>t so<span class=\"_ _2\"></span>me of the n<span class=\"_ _2\"></span>ew fea<span class=\"_ _2\"></span>tures <span class=\"_ _2\"></span>that u<span class=\"_ _2\"></span>sers can no<span class=\"_ _2\"></span>w fi<span class=\"_ _2\"></span>nd onli<span class=\"_ _2\"></span>ne. The NVG Hub <span class=\"_ _2\"></span>ended the <span class=\"_ _2\"></span>year wi<span class=\"_ _2\"></span>th a <span class=\"_ _2\"></span>presence i<span class=\"_ _2\"></span>n 22 <span class=\"_ _2\"></span>markets, 7<span class=\"_ _2\"></span>00 c<span class=\"_ _2\"></span>ustomer onboar<span class=\"_ _2\"></span>dings an<span class=\"_ _2\"></span>d a high level o<span class=\"_ _2\"></span>f activa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and loyalt<span class=\"_ _2\"></span>y to th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tal.  The developm<span class=\"_ _2\"></span>ent of<span class=\"_ _2\"></span> the n<span class=\"_ _2\"></span>ew Packa<span class=\"_ _2\"></span>ging segm<span class=\"_ _2\"></span>ent also<span class=\"_ _2\"></span> cont<span class=\"_ _2\"></span>inued to s<span class=\"_ _2\"></span>how ver<span class=\"_ _2\"></span>y positi<span class=\"_ _2\"></span>ve signs i<span class=\"_ _2\"></span>n 2022, <span class=\"_ _2\"></span>reflected <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>growing cus<span class=\"_ _2\"></span>tomer <span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>, the reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the quali<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's products an<span class=\"_ _2\"></span>d, cons<span class=\"_ _2\"></span>equen<span class=\"_ _2\"></span>tly, of <span class=\"_ _2\"></span>the gKfr<span class=\"_ _2\"></span>aft b<span class=\"_ _2\"></span>rand, whi<span class=\"_ _2\"></span>ch s<span class=\"_ _2\"></span>erves bran<span class=\"_ _2\"></span>ds with a hi<span class=\"_ _2\"></span>gh prof<span class=\"_ _2\"></span>ile i<span class=\"_ _2\"></span>n sectors as<span class=\"_ _2\"></span> divers<span class=\"_ _2\"></span>e as <span class=\"_ _2\"></span>fashio<span class=\"_ _2\"></span>n, food re<span class=\"_ _2\"></span>tail, <span class=\"_ _2\"></span>e-commerce<span class=\"_ _2\"></span>, ind<span class=\"_ _2\"></span>ustry or <span class=\"_ _2\"></span>agricultur<span class=\"_ _2\"></span>e. <span class=\"_ _2\"></span>The products developed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e company fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>packa<span class=\"_ _2\"></span>ging mar<span class=\"_ _2\"></span>ket ser<span class=\"_ _2\"></span>ve the <span class=\"_ _2\"></span>segments o<span class=\"_ _2\"></span>f fle<span class=\"_ _2\"></span>xible <span class=\"_ _2\"></span>packaging (gKraft FL<span class=\"_ _2\"></span>EX), <span class=\"_ _2\"></span>the sac<span class=\"_ _2\"></span>k indus<span class=\"_ _2\"></span>try (gK<span class=\"_ _2\"></span>raft B<span class=\"_ _2\"></span>AG), and corru<span class=\"_ _2\"></span>gated c<span class=\"_ _2\"></span>ardboa<span class=\"_ _2\"></span>rd (gKraf<span class=\"_ _2\"></span>t BOX<span class=\"_ _2\"></span>).  Despite <span class=\"_ _2\"></span>the unfa<span class=\"_ _2\"></span>vourable mac<span class=\"_ _2\"></span>roeco<span class=\"_ _2\"></span>nomic <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup achieve<span class=\"_ _2\"></span>d sales <span class=\"_ _2\"></span>of more th<span class=\"_ _2\"></span>an Eu<span class=\"_ _2\"></span>ro 90 mi<span class=\"_ _2\"></span>llion <span class=\"_ _2\"></span>in 202<span class=\"_ _2\"></span>2, doublin<span class=\"_ _2\"></span>g its 20<span class=\"_ _2\"></span>21 sal<span class=\"_ _2\"></span>es. <span class=\"fsc\">The <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>Kr<span class=\"_ _2\"></span>aft <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span>se i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>wth </span>str<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>egy<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>hig<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>er v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e-a<span class=\"_ _2\"></span>dde<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cts, <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>rad<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s dif<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d sus<span class=\"_ _2\"></span>tai<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ty <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>gum<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s, w<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>arg<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>aw <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>als <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>euc<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>pt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s gl<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bulu<span class=\"_ _2\"></span>s fib<span class=\"_ _2\"></span>re)<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>sig<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>sp<span class=\"_ _2\"></span>ecif<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns t<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ph<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>surf<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tics<span class=\"_ _2\"></span>, pri<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>uali<span class=\"_ _2\"></span>ty<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ced <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>eigh<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>wit<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>nefi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ack<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ger<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rs,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> ou<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>phy<span class=\"_ _2\"></span>sic<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>erf<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>essi<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>e). <span class=\"_ _2\"></span><span class=\"fsb\"> </span>Regarding <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Tissue segm<span class=\"_ _2\"></span>ent, ti<span class=\"_ _2\"></span>ssue pa<span class=\"_ _2\"></span>per sal<span class=\"_ _2\"></span>es amoun<span class=\"_ _2\"></span>ted to a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>ximately Eu<span class=\"_ _2\"></span>ro 198<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion in 2<span class=\"_ _2\"></span>022 (+36% co<span class=\"_ _2\"></span>mpared to 2<span class=\"_ _2\"></span>021) stron<span class=\"_ _2\"></span>gly d<span class=\"_ _2\"></span>riven by th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> price fac<span class=\"_ _2\"></span>tor. Th<span class=\"_ _2\"></span>e global<span class=\"_ _2\"></span> custom<span class=\"_ _2\"></span>er base rem<span class=\"_ _2\"></span>ained wel<span class=\"_ _2\"></span>l diversi<span class=\"_ _2\"></span>fied<span class=\"_ _2\"></span>, with a<span class=\"_ _2\"></span>round 600 <span class=\"_ _2\"></span>custome<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>with activ<span class=\"_ _2\"></span>e purchas<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> 2022, thu<span class=\"_ _2\"></span>s ensuring <span class=\"_ _2\"></span>a sustain<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>diversi<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span>. The Group con<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>ues with <span class=\"_ _2\"></span>the go<span class=\"_ _2\"></span>al of <span class=\"_ _2\"></span>expanding <span class=\"_ _2\"></span>its comm<span class=\"_ _2\"></span>ercial<span class=\"_ _2\"></span> activity in <span class=\"_ _2\"></span>the Tis<span class=\"_ _2\"></span>sue s<span class=\"_ _2\"></span>egment for the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn market<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>by increasi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g Navigator'<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>resence in <span class=\"_ _2\"></span>Spain, an<span class=\"_ _2\"></span>d by strengtheni<span class=\"_ _2\"></span>ng sales <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nished <span class=\"_ _2\"></span>goods. 9.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on of en<span class=\"_ _2\"></span>erg<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> 2002 <span class=\"_ _2\"></span>was a year of <span class=\"_ _2\"></span>exce<span class=\"_ _2\"></span>ptionall<span class=\"_ _2\"></span>y high ene<span class=\"_ _2\"></span>rgy pri<span class=\"_ _2\"></span>ces, esp<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>ally f<span class=\"_ _2\"></span>or natural <span class=\"_ _2\"></span>gas, whi<span class=\"_ _2\"></span>ch had a direct i<span class=\"_ _2\"></span>mpact on<span class=\"_ _2\"></span> elect<span class=\"_ _2\"></span>ricity p<span class=\"_ _2\"></span>rices. <span class=\"_ _2\"></span>In thi<span class=\"_ _2\"></span>s conte<span class=\"_ _2\"></span>xt, th<span class=\"_ _2\"></span>e lega<span class=\"_ _2\"></span>l framewor<span class=\"_ _2\"></span>k under<span class=\"_ _2\"></span>went sev<span class=\"_ _2\"></span>eral changes i<span class=\"_ _2\"></span>n orde<span class=\"_ _2\"></span>r to cop<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>this exce<span class=\"_ _2\"></span>ptional<span class=\"_ _2\"></span> conte<span class=\"_ _2\"></span>xt. The produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> elec<span class=\"_ _2\"></span>tricity i<span class=\"_ _2\"></span>s an i<span class=\"_ _2\"></span>mportant ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty for <span class=\"_ _2\"></span>the Group, <span class=\"_ _2\"></span>enabling th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n of an endogenous r<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>wable reso<span class=\"_ _2\"></span>urce, the <span class=\"_ _2\"></span>biomas<span class=\"_ _2\"></span>s gene<span class=\"_ _2\"></span>rated i<span class=\"_ _2\"></span>n the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P pulp<span class=\"_ _2\"></span>. The energy gen<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on assets <span class=\"_ _2\"></span>also al<span class=\"_ _2\"></span>low the G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> wood su<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>iers to gen<span class=\"_ _2\"></span>erate ad<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>nal i<span class=\"_ _2\"></span>ncome from the <span class=\"_ _2\"></span>sale of <span class=\"_ _2\"></span>resi<span class=\"_ _2\"></span>dual fo<span class=\"_ _2\"></span>rest bi<span class=\"_ _2\"></span>omass from <span class=\"_ _2\"></span>their fa<span class=\"_ _2\"></span>rms, <span class=\"_ _2\"></span>and in thi<span class=\"_ _2\"></span>s way con<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>e to r<span class=\"_ _2\"></span>educing the risk o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>re in th<span class=\"_ _2\"></span>e countr<span class=\"_ _2\"></span>y. As a way of<span class=\"_ _2\"></span> boos<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e use of<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t residual<span class=\"_ _2\"></span> biomass<span class=\"_ _2\"></span> made av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able by <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>estry secto<span class=\"_ _2\"></span>r, two biomass<span class=\"_ _2\"></span> thermoel<span class=\"_ _2\"></span>ectri<span class=\"_ _2\"></span>c plants <span class=\"_ _2\"></span>to produc<span class=\"_ _2\"></span>e ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e el<span class=\"_ _2\"></span>ectric ener<span class=\"_ _2\"></span>gy were buil<span class=\"_ _2\"></span>t by the Group i<span class=\"_ _2\"></span>n 2009 <span class=\"_ _2\"></span>and are ful<span class=\"_ _2\"></span>ly ope<span class=\"_ _2\"></span>rational.<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as playe<span class=\"_ _2\"></span>d a pio<span class=\"_ _2\"></span>neerin<span class=\"_ _2\"></span>g role an<span class=\"_ _2\"></span>d has be<span class=\"_ _2\"></span>en de<span class=\"_ _2\"></span>velopi<span class=\"_ _2\"></span>ng a mark<span class=\"_ _2\"></span>et for <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f biomass<span class=\"_ _2\"></span> for su<span class=\"_ _2\"></span>pplying its <span class=\"_ _2\"></span>rene<span class=\"_ _2\"></span>wable cog<span class=\"_ _2\"></span>eneratio<span class=\"_ _2\"></span>n power s<span class=\"_ _2\"></span>tatio<span class=\"_ _2\"></span>ns and bio<span class=\"_ _2\"></span>mass po<span class=\"_ _2\"></span>wer plan<span class=\"_ _2\"></span>ts. The fost<span class=\"_ _2\"></span>ering of<span class=\"_ _2\"></span> this mar<span class=\"_ _2\"></span>ket i<span class=\"_ _2\"></span>n a phase <span class=\"_ _2\"></span>prior <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e start-u<span class=\"_ _2\"></span>p of the ne<span class=\"_ _2\"></span>w power-<span class=\"_ _2\"></span>generating u<span class=\"_ _2\"></span>nits has enabl<span class=\"_ _2\"></span>ed it <span class=\"_ _2\"></span>to secur<span class=\"_ _2\"></span>e a sus<span class=\"_ _2\"></span>tained <span class=\"_ _2\"></span>raw-material<span class=\"_ _2\"></span> supply n<span class=\"_ _2\"></span>etwork. <span class=\"_ _2\"></span> The incenti<span class=\"_ _2\"></span>ves i<span class=\"_ _2\"></span>n place <span class=\"_ _2\"></span>in Portu<span class=\"_ _2\"></span>gal on<span class=\"_ _2\"></span>ly cons<span class=\"_ _2\"></span>ider the <span class=\"_ _2\"></span>use o<span class=\"_ _2\"></span>f residual<span class=\"_ _2\"></span> forest <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>mass, ra<span class=\"_ _2\"></span>ther than the use of<span class=\"_ _2\"></span> wood <span class=\"_ _2\"></span>to produc<span class=\"_ _2\"></span>e elec<span class=\"_ _2\"></span>trical <span class=\"_ _2\"></span>power.  In terms<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal frame<span class=\"_ _2\"></span>work, w<span class=\"_ _2\"></span>e highli<span class=\"_ _2\"></span>ght the <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing dip<span class=\"_ _2\"></span>lomas:  i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Decree-Law N<span class=\"_ _2\"></span>o. 68-<span class=\"_ _2\"></span>A/2015 of<span class=\"_ _2\"></span> 30 Apri<span class=\"_ _2\"></span>l, which <span class=\"_ _2\"></span>establi<span class=\"_ _2\"></span>shes <span class=\"_ _2\"></span>provisi<span class=\"_ _2\"></span>ons on <span class=\"_ _2\"></span>energy </span></span>effi<span class=\"_ _2\"></span>ciency and c<span class=\"_ _2\"></span>ogenera<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d amends <span class=\"_ _2\"></span>Decree-Law No<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>23/2010 <span class=\"_ _2\"></span>and Order 140/20<span class=\"_ _2\"></span>12, revise<span class=\"_ _2\"></span>d by Or<span class=\"_ _2\"></span>der 325-A/2<span class=\"_ _2\"></span>012, ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e regime <span class=\"_ _2\"></span>of PRE- S<span class=\"_ _2\"></span>pecial Regime Pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>cogenerati<span class=\"_ _2\"></span>on;  ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">For the Biomass<span class=\"_ _2\"></span> Power <span class=\"_ _2\"></span>Plants (C<span class=\"_ _2\"></span>TB - \"Cen<span class=\"_ _2\"></span>trais <span class=\"_ _2\"></span>Termoel\u00e9<span class=\"_ _2\"></span>tric<span class=\"_ _2\"></span>as a Bi<span class=\"_ _2\"></span>omassa\") i<span class=\"_ _2\"></span>n </span></span>operati<span class=\"_ _2\"></span>on, dedi<span class=\"_ _2\"></span>cated to <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of el<span class=\"_ _2\"></span>ectric<span class=\"_ _2\"></span>ity the <span class=\"_ _2\"></span>legal<span class=\"_ _2\"></span> framework is <span class=\"_ _2\"></span>supporte<span class=\"_ _2\"></span>d by Decree-La<span class=\"_ _2\"></span>w 33-A/200<span class=\"_ _2\"></span>5 r<span class=\"_ _2\"></span>evised by D<span class=\"_ _2\"></span>ecre<span class=\"_ _2\"></span>e-Law 225/20<span class=\"_ _2\"></span>07, whic<span class=\"_ _2\"></span>h changes f<span class=\"_ _2\"></span>rom 15 to 25 <span class=\"_ _2\"></span>years the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>f gua<span class=\"_ _2\"></span>ranteed <span class=\"_ _2\"></span>remunerati<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>PRE - Special<span class=\"_ _2\"></span> Regime Genera<span class=\"_ _2\"></span>tion. For th<span class=\"_ _2\"></span>ese ass<span class=\"_ _2\"></span>ets, <span class=\"_ _2\"></span>the leg<span class=\"_ _2\"></span>al f<span class=\"_ _2\"></span>ramework <span class=\"_ _2\"></span>thus supports a <span class=\"_ _2\"></span>tari<span class=\"_ _2\"></span>ff fram<span class=\"_ _2\"></span>ework that is <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>table o<span class=\"_ _2\"></span>ver <span class=\"_ _2\"></span>the comin<span class=\"_ _2\"></span>g years<span class=\"_ _2\"></span>. iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">M<span class=\"_ _0\"></span>ore rec<span class=\"_ _2\"></span>ently, <span class=\"_ _2\"></span>the Dec<span class=\"_ _2\"></span>ree-Law no. 1<span class=\"_ _2\"></span>20/2019 <span class=\"_ _2\"></span>of 22 <span class=\"_ _2\"></span>August<span class=\"_ _2\"></span> create<span class=\"_ _2\"></span>d a sp<span class=\"_ _2\"></span>ecial <span class=\"_ _2\"></span>and </span></span>extraordin<span class=\"_ _2\"></span>ary r<span class=\"_ _2\"></span>egime for <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ation and o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> new biomass<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>very plants<span class=\"_ _2\"></span>, located n<span class=\"_ _2\"></span>ear fo<span class=\"_ _2\"></span>rest areas <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered <span class=\"_ _2\"></span>critical <span class=\"_ _2\"></span>in terms of<span class=\"_ _2\"></span> wil<span class=\"_ _2\"></span>dfire ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Decree<span class=\"_ _2\"></span>-Law no. 11<span class=\"_ _2\"></span>9-A/202<span class=\"_ _2\"></span>1, of 2<span class=\"_ _2\"></span>2 Dec<span class=\"_ _2\"></span>ember, which <span class=\"_ _2\"></span>ame<span class=\"_ _2\"></span>nds a s<span class=\"_ _2\"></span>et of measu<span class=\"_ _2\"></span>res wi<span class=\"_ _2\"></span>thin the scope o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the COVID-19 di<span class=\"_ _2\"></span>sease <span class=\"_ _2\"></span>pandemic<span class=\"_ _2\"></span>, namel<span class=\"_ _2\"></span>y withi<span class=\"_ _2\"></span>n the sco<span class=\"_ _2\"></span>pe of th<span class=\"_ _2\"></span>e legal <span class=\"_ _2\"></span>and remunera<span class=\"_ _2\"></span>tion regime <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable <span class=\"_ _2\"></span>to elect<span class=\"_ _2\"></span>ric an<span class=\"_ _2\"></span>d mechanical<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>nergy and us<span class=\"_ _2\"></span>eful he<span class=\"_ _2\"></span>at produce<span class=\"_ _2\"></span>d in co<span class=\"_ _2\"></span>generation, <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>ved by D<span class=\"_ _2\"></span>ecree-Law no<span class=\"_ _2\"></span>. 23/20<span class=\"_ _2\"></span>10, of 2<span class=\"_ _2\"></span>5 March<span class=\"_ _2\"></span>, which revised <span class=\"_ _2\"></span>the rules <span class=\"_ _2\"></span>of acc<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d opera<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the acti<span class=\"_ _2\"></span>vity<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>regard to a<span class=\"_ _2\"></span>dmiss<span class=\"_ _2\"></span>ible technolo<span class=\"_ _2\"></span>gies and p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>esses an<span class=\"_ _2\"></span>d the ch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the differen<span class=\"_ _2\"></span>t modali<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>the remun<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span> system <span class=\"_ _2\"></span>to mitiga<span class=\"_ _2\"></span>te th<span class=\"_ _2\"></span>e rise<span class=\"_ _2\"></span> in pri<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>fossi<span class=\"_ _2\"></span>l fuel<span class=\"_ _2\"></span>s, namely natu<span class=\"_ _2\"></span>ral gas<span class=\"_ _2\"></span>, in th<span class=\"_ _2\"></span>e post-pan<span class=\"_ _2\"></span>demic <span class=\"_ _2\"></span>recover<span class=\"_ _2\"></span>y peri<span class=\"_ _2\"></span>od. v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Decree<span class=\"_ _2\"></span>-Law No. 33<span class=\"_ _2\"></span>/2022<span class=\"_ _2\"></span>, of 1<span class=\"_ _2\"></span>4 May, whic<span class=\"_ _2\"></span>h se<span class=\"_ _2\"></span>ts out an <span class=\"_ _2\"></span>exc<span class=\"_ _2\"></span>eptional an<span class=\"_ _2\"></span>d tempor<span class=\"_ _2\"></span>ary </span></span>mechanis<span class=\"_ _2\"></span>m for the ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>t of el<span class=\"_ _2\"></span>ectric<span class=\"_ _2\"></span>ity gener<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>costs withi<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>rame<span class=\"_ _2\"></span>work of the Iberi<span class=\"_ _2\"></span>an Elec<span class=\"_ _2\"></span>trici<span class=\"_ _2\"></span>ty Mechanis<span class=\"_ _2\"></span>m. The progress<span class=\"_ _2\"></span>ive ta<span class=\"_ _2\"></span>riff<span class=\"_ _2\"></span> reducti<span class=\"_ _2\"></span>on asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>electrici<span class=\"_ _2\"></span>ty in sp<span class=\"_ _2\"></span>ecial<span class=\"_ _2\"></span> regime, may conditi<span class=\"_ _2\"></span>on the econ<span class=\"_ _2\"></span>omic vi<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the sale to <span class=\"_ _2\"></span>the el<span class=\"_ _2\"></span>ectricit<span class=\"_ _2\"></span>y grid<span class=\"_ _2\"></span>. Therefor<span class=\"_ _2\"></span>e, af<span class=\"_ _2\"></span>ter the <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable legal <span class=\"_ _2\"></span>periods, <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>generations<span class=\"_ _2\"></span> may ha<span class=\"_ _2\"></span>ve to <span class=\"_ _2\"></span>operate un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the sel<span class=\"_ _2\"></span>f-<span class=\"_ _0\"></span>consumpti<span class=\"_ _2\"></span>on r<span class=\"_ _2\"></span>egime, i<span class=\"_ _2\"></span>.e. directly s<span class=\"_ _2\"></span>upplyi<span class=\"_ _2\"></span>ng the i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial un<span class=\"_ _2\"></span>its, or al<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>tively s<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span> the energ<span class=\"_ _2\"></span>y unde<span class=\"_ _2\"></span>r the marke<span class=\"_ _2\"></span>t r<span class=\"_ _2\"></span>egime.<span class=\"_ _0\"></span> The Group i<span class=\"_ _2\"></span>s se<span class=\"_ _2\"></span>eking to <span class=\"_ _2\"></span>mitigat<span class=\"_ _2\"></span>e this ri<span class=\"_ _2\"></span>sk by c<span class=\"_ _2\"></span>onstan<span class=\"_ _2\"></span>tly seeki<span class=\"_ _2\"></span>ng to op<span class=\"_ _2\"></span>timise <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on costs and the <span class=\"_ _2\"></span>effic<span class=\"_ _2\"></span>iency of<span class=\"_ _2\"></span> generatio<span class=\"_ _2\"></span>n units<span class=\"_ _2\"></span>, analysi<span class=\"_ _2\"></span>ng ne<span class=\"_ _2\"></span>w rene<span class=\"_ _2\"></span>wable en<span class=\"_ _2\"></span>ergy gen<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span> projects<span class=\"_ _2\"></span>, long-term <span class=\"_ _2\"></span>energy c<span class=\"_ _2\"></span>ontracti<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d acti<span class=\"_ _2\"></span>ve risk man<span class=\"_ _2\"></span>agement<span class=\"_ _2\"></span>, as well<span class=\"_ _2\"></span> as promo<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>several photovoltai<span class=\"_ _2\"></span>c sol<span class=\"_ _2\"></span>ar energ<span class=\"_ _2\"></span>y projec<span class=\"_ _2\"></span>ts in th<span class=\"_ _2\"></span>e sel<span class=\"_ _2\"></span>f-consumpti<span class=\"_ _2\"></span>on regime.<span class=\"_ _2\"></span> 9.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Environmental<span class=\"_ _2\"></span> risk<span class=\"_ _2\"></span>s Regulat<span class=\"_ _2\"></span>ory e<span class=\"_ _2\"></span>nviron<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span> In recen<span class=\"_ _2\"></span>t years<span class=\"_ _2\"></span>, environm<span class=\"_ _2\"></span>ental <span class=\"_ _2\"></span>legislati<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> the E<span class=\"_ _2\"></span>U has b<span class=\"_ _2\"></span>ecome increas<span class=\"_ _2\"></span>ingly r<span class=\"_ _2\"></span>estric<span class=\"_ _2\"></span>tive regardin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>ontrol of<span class=\"_ _2\"></span> effl<span class=\"_ _2\"></span>uents. <span class=\"_ _2\"></span>The compani<span class=\"_ _2\"></span>es of t<span class=\"_ _2\"></span>he N<span class=\"_ _2\"></span>avigator G<span class=\"_ _2\"></span>roup comply <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e prevail<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>egislatio<span class=\"_ _2\"></span>n, in i<span class=\"_ _2\"></span>ts various<span class=\"_ _2\"></span> paramet<span class=\"_ _2\"></span>ers (<span class=\"_ _2\"></span>VLEs).  On Septem<span class=\"_ _2\"></span>ber 2014, <span class=\"_ _2\"></span>the Co<span class=\"_ _2\"></span>mmissi<span class=\"_ _2\"></span>on's i<span class=\"_ _2\"></span>mplementing deci<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ion 20<span class=\"_ _2\"></span>14/687 <span class=\"_ _2\"></span>/ EU approved <span class=\"_ _2\"></span>the BREF (Best <span class=\"_ _2\"></span>Avail<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>Technologi<span class=\"_ _2\"></span>es Refer<span class=\"_ _2\"></span>ence Documen<span class=\"_ _2\"></span>ts) <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Concl<span class=\"_ _2\"></span>usions<span class=\"_ _2\"></span> on Best Avail<span class=\"_ _2\"></span>able </span></span>Techniques o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the Refe<span class=\"_ _2\"></span>rence Pa<span class=\"_ _2\"></span>per <span class=\"ff8\">\u2013</span> for <span class=\"_ _2\"></span>the pape<span class=\"_ _2\"></span>r and pul<span class=\"_ _2\"></span>p secto<span class=\"_ _2\"></span>rs con<span class=\"_ _2\"></span>taini<span class=\"_ _2\"></span>ng the n<span class=\"_ _2\"></span>ew limits and requir<span class=\"_ _2\"></span>ements <span class=\"_ _2\"></span>for thes<span class=\"_ _2\"></span>e secto<span class=\"_ _2\"></span>rs. <span class=\"_ _2\"></span>The companies <span class=\"_ _2\"></span>have f<span class=\"_ _2\"></span>our <span class=\"_ _2\"></span>years to <span class=\"_ _2\"></span>promote th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>quired adjustmen<span class=\"_ _2\"></span>ts to its <span class=\"_ _2\"></span>prac<span class=\"_ _2\"></span>tices <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re,<span class=\"_ _2\"></span> the technic<span class=\"_ _2\"></span>al disc<span class=\"_ _2\"></span>ussion<span class=\"_ _2\"></span> on the L<span class=\"_ _2\"></span>arge Combusti<span class=\"_ _2\"></span>on Faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es Reference Do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>was final<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>nd publi<span class=\"_ _2\"></span>shed. This<span class=\"_ _2\"></span> documen<span class=\"_ _2\"></span>t has an impact o<span class=\"_ _2\"></span>n the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s e<span class=\"_ _2\"></span>quipmen<span class=\"_ _2\"></span>t, parti<span class=\"_ _2\"></span>cularly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>boilers <span class=\"_ _2\"></span>and combustio<span class=\"_ _2\"></span>n faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, which wi<span class=\"_ _2\"></span>ll be c<span class=\"_ _2\"></span>overed b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ew legi<span class=\"_ _2\"></span>slation, the<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>uirin<span class=\"_ _2\"></span>g new inves<span class=\"_ _2\"></span>tments, suc<span class=\"_ _2\"></span>h as particle <span class=\"_ _2\"></span>filters <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r biomass <span class=\"_ _2\"></span>boilers.<span class=\"_ _2\"></span> In 2015<span class=\"_ _2\"></span>, an en<span class=\"_ _2\"></span>vironmental s<span class=\"_ _2\"></span>trat<span class=\"_ _2\"></span>egic plan <span class=\"_ _2\"></span>was an<span class=\"_ _2\"></span>alysed <span class=\"_ _2\"></span>and esta<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>shed, aiming <span class=\"_ _2\"></span>to adap<span class=\"_ _2\"></span>t Navigator G<span class=\"_ _2\"></span>roup to <span class=\"_ _2\"></span>a s<span class=\"_ _2\"></span>et of ne<span class=\"_ _2\"></span>w and fu<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>requirements <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the en<span class=\"_ _2\"></span>vironmental area<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>to the ref<span class=\"_ _2\"></span>erence do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e sector <span class=\"_ _2\"></span>(Conc<span class=\"_ _2\"></span>lusio<span class=\"_ _2\"></span>ns on Bes<span class=\"_ _2\"></span>t Available <span class=\"_ _2\"></span>Techniques <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the Reference Do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the sec<span class=\"_ _2\"></span>tor - BREF<span class=\"_ _2\"></span>. Commi<span class=\"_ _2\"></span>ssion <span class=\"_ _2\"></span>Decisi<span class=\"_ _2\"></span>on 2014<span class=\"_ _2\"></span>/687/EU) and for <span class=\"_ _2\"></span>Lar<span class=\"_ _2\"></span>ge Combusti<span class=\"_ _2\"></span>on Faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. The refer<span class=\"_ _2\"></span>ence docu<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>d to the impl<span class=\"_ _2\"></span>ementa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Directiv<span class=\"_ _2\"></span>e 2010/7<span class=\"_ _2\"></span>5/EU on in<span class=\"_ _2\"></span>dustrial emi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>ns. Proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re underwa<span class=\"_ _2\"></span>y to impl<span class=\"_ _2\"></span>ement the a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>priate technolo<span class=\"_ _2\"></span>gical <span class=\"_ _2\"></span>changes, <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>as a ne<span class=\"_ _2\"></span>w versi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Envi<span class=\"_ _2\"></span>ronmental Mas<span class=\"_ _2\"></span>ter Plan<span class=\"_ _2\"></span>, which inco<span class=\"_ _2\"></span>rporates new en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>challenges <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve aris<span class=\"_ _2\"></span>en in <span class=\"_ _2\"></span>the meanti<span class=\"_ _2\"></span>me. The Environm<span class=\"_ _2\"></span>ental S<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>tegic Plan <span class=\"_ _2\"></span>aimed for <span class=\"_ _2\"></span>areas o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>an the en<span class=\"_ _2\"></span>vironment<span class=\"_ _2\"></span>al cover<span class=\"_ _2\"></span>ed by thi<span class=\"_ _2\"></span>s document<span class=\"_ _2\"></span>. It was pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to c<span class=\"_ _2\"></span>onfirm tha<span class=\"_ _2\"></span>t Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s broadly i<span class=\"_ _2\"></span>n compli<span class=\"_ _2\"></span>ance with <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> future r<span class=\"_ _2\"></span>eferenti<span class=\"_ _2\"></span>al and <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>dentify som<span class=\"_ _2\"></span>e areas fo<span class=\"_ _2\"></span>r impro<span class=\"_ _2\"></span>vem<span class=\"_ _2\"></span>ent as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal so<span class=\"_ _2\"></span>lution<span class=\"_ _2\"></span>s such <span class=\"_ _2\"></span>as atmospher<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>ons f<span class=\"_ _2\"></span>rom biomass<span class=\"_ _2\"></span> boilers<span class=\"_ _2\"></span>.  On the o<span class=\"_ _2\"></span>ther han<span class=\"_ _2\"></span>d, under <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms se<span class=\"_ _2\"></span>t in Decre<span class=\"_ _2\"></span>e-Law 14<span class=\"_ _2\"></span>7/2008, dat<span class=\"_ _2\"></span>ed 29 June <span class=\"_ _2\"></span>that transpose<span class=\"_ _2\"></span>d direc<span class=\"_ _2\"></span>tive 2004<span class=\"_ _2\"></span>/35/CE <span class=\"_ _2\"></span>to the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> law, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup<span class=\"_ _0\"></span> secur<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the environment<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nsurances <span class=\"_ _2\"></span>demande<span class=\"_ _2\"></span>d by that l<span class=\"_ _2\"></span>aw, <span class=\"_ _2\"></span>thus gu<span class=\"_ _2\"></span>aranteei<span class=\"_ _2\"></span>ng compli<span class=\"_ _2\"></span>ance and <span class=\"_ _2\"></span>reducing exposur<span class=\"_ _2\"></span>e to en<span class=\"_ _2\"></span>vironmental<span class=\"_ _2\"></span> risks.<span class=\"_ _2\"></span> Regarding <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>volution <span class=\"_ _2\"></span>of the E<span class=\"_ _2\"></span>U Emis<span class=\"_ _2\"></span>sions <span class=\"_ _2\"></span>Trading Sch<span class=\"_ _2\"></span>eme (EU E<span class=\"_ _2\"></span>TS), th<span class=\"_ _2\"></span>e EU Direc<span class=\"_ _2\"></span>tive 2018/4<span class=\"_ _2\"></span>10, of 1<span class=\"_ _2\"></span>4 March, <span class=\"_ _2\"></span>was approv<span class=\"_ _2\"></span>ed, amending <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tive 20<span class=\"_ _2\"></span>03/87/EC <span class=\"_ _2\"></span>to reinfo<span class=\"_ _2\"></span>rce the <span class=\"_ _2\"></span>cost-effective<span class=\"_ _2\"></span>ness o<span class=\"_ _2\"></span>f emiss<span class=\"_ _2\"></span>ion reduc<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> and inves<span class=\"_ _2\"></span>tment in <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>w carbon <span class=\"_ _2\"></span>technolo<span class=\"_ _2\"></span>gies. E<span class=\"_ _2\"></span>U 2018/410<span class=\"_ _2\"></span> Directive s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t, among <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>things, <span class=\"_ _2\"></span>the ne<span class=\"_ _2\"></span>w EU E<span class=\"_ _2\"></span>TS period <span class=\"_ _2\"></span>to be i<span class=\"_ _2\"></span>n force <span class=\"_ _2\"></span>between 2<span class=\"_ _2\"></span>021-2030, <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l show a <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>the amount of <span class=\"_ _2\"></span>CO2 e<span class=\"_ _2\"></span>missi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances al<span class=\"_ _2\"></span>located free of<span class=\"_ _2\"></span> charge<span class=\"_ _2\"></span>. This dev<span class=\"_ _2\"></span>elopment <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>bring inc<span class=\"_ _2\"></span>reased co<span class=\"_ _2\"></span>sts for <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>ransfo<span class=\"_ _2\"></span>rmation <span class=\"_ _2\"></span>industr<span class=\"_ _2\"></span>y in gene<span class=\"_ _2\"></span>ral and <span class=\"_ _2\"></span>in particul<span class=\"_ _2\"></span>ar for <span class=\"_ _2\"></span>the paper <span class=\"_ _2\"></span>and pul<span class=\"_ _2\"></span>p indus<span class=\"_ _2\"></span>try, <span class=\"_ _2\"></span>without an<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>mpensatio<span class=\"_ _2\"></span>n for th<span class=\"_ _2\"></span>e CO2 tha<span class=\"_ _2\"></span>t, annu<span class=\"_ _2\"></span>ally, is <span class=\"_ _2\"></span>absorbed by <span class=\"_ _2\"></span>the fores<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> this i<span class=\"_ _2\"></span>ndustry<span class=\"_ _2\"></span>. In orde<span class=\"_ _2\"></span>r to miti<span class=\"_ _2\"></span>gate <span class=\"_ _2\"></span>the impact o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>this chan<span class=\"_ _2\"></span>ge, th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>has l<span class=\"_ _2\"></span>ong under<span class=\"_ _2\"></span>taken a s<span class=\"_ _2\"></span>eries of investmen<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>an environm<span class=\"_ _2\"></span>ental na<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>that, amo<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>ther advan<span class=\"_ _2\"></span>tages, ha<span class=\"_ _2\"></span>ve all<span class=\"_ _2\"></span>owed the contin<span class=\"_ _2\"></span>ued reducti<span class=\"_ _2\"></span>on of C<span class=\"_ _2\"></span>O2 emiss<span class=\"_ _2\"></span>ions. <span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the <span class=\"_ _2\"></span>group has <span class=\"_ _2\"></span>a C<span class=\"_ _2\"></span>arbon Neu<span class=\"_ _2\"></span>tral C<span class=\"_ _2\"></span>ompany Pro<span class=\"_ _2\"></span>gram tha<span class=\"_ _2\"></span>t aims<span class=\"_ _2\"></span> to impl<span class=\"_ _2\"></span>ement, <span class=\"_ _2\"></span>by 2035, <span class=\"_ _2\"></span>changes in <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>process<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the use o<span class=\"_ _2\"></span>f foss<span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fuels an<span class=\"_ _2\"></span>d consequentl<span class=\"_ _2\"></span>y reduc<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>eir CO2 emiss<span class=\"_ _2\"></span>ions.<span class=\"_ _2\"></span> It shoul<span class=\"_ _2\"></span>d be remem<span class=\"_ _2\"></span>bered <span class=\"_ _2\"></span>that Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>was the f<span class=\"_ _2\"></span>irst Por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>uguese compan<span class=\"_ _2\"></span>y, and <span class=\"_ _2\"></span>one of th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst in the <span class=\"_ _2\"></span>world, to <span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>cipate <span class=\"_ _2\"></span>by 15 y<span class=\"_ _2\"></span>ears, to <span class=\"_ _2\"></span>2035, th<span class=\"_ _2\"></span>e com<span class=\"_ _2\"></span>mitment to <span class=\"_ _2\"></span>have i<span class=\"_ _2\"></span>ts indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> complexes c<span class=\"_ _2\"></span>arbon <span class=\"_ _2\"></span>neutral<span class=\"_ _2\"></span>. To thi<span class=\"_ _2\"></span>s end, <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany ha<span class=\"_ _2\"></span>d al<span class=\"_ _2\"></span>ready defin<span class=\"_ _2\"></span>ed, in <span class=\"_ _2\"></span>2019, a <span class=\"_ _2\"></span>Roadmap that inc<span class=\"_ _2\"></span>ludes p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>based o<span class=\"_ _2\"></span>n the us<span class=\"_ _2\"></span>e of rene<span class=\"_ _2\"></span>wable <span class=\"_ _2\"></span>energy so<span class=\"_ _2\"></span>urces, <span class=\"_ _2\"></span>namely <span class=\"_ _2\"></span>biomass an<span class=\"_ _2\"></span>d solar, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>aim of<span class=\"_ _2\"></span> minimi<span class=\"_ _2\"></span>zing <span class=\"_ _2\"></span>CO2 emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>resulting f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>its acti<span class=\"_ _2\"></span>vity and p<span class=\"_ _2\"></span>romoti<span class=\"_ _2\"></span>ng the improvemen<span class=\"_ _2\"></span>t of i<span class=\"_ _2\"></span>ts energ<span class=\"_ _2\"></span>y perfo<span class=\"_ _2\"></span>rmance<span class=\"_ _2\"></span>.  In 2021<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor joine<span class=\"_ _2\"></span>d the Scienc<span class=\"_ _2\"></span>e Base<span class=\"_ _2\"></span>d Targe<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tiative (S<span class=\"_ _2\"></span>BTi), f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing the commi<span class=\"_ _2\"></span>tment made i<span class=\"_ _2\"></span>n the \"A<span class=\"_ _2\"></span>genda 20<span class=\"_ _2\"></span>30\", and in<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>ved<span class=\"_ _0\"></span> SB<span class=\"_ _2\"></span>Ti approval<span class=\"_ _2\"></span> for i<span class=\"_ _2\"></span>ts greenhous<span class=\"_ _2\"></span>e gas (GHG) <span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span> reduction ta<span class=\"_ _2\"></span>rgets. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>endors<span class=\"_ _2\"></span>ement of<span class=\"_ _2\"></span> cli<span class=\"_ _2\"></span>mate science-based targets w<span class=\"_ _2\"></span>as con<span class=\"_ _2\"></span>sidered b<span class=\"_ _2\"></span>y SBTi <span class=\"_ _2\"></span>to be a \"<span class=\"_ _2\"></span>key elemen<span class=\"_ _2\"></span>t\" of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>net<span class=\"_ _0\"></span>-ze<span class=\"_ _2\"></span>ro deca<span class=\"_ _2\"></span>rbonisation<span class=\"_ _2\"></span> trajec<span class=\"_ _2\"></span>tory, as advoca<span class=\"_ _2\"></span>ted by th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>tergove<span class=\"_ _2\"></span>rnmental<span class=\"_ _2\"></span> Panel o<span class=\"_ _2\"></span>n Cli<span class=\"_ _2\"></span>mate Change (IPCC<span class=\"_ _2\"></span>) repor<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>with a vie<span class=\"_ _2\"></span>w to achievi<span class=\"_ _2\"></span>ng net-zero <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns by mid<span class=\"_ _2\"></span>-century<span class=\"_ _2\"></span>. Thus, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r reinforces<span class=\"_ _2\"></span> its co<span class=\"_ _2\"></span>mmitm<span class=\"_ _2\"></span>ent and <span class=\"_ _2\"></span>objectives <span class=\"_ _2\"></span>for the ne<span class=\"_ _2\"></span>xt <span class=\"_ _2\"></span>decade aroun<span class=\"_ _2\"></span>d one <span class=\"_ _2\"></span>of the rele<span class=\"_ _2\"></span>vant them<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>dentified <span class=\"_ _2\"></span>within <span class=\"_ _2\"></span>the sco<span class=\"_ _2\"></span>pe of i<span class=\"_ _2\"></span>ts \"Agen<span class=\"_ _2\"></span>da 2030\" f<span class=\"_ _2\"></span>or responsi<span class=\"_ _2\"></span>ble <span class=\"_ _2\"></span>business managemen<span class=\"_ _2\"></span>t <span class=\"ff8\">\u2013</span> <span class=\"ff8\">\u201cCli<span class=\"_ _2\"></span>mate Change an<span class=\"_ _2\"></span>d CO</span>2 <span class=\"ff8\">Fixa<span class=\"_ _2\"></span>tion\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\">, purs<span class=\"_ _2\"></span>uing the ambiti<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>to contri<span class=\"_ _2\"></span>bute fo<span class=\"_ _2\"></span>r </span></span>the Sust<span class=\"_ _2\"></span>ainable De<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t Goal<span class=\"_ _2\"></span> 13 (Cl<span class=\"_ _2\"></span>imate Acti<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d make a <span class=\"_ _2\"></span>positive i<span class=\"_ _2\"></span>mpact o<span class=\"_ _2\"></span>n People and the Pl<span class=\"_ _2\"></span>anet. Also <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22, Navigator w<span class=\"_ _2\"></span>as awa<span class=\"_ _2\"></span>rded the hi<span class=\"_ _2\"></span>ghest r<span class=\"_ _2\"></span>ating (<span class=\"_ _2\"></span>\"<span class=\"_ _2\"></span>A\") for wo<span class=\"_ _2\"></span>rld l<span class=\"_ _2\"></span>eadershi<span class=\"_ _2\"></span>p in fi<span class=\"_ _2\"></span>ghting cli<span class=\"_ _2\"></span>mate change<span class=\"_ _2\"></span>, a distincti<span class=\"_ _2\"></span>on aw<span class=\"_ _2\"></span>arded b<span class=\"_ _2\"></span>y Discl<span class=\"_ _2\"></span>osure, <span class=\"_ _2\"></span>Insigh<span class=\"_ _2\"></span>t, Actio<span class=\"_ _2\"></span>n - CDP. <span class=\"_ _2\"></span>The compan<span class=\"_ _2\"></span>y also participa<span class=\"_ _2\"></span>tes in<span class=\"_ _2\"></span> CDP Fo<span class=\"_ _2\"></span>rest, which<span class=\"_ _2\"></span> focus<span class=\"_ _2\"></span>es on fo<span class=\"_ _2\"></span>rest man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>ement, and f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d year i<span class=\"_ _2\"></span>ts performanc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>this cate<span class=\"_ _2\"></span>gory <span class=\"_ _2\"></span>was reco<span class=\"_ _2\"></span>gnised wi<span class=\"_ _2\"></span>th an \"A-\" <span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g, making <span class=\"_ _2\"></span>it a l<span class=\"_ _2\"></span>eade<span class=\"_ _2\"></span>r in thi<span class=\"_ _2\"></span>s area. In 2022<span class=\"_ _2\"></span>, the com<span class=\"_ _2\"></span>pany's eff<span class=\"_ _2\"></span>orts <span class=\"_ _2\"></span>to reduc<span class=\"_ _2\"></span>e its<span class=\"_ _2\"></span> environm<span class=\"_ _2\"></span>ental<span class=\"_ _2\"></span> impact wer<span class=\"_ _2\"></span>e once agai<span class=\"_ _2\"></span>n r<span class=\"_ _2\"></span>ecognised in the <span class=\"_ _2\"></span>annual as<span class=\"_ _2\"></span>sessmen<span class=\"_ _2\"></span>t by the r<span class=\"_ _2\"></span>ating a<span class=\"_ _2\"></span>gency Sus<span class=\"_ _2\"></span>tainal<span class=\"_ _2\"></span>yt<span class=\"_ _2\"></span>ics, whi<span class=\"_ _2\"></span>ch evaluat<span class=\"_ _2\"></span>es th<span class=\"_ _2\"></span>e Environmental<span class=\"_ _2\"></span>, Soc<span class=\"_ _2\"></span>ial an<span class=\"_ _2\"></span>d Corpora<span class=\"_ _2\"></span>te Governan<span class=\"_ _2\"></span>ce perfo<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ance of<span class=\"_ _2\"></span> compani<span class=\"_ _2\"></span>es and issues an<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e ratin<span class=\"_ _2\"></span>g (in the <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>text of th<span class=\"_ _2\"></span>e pul<span class=\"_ _2\"></span>p and paper s<span class=\"_ _2\"></span>ector<span class=\"_ _2\"></span>), an<span class=\"_ _2\"></span>d Naviga<span class=\"_ _2\"></span>tor was once agai<span class=\"_ _2\"></span>n rated as<span class=\"_ _2\"></span> a \"Lo<span class=\"_ _2\"></span>w ESG R<span class=\"_ _2\"></span>isk Co<span class=\"_ _2\"></span>mpany\" for i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ors.  The Euro<span class=\"_ _2\"></span>pean Commi<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>'s pol<span class=\"_ _2\"></span>icy ini<span class=\"_ _2\"></span>tiatives wil<span class=\"_ _2\"></span>l i<span class=\"_ _2\"></span>n future <span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>lude poli<span class=\"_ _2\"></span>cy and legi<span class=\"_ _2\"></span>slative de<span class=\"ls0\">velopm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>areas s<span class=\"_ _2\"></span>uch as <span class=\"_ _2\"></span>the EU f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y and biodi<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ersity s<span class=\"_ _2\"></span>trategies<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Renewabl<span class=\"_ _2\"></span>e </span>Energy Di<span class=\"_ _2\"></span>rectiv<span class=\"_ _2\"></span>e, the E<span class=\"_ _2\"></span>U Emis<span class=\"_ _2\"></span>sions <span class=\"_ _2\"></span>Trading Syst<span class=\"_ _2\"></span>em (EU E<span class=\"_ _2\"></span>TS) as <span class=\"_ _2\"></span>well as the <span class=\"_ _2\"></span>EU ta<span class=\"_ _2\"></span>xonomy<span class=\"_ _2\"></span>, the Corporate <span class=\"_ _2\"></span>Sustainabi<span class=\"_ _2\"></span>lity R<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>ting Directi<span class=\"_ _2\"></span>ve (CSR<span class=\"_ _2\"></span>D) an<span class=\"_ _2\"></span>d the C<span class=\"_ _2\"></span>orporate Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>bility Due Dili<span class=\"_ _2\"></span>gence Directi<span class=\"_ _2\"></span>ve (CSDDD)<span class=\"_ _2\"></span>. The EU taxono<span class=\"_ _2\"></span>my re<span class=\"_ _2\"></span>gulatio<span class=\"_ _2\"></span>n evolv<span class=\"_ _2\"></span>ed durin<span class=\"_ _2\"></span>g 2022, bu<span class=\"_ _2\"></span>t unc<span class=\"_ _2\"></span>ertaint<span class=\"_ _2\"></span>y remai<span class=\"_ _2\"></span>ns as to <span class=\"_ _2\"></span>how much Navigator G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c activiti<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>fall <span class=\"_ _2\"></span>within the s<span class=\"_ _2\"></span>cope of the <span class=\"_ _2\"></span>taxonom<span class=\"_ _2\"></span>y, as <span class=\"_ _2\"></span>the legisl<span class=\"_ _2\"></span>ation evol<span class=\"_ _2\"></span>ves. Go<span class=\"_ _2\"></span>od manag<span class=\"_ _2\"></span>ement of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>and sus<span class=\"_ _2\"></span>tainabil<span class=\"_ _2\"></span>ity risks <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>pportuniti<span class=\"_ _2\"></span>es, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> their dis<span class=\"_ _2\"></span>closure<span class=\"_ _2\"></span>, will<span class=\"_ _2\"></span> improve <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>kelihoo<span class=\"_ _2\"></span>d of a f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e percep<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the capi<span class=\"_ _2\"></span>tal markets <span class=\"_ _2\"></span>and, con<span class=\"_ _2\"></span>sequentl<span class=\"_ _2\"></span>y, the cos<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> capital<span class=\"_ _2\"></span>. For more <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed informa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>on these an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r ini<span class=\"_ _2\"></span>tiatives <span class=\"_ _2\"></span>within the sc<span class=\"_ _2\"></span>ope o<span class=\"_ _2\"></span>f the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group's <span class=\"_ _2\"></span>roadmap f<span class=\"_ _2\"></span>or car<span class=\"_ _2\"></span>bon neut<span class=\"_ _2\"></span>rality<span class=\"_ _2\"></span>, we advis<span class=\"_ _2\"></span>e you <span class=\"_ _2\"></span>to c<span class=\"_ _2\"></span>onsult o<span class=\"_ _2\"></span>ur Sustainabi<span class=\"_ _2\"></span>lity Re<span class=\"_ _2\"></span>port. Risks a<span class=\"_ _2\"></span>ssocia<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d with c<span class=\"_ _2\"></span>limat<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge Navigator h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n devel<span class=\"_ _2\"></span>oping a s<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gies to <span class=\"_ _2\"></span>measure an<span class=\"_ _2\"></span>d reduce i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>total GHG footprin<span class=\"_ _2\"></span>t, as well<span class=\"_ _2\"></span> as to <span class=\"_ _2\"></span>promot<span class=\"_ _2\"></span>e miti<span class=\"_ _2\"></span>gation and <span class=\"_ _2\"></span>adap<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>to the ris<span class=\"_ _2\"></span>ks gene<span class=\"_ _2\"></span>rated b<span class=\"_ _2\"></span>y cli<span class=\"_ _2\"></span>mate change. In Decem<span class=\"_ _2\"></span>ber 2015, <span class=\"_ _2\"></span>the Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Stabil<span class=\"_ _2\"></span>ity Boar<span class=\"_ _2\"></span>d (FSB<span class=\"_ _2\"></span>) created <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Task Forc<span class=\"_ _2\"></span>e on Cl<span class=\"_ _2\"></span>imate<span class=\"_ _0\"></span>-relate<span class=\"_ _2\"></span>d Financi<span class=\"_ _2\"></span>al Di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ures (TCFD) <span class=\"_ _2\"></span>to develo<span class=\"_ _2\"></span>p a se<span class=\"_ _2\"></span>t of re<span class=\"_ _2\"></span>commendations to <span class=\"_ _2\"></span>clea<span class=\"_ _2\"></span>rly and consi<span class=\"_ _2\"></span>stently disc<span class=\"_ _2\"></span>lose i<span class=\"_ _2\"></span>nformatio<span class=\"_ _2\"></span>n that <span class=\"_ _2\"></span>helps fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>understan<span class=\"_ _2\"></span>d risks <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>mpacts relate<span class=\"_ _2\"></span>d to cli<span class=\"_ _2\"></span>mate chan<span class=\"_ _2\"></span>ge. In 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup integr<span class=\"_ _2\"></span>ated th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommenda<span class=\"_ _2\"></span>tions into <span class=\"_ _2\"></span>corporate ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>gement st<span class=\"_ _2\"></span>rategy an<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>esses, <span class=\"_ _2\"></span>taking the <span class=\"_ _2\"></span>oppor<span class=\"_ _2\"></span>tunity <span class=\"_ _2\"></span>to assess<span class=\"_ _2\"></span> potenti<span class=\"_ _2\"></span>al fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and strat<span class=\"_ _2\"></span>egic i<span class=\"_ _2\"></span>mplicati<span class=\"_ _2\"></span>ons aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>climate <span class=\"_ _2\"></span>change an<span class=\"_ _2\"></span>d develop appropri<span class=\"_ _2\"></span>ate respons<span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>More detai<span class=\"_ _2\"></span>led inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on on thi<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>itiative can<span class=\"_ _2\"></span> be f<span class=\"_ _2\"></span>ound in <span class=\"_ _2\"></span>the managemen<span class=\"_ _2\"></span>t report<span class=\"_ _2\"></span>.  The Group moni<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impacts o<span class=\"_ _2\"></span>n its f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, pe<span class=\"_ _2\"></span>rformance an<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h flows arisi<span class=\"_ _2\"></span>ng from c<span class=\"_ _2\"></span>limate ch<span class=\"_ _2\"></span>ange, namely <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>ts on r<span class=\"_ _2\"></span>elevan<span class=\"_ _2\"></span>t ac<span class=\"_ _2\"></span>counting es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and judgements<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Long-term <span class=\"_ _2\"></span>(25 to <span class=\"_ _2\"></span>30 years<span class=\"_ _2\"></span>) chan<span class=\"_ _2\"></span>ges in <span class=\"_ _2\"></span>rainfall<span class=\"_ _2\"></span> patterns<span class=\"_ _2\"></span>, p<span class=\"_ _2\"></span>eriods of<span class=\"_ _2\"></span> drough<span class=\"_ _2\"></span>t, frequ<span class=\"_ _2\"></span>ent ext<span class=\"_ _2\"></span>re<span class=\"_ _0\"></span>me weather e<span class=\"_ _2\"></span>vents <span class=\"_ _2\"></span>and highe<span class=\"_ _2\"></span>r averag<span class=\"_ _2\"></span>e temper<span class=\"_ _2\"></span>atures<span class=\"_ _2\"></span> that i<span class=\"_ _2\"></span>ncrease t<span class=\"_ _2\"></span>he risk o<span class=\"_ _2\"></span>f for<span class=\"_ _2\"></span>est fi<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d insec<span class=\"_ _2\"></span>t outbreaks c<span class=\"_ _2\"></span>an c<span class=\"_ _2\"></span>ause dama<span class=\"_ _2\"></span>ge to the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p's oper<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns and fo<span class=\"_ _2\"></span>rests, af<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>assets and <span class=\"_ _2\"></span>wood prices<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>More fr<span class=\"_ _2\"></span>equent <span class=\"_ _2\"></span>extreme <span class=\"_ _2\"></span>weather even<span class=\"_ _2\"></span>ts also<span class=\"_ _2\"></span> increase the risk o<span class=\"_ _2\"></span>f disru<span class=\"_ _2\"></span>ptions<span class=\"_ _2\"></span> in produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>, logisti<span class=\"_ _2\"></span>cs and <span class=\"_ _2\"></span>the sup<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>y of raw mat<span class=\"_ _2\"></span>erials<span class=\"_ _2\"></span> and en<span class=\"_ _2\"></span>ergy. Uncertai<span class=\"_ _2\"></span>nties re<span class=\"_ _2\"></span>gardin<span class=\"_ _2\"></span>g climate <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>may also r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t in ch<span class=\"_ _2\"></span>anges in the <span class=\"_ _2\"></span>group's<span class=\"_ _2\"></span> cash f<span class=\"_ _2\"></span>low projec<span class=\"_ _2\"></span>tions o<span class=\"_ _2\"></span>r in the re<span class=\"_ _2\"></span>view of <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of ass<span class=\"_ _2\"></span>ets.<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral mechan<span class=\"_ _2\"></span>isms i<span class=\"_ _2\"></span>n place <span class=\"_ _2\"></span>aimed a<span class=\"_ _2\"></span>t mon<span class=\"_ _2\"></span>itoring an<span class=\"_ _2\"></span>d mitiga<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>ese risks through p<span class=\"_ _2\"></span>roactiv<span class=\"_ _2\"></span>e management <span class=\"_ _2\"></span>and ea<span class=\"_ _2\"></span>rly de<span class=\"_ _2\"></span>tecti<span class=\"_ _2\"></span>on. The <span class=\"_ _2\"></span>Group h<span class=\"_ _2\"></span>as inco<span class=\"_ _2\"></span>rporated cl<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>e change co<span class=\"_ _2\"></span>nsidera<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>nto its <span class=\"_ _2\"></span>reforesta<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> practi<span class=\"_ _2\"></span>ces, suc<span class=\"_ _2\"></span>h as <span class=\"_ _2\"></span>establ<span class=\"_ _0\"></span>ishi<span class=\"_ _2\"></span>ng and main<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ing paths and fi<span class=\"_ _2\"></span>rebr<span class=\"_ _2\"></span>eaks, c<span class=\"_ _2\"></span>onser<span class=\"_ _2\"></span>ving species <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>diversi<span class=\"_ _2\"></span>ty, and <span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>reasing moni<span class=\"_ _2\"></span>toring durin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>ds of f<span class=\"_ _2\"></span>ire danger. <span class=\"_ _2\"></span> In terms<span class=\"_ _2\"></span> of prop<span class=\"_ _2\"></span>erty, <span class=\"_ _2\"></span>plant and <span class=\"_ _2\"></span>equipm<span class=\"_ _2\"></span>ent, the <span class=\"_ _2\"></span>Group pe<span class=\"_ _2\"></span>riodi<span class=\"_ _2\"></span>cally reques<span class=\"_ _2\"></span>ts i<span class=\"_ _2\"></span>ndependen<span class=\"_ _2\"></span>t assessments<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>reviews of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>economic u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ives of<span class=\"_ _2\"></span> its ass<span class=\"_ _2\"></span>ets. As m<span class=\"_ _2\"></span>entione<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 3.7, during 20<span class=\"_ _2\"></span>22, th<span class=\"_ _2\"></span>e Group r<span class=\"_ _2\"></span>equeste<span class=\"_ _2\"></span>d an ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its ass<span class=\"_ _2\"></span>ets by an <span class=\"_ _2\"></span>inde<span class=\"_ _2\"></span>pendent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. Bas<span class=\"_ _2\"></span>ed on<span class=\"_ _2\"></span> the res<span class=\"_ _2\"></span>ults of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>tudie<span class=\"_ _2\"></span>s c<span class=\"_ _2\"></span>arried out<span class=\"_ _2\"></span>, as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>on the Group's <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent prospec<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>2023-2027 <span class=\"_ _2\"></span>period, n<span class=\"_ _2\"></span>amely as<span class=\"_ _2\"></span> a resul<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> decarboni<span class=\"_ _2\"></span>sation commi<span class=\"_ _2\"></span>tments and <span class=\"_ _2\"></span>projects <span class=\"_ _2\"></span>under the R<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>ry and R<span class=\"_ _2\"></span>esil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an, Naviga<span class=\"_ _2\"></span>tor r<span class=\"_ _2\"></span>eviewe<span class=\"_ _0\"></span>d <span class=\"_ _2\"></span>the useful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>ts assets wi<span class=\"_ _2\"></span>th referenc<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>1 Janu<span class=\"_ _2\"></span>ary 2022<span class=\"_ _2\"></span>, which <span class=\"_ _2\"></span>resulte<span class=\"_ _2\"></span>d in an <span class=\"_ _2\"></span>increase of<span class=\"_ _2\"></span> Euro 36.8 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> depreciation <span class=\"_ _2\"></span>for the y<span class=\"_ _2\"></span>ear, as <span class=\"_ _2\"></span>a res<span class=\"_ _2\"></span>ult of <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>average r<span class=\"_ _2\"></span>eduction of<span class=\"_ _2\"></span> approxi<span class=\"_ _2\"></span>mately 7<span class=\"_ _2\"></span> years in <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>life.<span class=\"_ _2\"></span> Physical<span class=\"_ _2\"></span> risks <span class=\"_ _2\"></span>arisin<span class=\"_ _2\"></span>g from fi<span class=\"_ _2\"></span>res and <span class=\"_ _2\"></span>droughts <span class=\"_ _2\"></span>are la<span class=\"_ _2\"></span>rgely c<span class=\"_ _2\"></span>overed by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's pro<span class=\"_ _2\"></span>perty an<span class=\"_ _2\"></span>d operati<span class=\"_ _2\"></span>ng loss<span class=\"_ _2\"></span> insuran<span class=\"_ _2\"></span>ce programs<span class=\"_ _2\"></span>. Howev<span class=\"_ _2\"></span>er, if <span class=\"_ _2\"></span>the fre<span class=\"_ _2\"></span>quenc<span class=\"_ _2\"></span>y and se<span class=\"_ _2\"></span>verity of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>events increase <span class=\"_ _2\"></span>as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f cli<span class=\"_ _2\"></span>mate chang<span class=\"_ _2\"></span>e, the c<span class=\"_ _2\"></span>ost of <span class=\"_ _2\"></span>such co<span class=\"_ _2\"></span>vera<span class=\"_ _2\"></span>ge could i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e. The Group <span class=\"_ _2\"></span>believ<span class=\"_ _2\"></span>es that s<span class=\"_ _2\"></span>ustainable <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rest managem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>, as well <span class=\"_ _2\"></span>as the a<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty to react <span class=\"_ _2\"></span>to events <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>forest fi<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d di<span class=\"_ _2\"></span>seases, <span class=\"_ _2\"></span>play an impo<span class=\"_ _2\"></span>rtan<span class=\"_ _2\"></span>t role i<span class=\"_ _2\"></span>n miti<span class=\"_ _2\"></span>gating <span class=\"_ _2\"></span>the negativ<span class=\"_ _2\"></span>e impacts <span class=\"_ _2\"></span>of cl<span class=\"_ _2\"></span>imate change<span class=\"_ _2\"></span>. As widely di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed, th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>strat<span class=\"_ _2\"></span>egy, wi<span class=\"_ _2\"></span>th a co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e purpos<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> and a Res<span class=\"_ _2\"></span>ponsi<span class=\"_ _2\"></span>ble Management \"<span class=\"_ _2\"></span>Agenda <span class=\"_ _2\"></span>2030\" i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>ne with the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nation<span class=\"_ _2\"></span>s Sustai<span class=\"_ _2\"></span>nable De<span class=\"_ _2\"></span>velopment <span class=\"_ _2\"></span>Goals, i<span class=\"_ _2\"></span>s to provid<span class=\"_ _2\"></span>e sustai<span class=\"_ _2\"></span>nabl<span class=\"_ _2\"></span>e and renew<span class=\"_ _2\"></span>able alt<span class=\"_ _2\"></span>ernati<span class=\"_ _2\"></span>ves to fo<span class=\"_ _2\"></span>ssil-based sol<span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>ons, off<span class=\"_ _2\"></span>ering a<span class=\"_ _2\"></span>ttractiv<span class=\"_ _2\"></span>e growth o<span class=\"_ _2\"></span>pportuni<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>the fu<span class=\"_ _2\"></span>ture and <span class=\"_ _2\"></span>promoti<span class=\"_ _2\"></span>ng the deca<span class=\"_ _2\"></span>rbonisati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. The Group's <span class=\"_ _2\"></span>innovatio<span class=\"_ _2\"></span>n, the d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ent of su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nable pro<span class=\"_ _2\"></span>ducts<span class=\"_ _2\"></span> and inves<span class=\"_ _2\"></span>tments <span class=\"_ _2\"></span>in energ<span class=\"_ _2\"></span>y effi<span class=\"_ _2\"></span>ciency wil<span class=\"_ _2\"></span>l enable <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>to ac<span class=\"_ _2\"></span>hieve i<span class=\"_ _2\"></span>ts cl<span class=\"_ _2\"></span>imate goals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d an adequat<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>ponse to cli<span class=\"_ _2\"></span>mate chall<span class=\"_ _2\"></span>enges. The Company con<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>ues to sho<span class=\"_ _2\"></span>w a rema<span class=\"_ _2\"></span>rkabl<span class=\"_ _2\"></span>e free c<span class=\"_ _2\"></span>ash-fl<span class=\"_ _2\"></span>ow generati<span class=\"_ _2\"></span>on and a s<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>engthened finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n, and it i<span class=\"_ _2\"></span>s the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>\u2019 beli<span class=\"_ _2\"></span>ef that, gi<span class=\"_ _2\"></span>ven i<span class=\"_ _2\"></span>ts fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>quidity positi<span class=\"_ _2\"></span>on, rele<span class=\"_ _2\"></span>vant nega<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>ts ari<span class=\"_ _2\"></span>sing f<span class=\"_ _2\"></span>rom cli<span class=\"_ _2\"></span>mate ch<span class=\"_ _2\"></span>ange are <span class=\"_ _2\"></span>not expec<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>d to <span class=\"_ _2\"></span>justif<span class=\"_ _2\"></span>y the recogniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>additi<span class=\"_ _2\"></span>onal i<span class=\"_ _2\"></span>mpairments or <span class=\"_ _2\"></span>that j<span class=\"_ _2\"></span>eopardi<span class=\"_ _2\"></span>ze th<span class=\"_ _2\"></span>e going c<span class=\"_ _2\"></span>oncern p<span class=\"_ _2\"></span>rincipl<span class=\"_ _2\"></span>e applied i<span class=\"_ _2\"></span>n the prepa<span class=\"_ _2\"></span>ration <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statements<span class=\"_ _2\"></span>. 9.1.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Human resou<span class=\"_ _2\"></span>rces and<span class=\"_ _2\"></span> talent m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Human res<span class=\"_ _2\"></span>ources mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>in the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group in <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 was marke<span class=\"_ _2\"></span>d by an <span class=\"_ _2\"></span>innovativ<span class=\"_ _2\"></span>e and impactf<span class=\"_ _2\"></span>ul ag<span class=\"_ _2\"></span>reement f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's appro<span class=\"_ _2\"></span>ximatel<span class=\"_ _2\"></span>y 1,700 oper<span class=\"_ _2\"></span>ational<span class=\"_ _2\"></span> technici<span class=\"_ _2\"></span>ans. <span class=\"_ _2\"></span>The agreement<span class=\"_ _2\"></span>, which wi<span class=\"_ _2\"></span>ll h<span class=\"_ _2\"></span>ave a term o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>two years<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>a histo<span class=\"_ _2\"></span>ric <span class=\"_ _2\"></span>mileston<span class=\"_ _2\"></span>e for the co<span class=\"_ _2\"></span>mpany<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly at a <span class=\"_ _2\"></span>time of<span class=\"_ _2\"></span> economi<span class=\"_ _2\"></span>c and so<span class=\"_ _2\"></span>cial unc<span class=\"_ _2\"></span>ertainty<span class=\"_ _2\"></span>. The agre<span class=\"_ _2\"></span>ement, whi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>was develo<span class=\"_ _2\"></span>ped with the <span class=\"_ _2\"></span>trade un<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>and worke<span class=\"_ _2\"></span>r repres<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>ve organi<span class=\"_ _2\"></span>sati<span class=\"_ _2\"></span>ons (WROs), is<span class=\"_ _2\"></span> cruci<span class=\"_ _2\"></span>al to <span class=\"_ _2\"></span>ensurin<span class=\"_ _2\"></span>g soci<span class=\"_ _2\"></span>al peace i<span class=\"_ _2\"></span>n the compan<span class=\"_ _2\"></span>y. Fu<span class=\"_ _2\"></span>rthermore<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e balance ac<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>eved<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>also provi<span class=\"_ _2\"></span>de increase<span class=\"_ _2\"></span>d inco<span class=\"_ _2\"></span>me for emplo<span class=\"_ _2\"></span>yees, bas<span class=\"_ _2\"></span>ed on fou<span class=\"_ _2\"></span>r fund<span class=\"_ _2\"></span>amental <span class=\"_ _2\"></span>principl<span class=\"_ _2\"></span>es: str<span class=\"_ _2\"></span>engthenin<span class=\"_ _2\"></span>g variabl<span class=\"_ _2\"></span>e remunera<span class=\"_ _2\"></span>tion by sha<span class=\"_ _2\"></span>ring the <span class=\"_ _2\"></span>Comp<span class=\"_ _2\"></span>any's resul<span class=\"_ _2\"></span>ts, me<span class=\"_ _2\"></span>rit as <span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>actor in <span class=\"_ _2\"></span>increasi<span class=\"_ _2\"></span>ng remun<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>, harmoni<span class=\"_ _2\"></span>sation o<span class=\"_ _2\"></span>f condi<span class=\"_ _2\"></span>tions bet<span class=\"_ _2\"></span>ween the co<span class=\"_ _2\"></span>mpanies of<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in the inc<span class=\"_ _2\"></span>ome availabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span>. In the a<span class=\"_ _2\"></span>rea of <span class=\"_ _2\"></span>Talent<span class=\"_ _2\"></span>, 2022 <span class=\"_ _2\"></span>also s<span class=\"_ _2\"></span>aw a number <span class=\"_ _2\"></span>of impo<span class=\"_ _2\"></span>rtant mi<span class=\"_ _2\"></span>lestones, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g: the success<span class=\"_ _2\"></span>ful c<span class=\"_ _2\"></span>ompletion <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>nternshi<span class=\"_ _2\"></span>p programme <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>oped in par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip with <span class=\"_ _2\"></span>the IE<span class=\"_ _2\"></span>FP, with an i<span class=\"_ _2\"></span>ntegratio<span class=\"_ _2\"></span>n rate a<span class=\"_ _2\"></span>t Navi<span class=\"_ _2\"></span>gator of<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ver 70%; the co<span class=\"_ _2\"></span>mpletio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>implemen<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> the Functio<span class=\"_ _2\"></span>nal Fami<span class=\"_ _2\"></span>ly model, <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ding indi<span class=\"_ _2\"></span>vidual co<span class=\"_ _2\"></span>mmunicati<span class=\"_ _2\"></span>on to al<span class=\"_ _2\"></span>l employees i<span class=\"_ _2\"></span>nvolv<span class=\"_ _2\"></span>ed; and <span class=\"_ _2\"></span>the launc<span class=\"_ _2\"></span>h of the C<span class=\"_ _2\"></span>RESCER<span class=\"_ _2\"></span> project, with <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>omple<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>agnosis <span class=\"_ _2\"></span>phase and <span class=\"_ _2\"></span>the developmen<span class=\"_ _2\"></span>t of a ro<span class=\"_ _2\"></span>admap of<span class=\"_ _2\"></span> initi<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>v<span class=\"_ _0\"></span>es to <span class=\"_ _2\"></span>be address<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>etween 202<span class=\"_ _2\"></span>3 and 202<span class=\"_ _2\"></span>4. From the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties plan <span class=\"_ _2\"></span>implemen<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span>, the foll<span class=\"_ _2\"></span>owing sho<span class=\"_ _2\"></span>uld be hi<span class=\"_ _2\"></span>ghlight<span class=\"_ _2\"></span>ed: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Conti<span class=\"_ _2\"></span>nued focus<span class=\"_ _2\"></span> on Recrui<span class=\"_ _2\"></span>tment, t<span class=\"_ _2\"></span>raini<span class=\"_ _2\"></span>ng and int<span class=\"_ _2\"></span>ernships <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or future o<span class=\"_ _2\"></span>perators<span class=\"_ _2\"></span> throu<span class=\"_ _2\"></span>gh </span></span>partnershi<span class=\"_ _2\"></span>ps with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>IEFP. Las<span class=\"_ _2\"></span>t year, 58 <span class=\"_ _2\"></span>new ope<span class=\"_ _2\"></span>rators<span class=\"_ _2\"></span> were r<span class=\"_ _2\"></span>ecruite<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>trained un<span class=\"_ _2\"></span>der this <span class=\"_ _2\"></span>programme, <span class=\"_ _2\"></span>which ac<span class=\"_ _2\"></span>hieved a <span class=\"_ _2\"></span>92% succes<span class=\"_ _2\"></span>s rate <span class=\"_ _2\"></span>(tran<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n from trai<span class=\"_ _2\"></span>ning to internshi<span class=\"_ _2\"></span>p) an<span class=\"_ _2\"></span>d a 72% in<span class=\"_ _2\"></span>tegrati<span class=\"_ _2\"></span>on rate<span class=\"_ _2\"></span>;  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The focus<span class=\"_ _2\"></span> on absen<span class=\"_ _2\"></span>teei<span class=\"_ _2\"></span>sm as a <span class=\"_ _2\"></span>critical<span class=\"_ _2\"></span> factor <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the comp<span class=\"_ _2\"></span>any's produc<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y throu<span class=\"_ _2\"></span>gh </span></span>various <span class=\"_ _2\"></span>actions to<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt emplo<span class=\"_ _2\"></span>yees, from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>nitorin<span class=\"_ _2\"></span>g of <span class=\"_ _2\"></span>short and l<span class=\"_ _2\"></span>ong <span class=\"_ _2\"></span>term lea<span class=\"_ _2\"></span>ve; health at <span class=\"_ _2\"></span>work <span class=\"_ _2\"></span>through occ<span class=\"_ _2\"></span>upatio<span class=\"_ _2\"></span>nal heal<span class=\"_ _2\"></span>th ac<span class=\"_ _2\"></span>tions; pen<span class=\"_ _2\"></span>alt<span class=\"_ _2\"></span>ies and i<span class=\"_ _2\"></span>ncreases i<span class=\"_ _2\"></span>n va<span class=\"_ _2\"></span>riable remunera<span class=\"_ _2\"></span>tion; and su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>t and clari<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on fo<span class=\"_ _2\"></span>r emplo<span class=\"_ _2\"></span>yees on<span class=\"_ _2\"></span> time managem<span class=\"_ _2\"></span>ent poli<span class=\"_ _2\"></span>cies, among other i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>tives;<span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The intro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of a pro<span class=\"_ _2\"></span>ductivi<span class=\"_ _2\"></span>ty bonus <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>an increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n achievabl<span class=\"_ _2\"></span>e variabl<span class=\"_ _2\"></span>e </span></span>remunera<span class=\"_ _2\"></span>tion, which <span class=\"_ _2\"></span>has all<span class=\"_ _2\"></span>owed a <span class=\"_ _2\"></span>great<span class=\"_ _2\"></span>er focus <span class=\"_ _2\"></span>on maxi<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng assets and <span class=\"_ _2\"></span>impro<span class=\"_ _2\"></span>ving the remun<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n availabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span>;  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">A foc<span class=\"_ _2\"></span>us on attrac<span class=\"_ _2\"></span>ting youn<span class=\"_ _2\"></span>g talen<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>enabled by <span class=\"_ _2\"></span>the st<span class=\"_ _2\"></span>rengt<span class=\"_ _2\"></span>hening o<span class=\"_ _2\"></span>f our empl<span class=\"_ _2\"></span>oyer </span></span>branding s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y, whi<span class=\"_ _2\"></span>ch resulte<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the recrui<span class=\"_ _2\"></span>tment o<span class=\"_ _2\"></span>f 54<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span>terns, the ho<span class=\"_ _2\"></span>lding o<span class=\"_ _2\"></span>f 35 summer i<span class=\"_ _2\"></span>nternships an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e promotio<span class=\"_ _2\"></span>n of 2<span class=\"_ _2\"></span>0 disser<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>a busines<span class=\"_ _2\"></span>s environment<span class=\"_ _2\"></span>. The d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ent of pa<span class=\"_ _2\"></span>rtnershi<span class=\"_ _2\"></span>ps betw<span class=\"_ _2\"></span>een busi<span class=\"_ _2\"></span>ness and <span class=\"_ _2\"></span>academia is<span class=\"_ _2\"></span> a fundamental <span class=\"_ _2\"></span>part of<span class=\"_ _2\"></span> id<span class=\"_ _2\"></span>entifying an<span class=\"_ _2\"></span>d at<span class=\"_ _2\"></span>tracti<span class=\"_ _2\"></span>ng talen<span class=\"_ _2\"></span>t, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as a s<span class=\"_ _2\"></span>ource of <span class=\"_ _2\"></span>innovation<span class=\"_ _2\"></span> and conti<span class=\"_ _2\"></span>nuous l<span class=\"_ _2\"></span>earning; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The implemen<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>of a ne<span class=\"_ _2\"></span>w care<span class=\"_ _2\"></span>er model<span class=\"_ _2\"></span> for the <span class=\"_ _2\"></span>compa<span class=\"_ _2\"></span>ny's <span class=\"_ _2\"></span>managers, ai<span class=\"_ _2\"></span>med at </span></span>promoting g<span class=\"_ _2\"></span>rowth <span class=\"_ _2\"></span>by diversif<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g career an<span class=\"_ _2\"></span>d dev<span class=\"_ _2\"></span>elopmen<span class=\"_ _2\"></span>t opportuni<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>(great<span class=\"_ _2\"></span>er equal<span class=\"_ _2\"></span>ity between <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> and mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>careers)<span class=\"_ _2\"></span>. All <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span> were posi<span class=\"_ _2\"></span>tioned <span class=\"_ _2\"></span>within thi<span class=\"_ _2\"></span>s new model an<span class=\"_ _2\"></span>d the co<span class=\"_ _2\"></span>mmunicati<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rocess i<span class=\"_ _2\"></span>nvolved mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>90% of <span class=\"_ _2\"></span>the popul<span class=\"_ _2\"></span>ation covered <span class=\"_ _2\"></span>by the e<span class=\"_ _2\"></span>nd of 20<span class=\"_ _2\"></span>22; <span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Conti<span class=\"_ _2\"></span>nued design of<span class=\"_ _2\"></span> new s<span class=\"_ _2\"></span>kills<span class=\"_ _2\"></span> programs, i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>ne with th<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>ew Career <span class=\"_ _2\"></span>Plan, con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>ng </span></span>signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y to the <span class=\"_ _2\"></span>expansi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group's L<span class=\"_ _2\"></span>earni<span class=\"_ _2\"></span>ng Cent<span class=\"_ _2\"></span>re special<span class=\"_ _2\"></span>ized of<span class=\"_ _2\"></span>fer an<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the developmen<span class=\"_ _2\"></span>t of Emplo<span class=\"_ _2\"></span>yees; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Review of <span class=\"_ _2\"></span>individual<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>emuneratio<span class=\"_ _2\"></span>n plans <span class=\"_ _2\"></span>to ensure th<span class=\"_ _2\"></span>eir <span class=\"_ _2\"></span>competitiv<span class=\"_ _2\"></span>eness: Func<span class=\"_ _2\"></span>tion </span></span>convergen<span class=\"_ _2\"></span>ce plans; <span class=\"_ _2\"></span>Upgradin<span class=\"_ _2\"></span>g of <span class=\"_ _2\"></span>Supervis<span class=\"_ _2\"></span>ors, <span class=\"_ _2\"></span>Young Exec<span class=\"_ _2\"></span>utives Pl<span class=\"_ _2\"></span>an (s<span class=\"_ _2\"></span>tandard an<span class=\"_ _2\"></span>d faster<span class=\"_ _2\"></span>), among o<span class=\"_ _2\"></span>thers<span class=\"_ _2\"></span>; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Launc<span class=\"_ _2\"></span>h of the C<span class=\"_ _2\"></span>rescer <span class=\"_ _2\"></span>project, <span class=\"_ _2\"></span>promot<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e company'<span class=\"_ _2\"></span>s top <span class=\"_ _2\"></span>management<span class=\"_ _2\"></span>, based o<span class=\"_ _2\"></span>n </span></span>people and <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment and anc<span class=\"_ _2\"></span>hored i<span class=\"_ _2\"></span>n Naviga<span class=\"_ _2\"></span>tor's<span class=\"_ _2\"></span> purpose<span class=\"_ _2\"></span>. 9.1.6.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Information sy<span class=\"_ _2\"></span>stems<span class=\"_ _2\"></span> The Group\u2019s <span class=\"_ _2\"></span>informa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>systems, <span class=\"_ _2\"></span>some of <span class=\"_ _2\"></span>which r<span class=\"_ _2\"></span>ely on s<span class=\"_ _2\"></span>ervices<span class=\"_ _2\"></span> rende<span class=\"_ _2\"></span>red by <span class=\"_ _2\"></span>third pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>, play ke<span class=\"_ _2\"></span>y role in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operation<span class=\"_ _2\"></span> of i<span class=\"_ _2\"></span>ts busines<span class=\"_ _2\"></span>s. Gi<span class=\"_ _2\"></span>ven the <span class=\"_ _2\"></span>strong <span class=\"_ _2\"></span>reliance pl<span class=\"_ _2\"></span>aced <span class=\"_ _2\"></span>on inf<span class=\"_ _2\"></span>ormation technolo<span class=\"_ _2\"></span>gies in<span class=\"_ _2\"></span> the se<span class=\"_ _2\"></span>veral geog<span class=\"_ _2\"></span>raphies <span class=\"_ _2\"></span>and busi<span class=\"_ _2\"></span>ness ar<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>which the Grou<span class=\"_ _2\"></span>p opera<span class=\"_ _2\"></span>tes, it i<span class=\"_ _2\"></span>s important <span class=\"_ _2\"></span>to hi<span class=\"_ _2\"></span>ghlight th<span class=\"_ _2\"></span>e risk <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent to <span class=\"_ _2\"></span>systems <span class=\"_ _2\"></span>failures<span class=\"_ _2\"></span> resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>inten<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> actions<span class=\"_ _2\"></span> such <span class=\"_ _2\"></span>as computer a<span class=\"_ _2\"></span>ttacks <span class=\"_ _2\"></span>or acci<span class=\"_ _2\"></span>dental <span class=\"_ _2\"></span>actions<span class=\"_ _2\"></span>.  Despite <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>cedures desi<span class=\"_ _2\"></span>gned an<span class=\"_ _2\"></span>d impl<span class=\"_ _2\"></span>emented <span class=\"_ _2\"></span>to miti<span class=\"_ _2\"></span>gate the men<span class=\"_ _2\"></span>tioned ri<span class=\"_ _2\"></span>sks, th<span class=\"_ _2\"></span>e Navigator G<span class=\"_ _2\"></span>roup i<span class=\"_ _2\"></span>s aware <span class=\"_ _2\"></span>that<span class=\"_ _2\"></span>, in the abs<span class=\"_ _2\"></span>ence o<span class=\"_ _2\"></span>f invi<span class=\"_ _2\"></span>olabl<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>ormation s<span class=\"_ _2\"></span>ystems, i<span class=\"_ _2\"></span>t canno<span class=\"_ _2\"></span>t be guaranteed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>efforts <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be suff<span class=\"_ _2\"></span>icient to <span class=\"_ _2\"></span>prev<span class=\"_ _2\"></span>ent su<span class=\"_ _2\"></span>ch system fai<span class=\"_ _2\"></span>lures<span class=\"_ _2\"></span>, as w<span class=\"_ _2\"></span>ell as<span class=\"_ _2\"></span> the relate<span class=\"_ _2\"></span>d repercussi<span class=\"_ _2\"></span>on on <span class=\"_ _2\"></span>reputa<span class=\"_ _2\"></span>tion, l<span class=\"_ _2\"></span>itigation<span class=\"_ _2\"></span>, in<span class=\"_ _2\"></span>effici<span class=\"_ _2\"></span>encies o<span class=\"_ _2\"></span>r even in al<span class=\"_ _2\"></span>locati<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>ting margins.<span class=\"_ _2\"></span> The Group us<span class=\"_ _2\"></span>es the s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t of s<span class=\"_ _2\"></span>ervice <span class=\"_ _2\"></span>providers <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>ea of<span class=\"_ _2\"></span> outsourci<span class=\"_ _2\"></span>ng inf<span class=\"_ _2\"></span>ormation systems<span class=\"_ _2\"></span>, having <span class=\"_ _2\"></span>renewed<span class=\"_ _2\"></span>, duri<span class=\"_ _2\"></span>ng 2021, the o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcing c<span class=\"_ _2\"></span>ontracts <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>he mana<span class=\"_ _2\"></span>gement and operati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>infrastruc<span class=\"_ _2\"></span>tures and <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r applicati<span class=\"_ _2\"></span>on mana<span class=\"_ _2\"></span>gement an<span class=\"_ _2\"></span>d maint<span class=\"_ _2\"></span>enance until<span class=\"_ _2\"></span> 31 December <span class=\"_ _2\"></span>2023 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2024, <span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y. 9.1.7.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span><span class=\"ffa\">Other risks ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed wi<span class=\"_ _2\"></span>th the Gr<span class=\"_ _2\"></span>oup\u2019s a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>ity<span class=\"_ _0\"></span><span class=\"ff4\"> </span></span>The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s manu<span class=\"_ _2\"></span>facturi<span class=\"_ _2\"></span>ng faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es<span class=\"ff1\"> are subject<span class=\"_ _2\"></span> to ri<span class=\"_ _2\"></span>sks inh<span class=\"_ _2\"></span>erent to an<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al </span>activity<span class=\"_ _2\"></span>, such <span class=\"_ _2\"></span>as acci<span class=\"_ _2\"></span>dents, <span class=\"_ _2\"></span>breakdo<span class=\"_ _2\"></span>wns or natu<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>disaste<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>that may cau<span class=\"_ _2\"></span>se los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>ets or tempo<span class=\"_ _2\"></span>rary in<span class=\"_ _2\"></span>terruptio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> process<span class=\"_ _2\"></span>. Likewis<span class=\"_ _2\"></span>e, these ri<span class=\"_ _2\"></span>sks <span class=\"_ _2\"></span>may also <span class=\"_ _2\"></span>affec<span class=\"_ _2\"></span>t the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Grou<span class=\"ff8\">p\u2019s mai<span class=\"_ _2\"></span>n Cus<span class=\"_ _2\"></span>tomers and Sup<span class=\"_ _2\"></span>pliers, </span>which wou<span class=\"_ _2\"></span>ld have <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>impact on th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>profitabi<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>, should <span class=\"_ _2\"></span>it not <span class=\"_ _2\"></span>be possi<span class=\"_ _2\"></span>ble to fi<span class=\"_ _2\"></span>nd new Custome<span class=\"_ _2\"></span>rs to ens<span class=\"_ _2\"></span>ure s<span class=\"_ _2\"></span>ales l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>and new Sup<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ers that woul<span class=\"_ _2\"></span>d ena<span class=\"_ _2\"></span>ble the G<span class=\"_ _2\"></span>roup to maintai<span class=\"_ _2\"></span>n its c<span class=\"_ _2\"></span>urrent c<span class=\"_ _2\"></span>ost struc<span class=\"_ _2\"></span>ture. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup expor<span class=\"_ _2\"></span>ts ove<span class=\"_ _2\"></span>r 95% of <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> UWF paper an<span class=\"_ _2\"></span>d abou<span class=\"_ _2\"></span>t 44% of<span class=\"_ _2\"></span> its production <span class=\"_ _2\"></span>of Tiss<span class=\"_ _2\"></span>ue pap<span class=\"_ _2\"></span>er. Conse<span class=\"_ _2\"></span>quentl<span class=\"_ _2\"></span>y, trans<span class=\"_ _2\"></span>porta<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>logisti<span class=\"_ _2\"></span>cs cos<span class=\"_ _2\"></span>ts are ma<span class=\"_ _2\"></span>terially relevan<span class=\"_ _2\"></span>t. A con<span class=\"_ _2\"></span>tinuous<span class=\"_ _2\"></span> rise i<span class=\"_ _2\"></span>n trans<span class=\"_ _2\"></span>port cos<span class=\"_ _2\"></span>ts may ha<span class=\"_ _2\"></span>ve a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant impact i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>earnings<span class=\"_ _2\"></span>. 9.1.8.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Context risk<span class=\"_ _2\"></span>s The lack o<span class=\"_ _2\"></span>f effi<span class=\"_ _2\"></span>ciency i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Portugues<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omy continu<span class=\"_ _2\"></span>es to<span class=\"_ _2\"></span> be foll<span class=\"_ _2\"></span>owed, ad<span class=\"_ _2\"></span>versely <span class=\"_ _2\"></span>affec<span class=\"_ _2\"></span>ting the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>etitivenes<span class=\"_ _2\"></span>s, mai<span class=\"_ _2\"></span>nly i<span class=\"_ _2\"></span>n the fol<span class=\"_ _2\"></span>lowing are<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Ports and r<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>roads; </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Roads, partic<span class=\"_ _2\"></span>ularly th<span class=\"ff8\">os<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>viding ac<span class=\"_ _2\"></span>cess to <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group\u2019s <span class=\"_ _2\"></span>produci<span class=\"_ _2\"></span>ng units;<span class=\"ff1\"> </span></span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>erritori<span class=\"_ _2\"></span>al pl<span class=\"_ _2\"></span>anning and f<span class=\"_ _2\"></span>orest <span class=\"_ _2\"></span>fires<span class=\"_ _2\"></span>; </span></span>iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span><span class=\"ff8\">L<span class=\"_ _2\"></span>ow producti<span class=\"_ _2\"></span>vity of th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>ntry\u2019s <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts;<span class=\"ff1\"> </span></span></span>v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The l<span class=\"_ _2\"></span>ack of c<span class=\"_ _2\"></span>ertifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of mos<span class=\"_ _2\"></span>t of the Po<span class=\"_ _2\"></span>rtu<span class=\"_ _2\"></span>guese for<span class=\"_ _2\"></span>est; </span></span>vi.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Vol<span class=\"_ _2\"></span>atili<span class=\"_ _2\"></span>ty of the fi<span class=\"_ _2\"></span>scal <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>and no r<span class=\"_ _2\"></span>eduction o<span class=\"_ _2\"></span>f the IRC<span class=\"_ _2\"></span> ra<span class=\"_ _2\"></span>te, as well<span class=\"_ _2\"></span> as no<span class=\"_ _2\"></span>n-elimi<span class=\"_ _2\"></span>nation <span class=\"_ _2\"></span>of the surc<span class=\"_ _2\"></span>harges.<span class=\"_ _2\"></span> 10.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span>s   Legal<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> proceedings<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Other p<span class=\"_ _0\"></span>rovision<span class=\"_ _0\"></span>s   Total  1 January 202<span class=\"_ _0\"></span>1 4,668,10<span class=\"_ _0\"></span>5  18,741<span class=\"_ _0\"></span>,229  23,409<span class=\"_ _0\"></span>,334  Increases  3,815,210  1,300,000  5,115,210  Charge-off<span class=\"_ _0\"></span> (16<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>50)<span class=\"_ _0\"></span> -  (16<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>50)<span class=\"_ _0\"></span> Reversals<span class=\"_ _0\"></span> (1,443,952) (512,064) (1,956,016) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 2,355,00<span class=\"_ _0\"></span>8  787<span class=\"_ _0\"></span>,936  3,142,94<span class=\"_ _0\"></span>4  Exchange rate adjustm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> (71<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>39)<span class=\"_ _0\"></span> -  (71<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>39)<span class=\"_ _0\"></span> Other transfers a<span class=\"_ _0\"></span>nd adjustmen<span class=\"_ _0\"></span>ts -  271,642  271,642  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> 6,951,27<span class=\"_ _0\"></span>3  19,800<span class=\"_ _0\"></span>,807  26,752<span class=\"_ _0\"></span>,081  Increases 3,488,765  4,576,941  8,065,706  Reversals<span class=\"_ _0\"></span> (5,392,411) (1,051,848) (6,444,259) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (1,903<span class=\"_ _0\"></span>,646) 3,525,09<span class=\"_ _0\"></span>3  1,621,44<span class=\"_ _0\"></span>7  Exchange rate adjustm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> 2,223  -  2,223  Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> 57,126  -  57,126 <span class=\"_ _0\"></span> 31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> 5,106,97<span class=\"_ _0\"></span>6  23,325<span class=\"_ _0\"></span>,900  28,432<span class=\"_ _0\"></span>,877  No refun<span class=\"_ _2\"></span>ds of any <span class=\"_ _2\"></span>nature <span class=\"_ _2\"></span>are e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>provisi<span class=\"_ _2\"></span>ons. Legal p<span class=\"_ _2\"></span>roceedings<span class=\"_ _2\"></span> The outcome o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> for l<span class=\"_ _2\"></span>egal p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs depends <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the labour or <span class=\"_ _2\"></span>civil<span class=\"_ _2\"></span> court <span class=\"_ _2\"></span>decisi<span class=\"_ _2\"></span>ons.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the bal<span class=\"_ _2\"></span>ance is<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y composed<span class=\"_ _2\"></span> of amo<span class=\"_ _2\"></span>unts refe<span class=\"_ _2\"></span>rring to l<span class=\"_ _2\"></span>abour processes <span class=\"_ _2\"></span>(2022: Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>.6 mill<span class=\"_ _2\"></span>ion; 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n) a<span class=\"_ _0\"></span>nd proce<span class=\"_ _2\"></span>edings ini<span class=\"_ _2\"></span>tiated b<span class=\"_ _2\"></span>y the IGAMAOT (<span class=\"ff9\">Ins<span class=\"_ _2\"></span>pe\u00e7\u00e3o-G<span class=\"_ _2\"></span>eral da <span class=\"_ _2\"></span>Agricu<span class=\"_ _2\"></span>ltura, do <span class=\"_ _2\"></span>Mar, <span class=\"_ _2\"></span>do Amb<span class=\"_ _2\"></span>iente e do <span class=\"_ _2\"></span>Or<span class=\"_ _2\"></span>denamento <span class=\"_ _2\"></span>do </span>Territ\u00f3r<span class=\"_ _2\"></span>io<span class=\"ff1\">) (2022<span class=\"_ _2\"></span>: Euro 65<span class=\"_ _2\"></span>3 thous<span class=\"_ _2\"></span>and; 202<span class=\"_ _2\"></span>1: Euro 61<span class=\"_ _2\"></span>7 tho<span class=\"_ _2\"></span>usand). </span>Other p<span class=\"_ _2\"></span>rovision<span class=\"_ _2\"></span>s The amount <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ludes pro<span class=\"_ _2\"></span>visio<span class=\"_ _2\"></span>ns to co<span class=\"_ _2\"></span>ver ris<span class=\"_ _2\"></span>ks rel<span class=\"_ _2\"></span>ated to ev<span class=\"_ _2\"></span>ents of <span class=\"_ _2\"></span>a<span class=\"_ _0\"></span> diffe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>t nature, the resolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> which ma<span class=\"_ _2\"></span>y resul<span class=\"_ _2\"></span>t in ou<span class=\"_ _2\"></span>tflows of<span class=\"_ _2\"></span> cash<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>particul<span class=\"_ _2\"></span>ar organis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal rest<span class=\"_ _2\"></span>ructuring processes<span class=\"_ _2\"></span>, risks <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>ns assu<span class=\"_ _2\"></span>med in<span class=\"_ _2\"></span> invest<span class=\"_ _2\"></span>ments, amon<span class=\"_ _2\"></span>g others<span class=\"_ _2\"></span>. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns inc<span class=\"_ _2\"></span>lude Euro 1<span class=\"_ _2\"></span>7,300,0<span class=\"_ _2\"></span>00 related <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e Mozambiqu<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t. Althou<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>Memorandum of<span class=\"_ _2\"></span> Unders<span class=\"_ _2\"></span>tanding <span class=\"_ _2\"></span>(MoU) s<span class=\"_ _2\"></span>igned wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>Mozambi<span class=\"_ _2\"></span>can Governmen<span class=\"_ _2\"></span>t provi<span class=\"_ _2\"></span>ded for <span class=\"_ _2\"></span>a \"best <span class=\"_ _2\"></span>effor<span class=\"_ _2\"></span>t\" commitmen<span class=\"_ _2\"></span>t to cr<span class=\"_ _2\"></span>eate <span class=\"_ _2\"></span>the nec<span class=\"_ _2\"></span>essary con<span class=\"_ _2\"></span>dition<span class=\"_ _2\"></span>s to carry ou<span class=\"_ _2\"></span>t the inv<span class=\"_ _2\"></span>estm<span class=\"_ _2\"></span>ent until <span class=\"_ _2\"></span>last 31<span class=\"_ _2\"></span> Decembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>, that was not <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 2022, <span class=\"_ _2\"></span>and both <span class=\"_ _2\"></span>parties <span class=\"_ _2\"></span>continued <span class=\"_ _2\"></span>to wor<span class=\"_ _2\"></span>k to<span class=\"_ _2\"></span>wards that <span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>al.  <span class=\"_ _31\"> </span>  Th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p'<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tax<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n N<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>6.1<span class=\"_ _2\"></span> - <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>ax<span class=\"fsb\">. </span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Lega<span class=\"_ _2\"></span>l and tax<span class=\"_ _2\"></span> proceeding<span class=\"_ _2\"></span>s These <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> were mad<span class=\"_ _2\"></span>e in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e risk a<span class=\"_ _2\"></span>ssessments<span class=\"_ _2\"></span> carri<span class=\"_ _2\"></span>ed out in<span class=\"_ _2\"></span>ternall<span class=\"_ _2\"></span>y by the Group <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e suppo<span class=\"_ _2\"></span>rt of i<span class=\"_ _2\"></span>ts legal <span class=\"_ _2\"></span>advis<span class=\"_ _2\"></span>ers, bas<span class=\"_ _2\"></span>ed on <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the decisi<span class=\"_ _2\"></span>on being favourable <span class=\"_ _2\"></span>or u<span class=\"_ _2\"></span>nfavoura<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed whenever <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up has<span class=\"_ _2\"></span> a pres<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>egal or co<span class=\"_ _2\"></span>nstruc<span class=\"_ _2\"></span>tive o<span class=\"_ _2\"></span>bligation, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of pas<span class=\"_ _2\"></span>t events<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t is proba<span class=\"_ _2\"></span>ble tha<span class=\"_ _2\"></span>t an o<span class=\"_ _2\"></span>utfl<span class=\"_ _2\"></span>ow of resou<span class=\"_ _2\"></span>rces <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be required <span class=\"_ _2\"></span>to settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n and the <span class=\"_ _2\"></span>amount has<span class=\"_ _2\"></span> been r<span class=\"_ _2\"></span>eli<span class=\"_ _2\"></span>ably esti<span class=\"_ _2\"></span>mated.  Provisi<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r future op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g losses<span class=\"_ _2\"></span> are no<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gnised. <span class=\"_ _2\"></span>Provisio<span class=\"_ _2\"></span>ns are re<span class=\"_ _2\"></span>viewed on <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> and are a<span class=\"_ _2\"></span>djusted <span class=\"_ _2\"></span>to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estima<span class=\"_ _2\"></span>te a<span class=\"_ _2\"></span>t that dat<span class=\"_ _2\"></span>e. The Group i<span class=\"_ _2\"></span>ncurs <span class=\"_ _2\"></span>expenditu<span class=\"_ _2\"></span>re and <span class=\"_ _2\"></span>assumes <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of an envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> natur<span class=\"_ _2\"></span>e. Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _2\"></span>, expenditur<span class=\"_ _2\"></span>es on <span class=\"_ _2\"></span>equipment <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>perating t<span class=\"_ _2\"></span>echniques<span class=\"_ _2\"></span> that<span class=\"_ _2\"></span> ensure c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>applicable legisl<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>tions (as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e reducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>environment<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>l i<span class=\"_ _2\"></span>mpacts to l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>that do not exc<span class=\"_ _2\"></span>eed <span class=\"_ _2\"></span>those r<span class=\"_ _2\"></span>epresenting <span class=\"_ _2\"></span>a vi<span class=\"_ _2\"></span>able a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n of t<span class=\"_ _2\"></span>he best <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e techno<span class=\"_ _2\"></span>logies, o<span class=\"_ _2\"></span>n those rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to mini<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng energy consum<span class=\"_ _2\"></span>ption, a<span class=\"_ _2\"></span>tmosph<span class=\"_ _2\"></span>eric emi<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s, the produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> residues an<span class=\"_ _2\"></span>d noise<span class=\"_ _2\"></span>), a<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>talised when <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>y ar<span class=\"ff8\">e intend<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to serve th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>in a </span>durable <span class=\"_ _2\"></span>way, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as those as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with fu<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c benefits<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>which serv<span class=\"_ _2\"></span>e to extend th<span class=\"_ _2\"></span>e useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves, incr<span class=\"_ _2\"></span>ease cap<span class=\"_ _2\"></span>acity or i<span class=\"_ _2\"></span>mprove <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>afety o<span class=\"_ _2\"></span>r effi<span class=\"_ _2\"></span>ciency o<span class=\"_ _2\"></span>f othe<span class=\"_ _2\"></span>r asse<span class=\"_ _2\"></span>ts owned by th<span class=\"_ _2\"></span>e Group<span class=\"_ _2\"></span>.  Purcha<span class=\"_ _2\"></span>se c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Purchase commitm<span class=\"_ _0\"></span>ents Property, plant and eq<span class=\"_ _0\"></span>uipment - I<span class=\"_ _0\"></span>ndustri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> equipment 57,737,388 <span class=\"_ _0\"></span> 14,612,464 <span class=\"_ _0\"></span> Woo<span class=\"_ _0\"></span>d Commitments wi<span class=\"_ _0\"></span>th acquisi<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n th<span class=\"_ _2\"></span>e subs<span class=\"_ _0\"></span>equent peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 362,700,000  287,700,000  Commitments to l<span class=\"_ _0\"></span>ong-term acq<span class=\"_ _0\"></span>uisi<span class=\"_ _0\"></span>tions 117,600,000  88,100,000 <span class=\"_ _0\"></span> 538<span class=\"_ _0\"></span>,037,388<span class=\"_ _0\"></span>  390<span class=\"_ _0\"></span>,412,464<span class=\"_ _0\"></span>  In the fi<span class=\"_ _2\"></span>rst h<span class=\"_ _2\"></span>alf of<span class=\"_ _2\"></span> 2022, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Group's s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary <span class=\"_ _2\"></span>Timber Supply<span class=\"_ _2\"></span>, ACE, si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t with Portl<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>Ocean Bulk<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>. for th<span class=\"_ _2\"></span>e char<span class=\"_ _2\"></span>tering of <span class=\"_ _2\"></span>vessel<span class=\"_ _2\"></span>s f<span class=\"_ _2\"></span>or the t<span class=\"_ _2\"></span>ranspor<span class=\"_ _2\"></span>tation of <span class=\"_ _2\"></span>timber <span class=\"_ _2\"></span>in 32022, <span class=\"_ _2\"></span>2023 and <span class=\"_ _2\"></span>2024. The con<span class=\"_ _2\"></span>tract <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>des for th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>ansport o<span class=\"_ _2\"></span>f ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y 940,000 <span class=\"_ _2\"></span>mduring thi<span class=\"_ _2\"></span>s peri<span class=\"_ _2\"></span>od. Other c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>itme<span class=\"_ _2\"></span>nts The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has mad<span class=\"_ _2\"></span>e a co<span class=\"_ _2\"></span>mmitment <span class=\"_ _2\"></span>to achie<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>carbon neut<span class=\"_ _2\"></span>rality <span class=\"_ _2\"></span>by 2035, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d global <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tment of<span class=\"_ _2\"></span> Euro 235<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>lion, o<span class=\"_ _2\"></span>f which Euro <span class=\"_ _2\"></span>57.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n have already been investe<span class=\"_ _2\"></span>d until <span class=\"_ _2\"></span>31 Decemb<span class=\"_ _2\"></span>er 2022.<span class=\"_ _2\"></span> 10.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Comm<span class=\"_ _2\"></span>itments </span></span>Guarante<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>vided t<span class=\"_ _2\"></span>o third<span class=\"_ _2\"></span> part<span class=\"_ _2\"></span>ies Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ty and Customs<span class=\"_ _0\"></span> -  6,513,318  Comiss\u00e3o Coordena\u00e7<span class=\"_ _0\"></span>\u00e3o Desenvolvime<span class=\"_ _0\"></span>nto Region<span class=\"_ _0\"></span>al   354,083  -  IAPMEI 1,280,701  1,280,701  Customs cleara<span class=\"_ _0\"></span>nce 1,250  1,250  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on state agency of Sp<span class=\"_ _0\"></span>anish T<span class=\"_ _0\"></span>ax Authori<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> -  1,033,204  Portuguese Envi<span class=\"_ _0\"></span>ronment Agency<span class=\"_ _1\"></span> 2,390,006  1,527,484  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Other 838,256  1,987,855  42,911<span class=\"_ _0\"></span>,458  55,599<span class=\"_ _0\"></span>,308  The guaran<span class=\"_ _2\"></span>tees p<span class=\"_ _2\"></span>rovided <span class=\"_ _2\"></span>to IAPME<span class=\"_ _2\"></span>I were ma<span class=\"_ _2\"></span>de in <span class=\"_ _2\"></span>the con<span class=\"_ _2\"></span>text of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t contrac<span class=\"_ _2\"></span>ts signed be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e Portu<span class=\"_ _2\"></span>guese <span class=\"_ _2\"></span>State and Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>. (Euro <span class=\"_ _2\"></span>833,097) <span class=\"_ _2\"></span>and Navigator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>\u00f3d\u00e3o<span class=\"_ _2\"></span>, S.A. (Eu<span class=\"_ _2\"></span>ro 447<span class=\"_ _2\"></span>,604), in <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>terms and <span class=\"_ _2\"></span>cond<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>ns defined i<span class=\"_ _2\"></span>n the P<span class=\"_ _2\"></span>ayment S<span class=\"_ _2\"></span>tandard <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable to p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>proved unde<span class=\"_ _2\"></span>r QREN Inc<span class=\"_ _2\"></span>entive Systems. <span class=\"_ _2\"></span> The bank gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees pro<span class=\"_ _2\"></span>vided to th<span class=\"_ _2\"></span>e Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>to the dis<span class=\"_ _2\"></span>pute of<span class=\"_ _2\"></span> liti<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n processes<span class=\"_ _2\"></span>, relate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>IRC for <span class=\"_ _2\"></span>the 2<span class=\"_ _2\"></span>015 tax <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>.  In the cas<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese En<span class=\"_ _2\"></span>vironm<span class=\"_ _2\"></span>ent Agency<span class=\"_ _2\"></span>, ban<span class=\"_ _2\"></span>k guarant<span class=\"_ _2\"></span>ees were <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e contex<span class=\"_ _2\"></span>t of proce<span class=\"_ _2\"></span>edings i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>tigation as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>water r<span class=\"_ _2\"></span>esources r<span class=\"_ _2\"></span>ate fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>years 2017<span class=\"_ _2\"></span> to 202<span class=\"_ _2\"></span>1. As part of <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>s commi<span class=\"_ _2\"></span>tment, the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng inv<span class=\"_ _2\"></span>estments we<span class=\"_ _2\"></span>re also<span class=\"_ _2\"></span> awarded a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the 2022 <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial year: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The const<span class=\"_ _2\"></span>ruction<span class=\"_ _2\"></span> of a <span class=\"_ _2\"></span>new Reco<span class=\"_ _2\"></span>very Boil<span class=\"_ _2\"></span>er in Se<span class=\"_ _2\"></span>t\u00fabal, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tment of </span></span>Euro 13<span class=\"_ _2\"></span>5.8 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>; and \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The projec<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the col<span class=\"_ _2\"></span>lection <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ncinerati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>non-condens<span class=\"_ _2\"></span>able gases<span class=\"_ _2\"></span> (NCG) i<span class=\"_ _2\"></span>n </span></span>Set\u00fabal<span class=\"_ _2\"></span>, with an <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion. 10.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingent <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s </span></span>Public d<span class=\"_ _2\"></span>ebt settl<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>fund Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _2\"></span>. 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _2\"></span>vatised c<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP)<span class=\"_ _2\"></span>. The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y submit<span class=\"_ _2\"></span>ted an appl<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> to the FRDP <span class=\"_ _2\"></span>on 16 April<span class=\"_ _2\"></span> 2008<span class=\"_ _2\"></span>, reques<span class=\"_ _2\"></span>ting the <span class=\"_ _2\"></span>payment <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e tax d<span class=\"_ _2\"></span>ebts <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>then settl<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Tax Authori<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember <span class=\"_ _2\"></span>2010, th<span class=\"_ _2\"></span>e company f<span class=\"_ _2\"></span>iled<span class=\"_ _2\"></span> a new re<span class=\"_ _2\"></span>quest f<span class=\"_ _2\"></span>or payment o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debts assessed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Admini<span class=\"_ _2\"></span>strati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riods <span class=\"_ _2\"></span>of 200<span class=\"_ _2\"></span>6 and 200<span class=\"_ _2\"></span>3, which was supplement<span class=\"_ _2\"></span>ed, on <span class=\"_ _2\"></span>13 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e amounts <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady paid an<span class=\"_ _2\"></span>d undi<span class=\"_ _2\"></span>sputed rel<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>to these same <span class=\"_ _2\"></span>debts, <span class=\"_ _2\"></span>as well<span class=\"_ _2\"></span> as the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>penses <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>related<span class=\"_ _2\"></span> thereto<span class=\"_ _2\"></span>, pursuan<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e rul<span class=\"_ _2\"></span>ing da<span class=\"_ _2\"></span>ted 24 May 201<span class=\"_ _2\"></span>1 (Case n<span class=\"_ _2\"></span>o. 0993A<span class=\"_ _2\"></span>/02), <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>confirmed th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpany's posi<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>garding the enforceabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>such e<span class=\"_ _2\"></span>xpenses. <span class=\"_ _2\"></span> On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _2\"></span>vigator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>made an e<span class=\"_ _2\"></span>xtra-<span class=\"_ _0\"></span>ju<span class=\"_ _2\"></span>dicial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wledg<span class=\"_ _2\"></span>ed the FR<span class=\"_ _2\"></span>DP responsi<span class=\"_ _2\"></span>bility f<span class=\"_ _2\"></span>or ref<span class=\"_ _2\"></span>unding <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Corporate <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _2\"></span>t co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>deration, <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities<span class=\"_ _2\"></span>, of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operatio<span class=\"_ _2\"></span>ns perf<span class=\"_ _2\"></span>ormed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.<span class=\"_ _2\"></span>A. in 20<span class=\"_ _2\"></span>03, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the menti<span class=\"_ _2\"></span>oned amoun<span class=\"_ _2\"></span>t. In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows:   Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decreas<span class=\"_ _0\"></span>e due<span class=\"_ _0\"></span> favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period  requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>to RERD <span class=\"_ _0\"></span> Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (FR)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in court Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te corpo<span class=\"_ _2\"></span>rate in<span class=\"_ _2\"></span>come tax <span class=\"_ _2\"></span>proceedin<span class=\"_ _2\"></span>gs o<span class=\"_ _2\"></span>f 2005<span class=\"_ _2\"></span> and 2006<span class=\"_ _2\"></span>, if C<span class=\"_ _2\"></span>ourts come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> withdraw th<span class=\"_ _2\"></span>e request ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>to FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _2\"></span>nd - p<span class=\"_ _2\"></span>roceeding <span class=\"_ _2\"></span>no. <span class=\"_ _2\"></span>774/11.<span class=\"_ _2\"></span>3 BEALM Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>urt of Al<span class=\"_ _2\"></span>mada on 11<span class=\"_ _2\"></span> October 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various <span class=\"_ _2\"></span>amounts<span class=\"_ _2\"></span>, amo<span class=\"_ _2\"></span>unting to Euro<span class=\"_ _2\"></span> 136,243<span class=\"_ _2\"></span>,949. Th<span class=\"_ _2\"></span>ese amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _2\"></span>ter i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the bi<span class=\"_ _2\"></span>dders. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _2\"></span>t t<span class=\"_ _2\"></span>estimony evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _2\"></span>tively <span class=\"_ _2\"></span>proposi<span class=\"_ _2\"></span>ng writt<span class=\"_ _2\"></span>en submi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>. On 3<span class=\"_ _2\"></span>0 June 201<span class=\"_ _2\"></span>4, the G<span class=\"_ _2\"></span>roup appeal<span class=\"_ _2\"></span>ed against thi<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on, but contin<span class=\"_ _2\"></span>uously <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nted wri<span class=\"_ _2\"></span>tten <span class=\"_ _2\"></span>evidence. Th<span class=\"_ _2\"></span>e Court s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _2\"></span>views on<span class=\"_ _2\"></span> this ma<span class=\"_ _2\"></span>tter, bo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>h parts a<span class=\"_ _2\"></span>ppointed <span class=\"_ _2\"></span>experts <span class=\"_ _2\"></span>and the partial e<span class=\"_ _2\"></span>xpert r<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>t was issued <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g requir<span class=\"_ _2\"></span>ed eithe<span class=\"_ _2\"></span>r b<span class=\"_ _2\"></span>y The Naviga<span class=\"_ _2\"></span>tor Company, S<span class=\"_ _2\"></span>.A. ei<span class=\"_ _2\"></span>ther by <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Minist\u00e9rio <span class=\"_ _2\"></span>das Finan<span class=\"_ _2\"></span>\u00e7as<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span> the <span class=\"_ _2\"></span>atten<span class=\"_ _2\"></span>dance of bo<span class=\"_ _2\"></span>th desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d experts i<span class=\"_ _2\"></span>n cour<span class=\"_ _2\"></span>t hearing<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>provide o<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>explanati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> on the ex<span class=\"_ _2\"></span>pert re<span class=\"_ _2\"></span>port. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>mber 2018<span class=\"_ _2\"></span> and 1<span class=\"_ _2\"></span>9 March 201<span class=\"_ _2\"></span>9, resp<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _2\"></span>019, with th<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>rties fi<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _2\"></span>waitin<span class=\"_ _2\"></span>g the C<span class=\"_ _2\"></span>ourt'<span class=\"_ _2\"></span>s decisi<span class=\"_ _2\"></span>on. 11.<span class=\"ff7 ls0\"> <span class=\"_ _a7\"> </span><span class=\"ff4\">Group <span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>ctur<span class=\"_ _2\"></span>e </span></span>11.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Compan<span class=\"_ _2\"></span>ies inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e consoli<span class=\"_ _2\"></span>dation </span></span>perim<span class=\"_ _2\"></span>eter 11.1.1. <span class=\"_ _a8\"> </span>Navigator <span class=\"_ _2\"></span>Group s<span class=\"_ _2\"></span>ubsid<span class=\"_ _2\"></span>iaries Share <span class=\"_ _0\"></span>equity<span class=\"_ _0\"></span> owned 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> </span>Company Head <span class=\"_ _0\"></span>Off<span class=\"_ _0\"></span>ice Dire<span class=\"ls86\">ct</span> Indire<span class=\"ls87\">ct<span class=\"_ _1\"></span></span> Total Total Main activ<span class=\"_ _0\"></span>ity Parent company:<span class=\"_ _0\"></span> The Navigator Company, S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Sale of paper and pul<span class=\"_ _0\"></span>p<span class=\"fs2\"> </span>Subsidiaries: Navigator Brands <span class=\"_ _0\"></span>, S.A. Acquisi<span class=\"_ _0\"></span>tion, operation, l<span class=\"_ _0\"></span>ease or concession of the us<span class=\"_ _0\"></span>e and Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>dispo<span class=\"_ _0\"></span>sal of trademarks, paten<span class=\"_ _0\"></span>ts and <span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>ther i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> or i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>ll<span class=\"_ _0\"></span>ectual property<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Parques Industriais, S.A.<span class=\"_ _0\"></span> Management of i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> real Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>estate<span class=\"fs2\"> </span>Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Paper producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>E<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> -<span class=\"_ _13\"></span> Co<span class=\"_ _a9\"></span>rr<span class=\"_ _a9\"></span>eto<span class=\"_ _13\"></span>re<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span> Se<span class=\"_ _a9\"></span>gu<span class=\"_ _a9\"></span>ro<span class=\"_ _2\"></span>s,<span class=\"_ _a9\"></span> S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>.<span class=\"_ _2\"></span> Insurance medi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n an<span class=\"_ _2\"></span>d Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>advisory services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Empremedia, DAC<span class=\"_ _0\"></span> Irel<span class=\"_ _0\"></span>and<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Management of shar<span class=\"_ _0\"></span>eholdi<span class=\"_ _0\"></span>ngs<span class=\"fs2\"> </span>Empremedia RE, DAC Insurance medi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n an<span class=\"_ _2\"></span>d Irel<span class=\"_ _0\"></span>and<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>advisory services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>RAIZ - Instituto de <span class=\"_ _0\"></span>Investiga\u00e7\u00e3o<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> Appli<span class=\"_ _0\"></span>ed re<span class=\"_ _2\"></span>sear<span class=\"_ _0\"></span>ch in the fi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d of da Floresta e <span class=\"_ _0\"></span>Papel Portugal<span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>pulp and paper indu<span class=\"_ _0\"></span>stry and forestry acti<span class=\"_ _0\"></span>vity<span class=\"fs2\"> </span>About the F<span class=\"_ _0\"></span>uture  , SA * Promotion of busi<span class=\"_ _0\"></span>ness units directly or i<span class=\"_ _0\"></span>ndirectly related to Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>research, develo<span class=\"_ _0\"></span>pment and i<span class=\"_ _0\"></span>nnovat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on activiti<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n th<span class=\"_ _2\"></span>e fi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d of forest-based bi<span class=\"_ _0\"></span>oeconomy<span class=\"fs2\"> </span>Enerpulp <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span>Cogera\u00e7\u00e3o Energ\u00e9tica  Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Energy producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>de Pasta, S.A. Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> Production of cel<span class=\"_ _0\"></span>lulo<span class=\"_ _0\"></span>se pulp and provisio<span class=\"_ _0\"></span>n of adm<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>stration, Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>management and i<span class=\"_ _0\"></span>nternal advisory  services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Ema Cacia - Engenharia <span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> Ema Set\u00fabal - Engenharia <span class=\"_ _0\"></span> Provisi<span class=\"_ _0\"></span>on of i<span class=\"_ _0\"></span>ndust<span class=\"_ _2\"></span>rial<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> maintenance servi<span class=\"_ _0\"></span>ces<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>Ema Figueira da Foz- Engenharia  Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> Navigator Pulp Set\u00fabal, S.A. <span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Cell<span class=\"_ _0\"></span>ulose pulp production<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Pulp Aveiro, S.A.  Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Cell<span class=\"_ _0\"></span>ulose pulp production<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Tissue Aveiro, S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Ti<span class=\"_ _0\"></span>ssue pa<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>er producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>Navigator Tissue R\u00f3d\u00e3o , S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Navigator Tissue Iberica , S.A. <span class=\"_ _0\"></span> Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of tissue paper <span class=\"_ _0\"></span><span class=\"fs2\"> </span>P<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rtu<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>el<span class=\"_ _13\"></span> Mo<span class=\"_ _2\"></span>\u00e7<span class=\"_ _2\"></span>am<span class=\"_ _13\"></span>bi<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span> - <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _a9\"></span>ed<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _13\"></span> de<span class=\"_ _a9\"></span> <span class=\"_ _2\"></span>  Mozambi<span class=\"_ _0\"></span>que<span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>De<span class=\"_ _a9\"></span>se<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>vi<span class=\"_ _a9\"></span>me<span class=\"_ _2\"></span>n<span class=\"_ _a9\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Fl<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _a9\"></span>l <span class=\"_ _a9\"></span>e I<span class=\"_ _a9\"></span>n<span class=\"_ _2\"></span>du<span class=\"_ _a9\"></span>st<span class=\"_ _2\"></span>ri<span class=\"_ _a9\"></span>al<span class=\"_ _a9\"></span>, <span class=\"_ _2\"></span>Ld<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>  N<span class=\"_ _a9\"></span>av<span class=\"_ _a9\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>to<span class=\"_ _a9\"></span>r <span class=\"_ _a9\"></span>In<span class=\"_ _13\"></span>te<span class=\"_ _a9\"></span>rn<span class=\"_ _a9\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _a9\"></span> H<span class=\"_ _a9\"></span>ol<span class=\"_ _13\"></span>di<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g<span class=\"_ _a9\"></span> S<span class=\"_ _a9\"></span>G<span class=\"_ _2\"></span>PS<span class=\"_ _a9\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S<span class=\"_ _a9\"></span>.A<span class=\"_ _a9\"></span>.*<span class=\"_ _2\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Management of shar<span class=\"_ _0\"></span>eholdi<span class=\"_ _0\"></span>ngs<span class=\"fs2\"> </span>Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>EucaliptusLand, S.A. Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>Sociedade de Vinhos da <span class=\"_ _0\"></span>Herdade de Espirra - <span class=\"_ _0\"></span>Produ\u00e7\u00e3o e Comercializa\u00e7\u00e3o de Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Wi<span class=\"_ _0\"></span>ne produ<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"fs2\"> </span>Vinhos, S.A.      <span class=\"_ _0\"></span>Gavi\u00e3o - Soci<span class=\"_ _2\"></span>edade d<span class=\"_ _0\"></span>e Ca\u00e7a e Management of hun<span class=\"_ _0\"></span>ting Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Turismo, S.A. resources<span class=\"fs2\"> </span>Afocelca - Agrupamento Provisi<span class=\"_ _0\"></span>on of forest fire complementar de <span class=\"_ _0\"></span>empresas para Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>preventio<span class=\"_ _0\"></span>n and fighting servi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span><span class=\"fs2\"> </span>prote\u00e7\u00e3o contra inc\u00eandios, ACE<span class=\"_ _0\"></span>  Viveiros Alian\u00e7a - Empr<span class=\"_ _0\"></span>esa Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Plant producti<span class=\"_ _0\"></span>on in nurseries<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Produtora de Plantas, S.A.<span class=\"_ _0\"></span>      <span class=\"_ _0\"></span>Atlantic Forests, S.A.* Provisi<span class=\"_ _0\"></span>on of services withi<span class=\"_ _0\"></span>n the Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>scope of forestry ac<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ties an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> trade in timber<span class=\"_ _0\"></span><span class=\"fs2\"> </span>     Bosques d<span class=\"_ _0\"></span>o Atlantico<span class=\"_ _2\"></span>, SL<span class=\"_ _0\"></span> Trade in woo<span class=\"_ _0\"></span>d and bio<span class=\"_ _0\"></span>mass and Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>l<span class=\"_ _0\"></span>ogging<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>Navigator Africa, SRL Trade in woo<span class=\"_ _0\"></span>d and bio<span class=\"_ _0\"></span>mass and Italy<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>l<span class=\"_ _0\"></span>ogging<span class=\"fs2\"> </span>Navigator Paper Set\u00fabal , <span class=\"_ _0\"></span>S.A. Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Paper and energy p<span class=\"_ _0\"></span>roducti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>    Navigator Nort<span class=\"_ _0\"></span>h America Inc. USA<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of paper<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Afrique du <span class=\"_ _0\"></span>Nord  Provisi<span class=\"_ _0\"></span>on of sales i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>rmedi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n Morocco<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>services<span class=\"fs2\"> </span>Navigator Espa\u00f1a, S.A. Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Netherlands, BV The - <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Netherlands<span class=\"fs2\"> </span>Navigator France, <span class=\"_ _0\"></span>EURL France<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Company UK, <span class=\"_ _0\"></span>Ltd United - <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Kingdom<span class=\"fs2\"> </span>Navigator Italia, SRL<span class=\"_ _0\"></span> Italy<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Deutschland, GmbH<span class=\"_ _0\"></span> Germany<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Austria, GmbH<span class=\"_ _0\"></span> Austria<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Poland SP Z<span class=\"_ _0\"></span> o o Poland<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Eurasia Turkey<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Mexico  Mexico<span class=\"fs2\"> </span>25.0 <span class=\"fs2\"> </span>75.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Middle East T<span class=\"_ _0\"></span>rading DMC<span class=\"_ _0\"></span>C Dubai<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Egypt, <span class=\"_ _0\"></span><span class=\"ls88\">ELLC</span> Egypt <span class=\"fs2\"> </span>1.0 <span class=\"fs2\"> </span>99.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper  Southern <span class=\"_ _0\"></span>Africa  South Africa<span class=\"_ _0\"></span><span class=\"fs2\"> </span>1.0 <span class=\"fs2\"> </span>99.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Idem Navigator Abastecimento de Madeira, Portugal<span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>3.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of timber<span class=\"_ _0\"></span><span class=\"fs2\"> </span>ACE  * Com<span class=\"_ _2\"></span>pani<span class=\"_ _2\"></span>es me<span class=\"_ _2\"></span>rge<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d liqui<span class=\"_ _a9\"></span>date<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> (N<span class=\"_ _2\"></span>ote<span class=\"_ _2\"></span> 11.2)<span class=\"_ _a9\"></span> 11.1.2. <span class=\"_ _a8\"> </span>Incorpora<span class=\"_ _2\"></span>ted joint <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>erations Share <span class=\"_ _0\"></span>equity<span class=\"_ _0\"></span> owned 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fs0\"> </span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fs0\"> </span></span>Main activ<span class=\"_ _0\"></span>ity Company<span class=\"_ _0\"></span> Head <span class=\"_ _0\"></span>Off<span class=\"_ _0\"></span>ice Direct<span class=\"_ _0\"></span> Indirect<span class=\"_ _0\"></span> Total Total Pulpchem<span class=\"_ _2\"></span> L<span class=\"_ _0\"></span>ogistics, A.C.E.<span class=\"_ _0\"></span> Portugal 50 <span class=\"ls0\"> </span>-  50 <span class=\"ls0\"> </span>50 <span class=\"ls0\"> </span>Purchases of materials, subsidiary materials and services used in the <span class=\"_ _0\"></span>pulp and paper p<span class=\"_ _0\"></span>roduction processes 11.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he cons<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>da<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion p<span class=\"_ _2\"></span>erimet<span class=\"_ _2\"></span>er </span></span>During the <span class=\"_ _a9\"></span>period en<span class=\"ls18\">310</span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on perimet<span class=\"_ _2\"></span>er was c<span class=\"_ _2\"></span>hanged f<span class=\"_ _2\"></span>rom the previ<span class=\"_ _2\"></span>ous pe<span class=\"_ _2\"></span>riod b<span class=\"_ _2\"></span>y the foll<span class=\"_ _2\"></span>owing co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e reorgani<span class=\"_ _2\"></span>sati<span class=\"_ _2\"></span>on operatio<span class=\"_ _2\"></span>ns: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Liqui<span class=\"_ _2\"></span>dation o<span class=\"_ _2\"></span>f About th<span class=\"_ _2\"></span>e Futur<span class=\"_ _2\"></span>e, S.A<span class=\"_ _2\"></span>. and Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Intern<span class=\"_ _2\"></span>acional<span class=\"_ _2\"></span> Hol<span class=\"_ _2\"></span>ding, SGPS, S<span class=\"_ _2\"></span>.A.<span class=\"_ _0\"></span> </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Merger <span class=\"_ _2\"></span>by incorpor<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of Atlanti<span class=\"_ _2\"></span>c For<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>, S.A. into<span class=\"_ _2\"></span> Navigator Fo<span class=\"_ _2\"></span>rest Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> S.A.<span class=\"_ _2\"></span> </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Incorpora<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Naviga<span class=\"_ _2\"></span>tor Pap<span class=\"_ _2\"></span>er Sou<span class=\"_ _2\"></span>thern Af<span class=\"_ _2\"></span>rica </span></span>11.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Tr<span class=\"_ _2\"></span>ansactions<span class=\"_ _a9\"></span> w<span class=\"_ _0\"></span>ith<span class=\"_ _2\"></span> rel<span class=\"_ _2\"></span>ated part<span class=\"_ _2\"></span>ies </span></span>Balanc<span class=\"_ _2\"></span>es with<span class=\"_ _a9\"></span> relate<span class=\"_ _2\"></span>d parti<span class=\"_ _2\"></span>es 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-bearing Receiva<span class=\"_ _0\"></span>bles<span class=\"_ _0\"></span> Payables<span class=\"_ _0\"></span> liabilities Receiva<span class=\"_ _0\"></span>bles Payables<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) (Note <span class=\"_ _0\"></span>4.3) (Note <span class=\"_ _0\"></span>5.7) (Note <span class=\"_ _0\"></span>4.2) (Note <span class=\"_ _0\"></span>4.3) Shareholders (Note 5<span class=\"_ _0\"></span>.2)<span class=\"_ _0\"></span> Semapa - Soc.<span class=\"_ _0\"></span> de Investimento e Ge<span class=\"_ _0\"></span>st\u00e3o, SGPS, S.A.<span class=\"_ _1\"></span> -  -  -  -  7,470,630  Other subsidiaries o<span class=\"_ _0\"></span>f Semapa Group<span class=\"_ _1\"></span> Secil<span class=\"_ _0\"></span> - Companhia Geral Cal<span class=\"_ _0\"></span> e Cimento, S<span class=\"_ _0\"></span>.A.<span class=\"_ _0\"></span> -  19,049 <span class=\"_ _0\"></span> -  -  40,831 <span class=\"_ _0\"></span> Secil<span class=\"_ _0\"></span> Britas, S.A. -  126,329  -  -  138,666  Secil<span class=\"_ _0\"></span> Prebet\u00e3o, S.A. -  -  -  -  41,858 <span class=\"_ _0\"></span> CMP <span class=\"ff11\">\u2010</span> Cimentos M<span class=\"_ _0\"></span>acei<span class=\"_ _0\"></span>ra e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Patai<span class=\"_ _0\"></span>as, S.A.<span class=\"_ _0\"></span>  -  9,659  -  -  24 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Unibet\u00e3o, S.A.<span class=\"_ _0\"></span> -  -  -  -  16,527 <span class=\"_ _0\"></span> Other related parties<span class=\"_ _0\"></span> Sonagi I<span class=\"_ _0\"></span>mobili<span class=\"_ _0\"></span>\u00e1ria, S.A. -  -  -  -  -  Hotel Ri<span class=\"_ _0\"></span>tz, S.A. -  1,727  -  -  3,464  -  156<span class=\"_ _0\"></span>,764  -  -  7,712,00<span class=\"_ _0\"></span>0  Tran<span class=\"_ _2\"></span>saction<span class=\"_ _2\"></span>s with <span class=\"_ _a9\"></span>relate<span class=\"_ _2\"></span>d partie<span class=\"_ _2\"></span>s in t<span class=\"_ _2\"></span>he per<span class=\"_ _2\"></span>iod 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span><span class=\"ff4 fs2\"> </span></span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span><span class=\"ff4 fs2\"> </span></span></span></span>Purchase Purchase of goods Sales and Other Financial of goods Sales and Other Financial and services operating (expenses) / and services operating (expenses) / Amo<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>nts in Eur<span class=\"_ _0\"></span>o services rendered income income services rendered income income Shareholders (Note 5.2)<span class=\"_ _0\"></span> Semapa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>- Soc. d<span class=\"_ _0\"></span>e Investimento e Gest\u00e3o, 8,<span class=\"ls17\">936</span>,<span class=\"ls17\">416 <span class=\"_ _0\"></span></span> -  -  -  10<span class=\"ls0\">,</span>043<span class=\"ls0\">,</span>173 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>34 <span class=\"ls0\"> </span>-  -  SGPS<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>S.A. 8,<span class=\"lsc\">936</span>,416 <span class=\"_ _0\"></span> -  -  -  10<span class=\"ls0\">,</span>043<span class=\"ls0\">,17<span class=\"_ _0\"></span>3  </span>34 <span class=\"ls0\"> </span>-  -  Other <span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>ubsidiaries of<span class=\"_ _0\"></span> Semapa Group Secil - Companhia Geral Cal 139<span class=\"ls0\">,</span>199 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  165<span class=\"ls0\">,</span>466 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>15<span class=\"ls0\">,</span>750 <span class=\"ls0\"> </span>-  606 <span class=\"ls0\"> </span>e Cimento, S.A. Secil Britas, <span class=\"_ _0\"></span>S.A. 271<span class=\"ls0\">,</span>313 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  310<span class=\"ls0\">,</span>125 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  Secil Prebet\u00e3o, S.A.<span class=\"_ _0\"></span> -  -  -  -  5,<span class=\"ls17\">475 </span> -  -  -  CMP <span class=\"ff11\">\u2010</span> <span class=\"_ _0\"></span>Cimentos Maceira  -  -  403 <span class=\"ls0\"> </span>-  8,<span class=\"ls17\">846 </span> -  -  450 <span class=\"ls0\"> </span>e Pataias, S.A. <span class=\"_ _0\"></span> Unibet\u00e3o, S.A. 14<span class=\"ls0\">,</span>063 <span class=\"ls0\"> </span>-  -  -  5,<span class=\"ls17\">756 </span> -  -  -  424<span class=\"ls0\">,575 <span class=\"_ _0\"></span> </span>-  403 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  495<span class=\"ls0\">,668 <span class=\"_ _0\"></span> </span>15<span class=\"ls0\">,</span>750 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  1,<span class=\"lsc\">056 </span> Other relat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> parties<span class=\"_ _0\"></span> Seinpar Investments BV<span class=\"_ _0\"></span> -  -  -  -  -  -  -  -  Hotel Ritz, S.A. 20<span class=\"ls0\">,</span>922 <span class=\"ls0\"> </span>-  -  -  21<span class=\"ls0\">,</span>656 <span class=\"ls0\"> </span>-  -  -  20<span class=\"ls0\">,</span>922 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  21<span class=\"ls0\">,</span>656 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  9,<span class=\"lsc\">381</span>,913 <span class=\"_ _0\"></span> -  403 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  10<span class=\"ls0\">,</span>560<span class=\"ls0\">,49<span class=\"_ _0\"></span>7  </span>15<span class=\"ls0\">,</span>784 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  1,<span class=\"lsc\">056 </span> On 1 Febru<span class=\"_ _2\"></span>ary 2013, <span class=\"_ _a9\"></span>a contrac<span class=\"_ _2\"></span>t to r<span class=\"_ _2\"></span>ender admin<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ative a<span class=\"_ _a9\"></span>nd management se<span class=\"_ _2\"></span>rvices <span class=\"_ _2\"></span>was si<span class=\"_ _2\"></span>gned between S<span class=\"_ _2\"></span>emapa - Soc<span class=\"_ _2\"></span>iedade d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> In<span class=\"_ _2\"></span>vestimentos<span class=\"_ _2\"></span> e Ges<span class=\"_ _2\"></span>t\u00e3o, SGP<span class=\"_ _2\"></span>S, S.A. <span class=\"_ _2\"></span>(currentl<span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>wner of 69.97% of<span class=\"_ _2\"></span> the Grou<span class=\"_ _2\"></span>p\u00b4s sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal) and N<span class=\"_ _a9\"></span>av<span class=\"_ _0\"></span>iga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, establ<span class=\"_ _2\"></span>ishi<span class=\"_ _2\"></span>ng a remun<span class=\"_ _2\"></span>eration system b<span class=\"_ _2\"></span>ased in e<span class=\"_ _2\"></span>qual c<span class=\"_ _2\"></span>riteria fo<span class=\"_ _2\"></span>r both <span class=\"_ _a9\"></span>parties in <span class=\"_ _a9\"></span>the conti<span class=\"_ _2\"></span>nuous c<span class=\"_ _2\"></span>ooperation and <span class=\"_ _a9\"></span>assistance relation<span class=\"_ _2\"></span>ships, <span class=\"_ _2\"></span>that meets <span class=\"_ _a9\"></span>the rules a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plic<span class=\"_ _2\"></span>able to comme<span class=\"_ _a9\"></span>rcial relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>ps between <span class=\"_ _2\"></span>Group compani<span class=\"_ _2\"></span>es. The operati<span class=\"_ _2\"></span>ons p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the Seci<span class=\"_ _2\"></span>l Group <span class=\"_ _2\"></span>arise from <span class=\"_ _a9\"></span>normal marke<span class=\"_ _2\"></span>t operati<span class=\"_ _2\"></span>ons. In the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of relat<span class=\"_ _2\"></span>ed parti<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>purpose of <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> reporting<span class=\"_ _2\"></span>, t<span class=\"_ _0\"></span>he memb<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Board of <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tors and o<span class=\"_ _2\"></span>ther cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te bodi<span class=\"_ _2\"></span>es were co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>related pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>. The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of k<span class=\"_ _2\"></span>ey managemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pers<span class=\"_ _2\"></span>onnel. 12.<span class=\"ff7 ls0\"> <span class=\"_ _5a\"> </span><span class=\"ff4\">Explan<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n ad<span class=\"_ _2\"></span>ded <span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _2\"></span> tran<span class=\"_ _2\"></span>slatio<span class=\"_ _2\"></span>n </span></span>These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are a <span class=\"_ _a9\"></span>translati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the financ<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l statemen<span class=\"_ _2\"></span>ts origi<span class=\"_ _2\"></span>nally i<span class=\"_ _2\"></span>ssued in<span class=\"_ _2\"></span> Portugues<span class=\"_ _2\"></span>e. In th<span class=\"_ _a9\"></span>e event of di<span class=\"_ _2\"></span>scr<span class=\"_ _2\"></span>epancies<span class=\"_ _2\"></span>, the Po<span class=\"_ _2\"></span>rtuguese<span class=\"_ _2\"></span> lan<span class=\"_ _2\"></span>guage versio<span class=\"_ _2\"></span>n shall<span class=\"_ _2\"></span> prevai<span class=\"_ _2\"></span>l. Separat<span class=\"_ _2\"></span>e Income <span class=\"_ _2\"></span>Statem<span class=\"_ _2\"></span>ent  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 Revenue<span class=\"_ _0\"></span> 2.1 3,531,205,717  2,366,947,621  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 2.2 3,478,417  2,090,803  Costs of goods sol<span class=\"_ _0\"></span>d and material<span class=\"_ _0\"></span>s consumed<span class=\"_ _0\"></span> 4.1 (3,138,646,788)<span class=\"_ _0\"></span> (2,103,980,956)<span class=\"_ _0\"></span> External services and s<span class=\"_ _0\"></span>uppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es 2.3 (318,009,546)<span class=\"_ _0\"></span> (221,150,420)<span class=\"_ _0\"></span> Payroll<span class=\"_ _0\"></span> costs  7.1 (13<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>21,497)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>92,252)<span class=\"_ _0\"></span> Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 2.3 (7,339,126) (5,729,376) Net provi<span class=\"_ _0\"></span>sions 9.1 857,042  (1,138,500) Income from subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 10.1 349,940,785  160,083,746  Depreciatio<span class=\"_ _0\"></span>n, amortisatio<span class=\"_ _0\"></span>n and i<span class=\"_ _0\"></span>mpairment lo<span class=\"_ _0\"></span>sses in non-fi<span class=\"_ _0\"></span>nancial assets<span class=\"_ _0\"></span> 3.3 (573,331) (611,085) Operating income<span class=\"_ _0\"></span> 407<span class=\"_ _0\"></span>,391,673<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,419,582<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial income and gai<span class=\"_ _0\"></span>ns 5.10 22,095,577 <span class=\"_ _0\"></span> 25,605,954 <span class=\"_ _0\"></span> Other financi<span class=\"_ _0\"></span>al expenses and l<span class=\"_ _0\"></span>osses 5.10 (33<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>04,745)<span class=\"_ _0\"></span> (36<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>84,414)<span class=\"_ _0\"></span> Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 396<span class=\"_ _0\"></span>,282,505<span class=\"_ _0\"></span>  174<span class=\"_ _0\"></span>,841,122<span class=\"_ _0\"></span>  Income tax<span class=\"_ _0\"></span> 6.1 (3,745,435) (3,429,667) Net profit for the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171<span class=\"_ _0\"></span>,411,455<span class=\"_ _0\"></span>  Earnings per shar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> Basic earnings p<span class=\"_ _0\"></span>er share, Euro<span class=\"_ _0\"></span> 5.3 0.552  0.241  Diluted earni<span class=\"_ _0\"></span>ngs per share, <span class=\"_ _0\"></span>Euro 5.3 0.552  0.241  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensive I<span class=\"_ _2\"></span>ncome  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 Net profit for the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171<span class=\"_ _0\"></span>,411,455<span class=\"_ _0\"></span>  Items that may b<span class=\"_ _0\"></span>e reclassifie<span class=\"_ _0\"></span>d to profit and loss<span class=\"_ _0\"></span> Hedging derivati<span class=\"_ _0\"></span>ve financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nstruments Changes in fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> 8.2 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Tax effect 6.2 (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,456) Other changes i<span class=\"_ _0\"></span>n equity of subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es 10.1 28,416,539 <span class=\"_ _0\"></span> (4,354,319) Items that cannot b<span class=\"_ _0\"></span>e reclassifie<span class=\"_ _0\"></span>d to profit and los<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> Remeasurement of<span class=\"_ _0\"></span> post-empl<span class=\"_ _0\"></span>oyment benefi<span class=\"_ _0\"></span>ts 7.2 (823,821) 277,718  Other comprehensi<span class=\"_ _0\"></span>ve income<span class=\"_ _0\"></span> 4,838,622 90,332 <span class=\"_ _0\"></span> Total other compreh<span class=\"_ _0\"></span>ensive income n<span class=\"_ _0\"></span>et of taxes<span class=\"_ _1\"></span> 72,033<span class=\"_ _0\"></span>,244 (2,948<span class=\"_ _0\"></span>,977) Total comprehensive incom<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> 464<span class=\"_ _0\"></span>,570,314 168<span class=\"_ _0\"></span>,462,478<span class=\"_ _0\"></span>  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form<span class=\"_ _0\"></span> an <span class=\"_ _0\"></span>integr<span class=\"_ _0\"></span>al part<span class=\"_ _0\"></span> of t<span class=\"_ _0\"></span>hese<span class=\"_ _0\"></span> separat<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial stateme<span class=\"_ _0\"></span>nts.<span class=\"_ _1\"></span> Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Fina<span class=\"_ _a9\"></span>nc<span class=\"_ _0\"></span>ial <span class=\"_ _2\"></span>Position <span class=\"_ _2\"></span> As at 31 December 20<span class=\"_ _0\"></span>22 and 31<span class=\"_ _0\"></span> December 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 ASS<span class=\"_ _0\"></span>ETS Non-cu<span class=\"_ _0\"></span>rrent assets Property, plant <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment 3.1 855,022  908,505  Right-<span class=\"ls57\">of</span>-u<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e assets<span class=\"_ _0\"></span> 3.2 2,256,124  2,768,659  Investments in s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 10.1 2,093,159,574  1,919,170,450  Investments in associ<span class=\"_ _0\"></span>ates 45,860  45,824 <span class=\"_ _0\"></span> Non-current recei<span class=\"_ _0\"></span>vables 4.2 6,684  6,684  Deferred tax assets<span class=\"_ _0\"></span> 6.2 7,074,922  7,243,947  2,103,39<span class=\"_ _0\"></span>8,186  1,930,14<span class=\"_ _0\"></span>4,069  Current assets<span class=\"_ _0\"></span> Inventories 4.1 25,927,585 <span class=\"_ _0\"></span> 18,548,495 <span class=\"_ _0\"></span> Current recei<span class=\"_ _0\"></span>vables 4.2 900,006,340  866,987,969  Income tax<span class=\"_ _0\"></span> 6.1 15,341,107 <span class=\"_ _0\"></span> 1,118,815  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5.8 390,640,161  354,336,647  1,331,91<span class=\"_ _0\"></span>5,193  1,240,99<span class=\"_ _0\"></span>1,926  Total Assets<span class=\"_ _0\"></span> 3,435,31<span class=\"_ _0\"></span>3,379  3,171,13<span class=\"_ _0\"></span>5,995  EQUI<span class=\"_ _0\"></span>TY AND LIABILITIE<span class=\"_ _0\"></span>S Capital and Rese<span class=\"_ _0\"></span>rves Share capital<span class=\"_ _0\"></span> 5.2 500,000,000  500,000,000  Reserves by applyi<span class=\"_ _0\"></span>ng the equi<span class=\"_ _0\"></span>ty method<span class=\"_ _0\"></span> 5.5 (405,228,340)<span class=\"_ _0\"></span> (437,672,593)<span class=\"_ _0\"></span> Fair value reserves<span class=\"_ _0\"></span> 5.5 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve<span class=\"_ _0\"></span> 5.5 100,000,000  100,000,000  Other reserves<span class=\"_ _0\"></span> 5.5 1,103,749  119,458,835  Retained earni<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span> 5.5 636,999,230 647,229,733  Net profi<span class=\"_ _0\"></span>t for the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 392,537,070  171,411,455  Prepaid di<span class=\"_ _0\"></span>vidends <span class=\"_ _0\"></span> 5.4 -  (49<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>96,170)<span class=\"_ _0\"></span> Total Equity<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537 1,044,82<span class=\"_ _0\"></span>7,184  Non-cu<span class=\"_ _0\"></span>rrent liabilities Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.6 613,031,822  688,171,881  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 5.7 1,866,759  2,460,807  Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts 7.2 400,299  -  Deferred tax l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es 6.2 13,021,836 <span class=\"_ _0\"></span> 197,458  Provisi<span class=\"_ _0\"></span>ons 9.1 18,132,790 <span class=\"_ _0\"></span> 18,989,832 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,453,506<span class=\"_ _0\"></span>  709<span class=\"_ _0\"></span>,819,978<span class=\"_ _0\"></span>  Current liabilities<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.6 372,414,631  244,993,753  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 5.7 515,211  423,170  Current payabl<span class=\"_ _0\"></span>es 4.3 1,048,887,425 1,139,129,433  Income tax<span class=\"_ _0\"></span> 6.1 107,633,069  31,942,477 <span class=\"_ _0\"></span> 1,529,45<span class=\"_ _0\"></span>0,336 1,416,48<span class=\"_ _0\"></span>8,833  Total Liabilities<span class=\"_ _0\"></span> 2,175,90<span class=\"_ _0\"></span>3,842 2,126,30<span class=\"_ _0\"></span>8,811  Total Equity an<span class=\"_ _0\"></span>d Liabilities<span class=\"_ _0\"></span> 3,435,31<span class=\"_ _0\"></span>3,379  3,171,13<span class=\"_ _0\"></span>5,995  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.Stateme<span class=\"_ _2\"></span>nt of Cha<span class=\"_ _2\"></span>nges in <span class=\"_ _2\"></span>Equity <span class=\"_ _2\"></span> 31 December 20<span class=\"_ _0\"></span>22 and 3<span class=\"_ _0\"></span>1 December 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> Reserves by 202<span class=\"ls0\">2<span class=\"_ _a9\"></span> </span>applying the Share  Treasury equity Fair value Legal  Other Retained Net profit for Prepaid Amounts in Euro Note capital shares method reserves reserve reserves earnin<span class=\"_ _2\"></span>gs<span class=\"_ _0\"></span> the peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span> dividends  Total Equity as at 1 January 2022 500,000<span class=\"_ _0\"></span>,000  -  (437,672,593) (5,604<span class=\"_ _0\"></span>,076) 100,000<span class=\"_ _0\"></span>,000  119,458<span class=\"_ _0\"></span>,835  647,229<span class=\"_ _0\"></span>,733  171,411<span class=\"_ _0\"></span>,455  (49,996,170) 1,044,827,184  Net profit for the period -  -  -  -  -  -  -  392,537,070  -  392,537,070  Other <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>reh<span class=\"_ _0\"></span>ensive incom<span class=\"_ _2\"></span>e (net -  -  32,444,253  39,601,904  -  -  (12,913) -  -  72,033,244 of taxes) Total comprehensive income -  -  32,444,253  39,601,904  -  -  (12,913) 392,537<span class=\"_ _0\"></span>,070  -  464,570<span class=\"_ _0\"></span>,314 for the period Application of 2021 net profit for the period:  - Dividends paid 5.4 -  -  -  -  -  -  (131,632,875) -  -  (131,632,875)  - Application of prior period's net 5.4 -  -  -  -  -  -  132,415,285  (171,411,455) 49,996,170  11,000,000  profit  - Bonus to employees -  -  -  -  -  -  (11,000,000) -  -  (11,000,000) Di<span class=\"_ _2\"></span>str<span class=\"_ _0\"></span>ibution of reserv<span class=\"_ _0\"></span>es 5.4 -  -  -  -  -  (118,355,086) -  -  -  (118,355,086) Total transactions with -  -  -  -  -  (118,355,086) (10,217,590) (171,411,455) 49,996,170  (249,987,961) shareholders Equity as at 31 Dece<span class=\"_ _0\"></span>mber 20<span class=\"_ _2\"></span>22 500,000<span class=\"_ _0\"></span>,000  -  (405,228,340) 33,997,828  100,000<span class=\"_ _0\"></span>,000  1,103,749  636,999<span class=\"_ _0\"></span>,230 392,537<span class=\"_ _0\"></span>,070  -  1,259,409,537 Reserves by 2021<span class=\"_ _2\"></span> applying the Share  Treasury equity Fair value Legal  Other Retained Net profit for Prepaid Amounts in Euro Note capital<span class=\"fc5\"> </span>shares<span class=\"fc5\"> </span>method<span class=\"fc5\"> </span>reserves<span class=\"fc5\"> </span>reserve<span class=\"fc5\"> </span>reserves<span class=\"fc5\"> </span>earnin<span class=\"_ _2\"></span>gs<span class=\"_ _0\"></span><span class=\"fc5\"> </span>the peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span><span class=\"fc5\"> </span>dividends <span class=\"fc5\"> </span>Total<span class=\"fc5\"> </span>Equity as at 1 January 2021 500,000<span class=\"_ _0\"></span>,000  (20,189,264) (433,318,274) (6,641<span class=\"_ _0\"></span>,368) 100,000<span class=\"_ _0\"></span>,000  264,066<span class=\"_ _0\"></span>,381  512,795<span class=\"_ _0\"></span>,312  109,213<span class=\"_ _0\"></span>,720  -  1,025,926,506  Net profit for the period -  -  -  -  -  -  -  171,411,455  -  171,411,455  Other <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>reh<span class=\"_ _0\"></span>ensive incom<span class=\"_ _2\"></span>e (net -  -  (4,354,319) 1,037,292  -  -  368,050  -  -  (2,948,977) of taxes) Total comprehensive income -  -  (4,354<span class=\"_ _0\"></span>,319) 1,037,292  -  -  368,050  171,411<span class=\"_ _0\"></span>,455  -  168,462<span class=\"_ _0\"></span>,478  for the period Application of 2020 net profit for the period:  - Dividends paid 5.4 -  -  -  -  -  -  (99,565,630) -  -  (99,565,630)  - Application of prior period's net 5.4 -  -  -  -  -  -  116,213,720  (109,213,720) -  7,000,000  profit  - Bonus to employees -  -  -  -  -  -  (7,000,000) -  -  (7,000,000) Transfer of reserves to retained -  -  -  -  -  (138,290,615) 138,290,615  -  -  -  earnings Incorporation of reserves 6,316,931  -  -  -  -  (6,316,931) -  -  -  -  Cancellation of treasury sh<span class=\"_ _0\"></span>ares<span class=\"_ _2\"></span> 5.2 (6,316,931) 20,189,264  -  -  -  -  (13,872,333) -  -  -  Prepaid dividends -  -  -  -  -  -  -  -  (49,996,170) (49,996,170) Total transactions with -  20,189,264  -  -  -  (144,607,546) 134,066<span class=\"_ _0\"></span>,371  (109,213,720) (49,996,170) (149,561,800) shareholders Equity as at 31 Dece<span class=\"_ _0\"></span>mber 20<span class=\"_ _2\"></span>21 500,000<span class=\"_ _0\"></span>,000  -  (437,672,593) (5,604<span class=\"_ _0\"></span>,076) 100,000<span class=\"_ _0\"></span>,000  119,458<span class=\"_ _0\"></span>,835  647,229<span class=\"_ _0\"></span>,733  171,411<span class=\"_ _0\"></span>,455  (49,996,170) 1,044,827,184  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _1\"></span>stateme<span class=\"_ _0\"></span>nts.Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Ca<span class=\"_ _a9\"></span>sh<span class=\"_ _0\"></span> Flow<span class=\"_ _2\"></span>s  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 OPERAT<span class=\"_ _0\"></span>ING<span class=\"_ _0\"></span> ACTIVITIES Receipts from cus<span class=\"_ _0\"></span>tomers<span class=\"_ _0\"></span> 3,960,422,577  2,455,874,053  Payments to suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ers  (4,186,123,618)<span class=\"_ _0\"></span> (2,575,275,826)<span class=\"_ _0\"></span> Payments to empl<span class=\"_ _0\"></span>oyees  (4,095,315) (7,108,255) Cash flow<span class=\"_ _0\"></span> from operati<span class=\"_ _0\"></span>ons  (229<span class=\"_ _0\"></span>,796,356) (126<span class=\"_ _0\"></span>,510,028) Income tax recei<span class=\"_ _0\"></span>ved/ (paid) <span class=\"_ _0\"></span> (64<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>45,158)<span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>61,688)<span class=\"_ _0\"></span> Other (payments)/ r<span class=\"_ _0\"></span>eceipts relati<span class=\"_ _0\"></span>ng to operating acti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties <span class=\"_ _0\"></span> 445,117,777  244,558,651  Cash flows from ope<span class=\"_ _0\"></span>rating activi<span class=\"_ _0\"></span>ties (1)<span class=\"_ _0\"></span> 150<span class=\"_ _0\"></span>,876,263<span class=\"_ _0\"></span>  98,586<span class=\"_ _0\"></span>,935  INVEST<span class=\"_ _0\"></span>ING<span class=\"_ _0\"></span> ACTIVITIES  Inflows:<span class=\"_ _0\"></span> Property, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 14,342  -  Intangibl<span class=\"_ _0\"></span>e assets -  6,636,500  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 507,014  -  Interest and si<span class=\"_ _0\"></span>milar income <span class=\"_ _0\"></span> 15,278,082 <span class=\"_ _0\"></span> 13,026,983 <span class=\"_ _0\"></span> Divi<span class=\"_ _0\"></span>dends fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>subsidi<span class=\"_ _0\"></span>aries 10.1 92,799,990 <span class=\"_ _0\"></span> 85,802,502 <span class=\"_ _0\"></span> 108<span class=\"_ _0\"></span>,599,428<span class=\"_ _0\"></span>  105<span class=\"_ _0\"></span>,465,985<span class=\"_ _0\"></span>  Outflows:<span class=\"_ _0\"></span> Investments in s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 10.1 (8,909,329) (5,750,000) Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (105,311,036)<span class=\"_ _0\"></span> -  (114<span class=\"_ _0\"></span>,220,365) (5,750<span class=\"_ _0\"></span>,000) Cash flows from in<span class=\"_ _0\"></span>vesting activiti<span class=\"_ _0\"></span>es (2)<span class=\"_ _0\"></span> (5,620<span class=\"_ _0\"></span>,937) 99,715<span class=\"_ _0\"></span>,985  FINA<span class=\"_ _0\"></span>NCING A<span class=\"_ _0\"></span>CTIVITIES  Inflows:<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.9 430,000,000  147,500,000  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 10.2 120,650,000  666,496,513  550<span class=\"_ _0\"></span>,650,000<span class=\"_ _0\"></span>  813<span class=\"_ _0\"></span>,996,513<span class=\"_ _0\"></span>  Outflows:<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.9 (545,218,254)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Amortisatio<span class=\"_ _0\"></span>n of lease agreeme<span class=\"_ _0\"></span>nts 5.7 (591,252) (589,656) Interest and si<span class=\"_ _0\"></span>milar expense<span class=\"_ _0\"></span> (30<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>43,814)<span class=\"_ _0\"></span> (9,756,483) Distributi<span class=\"_ _0\"></span>on of divi<span class=\"_ _0\"></span>dends 5.4 (131,632,875)<span class=\"_ _0\"></span> (149,561,800)<span class=\"_ _0\"></span> Distributi<span class=\"_ _0\"></span>on of reserves<span class=\"_ _0\"></span> 5.4 (118,355,086)<span class=\"_ _0\"></span> -  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (2,000,000) (633,141,611)<span class=\"_ _0\"></span> (828<span class=\"_ _0\"></span>,241,281) (1,084<span class=\"_ _0\"></span>,577,328<span class=\"_ _0\"></span>) Cash flows from fin<span class=\"_ _0\"></span>ancing a<span class=\"_ _0\"></span>ctivities  (3<span class=\"_ _0\"></span>) (277<span class=\"_ _0\"></span>,591,281) (270<span class=\"_ _0\"></span>,580,815) CHANG<span class=\"_ _0\"></span>ES IN<span class=\"_ _0\"></span> CASH AND CA<span class=\"_ _0\"></span>SH EQUIVALENT<span class=\"_ _0\"></span>S (1)+(2)+(3<span class=\"_ _0\"></span>) (132<span class=\"_ _0\"></span>,335,955) (72,27<span class=\"_ _0\"></span>7,895) Effect of exchange rate<span class=\"_ _0\"></span> differences<span class=\"_ _1\"></span> 1,075,735  (102,010) CASH A<span class=\"_ _0\"></span>ND CAS<span class=\"_ _0\"></span>H EQUI<span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>ALEN<span class=\"_ _0\"></span>TS A<span class=\"_ _0\"></span>T THE BEGINNI<span class=\"_ _0\"></span>NG OF THE PERIOD<span class=\"_ _0\"></span> 5.8 224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  296<span class=\"_ _0\"></span>,941,052<span class=\"_ _0\"></span>  CASH A<span class=\"_ _0\"></span>ND CAS<span class=\"_ _0\"></span>H EQUI<span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>ALEN<span class=\"_ _0\"></span>TS A<span class=\"_ _0\"></span>T THE END OF THE PERI<span class=\"_ _0\"></span>OD<span class=\"_ _0\"></span> 5.8 93,300<span class=\"_ _0\"></span>,927  224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.<span class=\"_ _1\"></span><span class=\"ffd fs1 fc1\"> </span>1.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Intro<span class=\"_ _2\"></span>duct<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _2\"></span> </span></span>The foll<span class=\"_ _2\"></span>owing symbol<span class=\"_ _2\"></span>s ar<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>the pr<span class=\"_ _2\"></span>esentati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the Notes to <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al statem<span class=\"_ _2\"></span>ents: Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates <span class=\"_ _2\"></span>the discl<span class=\"_ _2\"></span>osure of <span class=\"_ _2\"></span>accountin<span class=\"_ _a9\"></span>g polici<span class=\"_ _2\"></span>es specif<span class=\"_ _2\"></span>icall<span class=\"_ _2\"></span>y applicabl<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e items i<span class=\"_ _2\"></span>n the res<span class=\"_ _2\"></span>pective N<span class=\"_ _2\"></span>ote. Significa<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>estima<span class=\"_ _2\"></span>tes a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates <span class=\"_ _2\"></span>the discl<span class=\"_ _2\"></span>osure of th<span class=\"_ _2\"></span>e es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d/or <span class=\"_ _2\"></span>judgements ma<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span> r<span class=\"_ _2\"></span>egarding th<span class=\"_ _a9\"></span>e items i<span class=\"_ _2\"></span>n the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve Note. Si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and ju<span class=\"_ _2\"></span>dgements <span class=\"_ _2\"></span>are indic<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n Note 1<span class=\"_ _2\"></span>.6. Refer<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>s This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates a <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>Note or <span class=\"_ _2\"></span>anot<span class=\"_ _2\"></span>her section <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Finan<span class=\"_ _2\"></span>cial Statements <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ere mo<span class=\"_ _2\"></span>re informa<span class=\"_ _a9\"></span>tion about <span class=\"_ _2\"></span>the items <span class=\"_ _a9\"></span>disclos<span class=\"_ _2\"></span>ed is pres<span class=\"_ _2\"></span>ented. 1.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Intro<span class=\"_ _2\"></span>duction The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. (Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e Company)<span class=\"_ _2\"></span> is a <span class=\"_ _2\"></span>publicl<span class=\"_ _2\"></span>y traded compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> with i<span class=\"_ _2\"></span>ts head off<span class=\"_ _2\"></span>ice in<span class=\"_ _2\"></span> Mitrena, 2<span class=\"_ _2\"></span>901-861 Se<span class=\"_ _2\"></span>t\u00fabal<span class=\"_ _2\"></span>, and it i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>sted o<span class=\"_ _2\"></span>n NYSE Eurone<span class=\"_ _2\"></span>xt Lis<span class=\"_ _2\"></span>bon und<span class=\"_ _2\"></span>er the ISIN P<span class=\"_ _2\"></span>TPTI0AM0006<span class=\"_ _2\"></span>.  Compa<span class=\"_ _2\"></span>ny: <span class=\"ff1\">The Navigato<span class=\"_ _a9\"></span>r Company, S.<span class=\"_ _2\"></span>A. </span>Head<span class=\"_ _2\"></span> Office:<span class=\"ff1\"> Mitrena <span class=\"_ _2\"></span><span class=\"ff8\">\u2013<span class=\"ff1\"> Apart<span class=\"_ _2\"></span>ado 55 <span class=\"_ _2\"></span>| 2901-86<span class=\"_ _2\"></span>1 Set\u00fabal<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>| Portugal<span class=\"_ _2\"></span> </span></span></span>Lega<span class=\"_ _2\"></span>l Form: <span class=\"ff1\">Public<span class=\"_ _2\"></span> Limi<span class=\"_ _2\"></span>ted Company<span class=\"_ _2\"></span> </span>Share C<span class=\"_ _2\"></span>apital:<span class=\"ff1\"> <span class=\"ff8\">\u20ac<span class=\"_ _2\"></span>500,000,00<span class=\"_ _2\"></span>0<span class=\"ff1\"> </span></span></span>TIN:<span class=\"ff1\"> 503 <span class=\"_ _2\"></span>025 798<span class=\"_ _2\"></span> </span>Navigator i<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>the parent co<span class=\"_ _2\"></span>mpany of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the Navigato<span class=\"_ _2\"></span>r Grou<span class=\"_ _2\"></span>p (Grou<span class=\"_ _2\"></span>p), compri<span class=\"_ _2\"></span>sing Navi<span class=\"_ _2\"></span>gator an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> Subsidiari<span class=\"_ _2\"></span>es, as <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>resente<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the consoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> sta<span class=\"_ _2\"></span>tements. The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. (un<span class=\"_ _2\"></span>til 2<span class=\"_ _2\"></span>015 desi<span class=\"_ _2\"></span>gnated Port<span class=\"_ _2\"></span>ucel, S.A<span class=\"_ _2\"></span>.), her<span class=\"_ _2\"></span>einafte<span class=\"_ _2\"></span>r ref<span class=\"_ _2\"></span>erred to as<span class=\"_ _2\"></span> Company o<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor, i<span class=\"_ _2\"></span>s a public<span class=\"_ _2\"></span>ly trade<span class=\"_ _2\"></span>d company <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith i<span class=\"_ _a9\"></span>ts share ca<span class=\"_ _2\"></span>pital re<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>resente<span class=\"_ _2\"></span>d by nomin<span class=\"_ _2\"></span>al shares <span class=\"_ _2\"></span>and was inc<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>ed on 31<span class=\"_ _2\"></span> May 199<span class=\"_ _2\"></span>3, un<span class=\"_ _2\"></span>der Decree- <span class=\"_ _2\"></span>Law no. 39/9<span class=\"_ _2\"></span>3 of 1<span class=\"_ _2\"></span>3 February<span class=\"_ _2\"></span>, as a <span class=\"_ _2\"></span>result of <span class=\"_ _a9\"></span>the restruc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>uring <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>rocess <span class=\"_ _2\"></span>of Por<span class=\"_ _2\"></span>tuc<span class=\"_ _2\"></span>el - Empresa <span class=\"_ _2\"></span>de Celul<span class=\"_ _2\"></span>ose e Pap<span class=\"_ _2\"></span>el de Portugal<span class=\"_ _2\"></span>, E.<span class=\"ls7a\">P.</span>The genesi<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p it curr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntly h<span class=\"_ _2\"></span>eads was<span class=\"_ _2\"></span> crea<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> the mid 19<span class=\"_ _2\"></span>50\u2019s, whe<span class=\"_ _2\"></span>n a grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> of technici<span class=\"_ _2\"></span>ans fro<span class=\"_ _2\"></span>m \u201cCompanhi<span class=\"_ _2\"></span>a Portu<span class=\"_ _2\"></span>guesa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose de C<span class=\"_ _a9\"></span>acia\u201d made this<span class=\"_ _2\"></span> compan<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>first i<span class=\"_ _2\"></span>n the world <span class=\"_ _2\"></span>to pro<span class=\"_ _2\"></span>duce ble<span class=\"_ _2\"></span>ached euc<span class=\"_ _2\"></span>alyp<span class=\"_ _2\"></span>tus sulphat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pulp. In 1976<span class=\"_ _2\"></span>, Portu<span class=\"ff8\">c<span class=\"_ _2\"></span>el EP was c<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>d as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f the na<span class=\"_ _2\"></span>tion<span class=\"_ _a9\"></span>alisation<span class=\"_ _2\"></span> of al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>Portugal\u2019s<span class=\"_ _2\"></span> cellu<span class=\"_ _2\"></span>lose </span>industry<span class=\"_ _2\"></span>. As such<span class=\"_ _2\"></span>, Portuc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Emp<span class=\"_ _2\"></span>resa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose e Papel<span class=\"_ _a9\"></span> de Portugal<span class=\"_ _2\"></span>, E.P. <span class=\"_ _2\"></span>resulte<span class=\"_ _2\"></span>d from th<span class=\"_ _a9\"></span>e merger wi<span class=\"_ _2\"></span>th CPC <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Companhi<span class=\"_ _2\"></span>a de Celul<span class=\"_ _2\"></span>ose, S<span class=\"_ _2\"></span>.A.R.L. (C<span class=\"_ _2\"></span>aci<span class=\"_ _2\"></span>a), Socel <span class=\"ff8\">\u2013</span> So<span class=\"_ _2\"></span>ciedade <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>ndus<span class=\"_ _2\"></span>trial de Celul<span class=\"_ _2\"></span>ose, S.A<span class=\"_ _2\"></span>.R.L. (Se<span class=\"_ _2\"></span>t\u00fabal)<span class=\"_ _2\"></span>, Celtejo <span class=\"ff8\">\u2013</span> C<span class=\"_ _2\"></span>elulos<span class=\"_ _2\"></span>e do Tejo<span class=\"_ _a9\"></span>, S.A.R<span class=\"_ _2\"></span>.L. (Vila <span class=\"_ _2\"></span>Velha <span class=\"_ _2\"></span>de R\u00f3d\u00e3o)<span class=\"_ _2\"></span>, Celno<span class=\"_ _2\"></span>rte <span class=\"ff8\">\u2013</span> Celu<span class=\"_ _2\"></span>lose do <span class=\"_ _2\"></span>Norte, S<span class=\"_ _2\"></span>.A.R.L<span class=\"_ _2\"></span>. (Viana <span class=\"_ _2\"></span>do Cas<span class=\"_ _2\"></span>telo) <span class=\"_ _2\"></span>and Celul<span class=\"_ _2\"></span>oses do <span class=\"_ _2\"></span>Guadiana, S<span class=\"_ _2\"></span>.A.R.L. (Mour\u00e3o<span class=\"_ _2\"></span>), being c<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ed into a <span class=\"_ _2\"></span>Public <span class=\"_ _2\"></span>Limi<span class=\"_ _2\"></span>ted Compan<span class=\"_ _2\"></span>y with a majo<span class=\"_ _2\"></span>rity pu<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span> sharehol<span class=\"_ _2\"></span>ding by Decree-La<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> no. 40<span class=\"_ _2\"></span>5/90<span class=\"_ _2\"></span>, of 21<span class=\"_ _2\"></span> December. Years af<span class=\"_ _2\"></span>ter, as <span class=\"_ _2\"></span>a resu<span class=\"_ _2\"></span>lt of th<span class=\"_ _a9\"></span>e restructu<span class=\"_ _2\"></span>ring of<span class=\"_ _2\"></span> Portuc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Empresa d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Cel<span class=\"_ _2\"></span>ulose e <span class=\"_ _2\"></span>Papel de Portugal<span class=\"_ _2\"></span>, S.A., <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>was redenomi<span class=\"_ _2\"></span>nated <span class=\"_ _2\"></span>to Portuc<span class=\"_ _a9\"></span>el, S.G.<span class=\"_ _2\"></span>P.S., S<span class=\"_ _2\"></span>.A., to<span class=\"_ _2\"></span>wards to <span class=\"_ _2\"></span>its privatisa<span class=\"_ _2\"></span>tion, Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span> S.A. w<span class=\"_ _2\"></span>as crea<span class=\"_ _2\"></span>ted, on <span class=\"_ _2\"></span>31 May 1<span class=\"_ _2\"></span>993, <span class=\"_ _2\"></span>through Dec<span class=\"_ _2\"></span>ree-law no. 39<span class=\"_ _a9\"></span>/93, of 1<span class=\"_ _2\"></span>3 February<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the forme<span class=\"_ _2\"></span>r assets <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the two mai<span class=\"_ _2\"></span>n compani<span class=\"_ _a9\"></span>es, bas<span class=\"_ _2\"></span>ed in Cac<span class=\"_ _2\"></span>ia and Se<span class=\"_ _2\"></span>t\u00fabal. In 1995<span class=\"_ _2\"></span>, the com<span class=\"_ _2\"></span>pany was <span class=\"_ _2\"></span>again p<span class=\"_ _2\"></span>rivatise<span class=\"_ _2\"></span>d, and bec<span class=\"_ _a9\"></span>ame a publ<span class=\"_ _2\"></span>icly tra<span class=\"_ _2\"></span>ded comp<span class=\"_ _2\"></span>any. Aimin<span class=\"_ _2\"></span>g to restruc<span class=\"_ _2\"></span>ture the <span class=\"_ _a9\"></span>paper indust<span class=\"_ _2\"></span>ry in <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>, Po<span class=\"_ _2\"></span>rtucel <span class=\"_ _2\"></span>acquired Pa<span class=\"_ _2\"></span>p\u00e9is Ina<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>a, S.A<span class=\"_ _2\"></span>. (Set\u00fabal<span class=\"_ _2\"></span>), in 200<span class=\"_ _2\"></span>0, an<span class=\"_ _2\"></span>d Soporc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade Portu<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>uesa <span class=\"_ _2\"></span>de Papel<span class=\"_ _2\"></span>, S.A. <span class=\"_ _2\"></span>(Figueira <span class=\"_ _2\"></span>da Fo<span class=\"_ _2\"></span>z), in 2001. <span class=\"_ _2\"></span>These stra<span class=\"_ _2\"></span>tegic mov<span class=\"_ _2\"></span>es we<span class=\"_ _2\"></span>re deci<span class=\"_ _2\"></span>sive and <span class=\"_ _2\"></span>gave ri<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>to the Por<span class=\"_ _2\"></span>tuce<span class=\"_ _0\"></span>l Sopo<span class=\"_ _a9\"></span>rcel Group (no<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup), whic<span class=\"_ _2\"></span>h is <span class=\"_ _2\"></span>currentl<span class=\"_ _2\"></span>y the l<span class=\"_ _2\"></span>argest Eu<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>ean produc<span class=\"_ _2\"></span>er of bl<span class=\"_ _2\"></span>each<span class=\"_ _2\"></span>ed eucal<span class=\"_ _2\"></span>yptus pulp and o<span class=\"_ _2\"></span>ne of th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> larg<span class=\"_ _2\"></span>est Euro<span class=\"_ _2\"></span>pean p<span class=\"_ _2\"></span>roducers <span class=\"_ _2\"></span>of unc<span class=\"_ _2\"></span>oated wood-f<span class=\"_ _2\"></span>ree pap<span class=\"_ _2\"></span>er (UWF<span class=\"_ _2\"></span>). In Septemb<span class=\"_ _2\"></span>er 2004, <span class=\"_ _2\"></span>Semapa l<span class=\"_ _2\"></span>aunch<span class=\"_ _2\"></span>ed a publ<span class=\"_ _2\"></span>ic ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of<span class=\"ff8\">fer ten<span class=\"_ _2\"></span>ding to as<span class=\"_ _2\"></span>sure <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s </span>control<span class=\"_ _2\"></span>, which was <span class=\"_ _a9\"></span>accomplis<span class=\"_ _2\"></span>hed by guar<span class=\"_ _2\"></span>anteei<span class=\"_ _2\"></span>ng a 67.1<span class=\"_ _a9\"></span>%<span class=\"_ _0\"></span> stake <span class=\"_ _2\"></span>of Portuc<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>l\u2019s<span class=\"_ _2\"></span> equity.<span class=\"ff1\"> </span>In Novemb<span class=\"_ _2\"></span>er 2006, <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Por<span class=\"_ _2\"></span>tuguese <span class=\"_ _2\"></span>State con<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d the th<span class=\"_ _a9\"></span>ird and final<span class=\"_ _2\"></span> stag<span class=\"_ _2\"></span>e of the s<span class=\"_ _2\"></span>ale of Portucel, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A., an<span class=\"_ _a9\"></span>d P\u00e1rpubli<span class=\"_ _2\"></span>ca, SGPS<span class=\"_ _2\"></span>, S.A. sol<span class=\"_ _2\"></span>d the r<span class=\"_ _2\"></span>emain<span class=\"_ _2\"></span>ing 25<span class=\"_ _2\"></span>.72% it sti<span class=\"_ _2\"></span>ll hel<span class=\"_ _2\"></span>d.  In 2007<span class=\"_ _2\"></span> the Group i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ed in a <span class=\"_ _2\"></span>new pap<span class=\"_ _2\"></span>er machine <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the Set\u00fabal <span class=\"_ _2\"></span>indus<span class=\"_ _2\"></span>trial s<span class=\"_ _2\"></span>ite which started o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting on a <span class=\"_ _2\"></span>regular <span class=\"_ _2\"></span>basis i<span class=\"_ _2\"></span>n Octo<span class=\"_ _2\"></span>ber 2009. From 20<span class=\"_ _2\"></span>09 to Jul<span class=\"_ _2\"></span>y 2015, mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% of th<span class=\"_ _a9\"></span>e Company\u2019<span class=\"_ _2\"></span>s share c<span class=\"_ _2\"></span>apital <span class=\"_ _2\"></span>w<span class=\"ff1\">as held dir<span class=\"_ _2\"></span>ectly an<span class=\"_ _2\"></span>d </span>indirec<span class=\"_ _2\"></span>tly by Sema<span class=\"_ _2\"></span>pa <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade d<span class=\"_ _2\"></span>e Investi<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>e Gest<span class=\"_ _a9\"></span>\u00e3o SGPS, S.A.<span class=\"_ _2\"></span>. (exclu<span class=\"_ _2\"></span>ding <span class=\"_ _2\"></span>treasury shares) ha<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ing the <span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _2\"></span>entage of<span class=\"_ _2\"></span> voti<span class=\"_ _2\"></span>ng righ<span class=\"_ _2\"></span>ts been <span class=\"_ _2\"></span>reduced to l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>an 70% f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing the concl<span class=\"_ _2\"></span>usion<span class=\"_ _2\"></span> of the o<span class=\"_ _2\"></span>ffer for <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n, in the <span class=\"_ _2\"></span>form of a<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e off<span class=\"_ _2\"></span>er, of <span class=\"_ _2\"></span>the or<span class=\"_ _2\"></span>dinary shares o<span class=\"_ _2\"></span>f Semapa, i<span class=\"_ _2\"></span>n July 2<span class=\"_ _2\"></span>015. In Feb<span class=\"_ _2\"></span>ruary 2015<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup sta<span class=\"_ _2\"></span>rted i<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _a9\"></span>e Tissu<span class=\"_ _2\"></span>e segment wi<span class=\"_ _2\"></span>th the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of AMS-BR Star P<span class=\"_ _a9\"></span>aper, S<span class=\"_ _2\"></span>.A. (curr<span class=\"_ _2\"></span>ently <span class=\"_ _2\"></span>denominat<span class=\"_ _2\"></span>ed Navig<span class=\"_ _2\"></span>ator Ti<span class=\"_ _2\"></span>ssue R\u00f3d\u00e3o, <span class=\"_ _a9\"></span>S.A.), a <span class=\"_ _2\"></span>Company that hol<span class=\"_ _2\"></span>ds and <span class=\"_ _2\"></span>explores <span class=\"_ _2\"></span>a tissue <span class=\"_ _a9\"></span>paper mil<span class=\"_ _2\"></span>l, lo<span class=\"_ _2\"></span>cated in Vi<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Velha de R\u00f3<span class=\"_ _2\"></span>d\u00e3o. A <span class=\"_ _2\"></span>new in<span class=\"_ _2\"></span>dustrial faci<span class=\"_ _2\"></span>lity was bui<span class=\"_ _2\"></span>lt in <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>in Augus<span class=\"_ _2\"></span>t 2018<span class=\"_ _2\"></span>, being o<span class=\"_ _2\"></span>perate<span class=\"_ _2\"></span>d by Navi<span class=\"_ _2\"></span>gator <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>issue <span class=\"_ _2\"></span>Aveiro, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A., which i<span class=\"_ _2\"></span>s currentl<span class=\"_ _2\"></span>y the l<span class=\"_ _2\"></span>argest Po<span class=\"_ _a9\"></span>rtuguese p<span class=\"_ _2\"></span>roducer <span class=\"_ _2\"></span>and th<span class=\"_ _2\"></span>e third in th<span class=\"_ _2\"></span>e Iberian <span class=\"_ _2\"></span>Peninsul<span class=\"_ _2\"></span>a, wi<span class=\"_ _2\"></span>th a production <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rmation capac<span class=\"_ _2\"></span>ity o<span class=\"_ _2\"></span>f 130 <span class=\"_ _2\"></span>thousand <span class=\"_ _2\"></span>ton<span class=\"_ _2\"></span>s and 120<span class=\"_ _2\"></span> thousand tons<span class=\"_ _a9\"></span>, respecti<span class=\"_ _2\"></span>vely.<span class=\"_ _2\"></span> Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>5, the Company s<span class=\"_ _2\"></span>old <span class=\"_ _2\"></span>to its <span class=\"_ _2\"></span>indirec<span class=\"_ _2\"></span>t subsi<span class=\"_ _2\"></span>diary N<span class=\"_ _2\"></span>avigator Pul<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> Set\u00fabal<span class=\"_ _2\"></span>, S.A<span class=\"_ _2\"></span>. the industri<span class=\"_ _2\"></span>al assets <span class=\"_ _2\"></span>used <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>BEKP at the <span class=\"_ _2\"></span>Set\u00fabal<span class=\"_ _2\"></span> industri<span class=\"_ _2\"></span>al compl<span class=\"_ _2\"></span>ex. On 6 Febru<span class=\"_ _2\"></span>ary 2016, <span class=\"_ _a9\"></span>the Portucel<span class=\"_ _2\"></span>Sopo<span class=\"_ _2\"></span>rcel Group c<span class=\"_ _2\"></span>hanged<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>corporate br<span class=\"_ _a9\"></span>and to The Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igato<span class=\"_ _2\"></span>r Company. <span class=\"_ _2\"></span>This new c<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tity r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts the uni<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>of compan<span class=\"_ _2\"></span>ies with a <span class=\"_ _2\"></span>histor<span class=\"_ _2\"></span>y of mo<span class=\"_ _2\"></span>re than 60 <span class=\"_ _2\"></span>years, ai<span class=\"_ _2\"></span>ming to <span class=\"_ _2\"></span>give <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>a more ap<span class=\"_ _2\"></span>pealing<span class=\"_ _a9\"></span> and modern imag<span class=\"_ _2\"></span>e. Foll<span class=\"_ _2\"></span>owing this<span class=\"_ _2\"></span> event, and <span class=\"_ _a9\"></span>after app<span class=\"_ _2\"></span>roval in <span class=\"_ _2\"></span>the General<span class=\"_ _2\"></span> Sh<span class=\"_ _2\"></span>areholder\u2019s <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>eetin<span class=\"_ _2\"></span>g, held <span class=\"_ _2\"></span>on 19 <span class=\"_ _2\"></span>April 2016, <span class=\"_ _2\"></span>Portucel S<span class=\"_ _2\"></span>.A. chan<span class=\"_ _2\"></span>ged i<span class=\"_ _2\"></span>ts designa<span class=\"_ _2\"></span>tion to<span class=\"_ _2\"></span> The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A. Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>6, the Company c<span class=\"_ _a9\"></span>arried out a <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>tal in<span class=\"_ _2\"></span>crease i<span class=\"_ _2\"></span>n kind i<span class=\"_ _2\"></span>n Enerpulp <span class=\"_ _2\"></span>- Cogera\u00e7\u00e3o<span class=\"_ _2\"></span> Energ\u00e9ti<span class=\"_ _2\"></span>ca da Pas<span class=\"_ _2\"></span>ta, <span class=\"_ _2\"></span>S.A., <span class=\"_ _2\"></span>through the <span class=\"_ _a9\"></span>delivery o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>two bi<span class=\"_ _2\"></span>omass power <span class=\"_ _2\"></span>generatio<span class=\"_ _2\"></span>n plan<span class=\"_ _2\"></span>ts located at <span class=\"_ _a9\"></span>the Set\u00fa<span class=\"_ _2\"></span>bal and A<span class=\"_ _2\"></span>veiro i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al si<span class=\"_ _2\"></span>tes, and <span class=\"_ _2\"></span>also c<span class=\"_ _2\"></span>arried out <span class=\"_ _2\"></span>a capital<span class=\"_ _2\"></span> increas<span class=\"_ _a9\"></span>e in kind in N<span class=\"_ _2\"></span>avigator Pa<span class=\"_ _2\"></span>rques Indus<span class=\"_ _a9\"></span>triais, S<span class=\"_ _2\"></span>.A. through <span class=\"_ _a9\"></span>the incorpo<span class=\"_ _a9\"></span>rat<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al lan<span class=\"_ _2\"></span>d and buildi<span class=\"_ _2\"></span>ngs lo<span class=\"_ _2\"></span>cated in Av<span class=\"_ _2\"></span>eiro and S<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>t\u00fabal<span class=\"_ _2\"></span>. On 1 Januar<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> 2017<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>ompany s<span class=\"_ _2\"></span>tarted <span class=\"_ _2\"></span>to concen<span class=\"_ _2\"></span>trate i<span class=\"_ _a9\"></span>ts sal<span class=\"_ _2\"></span>es of paper<span class=\"_ _2\"></span>, cell<span class=\"_ _2\"></span>ulose pul<span class=\"_ _2\"></span>p and Tissue produc<span class=\"_ _a9\"></span>ts, becomi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>Group's p<span class=\"_ _2\"></span>roduct <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>tor. As <span class=\"_ _2\"></span>a resul<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>, it <span class=\"_ _2\"></span>quickl<span class=\"_ _2\"></span>y became o<span class=\"_ _2\"></span>ne of the main <span class=\"_ _2\"></span>national<span class=\"_ _2\"></span> export<span class=\"_ _2\"></span>ers, and <span class=\"_ _2\"></span>certain<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>the one <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e highest a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ded valu<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> economy.<span class=\"_ _2\"></span> In Octo<span class=\"_ _2\"></span>ber 2017, i<span class=\"_ _a9\"></span>t starte<span class=\"_ _2\"></span>d to cen<span class=\"_ _2\"></span>tralise <span class=\"_ _2\"></span>suppl<span class=\"_ _2\"></span>ies to the G<span class=\"_ _a9\"></span>roup, with <span class=\"_ _a9\"></span>the Group'<span class=\"_ _2\"></span>s pulp p<span class=\"_ _2\"></span>ro<span class=\"_ _0\"></span>ducers starting <span class=\"_ _2\"></span>to sel<span class=\"_ _2\"></span>l pulp e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>clus<span class=\"_ _2\"></span>ively to Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igato<span class=\"_ _2\"></span>r, whi<span class=\"_ _2\"></span>ch suppli<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>the Group's p<span class=\"_ _a9\"></span>ap<span class=\"_ _0\"></span>er <span class=\"_ _2\"></span>producers<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> in addition <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>sales to <span class=\"_ _a9\"></span>the marke<span class=\"_ _2\"></span>t it had al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y been <span class=\"_ _2\"></span>developin<span class=\"_ _2\"></span>g. As f<span class=\"_ _2\"></span>rom Janua<span class=\"_ _2\"></span>ry 2018, i<span class=\"_ _2\"></span>t strengthen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d this <span class=\"_ _2\"></span>new acti<span class=\"_ _2\"></span>vity<span class=\"_ _2\"></span>, cent<span class=\"_ _2\"></span>ralisi<span class=\"_ _2\"></span>ng its f<span class=\"_ _2\"></span>oreign pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>and the s<span class=\"_ _2\"></span>upply of mo<span class=\"_ _2\"></span>st o<span class=\"_ _2\"></span>f the raw materi<span class=\"_ _2\"></span>als us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duction proces<span class=\"_ _2\"></span>s. Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>7, Navigato<span class=\"_ _2\"></span>r star<span class=\"_ _2\"></span>ted to p<span class=\"_ _2\"></span>repare i<span class=\"_ _2\"></span>ts se<span class=\"_ _2\"></span>parate fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _a9\"></span>e with IFRS - In<span class=\"_ _2\"></span>ternati<span class=\"_ _2\"></span>onal Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Reporting <span class=\"_ _2\"></span>Standa<span class=\"_ _2\"></span>rds. Thus, from <span class=\"_ _2\"></span>2017 on<span class=\"_ _2\"></span>wards, <span class=\"_ _2\"></span>and wi<span class=\"_ _2\"></span>th reinforcem<span class=\"_ _a9\"></span>ent in 2018<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y focu<span class=\"_ _2\"></span>sed its <span class=\"_ _2\"></span>activi<span class=\"_ _2\"></span>ties on sel<span class=\"_ _2\"></span>ling <span class=\"_ _2\"></span>paper and rel<span class=\"_ _2\"></span>ated p<span class=\"_ _2\"></span>roducts, <span class=\"_ _2\"></span>supplyi<span class=\"_ _2\"></span>ng indust<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span> products<span class=\"_ _2\"></span>, as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>providing admini<span class=\"_ _2\"></span>stration and man<span class=\"_ _a9\"></span>agement se<span class=\"_ _2\"></span>rvices to <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>t and <span class=\"_ _2\"></span>indirect su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _a9\"></span>, and on managing i<span class=\"_ _2\"></span>ts shar<span class=\"_ _2\"></span>eholdi<span class=\"_ _2\"></span>ngs. In addi<span class=\"_ _a9\"></span>tion, the Co<span class=\"_ _2\"></span>mpany ma<span class=\"_ _2\"></span>nages th<span class=\"_ _2\"></span>e bran<span class=\"_ _2\"></span>ds of the f<span class=\"_ _2\"></span>ormer Pap\u00e9is Ina<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>a, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>rents equi<span class=\"_ _2\"></span>pment and <span class=\"_ _a9\"></span>transfers <span class=\"_ _2\"></span>personnel<span class=\"_ _2\"></span> within <span class=\"_ _2\"></span>the group<span class=\"_ _2\"></span>. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _a9\"></span>tion and sal<span class=\"_ _2\"></span>e of writi<span class=\"_ _2\"></span>ng <span class=\"ff1\">and prin<span class=\"_ _a9\"></span>ting </span>uncoated <span class=\"_ _2\"></span>woodfre<span class=\"_ _2\"></span>e paper (<span class=\"_ _2\"></span>UWF) and <span class=\"_ _a9\"></span>domestic cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n paper (Tis<span class=\"_ _2\"></span>sue), as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as pul<span class=\"_ _2\"></span>p, and it i<span class=\"_ _2\"></span>s pres<span class=\"_ _2\"></span>ent in the <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hole <span class=\"_ _2\"></span>value-ad<span class=\"_ _2\"></span>ded chain<span class=\"_ _2\"></span>, from res<span class=\"_ _a9\"></span>earch and dev<span class=\"_ _2\"></span>elopment of<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>estry and agricul<span class=\"_ _2\"></span>tural<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the purchas<span class=\"_ _2\"></span>e of <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ood and <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e prod<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>tion and s<span class=\"_ _2\"></span>ale of <span class=\"_ _2\"></span>bleach<span class=\"_ _2\"></span>ed eucalyptus <span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>raf<span class=\"_ _2\"></span>t pulp <span class=\"ff8\">\u2013</span> BEK<span class=\"_ _2\"></span>P an<span class=\"_ _2\"></span>d electri<span class=\"_ _2\"></span>c and the<span class=\"_ _2\"></span>rmal ene<span class=\"_ _a9\"></span>rg<span class=\"_ _0\"></span>y, as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>its comm<span class=\"_ _2\"></span>erciali<span class=\"_ _2\"></span>sation.A more de<span class=\"_ _2\"></span>tailed d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>iption of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in each <span class=\"_ _a9\"></span>busines<span class=\"_ _2\"></span>s line <span class=\"_ _2\"></span>of Nav<span class=\"_ _2\"></span>igator <span class=\"_ _2\"></span>is disclos<span class=\"_ _a9\"></span>ed in Note 2.1 - R<span class=\"_ _2\"></span>evenue and s<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>men<span class=\"_ _2\"></span>t reportin<span class=\"_ _2\"></span>g. Navigator i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>luded in <span class=\"_ _a9\"></span>the consol<span class=\"_ _2\"></span>idation pe<span class=\"_ _2\"></span>rimete<span class=\"_ _2\"></span>r of  Semapa <span class=\"ff8\">\u2013</span> Soc<span class=\"_ _2\"></span>iedade <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>e Inves<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>imento e <span class=\"_ _2\"></span>Gest\u00e3o<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> SGPS<span class=\"_ _2\"></span>, S.A., <span class=\"_ _2\"></span>the Pa<span class=\"_ _2\"></span>rent Compan<span class=\"_ _2\"></span>y, and  Sodim - <span class=\"_ _2\"></span>SGPS, S.A<span class=\"_ _2\"></span>., the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>controll<span class=\"_ _2\"></span>ing enti<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y. 1.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Impacts<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>arisin<span class=\"_ _2\"></span>g from t<span class=\"_ _2\"></span>he mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onflict<span class=\"_ _2\"></span> in Ukraine<span class=\"_ _2\"></span> On 21 Febru<span class=\"_ _a9\"></span>ary<span class=\"_ _0\"></span> 2022<span class=\"_ _2\"></span>, the R<span class=\"_ _2\"></span>ussian <span class=\"_ _2\"></span>Federa<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnised t<span class=\"_ _2\"></span>wo breaka<span class=\"_ _2\"></span>way republi<span class=\"_ _2\"></span>cs in eastern <span class=\"_ _2\"></span>Ukraine an<span class=\"_ _2\"></span>d autho<span class=\"_ _2\"></span>rised <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of mi<span class=\"_ _2\"></span>litary forc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n that t<span class=\"_ _2\"></span>erri<span class=\"_ _2\"></span>tory. On 24 <span class=\"_ _2\"></span>Februa<span class=\"_ _2\"></span>ry, Russi<span class=\"_ _2\"></span>an troops i<span class=\"_ _2\"></span>nvaded U<span class=\"_ _2\"></span>kraine an<span class=\"_ _2\"></span>d a wid<span class=\"_ _2\"></span>espread mi<span class=\"_ _2\"></span>litary<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict began i<span class=\"_ _2\"></span>n this coun<span class=\"_ _2\"></span>try entaili<span class=\"_ _2\"></span>ng high <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span> and human <span class=\"_ _2\"></span>losses, <span class=\"_ _2\"></span>leadi<span class=\"_ _2\"></span>ng to mass<span class=\"_ _a9\"></span>ive population <span class=\"_ _2\"></span>displac<span class=\"_ _a9\"></span>ement<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>.  In respons<span class=\"_ _2\"></span>e, multi<span class=\"_ _2\"></span>ple <span class=\"_ _2\"></span>jurisdic<span class=\"_ _2\"></span>tions, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g the Euro<span class=\"_ _2\"></span>pean<span class=\"_ _2\"></span> Union, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngdom, Swi<span class=\"_ _2\"></span>tzerlan<span class=\"_ _2\"></span>d, United <span class=\"_ _2\"></span>States of<span class=\"_ _2\"></span> Ameri<span class=\"_ _2\"></span>ca, Canada<span class=\"_ _2\"></span>, Japan <span class=\"_ _2\"></span>and Au<span class=\"_ _2\"></span>stralia, co<span class=\"_ _a9\"></span>n<span class=\"_ _0\"></span>demned thi<span class=\"_ _2\"></span>s con<span class=\"_ _2\"></span>flic<span class=\"_ _2\"></span>t and ini<span class=\"_ _2\"></span>tiated the appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>everal ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>sanctions<span class=\"_ _2\"></span> against R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia, seve<span class=\"_ _2\"></span>ral of <span class=\"_ _2\"></span>its econo<span class=\"_ _2\"></span>mic agen<span class=\"_ _2\"></span>ts and, in <span class=\"_ _2\"></span>some cases<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> Belarus<span class=\"_ _a9\"></span>. In turn<span class=\"_ _2\"></span>, Russ<span class=\"_ _2\"></span>ia als<span class=\"_ _2\"></span>o started r<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span>aliati<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th economi<span class=\"_ _2\"></span>c measures<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly affecti<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the opera<span class=\"_ _2\"></span>tions of<span class=\"_ _2\"></span> foreign <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>cated in R<span class=\"_ _2\"></span>ussia an<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>Russi<span class=\"_ _2\"></span>an counterp<span class=\"_ _2\"></span>arts.<span class=\"_ _2\"></span> The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>European <span class=\"_ _2\"></span>macroec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>and geopo<span class=\"_ _2\"></span>litic<span class=\"_ _2\"></span>al framewor<span class=\"_ _2\"></span>k as a resu<span class=\"_ _2\"></span>lt <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict has<span class=\"_ _2\"></span> increased u<span class=\"_ _2\"></span>ncertai<span class=\"_ _2\"></span>nty and i<span class=\"_ _2\"></span>nsecuri<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y global<span class=\"_ _2\"></span>ly, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith: i<span class=\"_ _2\"></span>) the s<span class=\"_ _2\"></span>uspension <span class=\"_ _2\"></span>and/or disruptio<span class=\"_ _2\"></span>n of busi<span class=\"_ _2\"></span>ness with <span class=\"_ _a9\"></span>entities h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>adquart<span class=\"_ _2\"></span>ered o<span class=\"_ _2\"></span>r with <span class=\"_ _a9\"></span>origins <span class=\"_ _2\"></span>in Rus<span class=\"_ _2\"></span>sia and <span class=\"_ _2\"></span>Uk<span class=\"_ _0\"></span>raine; i<span class=\"_ _2\"></span>i) an increase <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>mmodity pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>with foss<span class=\"_ _2\"></span>il f<span class=\"_ _2\"></span>uels, metals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d cereal<span class=\"_ _2\"></span>s being <span class=\"_ _2\"></span>parti<span class=\"_ _2\"></span>cularly noteworthy<span class=\"_ _2\"></span>; ii<span class=\"_ _2\"></span>i) i<span class=\"_ _2\"></span>ncreased glob<span class=\"_ _2\"></span>al econ<span class=\"_ _2\"></span>omic u<span class=\"_ _2\"></span>ncertainty, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>th more vola<span class=\"_ _a9\"></span>tility expected i<span class=\"_ _2\"></span>n exchange <span class=\"_ _2\"></span>rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rate. Poss<span class=\"_ _2\"></span>ible <span class=\"_ _2\"></span>energy su<span class=\"_ _2\"></span>pply risks, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as di<span class=\"_ _2\"></span>sruptions i<span class=\"_ _2\"></span>n the su<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ply of <span class=\"_ _2\"></span>raw and s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials o<span class=\"_ _2\"></span>r in l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al means will<span class=\"_ _2\"></span> contin<span class=\"_ _2\"></span>ue to put p<span class=\"_ _2\"></span>ressure <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>economy and <span class=\"_ _2\"></span>make it diff<span class=\"_ _2\"></span>icul<span class=\"_ _2\"></span>t for Euro<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ean in<span class=\"_ _2\"></span>dustrial<span class=\"_ _2\"></span> and trans<span class=\"_ _2\"></span>port o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>s to run <span class=\"_ _2\"></span>smoothl<span class=\"_ _2\"></span>y. As anno<span class=\"_ _2\"></span>unced in Ma<span class=\"_ _2\"></span>rch 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor halt<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e sale of<span class=\"_ _a9\"></span> its products<span class=\"_ _2\"></span> in <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he mar<span class=\"_ _2\"></span>kets of Ru<span class=\"_ _2\"></span>ssia and Belarus<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>is fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng and conti<span class=\"_ _2\"></span>nuously mo<span class=\"_ _2\"></span>nitoring <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>tuation i<span class=\"_ _2\"></span>n the marke<span class=\"_ _2\"></span>ts where <span class=\"_ _2\"></span>it operates <span class=\"_ _2\"></span>geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span>ly and throu<span class=\"_ _2\"></span>ghout <span class=\"_ _2\"></span>the sup<span class=\"_ _2\"></span>ply chai<span class=\"_ _2\"></span>n<span class=\"ff8\">\u2014</span>from the <span class=\"_ _2\"></span>supply <span class=\"_ _2\"></span>of wood<span class=\"_ _2\"></span>, energy<span class=\"_ _2\"></span>, raw and su<span class=\"_ _2\"></span>bsidiary <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span>s (inc<span class=\"_ _2\"></span>luding l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al is<span class=\"_ _2\"></span>sues), i<span class=\"_ _2\"></span>n techni<span class=\"_ _2\"></span>cal and <span class=\"_ _2\"></span>support s<span class=\"_ _2\"></span>ervices provided <span class=\"_ _2\"></span>by forei<span class=\"_ _2\"></span>gn compani<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d outsourci<span class=\"_ _2\"></span>ng s<span class=\"_ _2\"></span>ervice pr<span class=\"_ _2\"></span>oviders<span class=\"_ _2\"></span>, amongst o<span class=\"_ _2\"></span>thers. <span class=\"_ _2\"></span> Navigator i<span class=\"_ _2\"></span>s ce<span class=\"_ _2\"></span>rtain th<span class=\"_ _2\"></span>at, i<span class=\"_ _2\"></span>n view of <span class=\"_ _2\"></span>the wei<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ht of <span class=\"_ _2\"></span>the mar<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>ets of R<span class=\"_ _2\"></span>ussia <span class=\"_ _2\"></span>and Ukrain<span class=\"_ _a9\"></span>e in the Group's <span class=\"_ _2\"></span>sales, whic<span class=\"_ _2\"></span>h r<span class=\"_ _2\"></span>epresent les<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>than 1% as a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d ended 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021 and 0<span class=\"_ _2\"></span>% in 2<span class=\"_ _2\"></span>022, and the f<span class=\"_ _2\"></span>act <span class=\"_ _2\"></span>that thes<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>kets do no<span class=\"_ _2\"></span>t direc<span class=\"_ _2\"></span>tly af<span class=\"_ _2\"></span>fect the su<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ply chai<span class=\"_ _2\"></span>n, the <span class=\"_ _2\"></span>Group'<span class=\"_ _2\"></span>s direct e<span class=\"_ _2\"></span>xposure <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>ts of Uk<span class=\"_ _2\"></span>raine and R<span class=\"_ _2\"></span>ussia <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant. Despite <span class=\"_ _2\"></span>the general<span class=\"_ _2\"></span> incre<span class=\"_ _a9\"></span>ase in cos<span class=\"_ _2\"></span>ts, Navi<span class=\"_ _2\"></span>gator's<span class=\"_ _2\"></span> agili<span class=\"_ _2\"></span>ty in<span class=\"_ _2\"></span> conducti<span class=\"_ _2\"></span>ng its bus<span class=\"_ _2\"></span>iness pol<span class=\"_ _2\"></span>icy <span class=\"_ _2\"></span>was able to d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>vely off<span class=\"_ _2\"></span>set thi<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>rease, than<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>s to a <span class=\"_ _a9\"></span>responsi<span class=\"_ _2\"></span>ble price <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>t poli<span class=\"_ _2\"></span>cy and <span class=\"_ _2\"></span>an effective <span class=\"_ _a9\"></span>diversif<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> strateg<span class=\"_ _2\"></span>y, as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>to increas<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span> pr<span class=\"_ _2\"></span>oductivit<span class=\"_ _2\"></span>y in i<span class=\"_ _2\"></span>ts industri<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and greater <span class=\"_ _2\"></span>effi<span class=\"_ _2\"></span>ciency i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n of raw and <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y materials.<span class=\"_ _2\"></span> Navigator co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nues to anal<span class=\"_ _a9\"></span>yse the pot<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntial<span class=\"_ _2\"></span> impacts o<span class=\"_ _2\"></span>n it<span class=\"_ _2\"></span>s fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on, performance <span class=\"_ _a9\"></span>and cash f<span class=\"_ _2\"></span>lows resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary co<span class=\"_ _2\"></span>nfli<span class=\"_ _2\"></span>ct in Uk<span class=\"_ _2\"></span>raine, n<span class=\"_ _2\"></span>amely in<span class=\"_ _2\"></span> what conce<span class=\"_ _2\"></span>rns rele<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ant accoun<span class=\"_ _2\"></span>ting estima<span class=\"_ _2\"></span>tes and <span class=\"_ _2\"></span>judgements<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> As a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> this <span class=\"_ _2\"></span>date th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>assumptions con<span class=\"_ _2\"></span>sidered by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors were <span class=\"_ _2\"></span>not s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cantly i<span class=\"_ _2\"></span>mpacted<span class=\"_ _2\"></span>. Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Company <span class=\"_ _2\"></span>analyse<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> whether <span class=\"_ _a9\"></span>there were s<span class=\"_ _2\"></span>igns of<span class=\"_ _2\"></span> impai<span class=\"_ _a9\"></span>rme<span class=\"_ _0\"></span>nt arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _a9\"></span>the impac<span class=\"_ _2\"></span>ts of the war in Uk<span class=\"_ _2\"></span>raine<span class=\"_ _2\"></span>, according <span class=\"_ _a9\"></span>to the cu<span class=\"_ _2\"></span>rrent f<span class=\"_ _2\"></span>orecas<span class=\"_ _2\"></span>ts, based o<span class=\"_ _2\"></span>n the proj<span class=\"_ _2\"></span>ections <span class=\"_ _2\"></span>of GDP gro<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>th an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal, <span class=\"_ _2\"></span>according <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o th<span class=\"_ _2\"></span>e IMF an<span class=\"_ _2\"></span>d Banco <span class=\"_ _2\"></span>de P<span class=\"_ _2\"></span>ortugal, <span class=\"_ _2\"></span>which co<span class=\"_ _2\"></span>uld indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will. No<span class=\"_ _2\"></span> signs <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>mpairment on goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> were iden<span class=\"_ _2\"></span>tified an<span class=\"_ _2\"></span>d there is <span class=\"_ _2\"></span>a subs<span class=\"_ _2\"></span>tanti<span class=\"_ _2\"></span>al gap compa<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>d to the <span class=\"_ _a9\"></span>book valu<span class=\"_ _2\"></span>e of t<span class=\"_ _2\"></span>he cash-gen<span class=\"_ _2\"></span>erating <span class=\"_ _2\"></span>units (no<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> 10.1)<span class=\"_ _2\"></span>. Recovera<span class=\"_ _2\"></span>bility, <span class=\"_ _2\"></span>useful l<span class=\"_ _2\"></span>ife and de<span class=\"_ _2\"></span>preciat<span class=\"_ _2\"></span>ion of p<span class=\"_ _2\"></span>roperty, pla<span class=\"_ _2\"></span>nt and<span class=\"_ _2\"></span> equipment Cons<span class=\"_ _2\"></span>idering the p<span class=\"_ _2\"></span>rospec<span class=\"_ _2\"></span>ts for o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper, th<span class=\"_ _2\"></span>e pulp an<span class=\"_ _2\"></span>d paper <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span> and the subs<span class=\"_ _2\"></span>tantial <span class=\"_ _2\"></span>gaps i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to t<span class=\"_ _2\"></span>he book <span class=\"_ _2\"></span>values of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts, do<span class=\"_ _2\"></span> not indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>the exis<span class=\"_ _2\"></span>tence of<span class=\"_ _2\"></span> impairment <span class=\"_ _2\"></span>on pro<span class=\"_ _2\"></span>perty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment.  Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns The Company <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>disco<span class=\"_ _2\"></span>unt rate ap<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span>able to th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>defined b<span class=\"_ _2\"></span>enefit plan <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es and othe<span class=\"_ _2\"></span>r post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>definiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the rate us<span class=\"_ _2\"></span>ed to <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>isco<span class=\"_ _2\"></span>unt the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (technical<span class=\"_ _2\"></span> inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate) i<span class=\"_ _2\"></span>s based on <span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ield c<span class=\"_ _2\"></span>urves o<span class=\"_ _2\"></span>f highl<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> bonds <span class=\"_ _2\"></span>with a matu<span class=\"_ _a9\"></span>rity consi<span class=\"_ _2\"></span>stent with <span class=\"_ _2\"></span>the du<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> the pl<span class=\"_ _2\"></span>an's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. As <span class=\"_ _2\"></span>a re<span class=\"_ _a9\"></span>sult of thi<span class=\"_ _2\"></span>s asses<span class=\"_ _2\"></span>sment an<span class=\"_ _2\"></span>d based on<span class=\"_ _2\"></span> the actu<span class=\"_ _2\"></span>arial <span class=\"_ _2\"></span>study as <span class=\"_ _2\"></span>at 31 Dec<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>mber 2<span class=\"_ _2\"></span>022, Navig<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>or u<span class=\"_ _2\"></span>pdate<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>discount ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> to 3<span class=\"_ _a9\"></span>.5%<span class=\"_ _0\"></span>, in li<span class=\"_ _2\"></span>ne with benchmar<span class=\"_ _2\"></span>k inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>s. <span class=\"_ _2\"></span>The Company pres<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nts<span class=\"_ _2\"></span> in No<span class=\"_ _2\"></span>te 7.2 a sens<span class=\"_ _2\"></span>itivit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s that all<span class=\"_ _2\"></span>ows assessi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>possibl<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e disc<span class=\"_ _2\"></span>ount ra<span class=\"_ _2\"></span>te. Inventorie<span class=\"_ _2\"></span>s Taking into <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e margins p<span class=\"_ _2\"></span>ractise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>, the <span class=\"_ _2\"></span>Company c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>ders that the <span class=\"_ _2\"></span>net r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>able value of i<span class=\"_ _2\"></span>ts inventori<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 2022 i<span class=\"_ _2\"></span>s hi<span class=\"_ _2\"></span>gher than <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue. Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Trade<span class=\"_ _2\"></span> and other r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>les Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed model<span class=\"_ _2\"></span> provided <span class=\"_ _2\"></span>for in <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. In th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>, the impa<span class=\"_ _2\"></span>cts of <span class=\"_ _2\"></span>IFRS 9 on <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idat<span class=\"_ _2\"></span>ed statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on are lo<span class=\"_ _2\"></span>w conside<span class=\"_ _2\"></span>ring tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> a s<span class=\"_ _a9\"></span>ignific<span class=\"_ _2\"></span>ant part of i<span class=\"_ _2\"></span>ts sales <span class=\"_ _2\"></span>are ei<span class=\"_ _2\"></span>ther insu<span class=\"_ _2\"></span>red or adequa<span class=\"_ _2\"></span>tely cov<span class=\"_ _2\"></span>ered b<span class=\"_ _2\"></span>y col<span class=\"_ _2\"></span>laterals. Neverthel<span class=\"_ _2\"></span>ess, N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>periodi<span class=\"_ _2\"></span>cally as<span class=\"_ _2\"></span>sesses <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he e<span class=\"_ _2\"></span>xpected credit l<span class=\"_ _2\"></span>osses an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> the imp<span class=\"_ _a9\"></span>acts on all<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st. <span class=\"_ _2\"></span>In this <span class=\"_ _2\"></span>regar<span class=\"_ _2\"></span>d, the C<span class=\"_ _2\"></span>ompany ass<span class=\"_ _2\"></span>essed <span class=\"_ _2\"></span>the curr<span class=\"_ _2\"></span>ent exposur<span class=\"_ _2\"></span>e to cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k and th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpact of f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>onomic<span class=\"_ _2\"></span> forecasts <span class=\"_ _2\"></span>and concl<span class=\"_ _2\"></span>uded that <span class=\"_ _2\"></span>the impact of<span class=\"_ _2\"></span> thi<span class=\"_ _2\"></span>s compon<span class=\"_ _2\"></span>ent<span class=\"_ _0\"></span> is <span class=\"_ _2\"></span>small<span class=\"_ _2\"></span>. Liquid<span class=\"_ _2\"></span>ity The Company cu<span class=\"_ _a9\"></span>rrently has<span class=\"_ _2\"></span> a comf<span class=\"_ _2\"></span>ortable <span class=\"_ _2\"></span>liqui<span class=\"_ _2\"></span>dity si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n, which <span class=\"_ _2\"></span>has been <span class=\"_ _2\"></span>the resu<span class=\"_ _2\"></span>lt of <span class=\"_ _2\"></span>a careful<span class=\"_ _2\"></span> management o<span class=\"_ _2\"></span>f wo<span class=\"_ _2\"></span>rking ca<span class=\"_ _2\"></span>pital, co<span class=\"_ _2\"></span>ntai<span class=\"_ _2\"></span>nment of th<span class=\"_ _2\"></span>e pace of<span class=\"_ _2\"></span> implemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e investmen<span class=\"_ _2\"></span>t plan and <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a confi<span class=\"_ _2\"></span>rming program <span class=\"_ _2\"></span>to extend <span class=\"_ _2\"></span>payment d<span class=\"_ _2\"></span>eadlines<span class=\"_ _2\"></span> without<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, impactin<span class=\"_ _2\"></span>g Suppli<span class=\"_ _2\"></span>ers. 1.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Subse<span class=\"_ _2\"></span>quent e<span class=\"_ _2\"></span>vents 1.<span class=\"_ _2\"></span>3.1.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Acq<span class=\"_ _a9\"></span>uisit<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>cons<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>e b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _a9\"></span> in Sp<span class=\"_ _a9\"></span>ain<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>ormalised <span class=\"_ _2\"></span>an agr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ement <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e purch<span class=\"_ _2\"></span>ase an<span class=\"_ _2\"></span>d sale o<span class=\"_ _2\"></span>f shares representi<span class=\"_ _2\"></span>ng the en<span class=\"_ _a9\"></span>tire share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> of Go<span class=\"_ _2\"></span>m\u00e0-Camps Con<span class=\"_ _2\"></span>sumer, S.L<span class=\"_ _2\"></span>.U., base<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>Zaragoz<span class=\"_ _2\"></span>a, Spain, whic<span class=\"_ _2\"></span>h in turn <span class=\"_ _2\"></span>holds <span class=\"_ _a9\"></span>the entire s<span class=\"_ _2\"></span>hare c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> of G<span class=\"_ _2\"></span>om\u00e0-Camps France <span class=\"_ _a9\"></span>SA<span class=\"_ _0\"></span>S, <span class=\"_ _2\"></span>based i<span class=\"_ _2\"></span>n Castres, F<span class=\"_ _a9\"></span>rance (hereinaf<span class=\"_ _a9\"></span>ter coll<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y refer<span class=\"_ _2\"></span>red to<span class=\"_ _2\"></span> as \"GC <span class=\"_ _2\"></span>Consumer\"). The acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f GC <span class=\"_ _2\"></span>Consumer, which<span class=\"_ _2\"></span> had <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>sales o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>15.6 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>2022, is part of<span class=\"_ _2\"></span> Navigator G<span class=\"_ _a9\"></span>roup's ambitio<span class=\"_ _2\"></span>us g<span class=\"_ _2\"></span>rowth and di<span class=\"_ _2\"></span>versif<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n pla<span class=\"_ _2\"></span>n. The in<span class=\"_ _2\"></span>tegratio<span class=\"_ _2\"></span>n of thi<span class=\"_ _2\"></span>s ne<span class=\"_ _2\"></span>w mill<span class=\"_ _2\"></span> will<span class=\"_ _2\"></span> enable the Gro<span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> itself<span class=\"_ _2\"></span> as <span class=\"_ _2\"></span>the second l<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>st tiss<span class=\"_ _2\"></span>ue produc<span class=\"_ _2\"></span>er in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Iberi<span class=\"_ _2\"></span>an Peninsu<span class=\"_ _2\"></span>la, adding 35<span class=\"_ _a9\"></span>,000 tonnes <span class=\"_ _2\"></span>of annual<span class=\"_ _2\"></span> tissu<span class=\"_ _2\"></span>e pape<span class=\"_ _2\"></span>r produc<span class=\"_ _2\"></span>tion capaci<span class=\"_ _2\"></span>ty, b<span class=\"_ _2\"></span>ringing th<span class=\"_ _a9\"></span>e total to 165<span class=\"_ _2\"></span>,000 tonnes <span class=\"_ _2\"></span>per y<span class=\"_ _2\"></span>ear, and i<span class=\"_ _2\"></span>ncre<span class=\"_ _2\"></span>asing annu<span class=\"_ _2\"></span>al conve<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng capacit<span class=\"_ _2\"></span>y by 60<span class=\"_ _2\"></span>,000 tonn<span class=\"_ _2\"></span>es to<span class=\"_ _2\"></span> 180,000<span class=\"_ _2\"></span> tonnes pe<span class=\"_ _2\"></span>r year.<span class=\"_ _2\"></span> The enter<span class=\"_ _2\"></span>prise v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s Euro 85 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on. 1.4<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Basis <span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>or pr<span class=\"_ _2\"></span>eparati<span class=\"_ _2\"></span>on 1.<span class=\"_ _2\"></span>4.1.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Aut<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>oris<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ion <span class=\"_ _a9\"></span>to i<span class=\"_ _a9\"></span>ssue <span class=\"_ _a9\"></span>fina<span class=\"_ _2\"></span>nci<span class=\"_ _a9\"></span>al st<span class=\"_ _a9\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _a9\"></span>s<span class=\"ff1 fsb fc6\"> </span>These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>were ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _a9\"></span>rs on 16 <span class=\"_ _2\"></span>March 2023. <span class=\"_ _2\"></span>However, <span class=\"_ _2\"></span>they are s<span class=\"_ _a9\"></span>till s<span class=\"_ _2\"></span>ubject to a<span class=\"_ _2\"></span>pproval <span class=\"_ _2\"></span>by the G<span class=\"_ _2\"></span>eneral Shar<span class=\"_ _a9\"></span>eholde<span class=\"_ _0\"></span><span class=\"ff8\">rs\u2019 <span class=\"_ _2\"></span>Meeting<span class=\"_ _2\"></span>, in </span>accordance <span class=\"_ _a9\"></span>with the Po<span class=\"_ _2\"></span>rtuguese c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on. The members <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Company\u2019s<span class=\"_ _2\"></span> Boa<span class=\"_ _2\"></span>rd of Direc<span class=\"_ _a9\"></span>tors who si<span class=\"_ _a9\"></span>gn this repo<span class=\"_ _2\"></span>rt, decl<span class=\"_ _2\"></span>are tha<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>to the best of th<span class=\"_ _a9\"></span>eir knowl<span class=\"_ _2\"></span>edge, <span class=\"_ _2\"></span>the informati<span class=\"_ _2\"></span>on con<span class=\"_ _2\"></span>tained h<span class=\"_ _2\"></span>erein <span class=\"_ _2\"></span>was prepar<span class=\"_ _2\"></span>ed in c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the applicabl<span class=\"_ _2\"></span>e accounti<span class=\"_ _2\"></span>ng s<span class=\"_ _2\"></span>tandards, <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>viding a tru<span class=\"_ _2\"></span>e and fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>view of th<span class=\"_ _2\"></span>e assets an<span class=\"_ _a9\"></span>d liabil<span class=\"_ _2\"></span>ities, th<span class=\"_ _a9\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n and results <span class=\"_ _2\"></span>of the C<span class=\"_ _2\"></span>ompany. 1.<span class=\"_ _2\"></span>4.2.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nti<span class=\"_ _a9\"></span>ng St<span class=\"_ _a9\"></span>anda<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>s The se<span class=\"_ _2\"></span>parate fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the peri<span class=\"_ _2\"></span>od ende<span class=\"_ _2\"></span>d 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>22 were prepar<span class=\"_ _2\"></span>ed in accordance <span class=\"_ _a9\"></span>with the <span class=\"_ _2\"></span>Interna<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Reporti<span class=\"_ _2\"></span>ng Stan<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ards (<span class=\"_ _2\"></span>IFRS), eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve 1 <span class=\"_ _2\"></span>January 2022 <span class=\"_ _2\"></span>and as adopt<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean Union.<span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>4.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pre<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>cy<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>nsa<span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n a <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>ncy<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er t<span class=\"_ _a9\"></span>han th<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>sent<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ion <span class=\"_ _a9\"></span>curr<span class=\"_ _2\"></span>en<span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the S<span class=\"_ _a9\"></span>ep<span class=\"_ _0\"></span>arate F<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al St<span class=\"_ _2\"></span>atements a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> measur<span class=\"_ _2\"></span>ed using <span class=\"_ _2\"></span>the cu<span class=\"_ _2\"></span>rrency of<span class=\"_ _2\"></span> the economi<span class=\"_ _2\"></span>c environ<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ty op<span class=\"_ _2\"></span>erates (f<span class=\"_ _a9\"></span>unctional<span class=\"_ _2\"></span> currency<span class=\"_ _2\"></span>). These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>Euro, <span class=\"_ _2\"></span>which is<span class=\"_ _2\"></span> the Group\u2019s<span class=\"_ _2\"></span> func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting currency<span class=\"_ _2\"></span>. Transac<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>n currenci<span class=\"_ _2\"></span>es othe<span class=\"_ _2\"></span>r than Eu<span class=\"_ _a9\"></span>ro are transl<span class=\"_ _2\"></span>ated i<span class=\"_ _a9\"></span>nto the func<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ional<span class=\"_ _2\"></span> currency us<span class=\"_ _2\"></span>ing <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates at <span class=\"_ _a9\"></span>the date of <span class=\"_ _a9\"></span>the transacti<span class=\"_ _2\"></span>ons (No<span class=\"_ _a9\"></span>te 8.1.1<span class=\"_ _2\"></span>). The curr<span class=\"_ _2\"></span>ency di<span class=\"_ _2\"></span>fferences <span class=\"_ _a9\"></span>arising fro<span class=\"_ _2\"></span>m differ<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nces b<span class=\"_ _2\"></span>etween<span class=\"_ _2\"></span> the e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es rul<span class=\"_ _2\"></span>ing at <span class=\"_ _2\"></span>the transactio<span class=\"_ _2\"></span>n date an<span class=\"_ _a9\"></span>d those rul<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n coll<span class=\"_ _2\"></span>ection, pa<span class=\"_ _2\"></span>yment o<span class=\"_ _2\"></span>r at th<span class=\"_ _2\"></span>e separat<span class=\"_ _2\"></span>e sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n date, are reco<span class=\"_ _a9\"></span>rded as i<span class=\"_ _2\"></span>ncome and e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses i<span class=\"_ _2\"></span>n the pe<span class=\"_ _2\"></span>riod (Not<span class=\"_ _2\"></span>e 5.10)<span class=\"_ _2\"></span>. The amounts <span class=\"_ _a9\"></span>recorded in <span class=\"_ _2\"></span>profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries wer<span class=\"_ _a9\"></span>e translated u<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>e e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es prevail<span class=\"_ _2\"></span>ing at the <span class=\"_ _a9\"></span>dates of <span class=\"_ _2\"></span>the trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons. Where <span class=\"_ _a9\"></span>this is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble, or <span class=\"_ _2\"></span>where th<span class=\"_ _a9\"></span>e cost of <span class=\"_ _2\"></span>such a procedu<span class=\"_ _2\"></span>re excee<span class=\"_ _2\"></span>ds the <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts to b<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>ved ther<span class=\"_ _2\"></span>efrom, <span class=\"_ _2\"></span>they have b<span class=\"_ _2\"></span>een <span class=\"_ _2\"></span>translat<span class=\"_ _2\"></span>ed at the average e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>period. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he diff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>the appl<span class=\"_ _2\"></span>ication <span class=\"_ _2\"></span>of these rates comp<span class=\"_ _2\"></span>ared wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>previous <span class=\"_ _2\"></span>values <span class=\"_ _2\"></span>were refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d as<span class=\"_ _2\"></span> a separa<span class=\"_ _2\"></span>te compon<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>Equity, under <span class=\"_ _2\"></span>Other rese<span class=\"_ _2\"></span>rves (No<span class=\"_ _2\"></span>te 5.5)<span class=\"_ _a9\"></span>. Excha<span class=\"_ _2\"></span>nge rat<span class=\"_ _2\"></span>es u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sterling pound)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 0.85 0.86 0.79% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 0.89 0.84 -5.55% USD (<span class=\"_ _0\"></span>American dollar) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.05 1.18 10.99% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>perio<span class=\"_ _0\"></span>d 1.07 1.13 5.83% PLN (Polish zloti)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 4.69 4.57 -2.66% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 4.68 4.60 -1.83% SEK (Swedish <span class=\"_ _0\"></span>krona) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.63 10.15 -4.77% Clo<span class=\"_ _0\"></span>sing exchange rate for the peri<span class=\"_ _0\"></span>od 11.12 10.25 -8.50% CZK (Czech koruna)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 24.57 25.64 4.19% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 24.12 24.86 2.98% CHF (Swiss franc)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.00 1.08 7.08% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 0.98 1.03 4.68% DKK (Danish k<span class=\"_ _0\"></span>rone)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 7.44 7.44 -0.03% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 7.44 7.44 0.00% MZM<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>Mozambic<span class=\"_ _0\"></span>an metic<span class=\"_ _0\"></span>al) Average exchange ra<span class=\"_ _0\"></span>te for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d 67.20 77.75 13.56% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 68.18 78.09 12.69% MAD (Moroccan di<span class=\"_ _0\"></span>rham)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.69 10.67 -0.12% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 11.16 10.52 -6.11% NOK (N<span class=\"_ _0\"></span>orwa<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>kroner)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.10 10.16 0.59% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 10.51 9.99 -5.26% MXN (Mexican peso)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 21.18 23.99 11.70% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 20.86 23.14 9.89% AED (Dirham)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 3.87 4.34 10.92% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 3.92 4.16 5.83% CAD (Canadian <span class=\"_ _0\"></span>dollar) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.37 1.48 7.64% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 1.44 1.44 -0.33% ZAR (S<span class=\"_ _0\"></span>outh A<span class=\"_ _0\"></span>frican ra<span class=\"_ _2\"></span>nd)<span class=\"_ _1\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 17.21 17.48 1.54% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 18.10 18.06 -0.20% BRL (Brazilian <span class=\"_ _0\"></span>rea<span class=\"_ _2\"></span>l)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 5.44 6.38 14.74% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for t<span class=\"_ _0\"></span>he perio<span class=\"_ _0\"></span>d 5.64 6.31 10.64% EGP (Egyptian pound)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 20.18 18.55 -8.81% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 26.31 17.82 -47.63% TRY (Turkish lir<span class=\"_ _0\"></span>a) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 17.42 10.51 -65.68% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 19.96 15.23 -31.06% 1.<span class=\"_ _2\"></span>4.4.<span class=\"_ _2\"></span> B<span class=\"_ _2\"></span>asi<span class=\"_ _a9\"></span>s fo<span class=\"_ _2\"></span>r m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> The accompan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ing se<span class=\"_ _2\"></span>parate f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n prepared o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>going conc<span class=\"_ _a9\"></span>ern basis <span class=\"_ _2\"></span>from Navigato<span class=\"_ _a9\"></span>r's accoun<span class=\"_ _2\"></span>ting boo<span class=\"_ _2\"></span>ks and r<span class=\"_ _2\"></span>ecords<span class=\"_ _2\"></span>, and under th<span class=\"_ _2\"></span>e his<span class=\"_ _2\"></span>torical <span class=\"_ _2\"></span>cost con<span class=\"_ _2\"></span>vention<span class=\"_ _2\"></span>, except f<span class=\"_ _2\"></span>or finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts measur<span class=\"_ _2\"></span>ed at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue thr<span class=\"_ _2\"></span>ough prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss or <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air value through oth<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>r comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me (Note 8<span class=\"_ _2\"></span>.3), i<span class=\"_ _2\"></span>n which<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ve financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> are incl<span class=\"_ _2\"></span>uded (Note 8<span class=\"_ _2\"></span>.2).<span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>4.5.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>ompa<span class=\"_ _a9\"></span>rabil<span class=\"_ _2\"></span>ity<span class=\"_ _a9\"></span> These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>material respec<span class=\"_ _2\"></span>ts with <span class=\"_ _a9\"></span>those of th<span class=\"_ _2\"></span>e previ<span class=\"_ _2\"></span>ous year.1.5<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>N<span class=\"ls74\">ew</span> <span class=\"_ _2\"></span>IFRS a<span class=\"_ _2\"></span>dopted<span class=\"_ _2\"></span> and to b<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>opted <span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>5.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Oth<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ard<span class=\"_ _a9\"></span>s, am<span class=\"_ _a9\"></span>endm<span class=\"_ _a9\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _a9\"></span>d i<span class=\"_ _2\"></span>nter<span class=\"_ _2\"></span>pre<span class=\"_ _a9\"></span>tati<span class=\"_ _a9\"></span>o<span class=\"_ _0\"></span>ns <span class=\"_ _a9\"></span>adop<span class=\"_ _a9\"></span>ted <span class=\"_ _a9\"></span>or t<span class=\"_ _2\"></span>o be <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _a9\"></span>ns ado<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>d in 202<span class=\"_ _2\"></span>2 No i<span class=\"_ _2\"></span>mpacts on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts en<span class=\"_ _2\"></span>dorsed <span class=\"_ _2\"></span>by the <span class=\"_ _a9\"></span>Europea<span class=\"_ _2\"></span>n Unio<span class=\"_ _a9\"></span>n Reference to the Conce<span class=\"_ _0\"></span>ptual In May 2020 the I<span class=\"_ _0\"></span>ASB i<span class=\"_ _0\"></span>ssued Re<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>erence to th<span class=\"_ _0\"></span>e Conceptual<span class=\"_ _0\"></span> Framework, whi<span class=\"_ _0\"></span>ch made 1 January 2022<span class=\"_ _0\"></span> Framework (Amendme<span class=\"_ _0\"></span>nts to amendments to IFRS 3<span class=\"_ _0\"></span> Business Combi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ons. IF<span class=\"_ _0\"></span>RS 3) The amendments <span class=\"_ _0\"></span>updated IF<span class=\"_ _0\"></span>RS 3 by repl<span class=\"_ _0\"></span>acing a reference to an ol<span class=\"_ _0\"></span>d version of the Board\u2019s Conceptual<span class=\"_ _0\"></span> Framework for Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> Reporting w<span class=\"ff1\">i<span class=\"_ _0\"></span>th a refere<span class=\"_ _0\"></span>nce to the l<span class=\"_ _0\"></span>atest </span>version, whi<span class=\"_ _0\"></span>ch was issued i<span class=\"_ _0\"></span>n March 2018.<span class=\"_ _0\"></span> The Amendments sh<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed to business combinati<span class=\"_ _0\"></span>ons for whi<span class=\"_ _0\"></span>ch the acquisi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date is on or after th<span class=\"_ _0\"></span>e begi<span class=\"_ _0\"></span>nning of the first annual<span class=\"_ _0\"></span> reporting p<span class=\"_ _0\"></span>eriod begi<span class=\"_ _0\"></span>nning on or after 1 January 20<span class=\"_ _0\"></span>22.  Property, Plant and Equi<span class=\"_ _0\"></span>pment In May 2020, the IAS<span class=\"_ _0\"></span>B issued Propert<span class=\"_ _0\"></span>y, Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span>Proc<span class=\"_ _0\"></span>eeds before<span class=\"_ _0\"></span> Intended 1 January 2022<span class=\"_ _0\"></span> \u2014<span class=\"ff1\"> Pr<span class=\"_ _2\"></span>oc<span class=\"_ _0\"></span>eeds befo<span class=\"_ _0\"></span>re Intended </span>Use, which made a<span class=\"_ _0\"></span>mendments to IA<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>6 Property, Pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Equi<span class=\"_ _0\"></span>pment<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span> Use (Amendments to I<span class=\"_ _0\"></span>AS 16 The Amendments woul<span class=\"_ _0\"></span>d prohi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>t dedu<span class=\"_ _2\"></span>cting <span class=\"_ _0\"></span>from the cost o<span class=\"_ _0\"></span>f an item <span class=\"_ _0\"></span>of property, pl<span class=\"_ _0\"></span>ant Property, Plant and and equipment any p<span class=\"_ _0\"></span>roceeds from sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng items produced whi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e bringing that asset to Equipment) the lo<span class=\"_ _0\"></span>cation and <span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n nec<span class=\"_ _2\"></span>essar<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>t to be capabl<span class=\"_ _0\"></span>e of operati<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n a manner i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>nded by ma<span class=\"_ _0\"></span>nagement. Ins<span class=\"_ _0\"></span>tead, an enti<span class=\"_ _0\"></span>ty would recogni<span class=\"_ _0\"></span>se those sal<span class=\"_ _0\"></span>es proceeds in profit or lo<span class=\"_ _0\"></span>ss. The amendments s<span class=\"_ _0\"></span>hall<span class=\"_ _0\"></span> be app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for annual perio<span class=\"_ _0\"></span>ds beginning on o<span class=\"_ _0\"></span>r after 1 Janua<span class=\"_ _0\"></span>ry 2022. Onerous Contracts <span class=\"ff8\">\u2014</span> <span class=\"_ _0\"></span>Cost of In May 2020, the IAS<span class=\"_ _0\"></span>B issued Onero<span class=\"_ _0\"></span>us Contracts <span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span> Cost<span class=\"_ _0\"></span> of Fulfilli<span class=\"_ _0\"></span>ng a Contract, whi<span class=\"_ _0\"></span>ch 1 January 2022<span class=\"_ _0\"></span> Fulfilli<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>Co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> made amendments to I<span class=\"_ _0\"></span>AS 37 Provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons, Contingent Li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d Co<span class=\"_ _0\"></span>ntingent Assets.<span class=\"_ _1\"></span> The objective of <span class=\"_ _0\"></span>the Amendments i<span class=\"_ _0\"></span>s to clarify the req<span class=\"_ _0\"></span>uireme<span class=\"_ _0\"></span>nts of I<span class=\"_ _0\"></span>AS 37 on onerous contracts regardi<span class=\"_ _0\"></span>ng the assessment of w<span class=\"_ _0\"></span>hether, i<span class=\"_ _0\"></span>n a contract, the un<span class=\"_ _0\"></span>avoi<span class=\"_ _0\"></span>dable costs of meeting the obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gations under the contract exceed <span class=\"_ _0\"></span>the economic be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts expected to be rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved under<span class=\"_ _0\"></span> it. The ame<span class=\"_ _0\"></span>ndments shal<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> be a<span class=\"_ _2\"></span>ppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds beginning on<span class=\"_ _0\"></span> or after 1 January 2022.<span class=\"_ _0\"></span> Annual I<span class=\"_ _0\"></span>mprovements to IFRS On 14 May 2020, t<span class=\"_ _0\"></span>he IASB i<span class=\"_ _0\"></span>ssued Annual I<span class=\"_ _0\"></span>mprovements to IFRS Sta<span class=\"_ _0\"></span>ndards 2018<span class=\"_ _1\"></span><span class=\"ff8\">\u2013</span>2020 1 January 2022<span class=\"_ _0\"></span> Standards 2018-2<span class=\"_ _0\"></span>020 containing the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owing amendments to IFRSs:<span class=\"_ _1\"></span> (a) permi<span class=\"_ _0\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> enti<span class=\"_ _0\"></span>ty that is a subsidi<span class=\"_ _0\"></span>ary, associate or joi<span class=\"_ _0\"></span>nt venture, w<span class=\"_ _0\"></span>ho becomes <span class=\"_ _0\"></span>a first-time adopter l<span class=\"_ _0\"></span>ater than its parent and el<span class=\"_ _0\"></span>ects to appl<span class=\"_ _0\"></span>y paragraph <span class=\"_ _0\"></span>D16(a) of IFRS 1 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>rst-time Adoptio<span class=\"_ _0\"></span>n of Internatio<span class=\"_ _0\"></span>nal Fi<span class=\"_ _0\"></span>nancial Reporting Standards, <span class=\"_ _0\"></span>to measure t<span class=\"_ _0\"></span>he cumul<span class=\"_ _0\"></span>ative tra<span class=\"ff8\">nslation di<span class=\"_ _0\"></span>fferences using the a<span class=\"_ _0\"></span>mounts reporte<span class=\"_ _0\"></span>d by the parent, <span class=\"_ _0\"></span>based on the p<span class=\"_ _0\"></span>arent\u2019s </span>date of transiti<span class=\"_ _0\"></span>on to IFRS;<span class=\"_ _0\"></span> (b) clarify that <span class=\"_ _0\"></span>the reference to fees i<span class=\"_ _0\"></span>n the 10 per cent<span class=\"_ _0\"></span> test incl<span class=\"_ _0\"></span>udes o<span class=\"_ _0\"></span>nly fees pai<span class=\"_ _0\"></span>d or rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved betw<span class=\"_ _0\"></span>een the borrower<span class=\"_ _0\"></span> and the l<span class=\"_ _0\"></span>ender, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _1\"></span>ng fe<span class=\"_ _2\"></span>es pai<span class=\"_ _0\"></span>d or received by ei<span class=\"_ _0\"></span>ther the borrower or lend<span class=\"_ _0\"></span>er on the o<span class=\"_ _0\"></span>ther\u2019s behal<span class=\"_ _0\"></span>f (IFRS 9);<span class=\"_ _0\"></span><span class=\"ff1\"> </span>(c) remove the po<span class=\"_ _0\"></span>tential<span class=\"_ _0\"></span> confusion regarding the t<span class=\"_ _0\"></span>reatment of leas<span class=\"_ _0\"></span>e incenti<span class=\"_ _0\"></span>ves applyi<span class=\"_ _0\"></span>ng IF<span class=\"_ _0\"></span>RS 16<span class=\"_ _2\"></span> Leas<span class=\"_ _0\"></span>es as was i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ustra<span class=\"_ _2\"></span>ted i<span class=\"_ _0\"></span>n Ill<span class=\"_ _0\"></span>ustrative Example <span class=\"_ _0\"></span>13 accompanyi<span class=\"_ _0\"></span>ng IFRS<span class=\"_ _0\"></span> 16; and<span class=\"_ _0\"></span> (d) remove the req<span class=\"_ _0\"></span>uirement in par<span class=\"_ _0\"></span>agraph 22 of IAS 4<span class=\"_ _0\"></span>1 Agri<span class=\"_ _0\"></span>culture for entiti<span class=\"_ _0\"></span>es to exclude cash flow<span class=\"_ _0\"></span>s for taxation when measuri<span class=\"_ _0\"></span>ng fai<span class=\"_ _0\"></span>r value applyi<span class=\"_ _0\"></span>ng IAS<span class=\"_ _0\"></span> 41<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> The amendments wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual peri<span class=\"_ _0\"></span>ods beginning on or<span class=\"_ _0\"></span> after 1 January 2022. Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _a9\"></span>ns to <span class=\"_ _2\"></span>be ado<span class=\"_ _2\"></span>pted in <span class=\"_ _2\"></span>sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt period<span class=\"_ _2\"></span>s Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts en<span class=\"_ _2\"></span>dorsed <span class=\"_ _2\"></span>by the <span class=\"_ _a9\"></span>Europea<span class=\"_ _2\"></span>n Unio<span class=\"_ _a9\"></span>n which t<span class=\"_ _2\"></span>he Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d not t<span class=\"_ _2\"></span>o ap<span class=\"_ _2\"></span>ply in a<span class=\"_ _2\"></span>dvance<span class=\"_ _a9\"></span> Discl<span class=\"_ _0\"></span>osure of Accounting Follo<span class=\"_ _0\"></span>wing feedback that more guida<span class=\"_ _0\"></span>nce was needed <span class=\"_ _0\"></span>to hel<span class=\"_ _0\"></span>p companies deci<span class=\"_ _0\"></span>de what 1 January 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span> poli<span class=\"_ _0\"></span>cies (Amen<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>ments to accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nformatio<span class=\"_ _0\"></span>n should be discl<span class=\"_ _0\"></span>osed, the IASB<span class=\"_ _0\"></span> issued on 12 February IAS<span class=\"_ _0\"></span> 1 P<span class=\"_ _2\"></span>rese<span class=\"_ _0\"></span>ntation of 2021 amendments to I<span class=\"_ _0\"></span>AS 1 Presentati<span class=\"_ _0\"></span>on of Fi<span class=\"_ _0\"></span>nancial Statements a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>FRS Pra<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tice Fi<span class=\"_ _0\"></span>nancial Statements and Statement 2 Maki<span class=\"_ _0\"></span>ng Material<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty Judge<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span> IF<span class=\"_ _0\"></span>RS Pr<span class=\"_ _2\"></span>acti<span class=\"_ _0\"></span>ce Statement 2)<span class=\"_ _0\"></span> The key amendmen<span class=\"_ _0\"></span>ts to IAS 1 i<span class=\"_ _0\"></span>nclude: i) requi<span class=\"_ _0\"></span>ring compani<span class=\"_ _0\"></span>es to discl<span class=\"_ _0\"></span>ose their material accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies rather than thei<span class=\"_ _0\"></span>r signifi<span class=\"_ _0\"></span>cant accounting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies; ii) clari<span class=\"_ _0\"></span>fying that a<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>counti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es related to immaterial<span class=\"_ _0\"></span> transacti<span class=\"_ _0\"></span>ons, other events or<span class=\"_ _0\"></span> conditi<span class=\"_ _0\"></span>ons are themselves i<span class=\"_ _0\"></span>mmaterial<span class=\"_ _0\"></span> and as such need not be di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed;<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) clari<span class=\"_ _0\"></span>fying that not all<span class=\"_ _0\"></span> account<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es that relate to material<span class=\"_ _0\"></span> transactions, are themselves mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> to a company\u2019s financial<span class=\"_ _0\"></span> statements. <span class=\"_ _0\"></span><span class=\"ff1\"> </span>The IASB also<span class=\"_ _0\"></span> amended IFRS Practice S<span class=\"_ _0\"></span>tatement <span class=\"_ _0\"></span>2 to include gui<span class=\"_ _0\"></span>dance and two<span class=\"_ _0\"></span> additi<span class=\"_ _0\"></span>onal examples on the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of ma<span class=\"_ _2\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty t<span class=\"_ _2\"></span>o acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy di<span class=\"_ _0\"></span>sc<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>osures. The amendments <span class=\"_ _0\"></span>are consistent wi<span class=\"_ _0\"></span>th the refined defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tion of material<span class=\"_ _0\"></span>:  \u201cAccounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy informa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\">on i<span class=\"_ _0\"></span>s materi<span class=\"_ _0\"></span>al if, when considered <span class=\"_ _0\"></span>together wi<span class=\"_ _0\"></span>th other </span>i<span class=\"_ _0\"></span>nforma<span class=\"_ _2\"></span>tio<span class=\"_ _0\"></span>n incl<span class=\"_ _0\"></span>uded in an entity\u2019s fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> statements, i<span class=\"_ _0\"></span>t ca<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> reasonabl<span class=\"_ _0\"></span>y be expected to infl<span class=\"_ _0\"></span>uence<span class=\"_ _2\"></span> d<span class=\"_ _0\"></span>ecisi<span class=\"_ _0\"></span>ons that the primary user<span class=\"_ _0\"></span>s of general<span class=\"_ _0\"></span>-pu<span class=\"_ _0\"></span>rpose fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> stat<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ments make on the basi<span class=\"_ _0\"></span>s of those <span class=\"ff8\">fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al statements\u201d.</span> The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>1 January <span class=\"_ _0\"></span>2023 but may be <span class=\"_ _0\"></span>applied earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er. Amendments to IA<span class=\"_ _0\"></span>S 8 The IASB has i<span class=\"_ _0\"></span>ssued amendme<span class=\"_ _0\"></span>nts to IAS 8 Acco<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>ng P<span class=\"_ _2\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies, Changes in 1 January 2023<span class=\"_ _0\"></span> Accounting poli<span class=\"_ _0\"></span>cies, Accounting Estima<span class=\"_ _0\"></span>tes and Errors to <span class=\"_ _0\"></span>clari<span class=\"_ _0\"></span>fy how companies sho<span class=\"_ _0\"></span>uld di<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nguish changes Changes in Accounti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n ac<span class=\"_ _2\"></span>counti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es from c<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates, wi<span class=\"_ _0\"></span>th a<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mary focus on Estimates and Errors<span class=\"_ _0\"></span>: the definiti<span class=\"_ _0\"></span>on of and cl<span class=\"_ _0\"></span>arifi<span class=\"_ _0\"></span>cations on accounting esti<span class=\"_ _0\"></span>mates. Definiti<span class=\"_ _0\"></span>on of Accounting The amendments i<span class=\"_ _0\"></span>ntroduce a new defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for a<span class=\"_ _2\"></span>ccounti<span class=\"_ _0\"></span>ng estimates<span class=\"_ _0\"></span>: clari<span class=\"_ _0\"></span>fying that Estimates they are monetary amou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the financial<span class=\"_ _0\"></span> statements that <span class=\"_ _0\"></span>are subject to measurement unce<span class=\"_ _0\"></span>rtainty. The amendments <span class=\"_ _0\"></span>also cl<span class=\"_ _0\"></span>arify the relationshi<span class=\"_ _0\"></span>p betw<span class=\"_ _0\"></span>een accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies an<span class=\"_ _2\"></span>d accounting esti<span class=\"_ _0\"></span>mates by speci<span class=\"_ _0\"></span>fying that a company d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>ps an accounting estima<span class=\"_ _0\"></span>te to achieve the objecti<span class=\"_ _0\"></span>ve set out by <span class=\"_ _0\"></span>an accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy. The effects of changes i<span class=\"_ _0\"></span>n such inputs or meas<span class=\"_ _0\"></span>urement tech<span class=\"_ _0\"></span>niques are changes i<span class=\"_ _0\"></span>n accoun<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng estimates. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for periods begi<span class=\"_ _0\"></span>nning on or after <span class=\"_ _0\"></span>1 January 2023, wi<span class=\"_ _0\"></span>th ear<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted, and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> apply prospectively to changes <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n acc<span class=\"_ _2\"></span>oun<span class=\"_ _0\"></span>ting estimates and changes i<span class=\"_ _0\"></span>n accounti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es occurr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng on o<span class=\"_ _0\"></span>r after the <span class=\"_ _0\"></span>beginni<span class=\"_ _0\"></span>ng of the first annual<span class=\"_ _0\"></span> reporting perio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch the company appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>amendme<span class=\"_ _0\"></span>nts.<span class=\"_ _0\"></span> Amendments to IA<span class=\"_ _0\"></span>S 12: The IASB i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 12 Income T<span class=\"_ _0\"></span>axes o<span class=\"_ _0\"></span>n 7 May 202<span class=\"_ _0\"></span>1. 1 January 2023<span class=\"_ _0\"></span> deferred tax relat<span class=\"_ _0\"></span>ed to The amendments requi<span class=\"_ _0\"></span>re comp<span class=\"_ _0\"></span>anies to recogni<span class=\"_ _0\"></span>se deferred tax on <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons that, assets and l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties arisi<span class=\"_ _0\"></span>ng on ini<span class=\"_ _0\"></span>tial recogniti<span class=\"_ _0\"></span>on, give rise to equal amo<span class=\"_ _0\"></span>unts of taxabl<span class=\"_ _0\"></span>e and deducti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e te<span class=\"_ _2\"></span>mpor<span class=\"_ _0\"></span>ary from a singl<span class=\"_ _0\"></span>e transacti<span class=\"_ _0\"></span>on differences. <span class=\"_ _0\"></span> In specifi<span class=\"_ _0\"></span>ed circumstances, comp<span class=\"_ _0\"></span>anies are exemp<span class=\"_ _0\"></span>t from r<span class=\"_ _0\"></span>ecognisi<span class=\"_ _0\"></span>ng deferred tax when they recogni<span class=\"_ _0\"></span>se assets or l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities for the first time. <span class=\"_ _0\"></span>Previo<span class=\"_ _0\"></span>usly, there had been some uncertai<span class=\"_ _0\"></span>nty about whether the exem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to transactio<span class=\"_ _0\"></span>ns such as leases and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oning obli<span class=\"_ _0\"></span>gations<span class=\"ff8\">\u2014</span>transactio<span class=\"_ _0\"></span>ns for which compa<span class=\"_ _0\"></span>nies <span class=\"_ _0\"></span>recognise bo<span class=\"_ _0\"></span>th an asset and a li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty. The amendments cl<span class=\"_ _0\"></span>arify that the exempti<span class=\"_ _0\"></span>on do<span class=\"_ _0\"></span>es not apply and that compani<span class=\"_ _0\"></span>es are requi<span class=\"_ _0\"></span>red to recogni<span class=\"_ _0\"></span>se deferred tax on such tr<span class=\"_ _0\"></span>ansactio<span class=\"_ _0\"></span>ns. The aim of the amendm<span class=\"_ _0\"></span>ents is to reduce di<span class=\"_ _0\"></span>versity i<span class=\"_ _0\"></span>n the reporting of d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>erred t<span class=\"_ _0\"></span>ax on l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>s and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>ng obli<span class=\"_ _0\"></span>gations. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for annual reporting p<span class=\"_ _0\"></span>eriods begi<span class=\"_ _0\"></span>nning o<span class=\"_ _0\"></span>n or after 1 January 2023. Earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation is permitte<span class=\"_ _2\"></span>d.<span class=\"_ _1\"></span> IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> <span class=\"ff8\">\u2014</span> Ins<span class=\"_ _0\"></span>urance The IASB i<span class=\"_ _0\"></span>ssued on 18 May 201<span class=\"_ _0\"></span>7 a standard tha<span class=\"_ _0\"></span>t superseded IF<span class=\"_ _0\"></span>RS 4 and compl<span class=\"_ _0\"></span>etely 1 January 2023<span class=\"_ _0\"></span> Contracts reformed the treatmen<span class=\"_ _0\"></span>t of insurance con<span class=\"_ _0\"></span>tracts. The st<span class=\"_ _0\"></span>andard i<span class=\"_ _0\"></span>ntroduces signifi<span class=\"_ _0\"></span>cant changes to the way<span class=\"_ _0\"></span> in whi<span class=\"_ _0\"></span>ch the performance of i<span class=\"_ _0\"></span>nsurance contrac<span class=\"_ _0\"></span>ts is measured<span class=\"_ _0\"></span> and presented with va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us impacts also<span class=\"_ _0\"></span> at the level o<span class=\"_ _0\"></span>f the financi<span class=\"_ _0\"></span>al posi<span class=\"_ _0\"></span>tion. The <span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>tandard expected to be effec<span class=\"_ _0\"></span>tive for annual<span class=\"_ _0\"></span> periods begi<span class=\"_ _0\"></span>nning on or afte<span class=\"_ _0\"></span>r 1 January 2023.<span class=\"_ _0\"></span> Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Amendments to IF<span class=\"_ _0\"></span>RS 17 - The IASB has i<span class=\"_ _0\"></span>ssued an amendment<span class=\"_ _0\"></span> to the scope of t<span class=\"_ _0\"></span>he transiti<span class=\"_ _0\"></span>onal requirements of 1 January 2023<span class=\"_ _0\"></span> Insurance Contr<span class=\"_ _0\"></span>acts: First-IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> - Ins<span class=\"_ _0\"></span>urance Contrac<span class=\"_ _0\"></span>ts, which provides i<span class=\"_ _0\"></span>nsurers wi<span class=\"_ _0\"></span>th an opti<span class=\"_ _0\"></span>on to improve<span class=\"_ _0\"></span> the time Adoptio<span class=\"_ _0\"></span>n of IFRS 17 usefulness of infor<span class=\"_ _0\"></span>matio<span class=\"_ _0\"></span>n to investors on first<span class=\"_ _0\"></span>-time adopti<span class=\"_ _0\"></span>on of the n<span class=\"_ _0\"></span>ew stand<span class=\"_ _0\"></span>ard. and <span class=\"_ _2\"></span>I<span class=\"_ _0\"></span>FRS 9 - <span class=\"_ _0\"></span>Comparati<span class=\"_ _0\"></span>ve IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>uding this amendment, i<span class=\"_ _0\"></span>s effective for annu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds begi<span class=\"_ _0\"></span>nning on or Information<span class=\"_ _0\"></span> after 1 January 2023.<span class=\"_ _0\"></span> Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts not <span class=\"_ _2\"></span>yet en<span class=\"_ _2\"></span>dor<span class=\"_ _2\"></span>sed by the<span class=\"_ _2\"></span> Eur<span class=\"_ _2\"></span>opea<span class=\"_ _2\"></span>n Union<span class=\"fc17\"> </span>Clari<span class=\"_ _0\"></span>fication of requirements The IASB i<span class=\"_ _0\"></span>ssued on 23 January <span class=\"_ _0\"></span>2020 an amendment to I<span class=\"_ _0\"></span>AS 1 Presentation of Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> 1 January 2024<span class=\"_ _0\"></span> for classifyi<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abilities as Statements to cl<span class=\"_ _0\"></span>arify how to classi<span class=\"_ _0\"></span>fy debt and other l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es as c<span class=\"_ _2\"></span>urr<span class=\"_ _0\"></span>ent and non<span class=\"_ _0\"></span>-current or non-curre<span class=\"_ _0\"></span>nt current. (amendments to I<span class=\"_ _0\"></span>AS 1 - The amendments cl<span class=\"_ _0\"></span>arify an IAS 1 cri<span class=\"_ _0\"></span>teria for cl<span class=\"_ _0\"></span>assifyi<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non-cu<span class=\"_ _0\"></span>rrent: th<span class=\"_ _0\"></span>e Presentatio<span class=\"_ _0\"></span>n of Financial<span class=\"_ _0\"></span> requ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rement fo<span class=\"_ _0\"></span>r an entity to h<span class=\"_ _0\"></span>ave the ri<span class=\"_ _0\"></span>ght to defer the l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ability\u2019s sett<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ement at l<span class=\"_ _0\"></span>east Statements)<span class=\"_ _0\"></span> 12 months after t<span class=\"_ _0\"></span>he reporting peri<span class=\"_ _0\"></span>od. The amendments <span class=\"_ _0\"></span>aim to:<span class=\"_ _0\"></span> a.<span class=\"ls0\"> <span class=\"_ _94\"> </span>specify that an enti<span class=\"_ _0\"></span>ty's right to de<span class=\"_ _0\"></span>fer settlement mus<span class=\"_ _0\"></span>t exi<span class=\"_ _0\"></span>st at the end of </span>the reporting peri<span class=\"_ _0\"></span>od; b.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>at <span class=\"_ _0\"></span>the classi<span class=\"_ _0\"></span>ficati<span class=\"_ _0\"></span>on is not affected by the Board's i<span class=\"_ _0\"></span>ntentions <span class=\"_ _0\"></span>or </span>expectatio<span class=\"_ _0\"></span>ns as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to whether t<span class=\"_ _0\"></span>he entity will<span class=\"_ _0\"></span> exercise i<span class=\"_ _0\"></span>ts r<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ght to pos<span class=\"_ _0\"></span>tpone s<span class=\"_ _0\"></span>ettlement;<span class=\"_ _1\"></span> c.<span class=\"ls0\"> <span class=\"_ _51\"> </span>clarify how l<span class=\"_ _0\"></span>oan conditio<span class=\"_ _0\"></span>ns af<span class=\"_ _2\"></span>fect cl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>cation; and<span class=\"_ _0\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>e req<span class=\"_ _0\"></span>uirements to <span class=\"_ _0\"></span>classi<span class=\"_ _0\"></span>fy the li<span class=\"_ _0\"></span>abilities that an enti<span class=\"_ _0\"></span>ty will settle, </span>or may settle, by i<span class=\"_ _0\"></span>ssuing its own <span class=\"_ _0\"></span>equity instru<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span> This amendment i<span class=\"_ _0\"></span>s effective for pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds starting on 1 January <span class=\"_ _0\"></span>2024.<span class=\"_ _0\"></span> Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es in sale and The IA<span class=\"_ _0\"></span>SB i<span class=\"_ _0\"></span>ssued amendm<span class=\"_ _0\"></span>ents to <span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>FRS 16 <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Leas<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n Septembe<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>022 that i<span class=\"_ _0\"></span>ntroduc<span class=\"_ _0\"></span>e 1 January 2024<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>ns a <span class=\"_ _1\"></span>new <span class=\"_ _1\"></span>accou<span class=\"_ _0\"></span>nting <span class=\"_ _1\"></span>model<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>v<span class=\"_ _0\"></span>ariabl<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>payments <span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>ransactio<span class=\"_ _0\"></span>n. (amendments to I<span class=\"_ _0\"></span>FRS 16 - The amendments con<span class=\"_ _0\"></span>firm that:<span class=\"_ _0\"></span> Leases) - <span class=\"_ _96\"> </span><span class=\"ff1\">On <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _2\"></span>ecogniti<span class=\"_ _0\"></span>on, <span class=\"_\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_\"> </span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee<span class=\"_ _2\"></span> <span class=\"_\"> </span>includes <span class=\"_ _97\"> </span>vari<span class=\"_ _0\"></span>able <span class=\"_ _97\"> </span>l<span class=\"_ _0\"></span>ease <span class=\"_\"> </span>payments <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>n </span>measuring a l<span class=\"_ _0\"></span>ease li<span class=\"_ _0\"></span>ability ar<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng from a sale and l<span class=\"_ _0\"></span>easeback transacti<span class=\"_ _0\"></span>on;<span class=\"_ _0\"></span> - <span class=\"_ _96\"> </span><span class=\"ff1\">After <span class=\"_ _38\"></span>ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>recognitio<span class=\"_ _0\"></span>n, <span class=\"_ _38\"></span>the <span class=\"_ _38\"></span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_ _38\"></span>appli<span class=\"_ _0\"></span>es <span class=\"_ _38\"></span>the <span class=\"_ _38\"> </span>ge<span class=\"_ _0\"></span>neral <span class=\"_ _38\"></span>requi<span class=\"_ _0\"></span>rements <span class=\"_ _38\"> </span>for<span class=\"_ _0\"></span> </span>subsequent <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>for <span class=\"_ _38\"></span>the <span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ease <span class=\"_ _38\"></span>li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty <span class=\"_ _1\"></span>so<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>tha<span class=\"_ _2\"></span>t <span class=\"_ _38\"></span>it <span class=\"_ _38\"></span>does <span class=\"_ _1\"></span>not <span class=\"_ _38\"></span>rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>se <span class=\"_ _38\"></span>an<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> gain or lo<span class=\"_ _0\"></span>ss relating to the right o<span class=\"_ _0\"></span>f use it retai<span class=\"_ _0\"></span>ns.<span class=\"_ _0\"></span> A <span class=\"_ _2\"></span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-lessee <span class=\"_ _a9\"></span>ma<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>use different a<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>proaches t<span class=\"_ _2\"></span>o comply with <span class=\"_ _2\"></span>the new re<span class=\"_ _2\"></span>quire<span class=\"_ _0\"></span>ments for subsequent measure<span class=\"_ _0\"></span>ment.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>Amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>appli<span class=\"_ _0\"></span>ed <span class=\"_ _a9\"></span>fo<span class=\"_ _0\"></span>r <span class=\"_ _2\"></span>annual <span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>riods <span class=\"_ _2\"></span>beginni<span class=\"_ _0\"></span>ng <span class=\"_ _2\"></span>on<span class=\"_ _0\"></span> <span class=\"_ _a9\"></span>or after <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _2\"></span>2024,<span class=\"_ _0\"></span> wi<span class=\"_ _0\"></span>th ea<span class=\"_ _2\"></span>rli<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted.<span class=\"_ _0\"></span> In accordance wi<span class=\"_ _0\"></span>th IA<span class=\"_ _0\"></span>S 8 - Acco<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span> Poli<span class=\"_ _0\"></span>cies, Changes i<span class=\"_ _0\"></span>n Accounti<span class=\"_ _0\"></span>ng Esti<span class=\"_ _0\"></span>mates and Err<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>s, <span class=\"_ _98\"> </span>a <span class=\"_ _98\"> </span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_\"> </span>shall<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>apply <span class=\"_\"> </span>the<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _98\"> </span>retrospectivel<span class=\"_ _0\"></span>y <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>sale <span class=\"_ _98\"> </span>and<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back <span class=\"_ _1\"></span>transacti<span class=\"_ _0\"></span>ons <span class=\"_ _0\"></span>enter<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nto <span class=\"_ _0\"></span>on <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>afte<span class=\"_ _0\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _0\"></span>cation <span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>f <span class=\"_ _0\"></span>IFRS 16. <span class=\"_\"> </span>T<span class=\"_ _0\"></span>his <span class=\"_ _98\"> </span>means <span class=\"_ _98\"> </span>th<span class=\"_ _0\"></span>at <span class=\"_\"> </span>i<span class=\"_ _0\"></span>t <span class=\"_\"> </span>w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> <span class=\"_\"> </span>have <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>fy <span class=\"_\"> </span>and<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _0\"></span>eassess <span class=\"_ _98\"> </span>sale<span class=\"_ _0\"></span> <span class=\"_\"> </span>a<span class=\"_ _0\"></span>nd <span class=\"_\"> </span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack transactions e<span class=\"_ _2\"></span>nte<span class=\"_ _0\"></span>red <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>nto since <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mplementation of IFRS 1<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>9,<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>potenti<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y restate those tha<span class=\"_ _0\"></span>t include vari<span class=\"_ _0\"></span>able l<span class=\"_ _0\"></span>ease <span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>ayments.<span class=\"_ _0\"></span> With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>bove stand<span class=\"_ _2\"></span>ards, <span class=\"_ _2\"></span>which ar<span class=\"_ _2\"></span>e not y<span class=\"_ _2\"></span>et mandator<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y has not <span class=\"_ _a9\"></span>yet<span class=\"_ _0\"></span> completed <span class=\"_ _2\"></span>the cal<span class=\"_ _2\"></span>culation<span class=\"_ _2\"></span> of al<span class=\"_ _2\"></span>l i<span class=\"_ _2\"></span>mpacts arisi<span class=\"_ _2\"></span>ng from t<span class=\"_ _2\"></span>heir <span class=\"_ _a9\"></span>a<span class=\"_ _0\"></span>pplicatio<span class=\"_ _2\"></span>n and has th<span class=\"_ _a9\"></span>ere<span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>re elec<span class=\"_ _2\"></span>ted to apply <span class=\"_ _2\"></span>them e<span class=\"_ _2\"></span>arly, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>these impac<span class=\"_ _a9\"></span>ts are no<span class=\"_ _2\"></span>t expec<span class=\"_ _2\"></span>ted to be ma<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>rial. 1.6<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Signif<span class=\"_ _2\"></span>icant est<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>es and ju<span class=\"_ _2\"></span>dgements<span class=\"_ _a9\"></span> The prepa<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f sep<span class=\"_ _2\"></span>arate fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _2\"></span> requi<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _a9\"></span>rs to make judgements <span class=\"_ _2\"></span>and es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>that af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of re<span class=\"_ _2\"></span>venue, c<span class=\"_ _2\"></span>osts, <span class=\"_ _2\"></span>assets, <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>and discl<span class=\"_ _2\"></span>osures at th<span class=\"_ _a9\"></span>e date of <span class=\"_ _2\"></span>the stat<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on. To th<span class=\"_ _2\"></span>at eff<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ct, the Bo<span class=\"_ _a9\"></span>ard of Directors'<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d judgemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s are <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on:  (i) <span class=\"_ _44\"> </span>the bes<span class=\"_ _2\"></span>t informati<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>knowle<span class=\"_ _2\"></span>dge of cur<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>events and<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>certain cas<span class=\"_ _2\"></span>es on th<span class=\"_ _2\"></span>e reports <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>dependent <span class=\"_ _2\"></span>experts; <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span> (ii) <span class=\"_ _5a\"> </span>the actions<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany consi<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>t may h<span class=\"_ _2\"></span>ave to <span class=\"_ _2\"></span>take in the fu<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ure. <span class=\"_ _a9\"></span> On the <span class=\"_ _2\"></span>date on <span class=\"_ _2\"></span>which the o<span class=\"_ _a9\"></span>perations <span class=\"_ _2\"></span>are comple<span class=\"_ _2\"></span>ted, th<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>utcome co<span class=\"_ _2\"></span>uld diff<span class=\"_ _2\"></span>er from <span class=\"_ _2\"></span>those estimates<span class=\"_ _2\"></span>. Significa<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>estima<span class=\"_ _2\"></span>tes a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s The es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d assump<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>which presen<span class=\"_ _2\"></span>t a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant ri<span class=\"_ _2\"></span>sk of gen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rati<span class=\"_ _2\"></span>ng a mat<span class=\"_ _2\"></span>erial adjustmen<span class=\"_ _2\"></span>t to <span class=\"_ _2\"></span>the book val<span class=\"_ _2\"></span>ue of ass<span class=\"_ _a9\"></span>ets and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od are presented <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>elow: Estimate<span class=\"_ _2\"></span>s and judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s  Notes <span class=\"_ _2\"></span><span class=\"fs1\"> </span>Uncertainty over Incom<span class=\"_ _0\"></span>e Tax Tr<span class=\"_ _0\"></span>eatments<span class=\"_ _0\"></span> 6.1 - Income tax for <span class=\"_ _0\"></span>the peri<span class=\"_ _0\"></span>od 6.2 - Deferred taxes <span class=\"_ _0\"></span><span class=\"fs1\"> </span>Recognition of p<span class=\"_ _0\"></span>rovisions<span class=\"_ _0\"></span><span class=\"fs1\"> </span>9.1 - Provisi<span class=\"_ _0\"></span>ons<span class=\"fs1\"> </span>Valuation of financial inv<span class=\"_ _0\"></span>estments <span class=\"_ _0\"></span><span class=\"fs1 fc1\"> </span>10.1 <span class=\"ff8\">\u2013</span> Investme<span class=\"_ _0\"></span>nts <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries <span class=\"fs1\"> </span>2.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e </span></span>2.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Revenu<span class=\"_ _2\"></span>e and s<span class=\"_ _2\"></span>eg<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent report<span class=\"_ _a9\"></span>ing Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Within <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up, the C<span class=\"_ _2\"></span>ompany o<span class=\"_ _2\"></span>perat<span class=\"_ _2\"></span>es as a t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ader of the Grou<span class=\"_ _2\"></span>p's p<span class=\"_ _2\"></span>roducts <span class=\"_ _2\"></span>and suppli<span class=\"_ _2\"></span>er of mos<span class=\"_ _2\"></span>t of the G<span class=\"_ _a9\"></span>roup's ra<span class=\"_ _2\"></span>w material<span class=\"_ _2\"></span>s. In prepari<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>te financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>ts, the <span class=\"_ _2\"></span>accou<span class=\"_ _2\"></span>nting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>used by <span class=\"_ _2\"></span>the Compan<span class=\"_ _2\"></span>y in the ar<span class=\"_ _2\"></span>eas of re<span class=\"_ _2\"></span>venue an<span class=\"_ _2\"></span>d segmen<span class=\"_ _2\"></span>t repor<span class=\"_ _2\"></span>ting ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>stent <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>polici<span class=\"_ _2\"></span>es appli<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> as desc<span class=\"_ _a9\"></span>ribed belo<span class=\"_ _2\"></span>w. Navigator G<span class=\"_ _a9\"></span>roup business <span class=\"_ _2\"></span>areas<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _a9\"></span>tion and sal<span class=\"_ _2\"></span>e of writi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d prin<span class=\"_ _2\"></span>ting uncoated <span class=\"_ _2\"></span>woodfre<span class=\"_ _2\"></span>e paper (<span class=\"_ _2\"></span>UWF) and <span class=\"_ _a9\"></span>domestic cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n paper (ti<span class=\"_ _2\"></span>ssue) <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s pulp<span class=\"_ _2\"></span>, and it i<span class=\"_ _2\"></span>s presen<span class=\"_ _2\"></span>t in the whol<span class=\"_ _2\"></span>e val<span class=\"_ _2\"></span>ue-added c<span class=\"_ _2\"></span>hain, from <span class=\"_ _a9\"></span>researc<span class=\"_ _2\"></span>h and de<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t of fo<span class=\"_ _2\"></span>restry an<span class=\"_ _2\"></span>d agricul<span class=\"_ _2\"></span>tural pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>purchase <span class=\"_ _2\"></span>and s<span class=\"_ _2\"></span>ale of <span class=\"_ _2\"></span>wood an<span class=\"_ _2\"></span>d the producti<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d sale <span class=\"_ _2\"></span>of bleached euc<span class=\"_ _a9\"></span>alyptus kraf<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pulp <span class=\"ff8\">\u2013</span> BE<span class=\"_ _2\"></span>KP <span class=\"ff8\">\u2013</span> an<span class=\"_ _a9\"></span>d electri<span class=\"_ _2\"></span>c and t<span class=\"_ _2\"></span>hermal ener<span class=\"_ _2\"></span>gy, as w<span class=\"_ _2\"></span>ell as<span class=\"_ _2\"></span> its commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>our indus<span class=\"_ _a9\"></span>trial plants<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> BEKP, e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rgy and UW<span class=\"_ _2\"></span>F paper ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duced in two plants l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted in Fi<span class=\"_ _2\"></span>gueir<span class=\"_ _2\"></span>a da Foz <span class=\"_ _2\"></span>and Set\u00fa<span class=\"_ _2\"></span>bal. BEKP <span class=\"_ _2\"></span>energy <span class=\"_ _2\"></span>and tiss<span class=\"_ _2\"></span>ue pape<span class=\"_ _2\"></span>r ar<span class=\"_ _2\"></span>e also produce<span class=\"_ _2\"></span>d in a pl<span class=\"_ _2\"></span>ant loc<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>Aveiro an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>ourth <span class=\"_ _2\"></span>plant,<span class=\"_ _2\"></span> lo<span class=\"_ _2\"></span>cated in Vi<span class=\"_ _2\"></span>la Velha <span class=\"_ _2\"></span>de R\u00f3d\u00e3o<span class=\"_ _2\"></span>, where ti<span class=\"_ _2\"></span>ssue pa<span class=\"_ _2\"></span>per is p<span class=\"_ _2\"></span>roduced<span class=\"_ _2\"></span>. Wood and co<span class=\"_ _2\"></span>rk are <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>woodlands f<span class=\"_ _2\"></span>rom subsi<span class=\"_ _2\"></span>diari<span class=\"_ _2\"></span>es or l<span class=\"_ _2\"></span>eased in Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>Spain, and als<span class=\"_ _2\"></span>o form gran<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed lands <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Mozambique<span class=\"_ _2\"></span>. The pro<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ucti<span class=\"_ _2\"></span>on o<span class=\"_ _2\"></span>f cork and pine <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ood ar<span class=\"_ _2\"></span>e sold <span class=\"_ _2\"></span>to third pa<span class=\"_ _2\"></span>rties whil<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>the eucal<span class=\"_ _2\"></span>yptus woo<span class=\"_ _2\"></span>d is mai<span class=\"_ _2\"></span>nly con<span class=\"_ _2\"></span>sumed i<span class=\"_ _2\"></span>n the pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of BEKP. A signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t portion of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup\u2019s o<span class=\"_ _2\"></span>wn BEKP <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> consumed <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>WF and tiss<span class=\"_ _2\"></span>ue paper<span class=\"_ _2\"></span>. Sales o<span class=\"_ _2\"></span>f BEKP<span class=\"_ _2\"></span>, UWF an<span class=\"_ _2\"></span>d tis<span class=\"_ _2\"></span>sue paper <span class=\"_ _2\"></span>are made <span class=\"_ _2\"></span>to more th<span class=\"_ _2\"></span>an 130 <span class=\"_ _2\"></span>countries around th<span class=\"_ _2\"></span>e world<span class=\"_ _2\"></span>. With re<span class=\"_ _2\"></span>gard to en<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on, the <span class=\"_ _2\"></span>Group has <span class=\"_ _a9\"></span>three co<span class=\"_ _2\"></span>generati<span class=\"_ _2\"></span>on plants<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> inte<span class=\"_ _2\"></span>grated i<span class=\"_ _2\"></span>n the production <span class=\"_ _2\"></span>of pulp<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Hea<span class=\"_ _2\"></span>t produc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s used fo<span class=\"_ _2\"></span>r inte<span class=\"_ _2\"></span>rnal con<span class=\"_ _2\"></span>sumption whi<span class=\"_ _2\"></span>le elect<span class=\"_ _2\"></span>rici<span class=\"_ _2\"></span>ty is so<span class=\"_ _2\"></span>ld to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid or <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t. The Na<span class=\"_ _a9\"></span>vigator <span class=\"_ _a9\"></span>Group also o<span class=\"_ _2\"></span>wns anothe<span class=\"_ _2\"></span>r two cogenera<span class=\"_ _2\"></span>tion uni<span class=\"_ _2\"></span>ts usi<span class=\"_ _2\"></span>ng natural<span class=\"_ _2\"></span> gas, in<span class=\"_ _2\"></span>tegrate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the pro<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>uction <span class=\"_ _2\"></span>of pape<span class=\"_ _2\"></span>r in Fi<span class=\"_ _2\"></span>gueira da Fo<span class=\"_ _2\"></span>z and in <span class=\"_ _2\"></span>Set\u00fabal, an<span class=\"_ _2\"></span>d two se<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>arate u<span class=\"_ _2\"></span>nits usi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>biofuel<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the output o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e latter <span class=\"_ _2\"></span>two sold to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>It also has<span class=\"_ _2\"></span> thre<span class=\"_ _2\"></span>e photovol<span class=\"_ _a9\"></span>taic uni<span class=\"_ _2\"></span>ts for sel<span class=\"_ _2\"></span>f-consumpti<span class=\"_ _2\"></span>on, two <span class=\"_ _2\"></span>in Set\u00fa<span class=\"_ _2\"></span>bal and on<span class=\"_ _2\"></span>e in Fi<span class=\"_ _2\"></span>gueira <span class=\"_ _2\"></span>da Foz. Segment re<span class=\"_ _2\"></span>porting<span class=\"_ _2\"></span> The Company cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies an <span class=\"_ _2\"></span>operatin<span class=\"_ _a9\"></span>g segment und<span class=\"_ _2\"></span>er IFRS <span class=\"_ _2\"></span>8 as a co<span class=\"_ _2\"></span>mponent of th<span class=\"_ _a9\"></span>e Company that en<span class=\"_ _2\"></span>gages i<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s activiti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>rom which <span class=\"_ _2\"></span>it ma<span class=\"_ _2\"></span>y obtai<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>ome and inc<span class=\"_ _2\"></span>ur expenses, <span class=\"_ _a9\"></span>and whose ope<span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>profit o<span class=\"_ _2\"></span>r loss <span class=\"_ _2\"></span>is regul<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y reviewed <span class=\"_ _2\"></span>by the<span class=\"_ _2\"></span> Executiv<span class=\"_ _2\"></span>e Commi<span class=\"_ _2\"></span>ttee, which <span class=\"_ _2\"></span>is th<span class=\"_ _2\"></span>e chief<span class=\"_ _2\"></span> operatin<span class=\"_ _2\"></span>g decisi<span class=\"_ _2\"></span>on maker <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e purposes <span class=\"_ _2\"></span>of making<span class=\"_ _a9\"></span> decisions<span class=\"_ _2\"></span> about resou<span class=\"_ _2\"></span>rces to <span class=\"_ _2\"></span>be all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the segment <span class=\"_ _2\"></span>and as<span class=\"_ _2\"></span>sessing i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e, and f<span class=\"_ _2\"></span>or which <span class=\"_ _2\"></span>separat<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial info<span class=\"_ _2\"></span>rmation i<span class=\"_ _2\"></span>s avail<span class=\"_ _2\"></span>able. The info<span class=\"_ _2\"></span>rmation use<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>segment re<span class=\"_ _2\"></span>porting co<span class=\"_ _a9\"></span>rresponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nformation<span class=\"_ _2\"></span> prepare<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>by the Company<span class=\"_ _2\"></span>. Although <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p has d<span class=\"_ _2\"></span>efined a s<span class=\"_ _2\"></span>eries <span class=\"_ _2\"></span>of segmen<span class=\"_ _2\"></span>ts, N<span class=\"_ _2\"></span>avi<span class=\"_ _2\"></span>gator is on<span class=\"_ _2\"></span>ly res<span class=\"_ _2\"></span>ponsible <span class=\"_ _2\"></span>for the marketin<span class=\"_ _2\"></span>g of the <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>roduc<span class=\"_ _2\"></span>ts produc<span class=\"_ _2\"></span>ed by i<span class=\"_ _2\"></span>ts subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d for the man<span class=\"_ _a9\"></span>agement of <span class=\"_ _2\"></span>those subsidi<span class=\"_ _2\"></span>aries. <span class=\"_ _2\"></span>Therefore<span class=\"_ _2\"></span>, it i<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>idered tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> all<span class=\"_ _2\"></span> the Compa<span class=\"_ _a9\"></span>ny<span class=\"_ _0\"></span>'s activiti<span class=\"_ _2\"></span>es fall<span class=\"_ _2\"></span> into <span class=\"_ _2\"></span>one si<span class=\"_ _2\"></span>ngle segment <span class=\"_ _2\"></span>and so no<span class=\"_ _2\"></span> furth<span class=\"_ _2\"></span>er brea<span class=\"_ _2\"></span>kdown is r<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>quire<span class=\"_ _2\"></span>d. Revenue <span class=\"_ _2\"></span> Revenue is<span class=\"_ _2\"></span> presen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed by goo<span class=\"_ _a9\"></span>ds and se<span class=\"_ _2\"></span>rvices sol<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>by g<span class=\"_ _2\"></span>eographic a<span class=\"_ _a9\"></span>rea, base<span class=\"_ _2\"></span>d on the cou<span class=\"_ _2\"></span>ntry of desti<span class=\"_ _2\"></span>nation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e goods an<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vices so<span class=\"_ _2\"></span>ld by <span class=\"_ _2\"></span>the Comp<span class=\"_ _2\"></span>any. Commerci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntracts with Cu<span class=\"_ _2\"></span>stomers <span class=\"_ _2\"></span>refer <span class=\"_ _a9\"></span>essentially <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he sal<span class=\"_ _2\"></span>e of goo<span class=\"_ _2\"></span>ds such as<span class=\"_ _2\"></span> tissue <span class=\"_ _a9\"></span>paper and pulp, <span class=\"_ _2\"></span>and to an <span class=\"_ _a9\"></span>extent, to <span class=\"_ _a9\"></span>the transpo<span class=\"_ _a9\"></span>rtation <span class=\"_ _2\"></span>inherent <span class=\"_ _2\"></span>to those goo<span class=\"_ _a9\"></span>ds, when ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e.  Revenue <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n by grou<span class=\"_ _a9\"></span>p of mate<span class=\"_ _2\"></span>rials <span class=\"_ _2\"></span>is descri<span class=\"_ _2\"></span>bed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:<span class=\"_ _0\"></span> BEKP pulp Pulp revenue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es made to the Co<span class=\"_ _0\"></span>mpany's subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d i<span class=\"_ _0\"></span>nternati<span class=\"_ _0\"></span>onal producers of pape<span class=\"_ _0\"></span>r and decorati<span class=\"_ _0\"></span>on. Revenue is recog<span class=\"_ _0\"></span>nised at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, by the amount of <span class=\"_ _0\"></span>the performance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfi<span class=\"_ _0\"></span>ed, the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>rice of the transaction correspon<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng to a fixed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced on the basis of qua<span class=\"_ _0\"></span>ntities sol<span class=\"_ _0\"></span>d, less cash discoun<span class=\"_ _0\"></span>ts and quan<span class=\"_ _0\"></span>tity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determinable. On the expor<span class=\"_ _0\"></span>t side, the tr<span class=\"_ _0\"></span>ansfer of control<span class=\"_ _0\"></span> of the products ge<span class=\"_ _0\"></span>nerall<span class=\"_ _0\"></span>y occurs when the produc<span class=\"_ _0\"></span>ts are transferred <span class=\"_ _0\"></span>to the control<span class=\"_ _0\"></span> of the custom<span class=\"_ _0\"></span>er, in <span class=\"_ _0\"></span>accordance wi<span class=\"_ _0\"></span>th the negotiated I<span class=\"_ _0\"></span>ncoterms. <span class=\"_ _0\"></span> The Company is sol<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y responsibl<span class=\"_ _0\"></span>e for selli<span class=\"_ _0\"></span>ng BEKP<span class=\"_ _2\"></span> pul<span class=\"_ _0\"></span>p produced b<span class=\"_ _0\"></span>y Navi<span class=\"_ _0\"></span>gator Group compani<span class=\"_ _0\"></span>es, intended fo<span class=\"_ _0\"></span>r sale to the market and to <span class=\"_ _0\"></span>the Group's UWF pap<span class=\"_ _0\"></span>er and tissu<span class=\"_ _0\"></span>e producers. <span class=\"_ _1\"></span> UWF Paper revenue refers to s<span class=\"_ _0\"></span>ales made th<span class=\"_ _0\"></span>rough Commer<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> Di<span class=\"_ _0\"></span>stributors (B2B), which incl<span class=\"_ _0\"></span>ude large di<span class=\"_ _0\"></span>stributors, whol<span class=\"_ _0\"></span>esalers or commercial<span class=\"_ _0\"></span> operators, as wel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> as pr<span class=\"_ _2\"></span>oduc<span class=\"_ _0\"></span>ers and processors<span class=\"_ _0\"></span> of pap<span class=\"_ _0\"></span>er products. Revenue<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>s recogn<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, on the dat<span class=\"_ _0\"></span>e of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the custom<span class=\"_ _0\"></span>er when th<span class=\"_ _0\"></span>e transfer of co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span> occurs, by the amount of <span class=\"_ _0\"></span>the performance obli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed, and the pri<span class=\"_ _0\"></span>ce of the transacti<span class=\"_ _0\"></span>on corresponds to a fi<span class=\"_ _0\"></span>xed amou<span class=\"_ _0\"></span>nt invoiced acco<span class=\"_ _0\"></span>rding to the quanti<span class=\"_ _0\"></span>ties sol<span class=\"_ _0\"></span>d, less cash disco<span class=\"_ _0\"></span>unts and quanti<span class=\"_ _0\"></span>ty discounts, whi<span class=\"_ _0\"></span>ch are rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>y determinable.<span class=\"_ _0\"></span> Tissue<span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue r<span class=\"_ _2\"></span>even<span class=\"_ _0\"></span>ue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es of t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ssue paper produ<span class=\"_ _0\"></span>ced for <span class=\"_ _0\"></span>the private label<span class=\"_ _0\"></span> of natio<span class=\"_ _0\"></span>nal and international<span class=\"_ _0\"></span> retail<span class=\"_ _0\"></span> chains.<span class=\"_ _1\"></span> Revenue is recog<span class=\"_ _0\"></span>nised at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c moment, by the amount of<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>erformance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfied,<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the pri<span class=\"_ _0\"></span>ce of the transaction correspon<span class=\"_ _0\"></span>ds to a fixed amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced a<span class=\"_ _2\"></span>ccordi<span class=\"_ _0\"></span>ng to qua<span class=\"_ _0\"></span>ntiti<span class=\"_ _0\"></span>es sold,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ess cash discounts and q<span class=\"_ _0\"></span>uantity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determined. Revenue is r<span class=\"_ _0\"></span>ecognised agai<span class=\"_ _0\"></span>nst the del<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>very <span class=\"_ _2\"></span>of the product, <span class=\"_ _0\"></span>at which time <span class=\"_ _0\"></span>the transfer of control<span class=\"_ _0\"></span> over the product i<span class=\"_ _0\"></span>s deemed to ta<span class=\"_ _0\"></span>ke place. <span class=\"_ _0\"></span> Central The revenue from goods p<span class=\"_ _0\"></span>urchased from <span class=\"_ _0\"></span>producers a<span class=\"_ _0\"></span>nd distri<span class=\"_ _0\"></span>butors to<span class=\"_ _0\"></span> supply the Group's mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s tha<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> use them as r<span class=\"_ _0\"></span>aw purchasing materials for proc<span class=\"_ _0\"></span>essing i<span class=\"_ _0\"></span>s rec<span class=\"_ _2\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed on the date of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very of the product to <span class=\"_ _0\"></span>the customer, for th<span class=\"_ _0\"></span>e amount of the operations performance obli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed, where the transacti<span class=\"_ _0\"></span>on price corresp<span class=\"_ _0\"></span>onds to a fixed amou<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced ba<span class=\"_ _2\"></span>sed o<span class=\"_ _0\"></span>n the quantiti<span class=\"_ _0\"></span>es sold that can be rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y dete<span class=\"_ _2\"></span>rmined.<span class=\"_ _0\"></span> Det<span class=\"_ _a9\"></span>ail <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>f re<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>nue<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y m<span class=\"_ _a9\"></span>ater<span class=\"_ _a9\"></span>ial<span class=\"_ _2\"></span>s/s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up<span class=\"_ _2\"></span>s a<span class=\"_ _a9\"></span>nd <span class=\"_ _2\"></span>geo<span class=\"_ _a9\"></span>grap<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l a<span class=\"_ _a9\"></span>rea<span class=\"_ _2\"></span>s During the <span class=\"_ _a9\"></span>periods en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>22 and 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the revenu<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> from <span class=\"_ _2\"></span>sales of goo<span class=\"_ _2\"></span>ds and ren<span class=\"_ _2\"></span>dering <span class=\"_ _2\"></span>of services<span class=\"_ _2\"></span> is d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>tailed as<span class=\"_ _2\"></span> follo<span class=\"_ _2\"></span>ws: Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Sales UWF Paper<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 86,483,079 <span class=\"_ _0\"></span> 61,336,753 <span class=\"_ _0\"></span> Rest of Europe 1,107,618,863  663,878,514  United States of Ame<span class=\"_ _0\"></span>rica 164,176,085  104,965,167  Rest of Worl<span class=\"_ _0\"></span>d 383,126,808  292,813,637  1,741,40<span class=\"_ _0\"></span>4,835  1,122,99<span class=\"_ _0\"></span>4,072  Tissue Paper<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 93,322,231 <span class=\"_ _0\"></span> 62,471,134 <span class=\"_ _0\"></span> Rest of Europe 113,103,140  84,523,982 <span class=\"_ _0\"></span> Rest of Worl<span class=\"_ _0\"></span>d 4,182,605  5,960,980  210<span class=\"_ _0\"></span>,607,976<span class=\"_ _0\"></span>  152<span class=\"_ _0\"></span>,956,096<span class=\"_ _0\"></span>  BEKP pulp to ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 4,043,366  2,857,768  Rest of Europe 162,456,528  134,392,260  Rest of Worl<span class=\"_ _0\"></span>d 30,916,880 <span class=\"_ _0\"></span> 32,545,863 <span class=\"_ _0\"></span> 197<span class=\"_ _0\"></span>,416,774<span class=\"_ _0\"></span>  169<span class=\"_ _0\"></span>,795,892<span class=\"_ _0\"></span>  BEKP pulp suppli<span class=\"_ _0\"></span>ed to subsidiari<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 854,575,688  568,118,228  854<span class=\"_ _0\"></span>,575,688<span class=\"_ _0\"></span>  568<span class=\"_ _0\"></span>,118,228<span class=\"_ _0\"></span>  Sales of goods - s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 454,602,177  276,315,409  Total sales  3,458,60<span class=\"_ _0\"></span>7,450  2,290,17<span class=\"_ _0\"></span>9,696  Services render<span class=\"_ _0\"></span>ed Management and admi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>strative services of s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries<span class=\"_ _0\"></span> 72,598,267 <span class=\"_ _0\"></span> 76,767,926 <span class=\"_ _0\"></span> Total services rend<span class=\"_ _0\"></span>ered <span class=\"_ _0\"></span> 72,598<span class=\"_ _0\"></span>,267  76,767<span class=\"_ _0\"></span>,926  Total revenue <span class=\"_ _0\"></span> 3,531,20<span class=\"_ _0\"></span>5,717  2,366,94<span class=\"_ _0\"></span>7,621  In 2022<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>ecorded a po<span class=\"_ _2\"></span>sitiv<span class=\"_ _2\"></span>e trend i<span class=\"_ _2\"></span>n sal<span class=\"_ _2\"></span>es, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>reased by 49% c<span class=\"_ _2\"></span>ompared <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the previ<span class=\"_ _2\"></span>ous y<span class=\"_ _2\"></span>ear. Duri<span class=\"_ _2\"></span>ng 2022, <span class=\"_ _a9\"></span>there was a g<span class=\"_ _2\"></span>rowth <span class=\"_ _2\"></span>in pa<span class=\"_ _2\"></span>per sales vol<span class=\"_ _2\"></span>umes<span class=\"_ _2\"></span>, with succ<span class=\"_ _a9\"></span>essive price i<span class=\"_ _2\"></span>ncreases fo<span class=\"_ _2\"></span>r UWF<span class=\"_ _2\"></span>, pulp an<span class=\"_ _2\"></span>d tissu<span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span>ong with signif<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>cant optimi<span class=\"_ _2\"></span>sation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e sales mi<span class=\"_ _2\"></span>x. The positi<span class=\"_ _2\"></span>ve t<span class=\"_ _2\"></span>rend in p<span class=\"_ _2\"></span>rices <span class=\"_ _2\"></span>was stron<span class=\"_ _2\"></span>gly sup<span class=\"_ _2\"></span>ported b<span class=\"_ _2\"></span>y the<span class=\"_ _2\"></span> enrich<span class=\"_ _2\"></span>ment of th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duct mix<span class=\"_ _2\"></span>, with Navigator <span class=\"_ _2\"></span>achievi<span class=\"_ _2\"></span>ng maxi<span class=\"_ _2\"></span>mum sal<span class=\"_ _2\"></span>es levels <span class=\"_ _2\"></span>for p<span class=\"_ _2\"></span>remium pr<span class=\"_ _2\"></span>oducts and mi<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>brands. 2.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Ot<span class=\"_ _2\"></span>her operatin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> incom<span class=\"_ _2\"></span>e For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span>d 31 Dec<span class=\"_ _a9\"></span>ember 2022<span class=\"_ _2\"></span> and 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating <span class=\"_ _2\"></span>income i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Operating grants<span class=\"_ _0\"></span> -  48,866 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 1,283  44,011 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (Not<span class=\"_ _0\"></span>e 4.1.3)<span class=\"_ _0\"></span> 1,484,115  -  Discounts recei<span class=\"_ _0\"></span>ved on purchases<span class=\"_ _0\"></span> 805,593  475,599  Gains on invento<span class=\"_ _0\"></span>ries 7,518  491,339  Damage clai<span class=\"_ _0\"></span>ms 10 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>272,689  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 1,179,898  758,299  3,478,41<span class=\"_ _0\"></span>7  2,090,80<span class=\"_ _0\"></span>3  In 2022<span class=\"_ _2\"></span>, as a resul<span class=\"_ _a9\"></span>t of the a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>justm<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e inven<span class=\"_ _2\"></span>tories o<span class=\"_ _a9\"></span>f UWF paper an<span class=\"_ _2\"></span>d tissue <span class=\"_ _a9\"></span>paper lo<span class=\"_ _2\"></span>cated on the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ent pla<span class=\"_ _2\"></span>tforms in<span class=\"_ _2\"></span> Europe <span class=\"_ _2\"></span>(Note 2<span class=\"_ _2\"></span>.3), the c<span class=\"_ _2\"></span>orres<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>onding i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded in <span class=\"_ _2\"></span>the previous y<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>were re<span class=\"_ _2\"></span>versed. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Operating <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>rants Operating <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>rants <span class=\"_ _2\"></span>are r<span class=\"_ _2\"></span>ecognised a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fair val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d only when <span class=\"_ _2\"></span>there <span class=\"_ _2\"></span>is a reas<span class=\"_ _2\"></span>onabl<span class=\"_ _2\"></span>e assuranc<span class=\"_ _2\"></span>e that th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> gran<span class=\"_ _2\"></span>t will <span class=\"_ _2\"></span>be recei<span class=\"_ _2\"></span>ved, an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>Compa<span class=\"_ _2\"></span>ny will <span class=\"_ _2\"></span>comply with <span class=\"_ _2\"></span>all requi<span class=\"_ _2\"></span>red conditi<span class=\"_ _2\"></span>ons. Opera<span class=\"_ _2\"></span>ting gr<span class=\"_ _2\"></span>ants, <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>ved with th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pur<span class=\"_ _2\"></span>pose of<span class=\"_ _2\"></span> compens<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the Company fo<span class=\"_ _a9\"></span>r costs incu<span class=\"_ _2\"></span>rred, are s<span class=\"_ _2\"></span>ystemati<span class=\"_ _2\"></span>cally recor<span class=\"_ _2\"></span>ded in <span class=\"_ _a9\"></span>the income sta<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ement <span class=\"_ _2\"></span>during <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>ds in whi<span class=\"_ _2\"></span>ch th<span class=\"_ _2\"></span>e costs <span class=\"_ _2\"></span>that thos<span class=\"_ _2\"></span>e grants <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>ntended <span class=\"_ _2\"></span>to compensa<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>re re<span class=\"_ _2\"></span>corded<span class=\"_ _2\"></span>. 2.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Ot<span class=\"_ _2\"></span>her operatin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> expens<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Transportation of goods<span class=\"_ _0\"></span> 196,480,608  137,488,303  Speciali<span class=\"_ _0\"></span>sed ser<span class=\"_ _2\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span> 74,683,026 <span class=\"_ _0\"></span> 65,028,640 <span class=\"_ _0\"></span> Royalti<span class=\"_ _0\"></span>es 34,346,641 <span class=\"_ _0\"></span> 9,064,427  Fees 5,918,051  4,664,334  Insurance 2,011,567  1,246,160  Rentals 1,074,581  1,099,970  Fees 896,480  592,277  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 471,462  730,259  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 1,140,931  662,619  Communi<span class=\"_ _0\"></span>cations 129,715  254,003  Materials 104,174  74,122 <span class=\"_ _0\"></span> Energy and flui<span class=\"_ _0\"></span>ds 178,533  91,927 <span class=\"_ _0\"></span> Subcontracts 240,455  30,453 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 19,407 <span class=\"_ _0\"></span> 40,024 <span class=\"_ _0\"></span> Other 313,915  82,900 <span class=\"_ _0\"></span> 318<span class=\"_ _0\"></span>,009,546<span class=\"_ _0\"></span>  221<span class=\"_ _0\"></span>,150,420<span class=\"_ _0\"></span>  Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 13,521<span class=\"_ _0\"></span>,497  11,092<span class=\"_ _0\"></span>,252  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.3)<span class=\"_ _0\"></span> 429,713  1,988,828  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,268,851  127,605  Other inventory l<span class=\"_ _0\"></span>osses (Note 4.1)<span class=\"_ _0\"></span> 2,661,376  792,470  Donatio<span class=\"_ _0\"></span>ns 154,864  252,905  Membership fees<span class=\"_ _0\"></span> 301,707  272,893  Losses on di<span class=\"_ _0\"></span>sposal of non-curr<span class=\"_ _0\"></span>ent assets<span class=\"_ _0\"></span> -  654,801  Cash discounts gr<span class=\"_ _0\"></span>anted 252,457  240,275  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes 86,637 <span class=\"_ _0\"></span> 133,681  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 183,521  1,265,918  7,339,12<span class=\"_ _0\"></span>6  5,729,37<span class=\"_ _0\"></span>6  Net provisions (N<span class=\"_ _0\"></span>ote 9.1) (857<span class=\"_ _0\"></span>,042) 1,138,50<span class=\"_ _0\"></span>0  -  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 3,477,51<span class=\"_ _0\"></span>6,957  2,341,95<span class=\"_ _0\"></span>3,004  The overal<span class=\"_ _2\"></span>l in<span class=\"_ _2\"></span>crease in <span class=\"_ _2\"></span>costs bo<span class=\"_ _2\"></span>rne b<span class=\"_ _2\"></span>y the C<span class=\"_ _2\"></span>ompany is <span class=\"_ _2\"></span>largel<span class=\"_ _2\"></span>y explai<span class=\"_ _2\"></span>ned by the o<span class=\"_ _a9\"></span>verall inc<span class=\"_ _2\"></span>rease in the <span class=\"_ _2\"></span>cost of <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span>s and ser<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ices <span class=\"_ _2\"></span>in a c<span class=\"_ _2\"></span>ontext of<span class=\"_ _2\"></span> infl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nary pressu<span class=\"_ _2\"></span>res. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts sho<span class=\"_ _2\"></span>w a negative e<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>oluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts th<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _a9\"></span>y.<span class=\"_ _0\"></span> No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, N<span class=\"_ _2\"></span>avigator <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>as able <span class=\"_ _a9\"></span>to operate a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> 100% without an<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in suppl<span class=\"_ _2\"></span>ies. As noted i<span class=\"_ _2\"></span>n Not<span class=\"_ _2\"></span>e 2.2, <span class=\"_ _2\"></span>Other in<span class=\"_ _2\"></span>ventor<span class=\"_ _2\"></span>y loss<span class=\"_ _2\"></span>es relat<span class=\"_ _2\"></span>e to UW<span class=\"_ _2\"></span>F paper <span class=\"_ _2\"></span>and tissue i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>and are partiall<span class=\"_ _2\"></span>y offse<span class=\"_ _2\"></span>t by <span class=\"_ _2\"></span>the reve<span class=\"_ _2\"></span>rsal of i<span class=\"_ _2\"></span>mpairment i<span class=\"_ _2\"></span>n inv<span class=\"_ _2\"></span>entorie<span class=\"_ _2\"></span>s.  Au<span class=\"_ _2\"></span>dit<span class=\"_ _a9\"></span> fee<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Expens<span class=\"_ _0\"></span>es in Expens<span class=\"_ _0\"></span>es in the period<span class=\"_ _0\"></span> Fees invoi<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> the period<span class=\"_ _0\"></span> Fees invoi<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> KPM<span class=\"_ _2\"></span>G (<span class=\"_ _0\"></span>SRO<span class=\"_ _0\"></span>C) and other entiti<span class=\"_ _0\"></span>es belonging to <span class=\"_ _0\"></span>the same network<span class=\"_ _0\"></span> Audit fees 166,962  145,462  104,746  128,838  Permissi<span class=\"_ _0\"></span>ble tax<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assurance s<span class=\"_ _0\"></span>ervices<span class=\"_ _0\"></span> -  -  -  -  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 12,378  17,750  87,875 <span class=\"_ _0\"></span> 108,086  Other services <span class=\"_ _0\"></span> 129,748  114,250  72,250 <span class=\"_ _0\"></span> 88,868 <span class=\"_ _0\"></span> 309<span class=\"_ _0\"></span>,088  277<span class=\"_ _0\"></span>,462  264<span class=\"_ _0\"></span>,871  325<span class=\"_ _0\"></span>,791  The servi<span class=\"_ _2\"></span>ces in<span class=\"_ _2\"></span>dicated as<span class=\"_ _2\"></span> \"Othe<span class=\"_ _2\"></span>r assuranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices\" rel<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>ng of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation, in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>verificati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>informati<span class=\"_ _2\"></span>on for <span class=\"_ _a9\"></span>the purposes <span class=\"_ _2\"></span>of ap<span class=\"_ _2\"></span>plying fo<span class=\"_ _2\"></span>r the R<span class=\"_ _2\"></span>ecovery and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan, ve<span class=\"_ _2\"></span>rific<span class=\"_ _2\"></span>ation servic<span class=\"_ _2\"></span>es of <span class=\"_ _a9\"></span>the Sustai<span class=\"_ _2\"></span>nability an<span class=\"_ _2\"></span>d Envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>Informati<span class=\"_ _2\"></span>on and li<span class=\"_ _2\"></span>mit<span class=\"ff8\">ed reviews to<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erim fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation. Oth<span class=\"_ _2\"></span>er serv<span class=\"_ _2\"></span>ices <span class=\"_ _2\"></span>refer to <span class=\"_ _2\"></span>a finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements\u2019 </span>due dil<span class=\"_ _2\"></span>igence assi<span class=\"_ _2\"></span>gnment<span class=\"_ _2\"></span>. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>belie<span class=\"_ _2\"></span>ves there a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> ad<span class=\"_ _2\"></span>equate p<span class=\"_ _2\"></span>rocedures <span class=\"_ _2\"></span>safegua<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>the inde<span class=\"_ _2\"></span>pendence of au<span class=\"_ _2\"></span>ditors, <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the Super<span class=\"_ _2\"></span>visory Boa<span class=\"_ _a9\"></span>rd<span class=\"_ _0\"></span> p<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>ocess <span class=\"_ _2\"></span>analys<span class=\"_ _2\"></span>is of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>proposed an<span class=\"_ _2\"></span>d carefu<span class=\"_ _2\"></span>l defini<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>to be p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d by the au<span class=\"_ _a9\"></span>ditors. 3.<span class=\"ff7 ls0\"> <span class=\"_ _4a\"> </span><span class=\"ff4\">Inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s </span></span>3.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Prop<span class=\"_ _2\"></span>erty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment Mo<span class=\"_ _a9\"></span>veme<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> eq<span class=\"_ _2\"></span>ui<span class=\"_ _a9\"></span>pment<span class=\"_ _a9\"></span> Other Buildings  property, Assets and other Basic Tran<span class=\"_ _2\"></span>spor<span class=\"_ _0\"></span>tation Administrative plant and under Amo<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>nts in Eur<span class=\"_ _0\"></span>o Land constructi<span class=\"_ _2\"></span>ons<span class=\"_ _0\"></span> equipment equipment equpment equipment constructi<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 January 2021<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,394,76<span class=\"_ _0\"></span>3 <span class=\"fs2\"> </span>4,356,87<span class=\"_ _0\"></span>1 <span class=\"fs2\"> </span>11,799<span class=\"_ _0\"></span>,251 <span class=\"fs2\"> </span>14,988<span class=\"_ _0\"></span>,161 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>33,260<span class=\"_ _0\"></span>,672 <span class=\"fs2\"> </span>Acquisitions - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(2,085)<span class=\"fs2\"> </span>(300,102)<span class=\"fs2\"> </span>(3,680,850)<span class=\"fs2\"> </span>(4,456,558)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(8,439,596)<span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2021<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,392,67<span class=\"_ _0\"></span>8 <span class=\"fs2\"> </span>4,056,76<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>8,118,40<span class=\"_ _0\"></span>1 <span class=\"fs2\"> </span>10,531<span class=\"_ _0\"></span>,603 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>24,821<span class=\"_ _0\"></span>,076 <span class=\"fs2\"> </span>Acquisitions - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(3,651,224)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(3,651,224)<span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>15,028 <span class=\"_ _0\"></span><span class=\"fs2\"> </span>(15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>28)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2022<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,392,67<span class=\"_ _0\"></span>8 <span class=\"fs2\"> </span>4,056,76<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>4,467,17<span class=\"_ _0\"></span>7 <span class=\"fs2\"> </span>10,546<span class=\"_ _0\"></span>,631 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>21,169<span class=\"_ _0\"></span>,852 <span class=\"fs2\"> </span>Accumulated depreciation and impairment losses Balance as at 1 January 2021<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(47,98<span class=\"_ _0\"></span>1)<span class=\"fs2\"> </span>(1,354<span class=\"_ _0\"></span>,136)<span class=\"fs2\"> </span>(4,190<span class=\"_ _0\"></span>,910)<span class=\"fs2\"> </span>(11,44<span class=\"_ _0\"></span>5,102)<span class=\"fs2\"> </span>(14,55<span class=\"_ _0\"></span>7,325)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(31,59<span class=\"_ _0\"></span>5,453)<span class=\"fs2\"> </span>Depreciation and amortisation for - <span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>91)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>08)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(13<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>87)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(24<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>47)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(21<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>90)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(89<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>22)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>the per<span class=\"_ _0\"></span>iod (Note 3.7) Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>844 <span class=\"fs2\"> </span>275,728 <span class=\"fs2\"> </span>3,425,939 <span class=\"fs2\"> </span>4,069,693 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>7,772,204 <span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2021<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(62,77<span class=\"_ _0\"></span>2)<span class=\"fs2\"> </span>(1,368<span class=\"_ _0\"></span>,100)<span class=\"fs2\"> </span>(3,929<span class=\"_ _0\"></span>,168)<span class=\"fs2\"> </span>(8,043<span class=\"_ _0\"></span>,410)<span class=\"fs2\"> </span>(10,50<span class=\"_ _0\"></span>9,121)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(23,91<span class=\"_ _0\"></span>2,572)<span class=\"fs2\"> </span>Depreciation and amortisation for - <span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>91)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(12<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>34)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(13<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>14)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(8,217)<span class=\"fs2\"> </span>(2,545)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(51<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>01)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>the per<span class=\"_ _0\"></span>iod (Note 3.7) Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>3,648,943 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>3,648,943 <span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2022<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(77,56<span class=\"_ _0\"></span>3)<span class=\"fs2\"> </span>(1,380<span class=\"_ _0\"></span>,734)<span class=\"fs2\"> </span>(3,942<span class=\"_ _0\"></span>,182)<span class=\"fs2\"> </span>(4,402<span class=\"_ _0\"></span>,684)<span class=\"fs2\"> </span>(10,51<span class=\"_ _0\"></span>1,666)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(20,31<span class=\"_ _0\"></span>4,830)<span class=\"fs2\"> </span>Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>645<span class=\"_ _0\"></span>,745 <span class=\"fs2\"> </span>40,627<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>165<span class=\"_ _0\"></span>,961 <span class=\"fs2\"> </span>354<span class=\"_ _0\"></span>,149 <span class=\"fs2\"> </span>430<span class=\"_ _0\"></span>,837 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>1,665,21<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>1 January 2021<span class=\"_ _0\"></span> Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>630<span class=\"_ _0\"></span>,954 <span class=\"fs2\"> </span>24,578<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>127<span class=\"_ _0\"></span>,600 <span class=\"fs2\"> </span>74,991<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>22,482<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>908<span class=\"_ _0\"></span>,505 <span class=\"fs2\"> </span>31 December 2021 Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>616<span class=\"_ _0\"></span>,163 <span class=\"fs2\"> </span>11,944<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>114<span class=\"_ _0\"></span>,587 <span class=\"fs2\"> </span>64,493<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>34,965<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>855<span class=\"_ _0\"></span>,022 <span class=\"fs2\"> </span>31 December 2022 Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Recognition<span class=\"_ _2\"></span> and ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment ac<span class=\"_ _2\"></span>quired u<span class=\"_ _2\"></span>p to 1 Jan<span class=\"_ _2\"></span>uary 2<span class=\"_ _a9\"></span>004 (transiti<span class=\"_ _2\"></span>on da<span class=\"_ _2\"></span>te to IFR<span class=\"_ _2\"></span>S) are record<span class=\"_ _2\"></span>ed at acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost, or <span class=\"_ _a9\"></span>revalued acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost i<span class=\"_ _a9\"></span>n accordanc<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>wi<span class=\"_ _2\"></span>th general<span class=\"_ _2\"></span>ly acce<span class=\"_ _2\"></span>pted accoun<span class=\"_ _2\"></span>ting princi<span class=\"_ _2\"></span>ples in<span class=\"_ _2\"></span> Portu<span class=\"_ _2\"></span>gal until<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>date, n<span class=\"_ _2\"></span>et of am<span class=\"_ _a9\"></span>ortisation an<span class=\"_ _2\"></span>d accumul<span class=\"_ _2\"></span>ated impairment <span class=\"_ _2\"></span>losses.<span class=\"_ _2\"></span> Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment ac<span class=\"_ _2\"></span>quired <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>the transi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n date a<span class=\"_ _2\"></span>re shown a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>, less<span class=\"_ _2\"></span> accumul<span class=\"_ _2\"></span>ated depr<span class=\"_ _2\"></span>eciation <span class=\"_ _2\"></span>and impairm<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nt loss<span class=\"_ _2\"></span>es. Depr<span class=\"_ _2\"></span>eciation and impa<span class=\"_ _2\"></span>irment<span class=\"ff1\"> </span>We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _a9\"></span>the moment <span class=\"_ _2\"></span>the as<span class=\"_ _2\"></span>set i<span class=\"_ _2\"></span>s avail<span class=\"_ _2\"></span>able for u<span class=\"_ _2\"></span>se an<span class=\"_ _2\"></span>d using th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> rates <span class=\"_ _2\"></span>that best <span class=\"_ _a9\"></span>reflect <span class=\"_ _2\"></span>their es<span class=\"_ _2\"></span>timated u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 20<span class=\"ls0\"> <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span></span>50<span class=\"_ _0\"></span><span class=\"ls0\"> </span>20 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>50<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  7 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">35</span> </span></span>7 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">35</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 3 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">21</span> </span></span>3 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">21</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _a9\"></span>e assets <span class=\"_ _2\"></span>and respec<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ive usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves <span class=\"_ _2\"></span>are revie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>ted, when necessary<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the Sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n date. Wh<span class=\"_ _2\"></span>en the car<span class=\"_ _2\"></span>rying amoun<span class=\"_ _a9\"></span>t of the <span class=\"_ _2\"></span>asset exceeds <span class=\"_ _2\"></span>its re<span class=\"_ _2\"></span>alisabl<span class=\"_ _2\"></span>e value<span class=\"_ _2\"></span>, the ass<span class=\"_ _2\"></span>et is w<span class=\"_ _2\"></span>ritten<span class=\"_ _2\"></span> down to<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timated r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable amoun<span class=\"_ _2\"></span>t, and an i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t charge <span class=\"_ _2\"></span>is booke<span class=\"_ _2\"></span>d. Subsequent <span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>osts<span class=\"ff1\"> </span>Scheduled mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e exp<span class=\"_ _2\"></span>enses ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered a c<span class=\"_ _2\"></span>omponen<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>cost of property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d are f<span class=\"_ _2\"></span>ully de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ext forec<span class=\"_ _2\"></span>asted mai<span class=\"_ _2\"></span>ntenance date.<span class=\"_ _2\"></span> All <span class=\"_ _2\"></span>other repai<span class=\"_ _2\"></span>rs and mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>are cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>which they a<span class=\"_ _2\"></span>re incu<span class=\"_ _2\"></span>rred. Write-off<span class=\"_ _2\"></span>s and disposa<span class=\"_ _2\"></span>ls<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the write-off <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>disposal<span class=\"_ _2\"></span> repre<span class=\"_ _2\"></span>sent th<span class=\"_ _2\"></span>e differenc<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e proceeds<span class=\"_ _2\"></span> recei<span class=\"_ _2\"></span>ved on dispos<span class=\"_ _a9\"></span>al less<span class=\"_ _2\"></span> costs to <span class=\"_ _2\"></span>sell <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>asset\u2019<span class=\"_ _2\"></span>s book <span class=\"_ _2\"></span>value and a<span class=\"_ _a9\"></span>re recogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income stat<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>as Other o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting inc<span class=\"_ _2\"></span>ome (Note <span class=\"_ _2\"></span>2.2) or O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>penses<span class=\"_ _2\"></span> (Note 2.3<span class=\"_ _2\"></span>). 3.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Right-<span class=\"ls73\">of</span>-use as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span> Mo<span class=\"_ _a9\"></span>veme<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>righ<span class=\"_ _2\"></span>t-<span class=\"_ _2\"></span><span class=\"ls8e\">of<span class=\"ls0\">-<span class=\"_ _a9\"></span>use<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>set<span class=\"_ _a9\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> Buildings<span class=\"_ _0\"></span> Vehicles<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 4,277,50<span class=\"_ _0\"></span>8  39,668<span class=\"_ _0\"></span>  4,317,17<span class=\"_ _0\"></span>6  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  4,645  4,645  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 4,277,50<span class=\"_ _0\"></span>8  44,313<span class=\"_ _0\"></span>  4,321,82<span class=\"_ _0\"></span>1  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  10,583 <span class=\"_ _0\"></span> 10,583 <span class=\"_ _0\"></span> Balance as at 31 <span class=\"_ _0\"></span>Decembe<span class=\"_ _0\"></span>r 2022 4,277,50<span class=\"_ _0\"></span>8  54,896<span class=\"_ _0\"></span>  4,332,40<span class=\"_ _0\"></span>4  Accumu<span class=\"_ _0\"></span>lated depreciation and imp<span class=\"_ _0\"></span>airment losse<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> -  Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (1,004<span class=\"_ _0\"></span>,830) (25,53<span class=\"_ _0\"></span>1) (1,030<span class=\"_ _0\"></span>,361) Depreciatio<span class=\"_ _0\"></span>n (510,028) (12<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>73)<span class=\"_ _0\"></span> (522,801) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (1,514<span class=\"_ _0\"></span>,857) (38,30<span class=\"_ _0\"></span>5) (1,553<span class=\"_ _0\"></span>,162) Depreciatio<span class=\"_ _0\"></span>n (510,028) (13<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>90)<span class=\"_ _0\"></span> (523,118) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (2,024<span class=\"_ _0\"></span>,885) (51,39<span class=\"_ _0\"></span>5) (2,076<span class=\"_ _0\"></span>,280) Net book value as at 1 J<span class=\"_ _0\"></span>anuary 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> 3,272,67<span class=\"_ _0\"></span>8  14,137<span class=\"_ _0\"></span>  3,286,81<span class=\"_ _0\"></span>4  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 2,762,65<span class=\"_ _0\"></span>1  6,008  2,768,65<span class=\"_ _0\"></span>9  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 2,252,62<span class=\"_ _0\"></span>3  3,501  2,256,12<span class=\"_ _0\"></span>4  The capti<span class=\"_ _2\"></span>on Bui<span class=\"_ _2\"></span>ldings ref<span class=\"_ _2\"></span>ers to <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>enter<span class=\"_ _2\"></span>ed into be<span class=\"_ _2\"></span>tween <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he Navig<span class=\"_ _2\"></span>ator Company, S<span class=\"_ _2\"></span>.A. and <span class=\"_ _2\"></span>Refundos <span class=\"_ _2\"></span>- Soci<span class=\"_ _2\"></span>edade Ges<span class=\"_ _2\"></span>tora d<span class=\"_ _2\"></span>e Fun<span class=\"_ _2\"></span>dos de In<span class=\"_ _2\"></span>vestimento Imo<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>\u00e1rio, S.A<span class=\"_ _2\"></span>. for the bui<span class=\"_ _2\"></span>lding <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at Ave<span class=\"_ _2\"></span>nida Fo<span class=\"_ _2\"></span>ntes P<span class=\"_ _2\"></span>ereira de <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>elo <span class=\"_ _a9\"></span>21, in L<span class=\"_ _2\"></span>isbon, fo<span class=\"_ _2\"></span>r use as <span class=\"_ _2\"></span>an offi<span class=\"_ _2\"></span>ce. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the <span class=\"_ _2\"></span>date the l<span class=\"_ _2\"></span>ease en<span class=\"_ _a9\"></span>ters into fo<span class=\"_ _2\"></span>rce, <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y recogni<span class=\"_ _2\"></span>ses right-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>sets at <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ts cost, which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial amo<span class=\"_ _2\"></span>unt of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e liabi<span class=\"_ _2\"></span>lity adjus<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed for<span class=\"_ _2\"></span>: i) any <span class=\"_ _a9\"></span>prepayments; ii<span class=\"_ _2\"></span>) lease i<span class=\"_ _2\"></span>ncentives r<span class=\"_ _2\"></span>eceive<span class=\"_ _2\"></span>d; and i<span class=\"_ _2\"></span>ii) <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> direct c<span class=\"_ _2\"></span>osts incurred<span class=\"_ _2\"></span>.  To the <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-use <span class=\"_ _2\"></span>asset, <span class=\"_ _a9\"></span>the estimate o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>removing an<span class=\"_ _2\"></span>d/or <span class=\"_ _2\"></span>restori<span class=\"_ _2\"></span>ng the un<span class=\"_ _2\"></span>derlyi<span class=\"_ _2\"></span>ng asset and/or <span class=\"_ _2\"></span>the locati<span class=\"_ _2\"></span>on whe<span class=\"_ _2\"></span>re it is<span class=\"_ _2\"></span> locate<span class=\"_ _2\"></span>d may <span class=\"_ _2\"></span>be added<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>n require<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e agreemen<span class=\"_ _2\"></span>t.<span class=\"_ _0\"></span> The righ<span class=\"_ _2\"></span>t-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>set is s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly d<span class=\"_ _2\"></span>epreciate<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>tr<span class=\"_ _0\"></span>aigh<span class=\"_ _2\"></span>t-line me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>rom the start <span class=\"_ _2\"></span>date unti<span class=\"_ _2\"></span>l the l<span class=\"_ _2\"></span>ower b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the end of <span class=\"_ _a9\"></span>the asset's<span class=\"_ _2\"></span> u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ife an<span class=\"_ _2\"></span>d the lease <span class=\"_ _2\"></span>term. Additional<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>the righ<span class=\"_ _2\"></span>t-<span class=\"_ _0\"></span><span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t reduced o<span class=\"_ _2\"></span>f impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>ses, if <span class=\"_ _2\"></span>any, and adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _a9\"></span>r any remeasur<span class=\"_ _2\"></span>ement of <span class=\"_ _2\"></span>the lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity. T<span class=\"_ _2\"></span>he useful <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> for <span class=\"_ _a9\"></span>each class<span class=\"_ _2\"></span> of ri<span class=\"_ _2\"></span>ght-<span class=\"ls15\">of</span>-use asset i<span class=\"_ _2\"></span>s equal to <span class=\"_ _a9\"></span>the useful <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>of Prop<span class=\"_ _2\"></span>erty, <span class=\"_ _2\"></span>plant and <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>pment (No<span class=\"_ _2\"></span>te 3.1) <span class=\"_ _2\"></span>in the sam<span class=\"_ _a9\"></span>e class when th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>option, an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e Company e<span class=\"_ _2\"></span>xpects to <span class=\"_ _a9\"></span>exercise <span class=\"_ _2\"></span>it. Short-term <span class=\"_ _2\"></span>leases and<span class=\"_ _2\"></span> low-val<span class=\"_ _2\"></span>ue asse<span class=\"_ _2\"></span>t leases<span class=\"_ _2\"></span><span class=\"ff1\"> </span>The Company <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>payments fo<span class=\"_ _2\"></span>r leas<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>12 months<span class=\"_ _2\"></span> or less<span class=\"_ _2\"></span> and for <span class=\"_ _2\"></span>leases of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts whose in<span class=\"_ _2\"></span>dividual ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on value <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>ess than <span class=\"_ _2\"></span>USD 5<span class=\"_ _2\"></span>,000 directl<span class=\"_ _2\"></span>y as o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g expens<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the period (No<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e 2.3<span class=\"_ _2\"></span>), on a s<span class=\"_ _a9\"></span>traight-lin<span class=\"_ _2\"></span>e basis.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>3.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Depreciat<span class=\"_ _a9\"></span>ion, amort<span class=\"_ _2\"></span>isation <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.1)<span class=\"_ _0\"></span> 51,201 <span class=\"_ _0\"></span> 89,322 <span class=\"_ _0\"></span> Use of Government g<span class=\"_ _0\"></span>rants (988) (1,038) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants <span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>harged-off<span class=\"_ _0\"></span> 50,213<span class=\"_ _0\"></span>  88,284<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.2)<span class=\"_ _0\"></span> 523<span class=\"_ _0\"></span>,118  522<span class=\"_ _0\"></span>,801  573<span class=\"_ _0\"></span>,331  611<span class=\"_ _0\"></span>,085  4.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Work<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> cap<span class=\"_ _2\"></span>ital </span></span>4.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Invent<span class=\"_ _2\"></span>ories 4.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>nve<span class=\"_ _a9\"></span>ntori<span class=\"_ _a9\"></span>es - <span class=\"_ _a9\"></span>deta<span class=\"_ _2\"></span>il b<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> nat<span class=\"_ _a9\"></span>ur<span class=\"_ _2\"></span>e Am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s ne<span class=\"_ _a9\"></span>t o<span class=\"_ _a9\"></span>f acc<span class=\"_ _a9\"></span>um<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _a9\"></span>ent <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro <span class=\"_ _0\"></span> Gross Net Gross Net amoun<span class=\"_ _0\"></span>t Impairment<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t amoun<span class=\"_ _0\"></span>t Impairment<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t BEKP pulp <span class=\"_ _0\"></span> 14,800,385 <span class=\"_ _0\"></span> (226,674) 14,573,711 <span class=\"_ _0\"></span> 4,005,792  -  4,005,792  UWF Paper <span class=\"_ _0\"></span> 6,904,701  (516,528) 6,388,173  12,514,531 <span class=\"_ _0\"></span> (1,615,825) 10,898,706 <span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue Paper  1,565,233  (7,029) 1,558,204  1,266,139  (372,860) 893,279  Goods suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to th<span class=\"_ _2\"></span>e Gro<span class=\"_ _0\"></span>up's mill<span class=\"_ _0\"></span>s  3,591,693  (184,196) 3,407,497  2,750,862  (144) 2,750,718  Total  26,862<span class=\"_ _0\"></span>,012  (934<span class=\"_ _0\"></span>,427) 25,927<span class=\"_ _0\"></span>,585  20,537<span class=\"_ _0\"></span>,324  (1,988<span class=\"_ _0\"></span>,828) 18,548<span class=\"_ _0\"></span>,495  In<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nto<span class=\"_ _a9\"></span>rie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> di<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>but<span class=\"_ _a9\"></span>ion <span class=\"_ _2\"></span>by <span class=\"_ _a9\"></span>geo<span class=\"_ _a9\"></span>grap<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l a<span class=\"_ _a9\"></span>rea<span class=\"_ _2\"></span> </span></span>Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>% 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>% Portugal<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 3,002,606  11.18% 191,396  0.93% UWF Paper <span class=\"_ _0\"></span> 1,169,870  4.36% 9,858,375  48.00% Ti<span class=\"_ _0\"></span>ssue Paper  600,413  2.24% 494,444  2.41% Goods used for Group <span class=\"_ _0\"></span>supply <span class=\"_ _0\"></span> 3,591,693  13.37% 2,750,862  13.39% 8,364,58<span class=\"_ _0\"></span>2  31.14%<span class=\"_ _0\"></span> 13,295<span class=\"_ _0\"></span>,077  64.74%<span class=\"_ _0\"></span> Rest of Europe<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 11,797,779 <span class=\"_ _0\"></span> 43.92% 3,814,396  18.57% UWF Paper <span class=\"_ _0\"></span> 5,734,831  21.35% 2,656,156  12.93% Ti<span class=\"_ _0\"></span>ssue Paper  964,820  3.59% 771,695  3.76% 18,497<span class=\"_ _0\"></span>,430  68.86%<span class=\"_ _0\"></span> 7,242,24<span class=\"_ _0\"></span>7  35.26%<span class=\"_ _0\"></span> 26,862<span class=\"_ _0\"></span>,012  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>20,537<span class=\"_ _0\"></span>,324  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>The Company's<span class=\"_ _2\"></span> inv<span class=\"_ _2\"></span>entori<span class=\"_ _2\"></span>es incl<span class=\"_ _2\"></span>ude Euro 1,7<span class=\"_ _2\"></span>70,283 (20<span class=\"_ _2\"></span>21: <span class=\"_ _2\"></span>Euro 10,35<span class=\"_ _2\"></span>2,819) rela<span class=\"_ _a9\"></span>ting to <span class=\"_ _2\"></span>UWF paper and <span class=\"_ _2\"></span>tissue <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>aper f<span class=\"_ _2\"></span>or which <span class=\"_ _2\"></span>invoices<span class=\"_ _2\"></span> have al<span class=\"_ _2\"></span>ready <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>issued but whos<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rol has <span class=\"_ _2\"></span>not been trans<span class=\"_ _2\"></span>ferred <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o Trade <span class=\"_ _a9\"></span>receivables<span class=\"_ _a9\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>nventories i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>ownershi<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>restricted an<span class=\"_ _2\"></span>d/or pl<span class=\"_ _2\"></span>edged <span class=\"_ _2\"></span>as col<span class=\"_ _2\"></span>lateral fo<span class=\"_ _2\"></span>r liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. 4.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>ost <span class=\"_ _2\"></span>of g<span class=\"_ _a9\"></span>ood<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>sold <span class=\"_ _a9\"></span>and <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>als c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>sum<span class=\"_ _a9\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>peri<span class=\"_ _2\"></span>od<span class=\"_ _a9\"></span> Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Opening bal<span class=\"_ _0\"></span>ance  18,548,495 <span class=\"_ _0\"></span> 22,585,686 <span class=\"_ _0\"></span> Purchases <span class=\"_ _0\"></span> 3,147,625,333  2,102,233,726  Gains / (lo<span class=\"_ _0\"></span>sses) on inventories (N<span class=\"_ _0\"></span>otes 2.2 and 2.3) <span class=\"_ _1\"></span> (2,653,858) (301,132) Gains / (lo<span class=\"_ _0\"></span>sses) by impai<span class=\"_ _0\"></span>rment (Notes 2.2 and 2.3)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> 1,054,403  (1,988,828) Clo<span class=\"_ _0\"></span>sing balance  (25<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>27,585)<span class=\"_ _0\"></span> (18<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>48,495)<span class=\"_ _0\"></span> Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 2<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span>  3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  Co<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span> o<span class=\"_ _a9\"></span>f go<span class=\"_ _a9\"></span>ods<span class=\"_ _2\"></span> an<span class=\"_ _a9\"></span>d m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ria<span class=\"_ _a9\"></span>ls c<span class=\"_ _a9\"></span>onsu<span class=\"_ _a9\"></span>med<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y t<span class=\"_ _2\"></span>yp<span class=\"_ _2\"></span>e Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 BEKP Pul<span class=\"_ _0\"></span>p - sales to market <span class=\"_ _0\"></span> 172,783,247  162,302,396  BEKP Pul<span class=\"_ _0\"></span>p - incl<span class=\"_ _0\"></span>uded in the Group  853,094,541  567,185,028  UWF Paper <span class=\"_ _0\"></span> 1,445,591,986  1,036,754,808  Ti<span class=\"_ _0\"></span>ssue Paper  213,120,626  147,476,502  Goods suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to th<span class=\"_ _2\"></span>e Gro<span class=\"_ _0\"></span>up's mill<span class=\"_ _0\"></span>s  454,056,388  190,262,222  3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  4.<span class=\"_ _2\"></span>1.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mov<span class=\"_ _a9\"></span>emen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent <span class=\"_ _a9\"></span>los<span class=\"_ _2\"></span>ses <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ori<span class=\"_ _a9\"></span>es<span class=\"ff1 fsb fc6\"> </span>Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Opening balance <span class=\"_ _0\"></span> (1,988<span class=\"_ _0\"></span>,828) (10,25<span class=\"_ _0\"></span>6) Increases (Note 2.3)<span class=\"_ _0\"></span> (429,713) (1,988,828) Reversals (Note 2.2)<span class=\"_ _0\"></span> 1,484,115  -  Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (934<span class=\"_ _0\"></span>,426) (1,988<span class=\"_ _0\"></span>,828) Charge-off  -  10,256 <span class=\"_ _0\"></span> Closing balance <span class=\"_ _0\"></span> (934<span class=\"_ _0\"></span>,426) (1,988<span class=\"_ _0\"></span>,828) The impairmen<span class=\"_ _a9\"></span>t losses i<span class=\"_ _2\"></span>n in<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span> are rel<span class=\"_ _2\"></span>ated to adju<span class=\"_ _2\"></span>stments <span class=\"_ _2\"></span>in the s<span class=\"_ _a9\"></span>tock of UWF and E<span class=\"_ _2\"></span>ucal<span class=\"_ _2\"></span>yptus pul<span class=\"_ _2\"></span>p. The r<span class=\"_ _2\"></span>eversal<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>impairm<span class=\"_ _2\"></span>ent res<span class=\"_ _2\"></span>ulted mai<span class=\"_ _2\"></span>nly fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>UWF paper in<span class=\"_ _2\"></span>ventory a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>justm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22 (Note 2.2<span class=\"_ _a9\"></span>). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goods<span class=\"ff1\"> </span>The goods h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ld b<span class=\"_ _2\"></span>y Naviga<span class=\"_ _2\"></span>tor corr<span class=\"_ _2\"></span>espond <span class=\"_ _2\"></span>essentiall<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>to e<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>alyptus pulp<span class=\"_ _2\"></span>, UWF pa<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>er <span class=\"_ _2\"></span>and tissue paper ac<span class=\"_ _2\"></span>quired f<span class=\"_ _2\"></span>rom its <span class=\"_ _2\"></span>subsidiari<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>or sal<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t. It al<span class=\"_ _2\"></span>so inc<span class=\"_ _2\"></span>ludes mat<span class=\"_ _2\"></span>erials <span class=\"_ _2\"></span>acquired from thi<span class=\"_ _2\"></span>rd parties<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>supply su<span class=\"_ _2\"></span>bsidi<span class=\"_ _2\"></span>aries as pa<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>the Nav<span class=\"_ _2\"></span>igator Gro<span class=\"_ _2\"></span>up's c<span class=\"_ _2\"></span>entral p<span class=\"_ _2\"></span>urchasi<span class=\"_ _2\"></span>ng functi<span class=\"_ _2\"></span>ons. The Company <span class=\"_ _2\"></span>acts as <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> central<span class=\"_ _2\"></span> purch<span class=\"_ _2\"></span>asing body<span class=\"_ _2\"></span>, and mos<span class=\"_ _a9\"></span>t of the Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>'s purchases o<span class=\"_ _2\"></span>f ra<span class=\"_ _2\"></span>w material<span class=\"_ _2\"></span>s are ma<span class=\"_ _2\"></span>de cen<span class=\"_ _2\"></span>trally b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Company<span class=\"_ _2\"></span>, which then s<span class=\"_ _2\"></span>uppli<span class=\"_ _2\"></span>es the manufacturi<span class=\"_ _2\"></span>ng compani<span class=\"_ _2\"></span>es, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or woo<span class=\"_ _2\"></span>d supply<span class=\"_ _2\"></span>. Goods an<span class=\"_ _2\"></span>d raw, subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y and consuma<span class=\"_ _a9\"></span>ble material<span class=\"_ _2\"></span>s are <span class=\"_ _2\"></span>valued a<span class=\"_ _2\"></span>t the low<span class=\"_ _2\"></span>er of th<span class=\"_ _2\"></span>eir purch<span class=\"_ _2\"></span>ase cost o<span class=\"_ _2\"></span>r their n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isable <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>The purchas<span class=\"_ _a9\"></span>e cost inc<span class=\"_ _2\"></span>ludes<span class=\"_ _2\"></span> ancil<span class=\"_ _2\"></span>lary cos<span class=\"_ _2\"></span>ts and it i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>etermined usin<span class=\"_ _2\"></span>g the weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e cost as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>valua<span class=\"_ _2\"></span>tion method<span class=\"_ _2\"></span>. 4.2<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Receiv<span class=\"_ _2\"></span>ables 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  273,900,581  273,900,581  -  178,899,757  178,899,757  Other receivables -<span class=\"_ _0\"></span> related com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es (Note -  409,610,821  409,610,821  -  612,402,309  612,402,309  10.2) State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entities -  42,335,090 <span class=\"_ _0\"></span> 42,335,090 <span class=\"_ _0\"></span> -  35,962,673 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n - related parties (No<span class=\"_ _0\"></span>te -  123,679,484  123,679,484  -  35,390,055 <span class=\"_ _0\"></span> 35,390,055 <span class=\"_ _0\"></span> 10.2) Accrued income<span class=\"_ _0\"></span> -  645,515  645,515  -  1,291,884  1,291,884  Deferred expenses<span class=\"_ _0\"></span> -  1,033  1,033  -  107,002  107,002  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Advances to suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ers -  891,489  891,489  -  -  -  Post-emplo<span class=\"_ _0\"></span>yment plan (Note 7.2)<span class=\"_ _0\"></span> -  -  -  -  444,631  444,631  Other 6,684  427,884  434,568  6,684  858,676  865,360  6,684  900<span class=\"_ _0\"></span>,006,340<span class=\"_ _0\"></span>  900<span class=\"_ _0\"></span>,013,024<span class=\"_ _0\"></span>  6,684  866<span class=\"_ _0\"></span>,987,969<span class=\"_ _0\"></span>  866<span class=\"_ _0\"></span>,994,654<span class=\"_ _0\"></span>  The amounts a<span class=\"_ _a9\"></span>bove are n<span class=\"_ _2\"></span>et of ac<span class=\"_ _2\"></span>cumu<span class=\"_ _2\"></span>lated impa<span class=\"_ _2\"></span>irment <span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>osses. Ana<span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>ysis of<span class=\"_ _2\"></span> impa<span class=\"_ _2\"></span>irment f<span class=\"_ _2\"></span>or receiva<span class=\"_ _2\"></span>bles is <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 8.1<span class=\"_ _2\"></span>.4 - Cre<span class=\"_ _2\"></span>dit risk<span class=\"_ _2\"></span>. Ot<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r -<span class=\"_ _a9\"></span> no<span class=\"_ _2\"></span>n-c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>rent<span class=\"_ _a9\"></span><span class=\"ff1 fsb fc6\"> </span>The amount <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded as non<span class=\"_ _2\"></span>-curren<span class=\"_ _2\"></span>t in 20<span class=\"_ _2\"></span>22 and 20<span class=\"_ _2\"></span>21 is<span class=\"_ _2\"></span> related to<span class=\"_ _2\"></span> a VAT gu<span class=\"_ _a9\"></span>arantee in connecti<span class=\"_ _2\"></span>on with th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Company'<span class=\"_ _2\"></span>s VAT r<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>istr<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Switze<span class=\"_ _2\"></span>rl<span class=\"_ _2\"></span>and. Sta<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> ot<span class=\"_ _a9\"></span>her <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span> ent<span class=\"_ _a9\"></span>itie<span class=\"_ _a9\"></span>s<span class=\"ff1 fsb fc6\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Value added tax - <span class=\"_ _0\"></span>recoverabl<span class=\"_ _0\"></span>e -  -  Value added tax - <span class=\"_ _0\"></span>refund requests<span class=\"_ _0\"></span> 42,335,090 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> 42,335<span class=\"_ _0\"></span>,090  35,962<span class=\"_ _0\"></span>,673  Up to <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> issu<span class=\"_ _2\"></span>ing this<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>t, Euro 10<span class=\"_ _a9\"></span>,953,244 of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>outstan<span class=\"_ _2\"></span>ding amounts <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t 31 December 2<span class=\"_ _2\"></span>022, re<span class=\"_ _2\"></span>garding <span class=\"_ _2\"></span>November's <span class=\"_ _2\"></span>VAT<span class=\"_ _2\"></span>. Acc<span class=\"_ _a9\"></span>rue<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ome<span class=\"_ _a9\"></span>  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Accrued income<span class=\"_ _0\"></span> Interest recei<span class=\"_ _0\"></span>vable - rel<span class=\"_ _0\"></span>ated compani<span class=\"_ _0\"></span>es (Note 10.2)<span class=\"_ _0\"></span> 645,515  888,441  Other income - r<span class=\"_ _0\"></span>elated parti<span class=\"_ _0\"></span>es (Note 10.2)<span class=\"_ _0\"></span> -  130,754  Other -  272,689  645<span class=\"_ _0\"></span>,515  1,291,88<span class=\"_ _0\"></span>4  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _a9\"></span>balances resul<span class=\"_ _a9\"></span>t from the Co<span class=\"_ _2\"></span>mpany's<span class=\"_ _2\"></span> mai<span class=\"_ _2\"></span>n activi<span class=\"_ _2\"></span>ties and <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he busin<span class=\"_ _2\"></span>ess mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is the <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ection of<span class=\"_ _2\"></span> contractu<span class=\"_ _2\"></span>al c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows. Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _a9\"></span>r debtors <span class=\"_ _2\"></span>general<span class=\"_ _2\"></span>ly assume th<span class=\"_ _a9\"></span>e busine<span class=\"_ _2\"></span>ss model <span class=\"_ _2\"></span>of col<span class=\"_ _2\"></span>lecting <span class=\"_ _2\"></span>contractual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _a9\"></span>t At amortise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cost<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> net of <span class=\"_ _2\"></span>impairm<span class=\"_ _2\"></span>ent los<span class=\"_ _2\"></span>ses.<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _a9\"></span>vab<span class=\"_ _0\"></span>les<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are reco<span class=\"_ _2\"></span>rded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the simpl<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed model<span class=\"_ _2\"></span> provided f<span class=\"_ _2\"></span>or in <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>termined on <span class=\"_ _a9\"></span>the basi<span class=\"_ _2\"></span>s of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _a9\"></span>d representati<span class=\"_ _2\"></span>ve of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _a9\"></span>er debtors<span class=\"_ _2\"></span> Im<span class=\"_ _a9\"></span>pair<span class=\"_ _2\"></span>men<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecor<span class=\"_ _a9\"></span>ded o<span class=\"_ _a9\"></span>n th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>basi<span class=\"_ _a9\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _a9\"></span>tima<span class=\"_ _a9\"></span>ted c<span class=\"_ _a9\"></span>redi<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mod<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>l <span class=\"_ _a9\"></span>of I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> 4.3<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Payabl<span class=\"_ _2\"></span>es  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables<span class=\"_ _0\"></span> 107,305,035 66,880,317 <span class=\"_ _0\"></span> Payables - rel<span class=\"_ _0\"></span>ated companies (Not<span class=\"_ _0\"></span>e 10.2)<span class=\"_ _0\"></span> 874,390,872  1,021,874,914  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entities 3,976,192  5,388,180  Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a)<span class=\"_ _0\"></span> -  6,447,546  Other creditors<span class=\"_ _0\"></span> 258,905  211,344  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 15,204,544 <span class=\"_ _0\"></span> 9,274,445  Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,371  6,711,797  Accrued expenses - l<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>cs and <span class=\"_ _2\"></span>sales co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns 18,203,760 <span class=\"_ _0\"></span> 12,473,917 <span class=\"_ _0\"></span> Accrued expenses - <span class=\"_ _0\"></span>related comp<span class=\"_ _0\"></span>anies (Note 10.2)<span class=\"_ _0\"></span> 18,906,986 <span class=\"_ _0\"></span> 1,482,570  Other accrued expens<span class=\"_ _0\"></span>es 1,918,689  220,101  Deferred income - ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng grants (Note 2.<span class=\"_ _0\"></span>2) 7,539  33,714 <span class=\"_ _0\"></span> 1,048,88<span class=\"_ _0\"></span>7,425 1,139,12<span class=\"_ _0\"></span>9,433  The increas<span class=\"_ _a9\"></span>e in payro<span class=\"_ _2\"></span>ll c<span class=\"_ _2\"></span>osts accrua<span class=\"_ _2\"></span>ls deriv<span class=\"_ _2\"></span>es from th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> goo<span class=\"_ _2\"></span>d perfo<span class=\"_ _2\"></span>rmance of <span class=\"_ _2\"></span>Naviga<span class=\"_ _2\"></span>tor in 2<span class=\"_ _2\"></span>022, which al<span class=\"_ _2\"></span>lowed the <span class=\"_ _2\"></span>recogniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a highe<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> acc<span class=\"_ _2\"></span>rued <span class=\"_ _2\"></span>exp<span class=\"_ _0\"></span>ens<span class=\"_ _2\"></span>es for th<span class=\"_ _a9\"></span>e payment of bonuses <span class=\"_ _2\"></span>to empl<span class=\"_ _2\"></span>oyees in 2<span class=\"_ _2\"></span>023, as <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ell <span class=\"_ _2\"></span>as to the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty bonus cre<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>year, rela<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>d to the fo<span class=\"_ _2\"></span>urth qua<span class=\"_ _2\"></span>rter.<span class=\"_ _2\"></span> Sta<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> ot<span class=\"_ _a9\"></span>her <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span> ent<span class=\"_ _a9\"></span>itie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Personal i<span class=\"_ _0\"></span>ncome tax withheld (I<span class=\"_ _0\"></span>RS) 832,566  845,665  Value added tax 2,757,958  4,117,647  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 385,557  424,757  Other 111  110  3,976,19<span class=\"_ _0\"></span>2  5,388,18<span class=\"_ _0\"></span>0  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere w<span class=\"_ _2\"></span>ere no ov<span class=\"_ _2\"></span>erdue de<span class=\"_ _2\"></span>bts to <span class=\"_ _2\"></span>the Stat<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. 5.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Capi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l struct<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>e </span></span>5.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Capita<span class=\"_ _2\"></span>l man<span class=\"_ _2\"></span>agement Capital manag<span class=\"_ _2\"></span>ement policy For capital<span class=\"_ _0\"></span> mana<span class=\"_ _0\"></span>gement purpos<span class=\"_ _0\"></span>es, the Com<span class=\"_ _0\"></span>pany defi<span class=\"_ _0\"></span>nes capital <span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g equity and net debt.<span class=\"_ _1\"></span> The Company<span class=\"_ _0\"></span>'s objectiv<span class=\"_ _0\"></span>es regardin<span class=\"_ _0\"></span>g capi<span class=\"_ _0\"></span>tal ma<span class=\"_ _0\"></span>nagement are:<span class=\"_ _1\"></span> i. To safeguar<span class=\"_ _0\"></span>d the Com<span class=\"_ _0\"></span>pany's abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty to continue as a<span class=\"_ _0\"></span> going con<span class=\"_ _0\"></span>cern an<span class=\"_ _0\"></span>d thus <span class=\"_ _0\"></span>provide returns fo<span class=\"_ _0\"></span>r Sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers and b<span class=\"_ _0\"></span>enefits f<span class=\"_ _1\"></span>or i<span class=\"_ _0\"></span>ts remainin<span class=\"_ _0\"></span>g Stakeholde<span class=\"_ _0\"></span>rs; <span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>. To keep a solid capi<span class=\"_ _0\"></span>tal structu<span class=\"_ _0\"></span>re to suppo<span class=\"_ _0\"></span>rt th<span class=\"_ _0\"></span>e growth of its <span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>ess; and<span class=\"_ _1\"></span> ii<span class=\"_ _0\"></span>i. To mai<span class=\"_ _0\"></span>ntain a<span class=\"_ _0\"></span>n optimal<span class=\"_ _0\"></span> capital structure tha<span class=\"_ _0\"></span>t enables i<span class=\"_ _0\"></span>t to red<span class=\"_ _0\"></span>uce the cost of ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l.<span class=\"_ _0\"></span> In order to mai<span class=\"_ _0\"></span>ntain<span class=\"_ _0\"></span> or adjust i<span class=\"_ _0\"></span>ts capital struc<span class=\"_ _0\"></span>ture, the Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span> can<span class=\"_ _0\"></span> adjust the amoun<span class=\"_ _0\"></span>t of divid<span class=\"_ _0\"></span>ends payabl<span class=\"_ _1\"></span>e to its Sharehol<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>ers, return capital<span class=\"_ _0\"></span> to its Sharehol<span class=\"_ _0\"></span>ders, issu<span class=\"_ _0\"></span>e new shar<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>r sell<span class=\"_ _0\"></span> assets to l<span class=\"_ _0\"></span>ower its borrowin<span class=\"_ _0\"></span>gs.<span class=\"_ _1\"></span> In li<span class=\"_ _0\"></span>ne with the sector, <span class=\"_ _0\"></span>the Com<span class=\"_ _0\"></span>pany monitors i<span class=\"_ _0\"></span>ts capi<span class=\"_ _0\"></span>tal base<span class=\"_ _0\"></span>d on<span class=\"_ _0\"></span> the gearin<span class=\"_ _0\"></span>g ratio, defi<span class=\"_ _0\"></span>ned as th<span class=\"_ _0\"></span>e proporti<span class=\"_ _0\"></span>on betw<span class=\"_ _0\"></span>een net d<span class=\"_ _38\"></span>e<span class=\"_ _2\"></span>b<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>nd total capi<span class=\"_ _0\"></span>tal.  Net inter<span class=\"_ _0\"></span>est-bearing <span class=\"_ _0\"></span>debt is cal<span class=\"_ _0\"></span>cula<span class=\"_ _0\"></span>ted by addin<span class=\"_ _0\"></span>g the total<span class=\"_ _0\"></span> amoun<span class=\"_ _1\"></span>t of loan<span class=\"_ _0\"></span>s (incl<span class=\"_ _0\"></span>uding the current and no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-current po<span class=\"_ _0\"></span>rtions a<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>sclosed in th<span class=\"_ _0\"></span>e statement of fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l positi<span class=\"_ _0\"></span>on) an<span class=\"_ _0\"></span>d ded<span class=\"_ _2\"></span>uctin<span class=\"_ _0\"></span>g all<span class=\"_ _0\"></span> cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents. Total<span class=\"_ _0\"></span> equi<span class=\"_ _0\"></span>ty is calcu<span class=\"_ _0\"></span>lated by ad<span class=\"_ _0\"></span>ding Sha<span class=\"_ _38\"></span><span class=\"ff8\">re<span class=\"_ _2\"></span>hol<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ers\u2019 </span>equity (as sho<span class=\"_ _0\"></span>wn in th<span class=\"_ _0\"></span>e statement of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on), to in<span class=\"_ _0\"></span>tere<span class=\"_ _2\"></span>st-<span class=\"_ _0\"></span>bearin<span class=\"_ _0\"></span>g net debt, and <span class=\"_ _0\"></span>excl<span class=\"_ _0\"></span>uding tr<span class=\"_ _0\"></span>easury shares an<span class=\"_ _0\"></span>d non<span class=\"_ _0\"></span>-co<span class=\"_ _0\"></span>ntroll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g interests. The Company c<span class=\"_ _a9\"></span>alculates th<span class=\"_ _a9\"></span>e gearing ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>io as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.6<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 985,446,453  933,165,634  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.8)<span class=\"_ _0\"></span> (390,640,161)<span class=\"_ _0\"></span> (354,336,647)<span class=\"_ _0\"></span> Net debt<span class=\"_ _0\"></span> 594<span class=\"_ _0\"></span>,806,292<span class=\"_ _0\"></span>  578<span class=\"_ _0\"></span>,828,987<span class=\"_ _0\"></span>  Equity 1,259,409,537 1,044,827,184  Treasury shares (No<span class=\"_ _0\"></span>te 5.2)<span class=\"_ _0\"></span> -  -  Shareholders' e<span class=\"_ _0\"></span>quity, excluding <span class=\"_ _0\"></span>treasury sha<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537 1,044,82<span class=\"_ _0\"></span>7,184  Total equity 1,854,21<span class=\"_ _0\"></span>5,829 1,623,65<span class=\"_ _0\"></span>6,171  Gearing 32.08<span class=\"ls0\">% </span>35.65%<span class=\"_ _0\"></span> 5.2<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Share C<span class=\"_ _2\"></span>apital an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> tre<span class=\"_ _2\"></span>asury Sh<span class=\"_ _2\"></span>ares The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. is <span class=\"_ _2\"></span>a public <span class=\"_ _2\"></span>company <span class=\"_ _2\"></span>with its<span class=\"_ _a9\"></span> shares quot<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e Eurone<span class=\"_ _2\"></span>xt Lis<span class=\"_ _2\"></span>bon. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A.\u2019s <span class=\"_ _2\"></span>share capi<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span> 500,000<span class=\"_ _2\"></span>,000 was ful<span class=\"_ _2\"></span>ly subscri<span class=\"_ _2\"></span>bed and i<span class=\"_ _2\"></span>s re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d by 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span> withou<span class=\"_ _2\"></span>t nominal<span class=\"_ _2\"></span> value (3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021: 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span>). At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 11<span class=\"_ _2\"></span> May 202<span class=\"_ _2\"></span>1, a reduc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the Co<span class=\"_ _2\"></span>mpany's shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> capit<span class=\"_ _a9\"></span>al from Euro 50<span class=\"_ _2\"></span>0,000,000 <span class=\"_ _2\"></span>to Euro 49<span class=\"_ _2\"></span>5,597,957<span class=\"_ _a9\"></span>.49 was a<span class=\"_ _2\"></span>greed, th<span class=\"_ _a9\"></span>e amount of the <span class=\"_ _a9\"></span>reduction<span class=\"_ _2\"></span> being Euro 4,402,04<span class=\"_ _2\"></span>2.51, for <span class=\"_ _a9\"></span>a special <span class=\"_ _2\"></span>purpose, <span class=\"_ _2\"></span>by canc<span class=\"_ _2\"></span>ellati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 6,316,931<span class=\"_ _2\"></span> treasury s<span class=\"_ _2\"></span>hares, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ithout nomin<span class=\"_ _2\"></span>al value. Th<span class=\"_ _2\"></span>e Company wil<span class=\"_ _2\"></span>l now h<span class=\"_ _2\"></span>ave 711<span class=\"_ _2\"></span>,183,069 <span class=\"_ _a9\"></span>ordinary sha<span class=\"_ _2\"></span>res outs<span class=\"_ _2\"></span>tanding<span class=\"_ _2\"></span>, foll<span class=\"_ _2\"></span>owed by a shar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase fro<span class=\"_ _2\"></span>m Euro 49<span class=\"_ _2\"></span>5,597<span class=\"_ _2\"></span>,957.49 to <span class=\"_ _a9\"></span>Euro 500,00<span class=\"_ _2\"></span>0,000, th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the increase <span class=\"_ _2\"></span>being Eu<span class=\"_ _2\"></span>ro 4,402<span class=\"_ _2\"></span>,042.5<span class=\"_ _2\"></span>1, with <span class=\"_ _2\"></span>no change i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>umber of shar<span class=\"_ _a9\"></span>es, to be p<span class=\"_ _2\"></span>aid up b<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> free <span class=\"_ _2\"></span>reserves <span class=\"_ _2\"></span>(surplus<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal r<span class=\"_ _2\"></span>eserve)<span class=\"_ _2\"></span>. Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>'s<span class=\"_ _2\"></span> Sh<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>eho<span class=\"_ _a9\"></span>lde<span class=\"_ _2\"></span>rs<span class=\"_ _a9\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>with quali<span class=\"_ _2\"></span>fied shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>holdi<span class=\"_ _2\"></span>ngs in the <span class=\"_ _2\"></span>Company\u2019s c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> were as<span class=\"_ _2\"></span> foll<span class=\"_ _2\"></span>ows:<span class=\"ff1\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Designati<span class=\"_ _0\"></span>on No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % Semapa, SGPS, S.A<span class=\"_ _0\"></span>.  497,617,299  69.97% 497,617,299  69.97% Floating shares<span class=\"_ _0\"></span> 213,565,770  30.03% 213,565,770  30.03% 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Tre<span class=\"_ _a9\"></span>asu<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>hare<span class=\"_ _a9\"></span>s - <span class=\"_ _a9\"></span>mo<span class=\"_ _2\"></span>veme<span class=\"_ _a9\"></span>nts<span class=\"_ _a9\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Book value Book value No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Treasury shares hel<span class=\"_ _0\"></span>d at the begi<span class=\"_ _0\"></span>nning of the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d -  -  6,316,931  20,189,264 <span class=\"_ _0\"></span> Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns for t<span class=\"_ _2\"></span>he peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> Treasury shares at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> -  -  -  -  These sha<span class=\"_ _2\"></span>res were mai<span class=\"_ _2\"></span>nly ac<span class=\"_ _a9\"></span>quired duri<span class=\"_ _2\"></span>ng 2008 an<span class=\"_ _2\"></span>d 2012<span class=\"_ _2\"></span> as <span class=\"_ _2\"></span>well as i<span class=\"_ _2\"></span>n 201<span class=\"_ _2\"></span>8 and 201<span class=\"_ _2\"></span>9, with this <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>evolving as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows during <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>year: 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Quantit<span class=\"_ _0\"></span>y Amou<span class=\"_ _0\"></span>nt Quantit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Treasury shares h<span class=\"_ _0\"></span>eld in Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> -  -  6,316,93<span class=\"_ _0\"></span>1  20,189<span class=\"_ _0\"></span>,264  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n January -  -  -  -  February -  -  -  -  March -  -  -  -  April<span class=\"_ _0\"></span> -  -  -  -  May<span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> June -  -  -  -  July -  -  -  -  August -  -  -  -  September<span class=\"_ _0\"></span> -  -  -  -  October -  -  -  -  November -  -  -  -  December<span class=\"_ _0\"></span> -  -  -  -  -  -  (6,316<span class=\"_ _0\"></span>,931) (20,18<span class=\"_ _0\"></span>9,264) Treasury shares h<span class=\"_ _0\"></span>eld in Decembe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> -  -  -  -  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the unit <span class=\"_ _a9\"></span>value of each<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re was E<span class=\"_ _2\"></span>uro 3.454 <span class=\"_ _2\"></span>(31 Decemb<span class=\"_ _2\"></span>er 2021: Euro 3.35<span class=\"_ _2\"></span>) and <span class=\"_ _2\"></span>the stoc<span class=\"_ _2\"></span>k market c<span class=\"_ _a9\"></span>ap<span class=\"_ _0\"></span>itali<span class=\"_ _2\"></span>sation <span class=\"_ _2\"></span>of the Co<span class=\"_ _2\"></span>mpany a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> this <span class=\"_ _2\"></span>date amou<span class=\"_ _2\"></span>nted <span class=\"_ _2\"></span>to Euro 2,456,42<span class=\"_ _2\"></span>6,320 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>20: Eu<span class=\"_ _2\"></span>ro 2,38<span class=\"_ _2\"></span>2,463,281<span class=\"_ _a9\"></span>), against an<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> Euro 1,250,48<span class=\"_ _2\"></span>4,508 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Eu<span class=\"_ _2\"></span>ro 1,04<span class=\"_ _2\"></span>4,827,184<span class=\"_ _a9\"></span>). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are cla<span class=\"ff8\">ssi<span class=\"_ _2\"></span>fied i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 e<span class=\"_ _a9\"></span>q<span class=\"_ _0\"></span>uity<span class=\"_ _2\"></span>. <span class=\"ff1\"> </span></span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _a9\"></span>ther equit<span class=\"_ _2\"></span>y instrum<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nts ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion, n<span class=\"_ _2\"></span>et of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _a9\"></span>rom the proc<span class=\"_ _2\"></span>eeds of<span class=\"_ _2\"></span> the iss<span class=\"_ _2\"></span>ue.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions for <span class=\"_ _2\"></span>the acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f a ne<span class=\"_ _2\"></span>w business<span class=\"_ _2\"></span> are deduc<span class=\"_ _2\"></span>ted from <span class=\"_ _a9\"></span>the amoun<span class=\"_ _2\"></span>t issued. When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> net of <span class=\"_ _a9\"></span>the direc<span class=\"_ _2\"></span>tly attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the Sha<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>holde<span class=\"_ _2\"></span>rs\u2019 equ<span class=\"ff1\">ity and <span class=\"_ _2\"></span>not </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> 5.3<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare 2022 2021 Profit attributabl<span class=\"_ _0\"></span>e to Navigato<span class=\"_ _0\"></span>r's equity holder<span class=\"_ _0\"></span>s (Euro)<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070  171,411,455  Total number of sh<span class=\"_ _0\"></span>ares issued <span class=\"_ _0\"></span> 711,183,069  711,183,069  Average treasury shar<span class=\"_ _0\"></span>es held for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d  -  -  Weighted avera<span class=\"_ _0\"></span>ge number of sha<span class=\"_ _0\"></span>res <span class=\"_ _0\"></span> 711<span class=\"_ _0\"></span>,183,069  711,183,069  Basic earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _0\"></span> 0.552 0.241 Diluted earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _1\"></span> 0.552 0.241 Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Basic<span class=\"_ _2\"></span> earnings pe<span class=\"_ _2\"></span>r share a<span class=\"_ _2\"></span>re det<span class=\"_ _2\"></span>ermined <span class=\"_ _2\"></span>based on <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he divi<span class=\"_ _a9\"></span>sion of<span class=\"_ _2\"></span> profits <span class=\"_ _2\"></span>or los<span class=\"_ _2\"></span>ses attri<span class=\"_ _2\"></span>butable to the or<span class=\"_ _2\"></span>dinary <span class=\"_ _2\"></span>Sharehold<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Comp<span class=\"_ _2\"></span>any by th<span class=\"_ _a9\"></span>e we<span class=\"_ _0\"></span>ig<span class=\"_ _2\"></span>hted aver<span class=\"_ _2\"></span>age number <span class=\"_ _2\"></span>of commo<span class=\"_ _2\"></span>n shares o<span class=\"_ _2\"></span>utstandin<span class=\"_ _2\"></span>g duri<span class=\"_ _2\"></span>ng the pe<span class=\"_ _2\"></span>riod. For the pu<span class=\"_ _a9\"></span>rp<span class=\"_ _0\"></span>ose of<span class=\"_ _2\"></span> calcu<span class=\"_ _2\"></span>lating <span class=\"_ _2\"></span>dilu<span class=\"_ _2\"></span>ted earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare, the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>djusts <span class=\"_ _2\"></span>the prof<span class=\"_ _2\"></span>its or loss<span class=\"_ _2\"></span>es attribu<span class=\"_ _2\"></span>table <span class=\"_ _2\"></span>to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty holde<span class=\"_ _2\"></span>rs, as <span class=\"_ _2\"></span>well as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>weighted a<span class=\"_ _2\"></span>verage num<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er of outstanding <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rposes of <span class=\"_ _2\"></span>all pot<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntial <span class=\"_ _2\"></span>diluti<span class=\"_ _2\"></span>ve commo<span class=\"_ _2\"></span>n shares. 5.4<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Divid<span class=\"_ _2\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span> Amou<span class=\"_ _0\"></span>nt Dividends<span class=\"_ _0\"></span> per sh<span class=\"_ _0\"></span>are Amounts in Euro<span class=\"_ _0\"></span> approved<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Attributions in 202<span class=\"_ _0\"></span>2 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 131,632,875  0.185 Distributi<span class=\"_ _0\"></span>on of reserves  118,355,086  0.166 Attributions in 202<span class=\"_ _0\"></span>1 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 99,565,630 <span class=\"_ _0\"></span> 0.140 Distributi<span class=\"_ _0\"></span>on of antici<span class=\"_ _0\"></span>pated dividends <span class=\"_ _0\"></span> 49,996,170 <span class=\"_ _0\"></span> 0.070 At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 27 <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>ay 2022<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _a9\"></span>dends in th<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>99,99<span class=\"_ _2\"></span>2,340. At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 21<span class=\"_ _2\"></span> November 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, T<span class=\"_ _0\"></span>he N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Company<span class=\"_ _2\"></span>, S.A. r<span class=\"_ _2\"></span>esolved <span class=\"_ _2\"></span>to distribut<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>erves amo<span class=\"_ _2\"></span>unting <span class=\"_ _2\"></span>to Euro 1<span class=\"_ _2\"></span>49,995,621<span class=\"_ _2\"></span>, of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch Euro <span class=\"_ _2\"></span>118,355,086<span class=\"_ _2\"></span> came from <span class=\"_ _2\"></span>the Other res<span class=\"_ _2\"></span>erves <span class=\"_ _2\"></span>and Euro 31<span class=\"_ _a9\"></span>,640,535 was r<span class=\"_ _a9\"></span>ecorded in <span class=\"_ _2\"></span>Retai<span class=\"_ _2\"></span>ned earnings<span class=\"_ _2\"></span>. At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting held on<span class=\"_ _2\"></span> 13 <span class=\"_ _2\"></span>May 2021, <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>Navigator Compa<span class=\"_ _a9\"></span>ny, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _a9\"></span>dends in th<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>99,56<span class=\"_ _2\"></span>5,630.On 16 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>1, the Bo<span class=\"_ _2\"></span>ard of<span class=\"_ _2\"></span> Directo<span class=\"_ _2\"></span>rs of<span class=\"_ _2\"></span> The Navi<span class=\"_ _a9\"></span>gator Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. decid<span class=\"_ _2\"></span>ed to make an a<span class=\"_ _2\"></span>dvance on <span class=\"_ _a9\"></span>profits to S<span class=\"_ _2\"></span>harehold<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs, in <span class=\"_ _a9\"></span>the amount of<span class=\"_ _2\"></span> Euro 49<span class=\"_ _2\"></span>,996,170, <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>quivalen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> to the gross <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>alue o<span class=\"_ _2\"></span>f Euro 0<span class=\"_ _2\"></span>.0703 p<span class=\"_ _2\"></span>er shar<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The dist<span class=\"_ _2\"></span>ribution <span class=\"_ _2\"></span>of divi<span class=\"_ _2\"></span>dends to <span class=\"_ _2\"></span>Sharehol<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span> as a <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> the Financ<span class=\"_ _2\"></span>ial Statements i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch the <span class=\"_ _2\"></span>dividends <span class=\"_ _2\"></span>are a<span class=\"_ _2\"></span>pproved by th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders a<span class=\"_ _2\"></span>t the General M<span class=\"_ _2\"></span>eeting <span class=\"_ _2\"></span>and up un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>the time of <span class=\"_ _a9\"></span>their paymen<span class=\"_ _2\"></span>t or<span class=\"_ _2\"></span>, in the <span class=\"_ _2\"></span>case of <span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>cipated distributi<span class=\"_ _2\"></span>ons, <span class=\"_ _2\"></span>when appro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ed by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>. 5.5<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Reserv<span class=\"_ _2\"></span>es and ret<span class=\"_ _2\"></span>ained <span class=\"_ _2\"></span>earning<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Reserves by applyi<span class=\"_ _0\"></span>ng the equi<span class=\"_ _0\"></span>ty method <span class=\"_ _0\"></span> (405,228,340)<span class=\"_ _0\"></span> (437,672,593)<span class=\"_ _0\"></span> Fair value reserves <span class=\"_ _0\"></span> 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve  100,000,000  100,000,000  Free reserves <span class=\"_ _0\"></span> 3,481,014  121,836,100  Other reserves <span class=\"_ _0\"></span> (2,377,265) (2,377,265) Retained earni<span class=\"_ _0\"></span>ngs  636,999,230 647,229,733  Reserves and retaine<span class=\"_ _0\"></span>d earnings <span class=\"_ _0\"></span> 366<span class=\"_ _0\"></span>,872,467 423<span class=\"_ _0\"></span>,411,899<span class=\"_ _0\"></span>  Re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _a9\"></span>ves <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> a<span class=\"_ _a9\"></span>ppl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g t<span class=\"_ _a9\"></span>he e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span> <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>deta<span class=\"_ _a9\"></span>il<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span> Company 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Subsidiaries <span class=\"_ _0\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A. <span class=\"_ _0\"></span> -  (4,027,714) Soci<span class=\"_ _0\"></span>edade de<span class=\"_ _2\"></span> Vi<span class=\"_ _0\"></span>nhos  (352) -  Navigator Bra<span class=\"_ _0\"></span>nds, S.A.  (493,026,037)<span class=\"_ _0\"></span> (496,755,521)<span class=\"_ _0\"></span> Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   (7,936,300) (7,936,300) Enerpulp, S.A<span class=\"_ _0\"></span>.  154,000  154,000  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  (1,499,368) (1,499,368) Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A. <span class=\"_ _0\"></span> 24,336,582 <span class=\"_ _0\"></span> (139,396) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>   154,000  154,000  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.   615,945  615,945  Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A.<span class=\"_ _0\"></span>  (735,406) (572,996) Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>.   (11<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>96,307)<span class=\"_ _0\"></span> (9,956,752) Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.   2,117,121  2,117,121  Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A. <span class=\"_ _0\"></span> 79,783,696 <span class=\"_ _0\"></span> 79,783,696 <span class=\"_ _0\"></span> RAIZ - I<span class=\"_ _0\"></span>nst.Invest<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>resta<span class=\"_ _2\"></span> e <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span>  666,739  398,250  Emprem\u00e9di<span class=\"_ _0\"></span>a  234,017  249,752  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC  1,325,871  (246,192) Navigator Paper Mexi<span class=\"_ _0\"></span>co <span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>22)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span> Navigator Egypt <span class=\"_ _0\"></span> (19) (40) Subsidiaries <span class=\"_ _0\"></span> (405<span class=\"_ _0\"></span>,228,340) (437<span class=\"_ _0\"></span>,672,593) Fa<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>val<span class=\"_ _a9\"></span>ue <span class=\"_ _2\"></span>re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> -<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Gross Gross Amounts in Euro<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t Tax Net amout<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t Tax Net amout<span class=\"_ _0\"></span> Interest rate ri<span class=\"_ _0\"></span>sk hedging 30,899,904 <span class=\"_ _0\"></span> (8,497,474) 22,402,430 <span class=\"_ _0\"></span> (2,231,713) 613,722  (1,617,992) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge hedging<span class=\"_ _0\"></span> 15,993,652 <span class=\"_ _0\"></span> (4,398,254) 11,595,398 <span class=\"_ _0\"></span> (5,498,048) 1,511,963  (3,986,085) 46,893<span class=\"_ _0\"></span>,556  (12,89<span class=\"_ _0\"></span>5,728) 33,997<span class=\"_ _0\"></span>,828  (7,729<span class=\"_ _0\"></span>,761) 2,125,68<span class=\"_ _0\"></span>5  (5,604<span class=\"_ _0\"></span>,076) Fa<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>val<span class=\"_ _a9\"></span>ue <span class=\"_ _2\"></span>re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> -<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>vem<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Opening balance <span class=\"_ _0\"></span> (5,604<span class=\"_ _0\"></span>,076) (6,641<span class=\"_ _0\"></span>,368) Change i<span class=\"_ _0\"></span>n the fair value of deriva<span class=\"_ _0\"></span>tive financial<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>ments (Note 8.2<span class=\"_ _0\"></span>) <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Deferred tax (Note 6.2)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,455) Closing balance <span class=\"_ _0\"></span> 33,997<span class=\"_ _0\"></span>,828  (5,604<span class=\"_ _0\"></span>,076) The amount <span class=\"_ _2\"></span>transf<span class=\"_ _2\"></span>erred f<span class=\"_ _2\"></span>rom r<span class=\"_ _2\"></span>eserves to <span class=\"_ _a9\"></span>the income s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f the s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>ement or expirati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>hedging ins<span class=\"_ _2\"></span>trumen<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span> composed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: <span class=\"_ _2\"></span>i) energy an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> pul<span class=\"_ _2\"></span>p hedgi<span class=\"_ _2\"></span>ng instruments <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n Ene<span class=\"_ _2\"></span>rgy and pul<span class=\"_ _2\"></span>p sales<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> with <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n impact on<span class=\"_ _2\"></span> the inco<span class=\"_ _2\"></span>me s<span class=\"_ _2\"></span>tatement of -30.7 m\u20ac<span class=\"_ _2\"></span>; and ii<span class=\"_ _2\"></span>) inter<span class=\"_ _2\"></span>est rate h<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span>ging i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _a9\"></span>ts, with a<span class=\"_ _a9\"></span>n impact on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts of 1.5 m\u20ac.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Reserves <span class=\"_ _2\"></span>by applyi<span class=\"_ _2\"></span>ng the e<span class=\"_ _2\"></span>quity m<span class=\"_ _2\"></span>ethod Corresponds <span class=\"_ _a9\"></span>to the accumul<span class=\"_ _2\"></span>ated c<span class=\"_ _2\"></span>hange i<span class=\"_ _2\"></span>n chang<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty in the C<span class=\"_ _2\"></span>ompany's<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries whose in<span class=\"_ _2\"></span>vestment is<span class=\"_ _2\"></span> measu<span class=\"_ _2\"></span>red by <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty method <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>e 10.1). <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _a9\"></span>th the Portugues<span class=\"_ _2\"></span>e commerci<span class=\"_ _2\"></span>al legi<span class=\"_ _2\"></span>slation<span class=\"_ _2\"></span>, these <span class=\"_ _a9\"></span>reserves a<span class=\"_ _2\"></span>re not <span class=\"_ _2\"></span>distributable.<span class=\"_ _2\"></span> Fair val<span class=\"_ _2\"></span>ue res<span class=\"_ _2\"></span>erves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span> the period <span class=\"_ _a9\"></span>(Note 5.10<span class=\"_ _2\"></span>) as th<span class=\"_ _2\"></span>e hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>ed to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s. Legal <span class=\"_ _2\"></span>reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> least <span class=\"_ _2\"></span>5% of a<span class=\"_ _2\"></span>nnual<span class=\"_ _2\"></span> net profit mu<span class=\"_ _2\"></span>st be <span class=\"_ _a9\"></span>transferre<span class=\"_ _2\"></span>d to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _a9\"></span>t least 20<span class=\"_ _2\"></span>% of t<span class=\"_ _a9\"></span>he issued capi<span class=\"_ _2\"></span>tal. <span class=\"_ _2\"></span>This res<span class=\"_ _2\"></span>erve cann<span class=\"_ _2\"></span>ot be distribu<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed u<span class=\"_ _2\"></span>nless the <span class=\"_ _2\"></span>company <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>e drawn o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>are exhaus<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed, o<span class=\"_ _2\"></span>r incorpor<span class=\"_ _a9\"></span>ated in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o rese<span class=\"_ _2\"></span>rves c<span class=\"_ _2\"></span>onstitut<span class=\"_ _2\"></span>ed throu<span class=\"_ _2\"></span>gh t<span class=\"_ _2\"></span>he transf<span class=\"ff8\">er <span class=\"_ _2\"></span>of prior <span class=\"_ _a9\"></span>period\u2019s p<span class=\"_ _2\"></span>rofit </span>and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion value <span class=\"_ _2\"></span>of treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held (No<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e 5.2<span class=\"_ _2\"></span>), if an<span class=\"_ _2\"></span>y, is<span class=\"_ _2\"></span> not dist<span class=\"_ _a9\"></span>ributable<span class=\"_ _2\"></span>. 5.6<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Interest-<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>earing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,396 <span class=\"_ _0\"></span> 109,087,301  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Cash pooli<span class=\"_ _0\"></span>ng Navigator Group<span class=\"_ _0\"></span> -  297,339,235  297,339,235  -  129,775,499  129,775,499  Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 613<span class=\"_ _0\"></span>,031,822<span class=\"_ _0\"></span>  372<span class=\"_ _0\"></span>,414,631<span class=\"_ _0\"></span>  985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  688<span class=\"_ _0\"></span>,171,881 244<span class=\"_ _0\"></span>,993,753<span class=\"_ _0\"></span>  933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.<span class=\"ls1b\">5%<span class=\"_ _0\"></span></span> 1.<span class=\"ls1b\">5%<span class=\"_ _0\"></span></span> annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _a9\"></span>e 2022, Naviga<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>or is<span class=\"_ _2\"></span>sued <span class=\"_ _2\"></span>a Euro 150 mi<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ion bond loan <span class=\"_ _2\"></span>maturing in<span class=\"_ _2\"></span> 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _a9\"></span>d early a <span class=\"_ _2\"></span>loan o<span class=\"_ _2\"></span>f the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _a9\"></span> the Group's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _a9\"></span>well as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing co<span class=\"_ _2\"></span>st, i<span class=\"_ _2\"></span>n addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>having condi<span class=\"_ _a9\"></span>tions adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _a9\"></span>tainabili<span class=\"_ _2\"></span>ty Agend<span class=\"_ _2\"></span>a and, <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>urn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _a9\"></span>e Note 8.1<span class=\"_ _2\"></span>.3 <span class=\"_ _0\"></span>- L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2<span class=\"ls8f\">02</span>2 </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,777 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,777  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  jane<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ro 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Bank credit lines  <span class=\"_ _0\"></span> Short-term li<span class=\"_ _0\"></span>ne 20M 20,450,714 <span class=\"_ _0\"></span> -  -  - Cash Pooling<span class=\"_ _0\"></span> L<span class=\"_ _2\"></span>inh<span class=\"_ _a9\"></span>a <span class=\"_ _2\"></span>de C<span class=\"_ _a9\"></span>ash<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>oo<span class=\"_ _2\"></span>ling<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ru<span class=\"_ _2\"></span>po <span class=\"_ _2\"></span>Na<span class=\"_ _2\"></span>vig<span class=\"_ _a9\"></span>ato<span class=\"_ _2\"></span>r 297,339,235  297,339,235  -  297,339,235  - 985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  372<span class=\"_ _0\"></span>,414,631<span class=\"_ _0\"></span>  613<span class=\"_ _0\"></span>,031,822<span class=\"_ _0\"></span>  31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-</span>20<span class=\"_ _2\"></span>21<span class=\"ls0\"> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Bank credit lines  <span class=\"_ _0\"></span> Short-term li<span class=\"_ _0\"></span>ne 20M 20,450,714 <span class=\"_ _0\"></span> -  -  - Cash Pooling<span class=\"_ _0\"></span> L<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nha de<span class=\"_ _2\"></span> Cash <span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>ooling <span class=\"_ _2\"></span>Grup<span class=\"_ _a9\"></span>o<span class=\"_ _0\"></span> Nav<span class=\"_ _2\"></span>igat<span class=\"_ _2\"></span>or 129,775,499  129,775,499  Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 129,775,499  - 933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  244<span class=\"_ _0\"></span>,993,753<span class=\"_ _0\"></span>  688<span class=\"_ _0\"></span>,171,881<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, cons<span class=\"_ _2\"></span>ideri<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est rate<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>annual f<span class=\"_ _2\"></span>ees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er 2020<span class=\"_ _2\"></span>: 1.5%)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _a9\"></span>racted Com<span class=\"_ _a9\"></span>mer<span class=\"_ _0\"></span>cial<span class=\"_ _2\"></span> Paper P<span class=\"_ _2\"></span>rograms, contr<span class=\"_ _2\"></span>acted and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span>714). Financia<span class=\"_ _a9\"></span>l Covena<span class=\"_ _2\"></span>nts i<span class=\"_ _2\"></span>n forc<span class=\"_ _2\"></span>e Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net inter<span class=\"_ _0\"></span>est Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBITDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Given the c<span class=\"_ _2\"></span>ontractu<span class=\"_ _a9\"></span>al li<span class=\"_ _2\"></span>mits, in <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 2021 the C<span class=\"_ _2\"></span>ompany is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance wi<span class=\"_ _2\"></span>th the covenants n<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>otia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>21, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>Bonds, Commerci<span class=\"_ _2\"></span>al Pa<span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>r, bank <span class=\"_ _2\"></span>loans an<span class=\"_ _a9\"></span>d other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _a9\"></span>t At amortise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cost<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> usi<span class=\"_ _2\"></span>ng the ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>nce b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the repa<span class=\"_ _2\"></span>yment amount <span class=\"_ _2\"></span>and the i<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>measurement amo<span class=\"_ _2\"></span>unt is recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> ove<span class=\"_ _2\"></span>r the deb<span class=\"_ _2\"></span>t peri<span class=\"_ _2\"></span>od u<span class=\"_ _2\"></span>nder \"Inte<span class=\"_ _2\"></span>rest ex<span class=\"_ _2\"></span>penses on <span class=\"_ _2\"></span>other loans<span class=\"_ _2\"></span>\" in N<span class=\"_ _2\"></span>ote 5.10 <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Net financ<span class=\"_ _2\"></span>ial resu<span class=\"_ _2\"></span>lts<span class=\"_ _2\"></span>. Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable int<span class=\"_ _2\"></span>erest ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>s ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _a9\"></span>g liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>that are remun<span class=\"_ _a9\"></span>erated at <span class=\"_ _2\"></span>a fixed <span class=\"_ _2\"></span>rate i<span class=\"_ _2\"></span>s disc<span class=\"_ _2\"></span>losed i<span class=\"_ _2\"></span>n Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. </span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _2\"></span>ting date<span class=\"ff9\">.</span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s Commerci<span class=\"_ _2\"></span>al paper The Company h<span class=\"_ _a9\"></span>as several <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper p<span class=\"_ _a9\"></span>rograms ne<span class=\"_ _2\"></span>gotiate<span class=\"_ _2\"></span>d, of a<span class=\"_ _2\"></span>greements <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith whic<span class=\"_ _2\"></span>h it is <span class=\"_ _2\"></span>frequent to <span class=\"_ _2\"></span>carry o<span class=\"_ _2\"></span>ut emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span> with con<span class=\"_ _2\"></span>tractual <span class=\"_ _2\"></span>maturit<span class=\"_ _2\"></span>y of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year <span class=\"_ _2\"></span>but wi<span class=\"_ _2\"></span>th revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> expects <span class=\"_ _a9\"></span>to<span class=\"_ _0\"></span> exten<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>ese loans<span class=\"_ _2\"></span> (roll <span class=\"_ _2\"></span>over), i<span class=\"_ _2\"></span>t classi<span class=\"_ _2\"></span>fies them as no<span class=\"_ _2\"></span>n-current l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities.<span class=\"_ _2\"></span> 5.7<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Lease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span> Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> nature<span class=\"_ _2\"></span> </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Buildi<span class=\"_ _0\"></span>ngs 1,866,759  511,666  2,378,425  2,459,148  417,970  2,877,118  Vehicl<span class=\"_ _0\"></span>es -  3,545  3,545  1,659  5,200  6,859  1,866,75<span class=\"_ _0\"></span>9  515<span class=\"_ _0\"></span>,211  2,381,97<span class=\"_ _0\"></span>0  2,460,80<span class=\"_ _0\"></span>7  423<span class=\"_ _0\"></span>,170  2,883,97<span class=\"_ _0\"></span>7  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - <span class=\"_ _2\"></span>move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance as at 1 Janu<span class=\"_ _0\"></span>ary<span class=\"_ _0\"></span> 2,883,97<span class=\"_ _0\"></span>7  3,375,53<span class=\"_ _0\"></span>6  Contract amortisa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (591,251) (589,656) Interest expense<span class=\"_ _0\"></span> 78,661  93,453 <span class=\"_ _0\"></span> Other changes 10,583  4,644  Total changes in rel<span class=\"_ _0\"></span>ated liabilities<span class=\"_ _0\"></span> (502<span class=\"_ _0\"></span>,007) (491<span class=\"_ _0\"></span>,559) Balance as at 31 Decem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span> 2,381,97<span class=\"_ _0\"></span>0  2,883,97<span class=\"_ _0\"></span>7  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> futu<span class=\"_ _2\"></span>re lia<span class=\"_ _2\"></span>bilities </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Less than 1 year<span class=\"_ _0\"></span> 451,843  423,170  1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 479,584  449,916  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 511,808  479,584  3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 545,016  511,808  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 years<span class=\"_ _0\"></span> 234,948  545,016  More than 5 years<span class=\"_ _0\"></span> -  237,129  2,223,19<span class=\"_ _0\"></span>9  2,646,62<span class=\"_ _0\"></span>2  Interest on l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties 158,771  237,355  Present value of lia<span class=\"_ _0\"></span>bilities<span class=\"_ _0\"></span> 2,381,97<span class=\"_ _0\"></span>0  2,883,97<span class=\"_ _0\"></span>7  The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of leas<span class=\"_ _2\"></span>e lia<span class=\"_ _2\"></span>bilities <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s p<span class=\"_ _2\"></span>resented <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e No<span class=\"_ _2\"></span>te 8.1.3 - Liqu<span class=\"_ _2\"></span>idity r<span class=\"_ _2\"></span>isk. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the s<span class=\"_ _2\"></span>tart da<span class=\"_ _2\"></span>te of th<span class=\"_ _a9\"></span>e lease, <span class=\"_ _2\"></span>the Compan<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnises l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>measured at <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>ent value of<span class=\"_ _2\"></span> futur<span class=\"_ _2\"></span>e lease pa<span class=\"_ _2\"></span>yments, <span class=\"_ _a9\"></span>which inc<span class=\"_ _2\"></span>lude fi<span class=\"_ _2\"></span>xed paym<span class=\"_ _2\"></span>ents less <span class=\"_ _2\"></span>any leas<span class=\"_ _2\"></span>e incenti<span class=\"_ _2\"></span>ves, variable l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments<span class=\"_ _2\"></span>, and amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>paid as resi<span class=\"_ _2\"></span>dual value. L<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments also<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude the exerci<span class=\"_ _2\"></span>se price of<span class=\"_ _2\"></span> call<span class=\"_ _2\"></span> or r<span class=\"_ _2\"></span>enewal<span class=\"_ _2\"></span> options <span class=\"_ _2\"></span>reason<span class=\"_ _2\"></span>ably certai<span class=\"_ _2\"></span>n to b<span class=\"_ _2\"></span>e exerci<span class=\"_ _2\"></span>sed by the Company o<span class=\"_ _a9\"></span>r lease t<span class=\"_ _2\"></span>ermination<span class=\"_ _2\"></span> penal<span class=\"_ _2\"></span>ty paym<span class=\"_ _2\"></span>ents if <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease term <span class=\"_ _2\"></span>reflects <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>'s option <span class=\"_ _2\"></span>to termi<span class=\"_ _2\"></span>nate the a<span class=\"_ _a9\"></span>greement. In calc<span class=\"_ _2\"></span>ulating the <span class=\"_ _a9\"></span>pre<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue of fu<span class=\"_ _2\"></span>ture l<span class=\"_ _2\"></span>ease paymen<span class=\"_ _2\"></span>ts, <span class=\"_ _2\"></span>the Company us<span class=\"_ _a9\"></span>es an inc<span class=\"_ _2\"></span>remental finan<span class=\"_ _2\"></span>cing rate i<span class=\"_ _2\"></span>f the impl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate on<span class=\"_ _2\"></span> the l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s not easi<span class=\"_ _2\"></span>ly determi<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Subsequen<span class=\"_ _2\"></span>tly, the <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>lease li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>s increased<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>est amount (Not<span class=\"_ _2\"></span>e 5.10 - Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results) an<span class=\"_ _a9\"></span>d decrease<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e payment<span class=\"_ _2\"></span>s (rents<span class=\"_ _2\"></span>). 5.8<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equiv<span class=\"_ _2\"></span>alents Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Cash  5,540  5,540  Short-term bank depo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ts  189,407,443  160,738,761  Other short-term i<span class=\"_ _0\"></span>nvestments     <span class=\"_ _0\"></span>                            <span class=\"_ _0\"></span>                 <span class=\"_ _0\"></span> 146,997,320  68,550,446 <span class=\"_ _0\"></span> Cash pooli<span class=\"_ _0\"></span>ng (Note 10.2) <span class=\"_ _0\"></span> 54,229,858 <span class=\"_ _0\"></span> 125,041,900  Cash and cash e<span class=\"_ _0\"></span>quivalents in th<span class=\"_ _0\"></span>e statement of financi<span class=\"_ _0\"></span>al posi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> 390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  Bank <span class=\"_ _2\"></span>ov<span class=\"_ _0\"></span>erdrafts<span class=\"_ _0\"></span> - cash poo<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng (Notes 5.6 and 10.2) <span class=\"_ _0\"></span> (297,339,234)<span class=\"_ _0\"></span> (129,775,499)<span class=\"_ _0\"></span> Cash and cash e<span class=\"_ _0\"></span>quivalents in th<span class=\"_ _0\"></span>e statement of c<span class=\"_ _0\"></span>ash flows <span class=\"_ _1\"></span> 93,300<span class=\"_ _0\"></span>,927  224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other sho<span class=\"_ _2\"></span>rt-terms <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>onds to <span class=\"_ _2\"></span>amounts in<span class=\"_ _2\"></span>veste<span class=\"_ _2\"></span>d by Navigator i<span class=\"_ _2\"></span>n a <span class=\"_ _2\"></span>portfoli<span class=\"_ _2\"></span>o of <span class=\"_ _2\"></span>short-term<span class=\"_ _2\"></span>, highly l<span class=\"_ _2\"></span>iquid f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and iss<span class=\"_ _2\"></span>uers <span class=\"_ _2\"></span>with adequa<span class=\"_ _2\"></span>te ratings.<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant balanc<span class=\"_ _2\"></span>es of c<span class=\"_ _2\"></span>ash and cash equi<span class=\"_ _2\"></span>valen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are su<span class=\"_ _2\"></span>bject to r<span class=\"_ _a9\"></span>estrictions o<span class=\"_ _2\"></span>n use <span class=\"_ _2\"></span>by<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the Company<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Cash <span class=\"_ _2\"></span>and cash equi<span class=\"_ _2\"></span>valents<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude cash, <span class=\"_ _2\"></span>bank accoun<span class=\"_ _a9\"></span>ts and <span class=\"_ _2\"></span>other sho<span class=\"_ _2\"></span>rt<span class=\"_ _0\"></span>-term i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents wi<span class=\"_ _2\"></span>th an in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>maturity of u<span class=\"_ _2\"></span>p to <span class=\"_ _2\"></span>3 months, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hich <span class=\"_ _2\"></span>can be mobil<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y withou<span class=\"_ _2\"></span>t any signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>risk in <span class=\"_ _2\"></span>value fl<span class=\"_ _2\"></span>uctuations<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>  For cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w statement <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>es, thi<span class=\"_ _2\"></span>s caption<span class=\"_ _2\"></span> will<span class=\"_ _2\"></span> also <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>de, when appli<span class=\"_ _2\"></span>cable<span class=\"_ _2\"></span>, bank overdrafts<span class=\"_ _a9\"></span>, w<span class=\"_ _0\"></span>hich<span class=\"_ _2\"></span> are pr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>sented <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>Statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion as<span class=\"_ _2\"></span> a current l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, under th<span class=\"_ _2\"></span>e capti<span class=\"_ _2\"></span>on Int<span class=\"_ _2\"></span>erest-bearin<span class=\"_ _2\"></span>g liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.6).5.9<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Cash <span class=\"_ _2\"></span>flows fr<span class=\"_ _2\"></span>om financ<span class=\"_ _2\"></span>ing act<span class=\"_ _a9\"></span>ivities Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s for <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  947<span class=\"_ _0\"></span>,383,993<span class=\"_ _0\"></span>  Payment of loans<span class=\"_ _0\"></span> (545,218,254)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Receipts from lo<span class=\"_ _0\"></span>ans obtained<span class=\"_ _0\"></span> 430,000,000  147,500,000  Cash pooli<span class=\"_ _0\"></span>ng 167,563,736  129,775,499  Changes in borrowi<span class=\"_ _0\"></span>ng costs (64<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>62)<span class=\"_ _0\"></span> 33,919 <span class=\"_ _0\"></span> Changes in interes<span class=\"_ _0\"></span>t-bearin<span class=\"_ _0\"></span>g debt<span class=\"_ _0\"></span> 52,280<span class=\"_ _0\"></span>,820  (14,21<span class=\"_ _0\"></span>8,360) Gross interest-be<span class=\"_ _0\"></span>aring de<span class=\"_ _0\"></span>bt 985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  5.10<span class=\"ff7\"> <span class=\"_ _87\"> </span></span>Net <span class=\"_ _2\"></span>financi<span class=\"_ _a9\"></span>a<span class=\"_ _0\"></span>l r<span class=\"_ _2\"></span>esults Amounts i<span class=\"_ _0\"></span>n Euro 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securiti<span class=\"_ _0\"></span>es and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,418,150) (10<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>85,295)<span class=\"_ _0\"></span> Interest paid on ot<span class=\"_ _0\"></span>her interest<span class=\"_ _0\"></span>-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities (11<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>66,018)<span class=\"_ _0\"></span> (4,409,101) Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,370,449) (3,349,422) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (25,15<span class=\"_ _0\"></span>4,617) (18,14<span class=\"_ _0\"></span>3,818) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties (78<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>61)<span class=\"_ _0\"></span> (93<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>53)<span class=\"_ _0\"></span> Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (25,23<span class=\"_ _0\"></span>3,278) (18,23<span class=\"_ _0\"></span>7,271) Unfavourable exch<span class=\"_ _0\"></span>ange rate di<span class=\"_ _0\"></span>fferences<span class=\"_ _0\"></span> -  (10<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>79,571)<span class=\"_ _0\"></span> Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,191,640) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (2,177,098) (110,915) Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (33,20<span class=\"_ _0\"></span>4,745) (36,18<span class=\"_ _0\"></span>4,414) Interest recei<span class=\"_ _0\"></span>ved fr<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>m l<span class=\"_ _0\"></span>oans granted<span class=\"_ _0\"></span> 8,404,238  3,266,904  Favourable exchange <span class=\"_ _0\"></span>rate di<span class=\"_ _0\"></span>fferences<span class=\"_ _0\"></span> 6,875,033  12,539,990 <span class=\"_ _0\"></span> Gains on compe<span class=\"_ _0\"></span>nsatory i<span class=\"_ _0\"></span>nterest 341,349  767,705  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 6,474,957  9,031,354  Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 22,095<span class=\"_ _0\"></span>,577  25,605<span class=\"_ _0\"></span>,954  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (11,10<span class=\"_ _0\"></span>9,168) (10,57<span class=\"_ _0\"></span>8,460) Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Company cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>ncome\" the i<span class=\"_ _2\"></span>ncome <span class=\"_ _2\"></span>and gains <span class=\"_ _2\"></span>resulting <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>treasur<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest recei<span class=\"_ _a9\"></span>ved from <span class=\"_ _2\"></span>the appli<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of cas<span class=\"_ _2\"></span>h surplus; <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> to h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>e and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _a9\"></span>risk on l<span class=\"_ _2\"></span>oans, re<span class=\"_ _2\"></span>gardless<span class=\"_ _2\"></span> of the f<span class=\"_ _2\"></span>ormal <span class=\"_ _2\"></span>designatio<span class=\"_ _2\"></span>n of h<span class=\"_ _2\"></span>edge.6.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ax </span></span>6.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Income<span class=\"_ _2\"></span> tax <span class=\"_ _2\"></span>for the<span class=\"_ _2\"></span> peri<span class=\"_ _2\"></span>od 6.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Tax <span class=\"_ _a9\"></span>amou<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>cog<span class=\"_ _a9\"></span>nis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _a9\"></span>atem<span class=\"_ _2\"></span>ent Amounts in Euro<span class=\"_ _0\"></span> 2022 2021  Current tax<span class=\"_ _0\"></span> (9,680,009) (1,260,778)  Change in uncertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 3,906,564  (3,827,856)  Deferred tax (Note 6.2)<span class=\"_ _1\"></span> 2,028,010  1,658,967  (3,745<span class=\"_ _0\"></span>,435) (3,429<span class=\"_ _0\"></span>,667) Nominal<span class=\"_ _a9\"></span> tax rate<span class=\"_ _a9\"></span> In the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d, the <span class=\"_ _2\"></span>Company cons<span class=\"_ _2\"></span>iders<span class=\"_ _2\"></span> a nomi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span> tax rate i<span class=\"_ _2\"></span>n Port<span class=\"_ _2\"></span>ugal of 27.5%<span class=\"_ _2\"></span>, resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>x legisl<span class=\"_ _2\"></span>ation as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 2022 2021 Portugal Nomi<span class=\"_ _0\"></span>nal income tax rate<span class=\"_ _0\"></span> 21.0% 21.0% Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge<span class=\"_ _0\"></span> 1.5% 1.5% 22.5% 22.5% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>1,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 7,500,0<span class=\"_ _0\"></span>00 <span class=\"_ _0\"></span> 3.0% 3.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>7,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 35,000,<span class=\"_ _0\"></span>000 <span class=\"_ _0\"></span> 5.0% 5.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts above Euro <span class=\"_ _0\"></span>35,000,000 <span class=\"_ _0\"></span> 9.0% 9.0% Reconci<span class=\"_ _a9\"></span>liation of t<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> effecti<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x ra<span class=\"_ _2\"></span>te f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>d  Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 396<span class=\"_ _0\"></span>,325,899<span class=\"_ _0\"></span>  174<span class=\"_ _0\"></span>,841,122<span class=\"_ _0\"></span>  Expected tax at nomi<span class=\"_ _0\"></span>nal rate <span class=\"_ _0\"></span>(21%) 83,228,439 <span class=\"_ _0\"></span> 36,716,636 <span class=\"_ _0\"></span> Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge (202<span class=\"_ _0\"></span>2: 0.13% ; 202<span class=\"_ _0\"></span>1: 0.15%)<span class=\"_ _0\"></span> 526,084  258,781  State surcharge (2022: <span class=\"_ _0\"></span>0.39% ; 2021: <span class=\"_ _0\"></span>0.38%)<span class=\"_ _0\"></span> 1,561,503  667,605  Income tax resultin<span class=\"_ _0\"></span>g from the a<span class=\"_ _0\"></span>pplicable tax <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> 85,316<span class=\"_ _0\"></span>,026  37,643<span class=\"_ _0\"></span>,022  Nomin<span class=\"_ _0\"></span>al tax<span class=\"_ _2\"></span> r<span class=\"_ _0\"></span>ate for the p<span class=\"_ _0\"></span>eriod 21.53%<span class=\"_ _0\"></span> 21.53%<span class=\"_ _0\"></span> Differences (a)<span class=\"_ _0\"></span> (4,540,176) 2,679,217  Effect of appli<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of equ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty method<span class=\"_ _0\"></span> (73<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>87,565)<span class=\"_ _0\"></span> (40<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>21,355)<span class=\"_ _0\"></span> (Excess)/ Insuffi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ency of income tax estimate<span class=\"_ _0\"></span> (3,906,564) 3,453,123  Autonomous taxati<span class=\"_ _0\"></span>on 363,714  475,660  3,745,43<span class=\"_ _0\"></span>5  3,429,66<span class=\"_ _0\"></span>7  Effective tax rate<span class=\"_ _0\"></span> 0.95% 1.96% (a) This amount co<span class=\"_ _0\"></span>ncerns mainl<span class=\"_ _0\"></span>y: 2022 2021 Capital gains/ (lo<span class=\"_ _0\"></span>sses) for tax pu<span class=\"_ _0\"></span>rposes -  (654,801) Capital gains/ (lo<span class=\"_ _0\"></span>sses) for accou<span class=\"_ _0\"></span>nting purpos<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  655,648  Taxable provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mpairment <span class=\"_ _0\"></span> 3,540,136  6,987,197  Tax benefi<span class=\"_ _0\"></span>ts (331,996) (326,801) Employee benefi<span class=\"_ _0\"></span>ts 21,108 <span class=\"_ _0\"></span> (1,390,000) Liqui<span class=\"_ _0\"></span>dation of subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> (14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>41,302)<span class=\"_ _0\"></span> -  Other (6,292,558) 5,235,491  (17,80<span class=\"_ _0\"></span>4,612) 10,506<span class=\"_ _0\"></span>,734  Tax effect  (25<span class=\"_ _0\"></span>.5%) (4,540<span class=\"_ _0\"></span>,176) 2,679,21<span class=\"_ _0\"></span>7  6.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Tax <span class=\"_ _a9\"></span>recog<span class=\"_ _a9\"></span>nis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>tem<span class=\"_ _a9\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al <span class=\"_ _a9\"></span>posi<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Assets Amounts pendi<span class=\"_ _0\"></span>ng refund (tax proceedi<span class=\"_ _0\"></span>ngs decided i<span class=\"_ _0\"></span>n favour of <span class=\"_ _0\"></span>the Gr<span class=\"_ _0\"></span>oup)<span class=\"_ _0\"></span> 15,341,107 <span class=\"_ _0\"></span> 1,118,815  15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  Liabilities Corporate Income T<span class=\"_ _0\"></span>ax - I<span class=\"_ _0\"></span>RC 96,139,000 <span class=\"_ _0\"></span> 20,200,713 <span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional tax <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (IRC)<span class=\"_ _0\"></span> 11,494,069 <span class=\"_ _0\"></span> 11,741,764 <span class=\"_ _0\"></span> 107<span class=\"_ _0\"></span>,633,069<span class=\"_ _0\"></span>  31,942<span class=\"_ _0\"></span>,477  Detail <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Corporat<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x - <span class=\"_ _2\"></span>IRC (<span class=\"_ _2\"></span>net) Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Income tax for the peri<span class=\"_ _0\"></span>od (9,680,009) (1,260,778) Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> 37,184,040 <span class=\"_ _0\"></span> 18,765,072 <span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax recoverable<span class=\"_ _0\"></span> 36,453 <span class=\"_ _0\"></span> 7,865  Corporate Income T<span class=\"_ _0\"></span>ax of compani<span class=\"_ _0\"></span>es incl<span class=\"_ _0\"></span>uded in the RETGS<span class=\"_ _0\"></span> (123,679,484)<span class=\"_ _0\"></span> (34<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>06,939)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es / (recei<span class=\"_ _0\"></span>vables) -  (3,605,933) (96,13<span class=\"_ _0\"></span>9,000) (20,20<span class=\"_ _0\"></span>0,713) Amount<span class=\"_ _a9\"></span>s pendin<span class=\"_ _2\"></span>g refu<span class=\"_ _a9\"></span>nd Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 13,886,728 <span class=\"_ _0\"></span> -  RFAI<span class=\"_ _0\"></span> 20<span class=\"_ _2\"></span>10 to <span class=\"_ _0\"></span>2012 - co<span class=\"_ _0\"></span>mpensatory int<span class=\"_ _0\"></span>erest 1,076,611  1,076,611  2016 Corporate i<span class=\"_ _0\"></span>ncome tax - <span class=\"_ _0\"></span>CAAD 7/20<span class=\"_ _0\"></span>22 Proceeding<span class=\"_ _0\"></span> 272,697  -  2020 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 62,867 <span class=\"_ _0\"></span> -  Other 42,204 <span class=\"_ _0\"></span> 42,204 <span class=\"_ _0\"></span> 15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  The movements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od are de<span class=\"_ _2\"></span>tailed as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 1,118,81<span class=\"_ _0\"></span>5  3,482,76<span class=\"_ _0\"></span>2  Increases  14,222,292 <span class=\"_ _0\"></span> 189,876  Charge-off<span class=\"_ _0\"></span> -  (2,120,272) Reversals<span class=\"_ _0\"></span> -  (433,551) 15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  Uncerta<span class=\"_ _2\"></span>in ta<span class=\"_ _2\"></span>x <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _2\"></span> liabilitie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 11,741<span class=\"_ _0\"></span>,764  9,014,69<span class=\"_ _0\"></span>9  Increases  5,836,617  10,756,268 <span class=\"_ _0\"></span> Charge-off<span class=\"_ _0\"></span> (3,599,451) (975,264) Reversals<span class=\"_ _0\"></span> (2,484,861) (7,053,939) Changes in the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> (247<span class=\"_ _0\"></span>,695) 2,727,06<span class=\"_ _0\"></span>5  11,494<span class=\"_ _0\"></span>,069  11,741<span class=\"_ _0\"></span>,764  Taxes <span class=\"_ _2\"></span>paid i<span class=\"_ _2\"></span>n liti<span class=\"_ _2\"></span>gation<span class=\"_ _a9\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e additi<span class=\"_ _2\"></span>onal tax as<span class=\"_ _2\"></span>sessm<span class=\"_ _2\"></span>ents that <span class=\"_ _2\"></span>are already <span class=\"_ _2\"></span>paid and co<span class=\"_ _2\"></span>ntes<span class=\"_ _2\"></span>ted, not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in as<span class=\"_ _2\"></span>sets, a<span class=\"_ _a9\"></span>re summari<span class=\"_ _2\"></span>sed as fo<span class=\"_ _2\"></span>llows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax 10,394,386 <span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 2006 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax <span class=\"_ _0\"></span> 8,150,146  8,150,146  2018 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax 14,433,913 <span class=\"_ _0\"></span> -  2016 State surcharge<span class=\"_ _0\"></span> 3,761,397  3,761,397  2017 State surcharge<span class=\"_ _0\"></span> 8,462,724  8,462,724  2018 State surcharge<span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 2016 and 2017 CDTJI Corpo<span class=\"_ _0\"></span>rate Incom<span class=\"_ _0\"></span>e Tax<span class=\"_ _0\"></span> 1,522,660  1,522,660  58,948<span class=\"_ _0\"></span>,931  44,515<span class=\"_ _0\"></span>,018  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Current i<span class=\"_ _2\"></span>ncome t<span class=\"_ _2\"></span>ax is c<span class=\"_ _2\"></span>alculated <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _2\"></span>d on net p<span class=\"_ _2\"></span>rofit, <span class=\"_ _2\"></span>adjus<span class=\"_ _2\"></span>ted in co<span class=\"_ _2\"></span>mpliance <span class=\"_ _2\"></span>with tax le<span class=\"_ _2\"></span>gislati<span class=\"_ _2\"></span>on in f<span class=\"_ _2\"></span>orce at th<span class=\"_ _2\"></span>e Statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al pos<span class=\"_ _2\"></span>ition date<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span> Taxa<span class=\"_ _2\"></span>tion gr<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span> In Portu<span class=\"_ _2\"></span>gal, th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>subject <span class=\"_ _2\"></span>to the Sp<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>cial<span class=\"_ _2\"></span> Tax Regi<span class=\"_ _2\"></span>me for Grou<span class=\"_ _2\"></span>ps of C<span class=\"_ _2\"></span>ompanies (REGTS - <span class=\"ff9\">Re<span class=\"_ _2\"></span>gime Es<span class=\"_ _2\"></span>pecia<span class=\"_ _2\"></span>l de Tribu<span class=\"_ _2\"></span>ta\u00e7\u00e3o d<span class=\"_ _2\"></span>e Grupos <span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span> So<span class=\"_ _2\"></span>ciedades<span class=\"ff1\">), comp<span class=\"_ _a9\"></span>rising compani<span class=\"_ _2\"></span>es in </span></span>which the <span class=\"_ _2\"></span>shareho<span class=\"_ _2\"></span>lding i<span class=\"_ _2\"></span>s equal to<span class=\"_ _2\"></span> or mo<span class=\"_ _2\"></span>re than 75<span class=\"_ _a9\"></span>% and whic<span class=\"_ _2\"></span>h meet <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns lai<span class=\"_ _2\"></span>d down in arti<span class=\"_ _2\"></span>cle 69<span class=\"_ _2\"></span>, and fol<span class=\"_ _2\"></span>lowing of<span class=\"_ _2\"></span> the Po<span class=\"_ _2\"></span>rtuguese <span class=\"_ _2\"></span>Corpo<span class=\"_ _2\"></span>rate In<span class=\"_ _2\"></span>come Tax Co<span class=\"_ _2\"></span>de (IRC)<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> These comp<span class=\"_ _2\"></span>anies i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the RE<span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>GS calc<span class=\"_ _2\"></span>ulate inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>taxes as if <span class=\"_ _a9\"></span>they were taxed independ<span class=\"_ _2\"></span>ently. L<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties are r<span class=\"_ _a9\"></span>ecognised as <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ue to <span class=\"_ _2\"></span>the con<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>roll<span class=\"_ _2\"></span>ing entit<span class=\"_ _2\"></span>y of the <span class=\"_ _a9\"></span>tax busi<span class=\"_ _2\"></span>ness Group, cur<span class=\"_ _2\"></span>rentl<span class=\"_ _2\"></span>y The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A. whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> respon<span class=\"_ _2\"></span>sible f<span class=\"_ _2\"></span>or the Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>\u2019s o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> clearanc<span class=\"_ _2\"></span>e and paym<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>orporate <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>ncome Ta<span class=\"_ _2\"></span>x. Wh<span class=\"_ _2\"></span>ere there are <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s regime<span class=\"_ _2\"></span>, these are <span class=\"_ _a9\"></span>recorded as i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e dominant en<span class=\"_ _a9\"></span>tity fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> The amounts <span class=\"_ _a9\"></span>the Compan<span class=\"_ _2\"></span>y has rec<span class=\"_ _2\"></span>eivable f<span class=\"_ _a9\"></span>rom or payabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>other com<span class=\"_ _2\"></span>panies i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>tax business<span class=\"_ _2\"></span> group in <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>their li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>presented <span class=\"_ _a9\"></span>under Recei<span class=\"_ _2\"></span>vables an<span class=\"_ _2\"></span>d Payabl<span class=\"_ _2\"></span>es. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s The Company <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>es li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es for ad<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>nal tax ass<span class=\"_ _a9\"></span>essments tha<span class=\"_ _a9\"></span>t may resul<span class=\"_ _2\"></span>t from r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>ws by the <span class=\"_ _2\"></span>tax authori<span class=\"_ _a9\"></span>ties. <span class=\"_ _2\"></span>When the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>result of <span class=\"_ _2\"></span>these s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>s diff<span class=\"_ _2\"></span>erent from <span class=\"_ _2\"></span>the amounts ini<span class=\"_ _2\"></span>tially <span class=\"_ _2\"></span>recorded, th<span class=\"_ _2\"></span>e differ<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nces wil<span class=\"_ _2\"></span>l have an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>act on i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ome tax in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pe<span class=\"_ _2\"></span>riod in <span class=\"_ _2\"></span>which the<span class=\"_ _2\"></span>y are calc<span class=\"_ _2\"></span>ulated.<span class=\"_ _2\"></span> In Portu<span class=\"_ _2\"></span>gal, annual<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s ar<span class=\"_ _2\"></span>e subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>review and <span class=\"_ _a9\"></span>possible adjus<span class=\"_ _a9\"></span>tment by <span class=\"_ _2\"></span>the tax au<span class=\"_ _2\"></span>thorities f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 4 y<span class=\"_ _2\"></span>ears. H<span class=\"_ _2\"></span>owever, if <span class=\"_ _2\"></span>tax loss<span class=\"_ _a9\"></span>es are presen<span class=\"_ _2\"></span>ted, th<span class=\"_ _2\"></span>ey ma<span class=\"_ _2\"></span>y be subject <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>view by th<span class=\"_ _2\"></span>e tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r a peri<span class=\"_ _2\"></span>od of 6<span class=\"_ _2\"></span> years.  The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>considers <span class=\"_ _a9\"></span>that any co<span class=\"_ _2\"></span>rrectio<span class=\"_ _2\"></span>ns to th<span class=\"_ _2\"></span>ose decl<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ons as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> reviews/i<span class=\"_ _2\"></span>nspec<span class=\"_ _2\"></span>tions by th<span class=\"_ _2\"></span>e Por<span class=\"_ _2\"></span>tuguese <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities <span class=\"_ _2\"></span>will not have a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>mpact <span class=\"_ _2\"></span>in the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements as<span class=\"_ _2\"></span> at 31 Dec<span class=\"_ _a9\"></span>ember 2022<span class=\"_ _2\"></span>, although <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>e periods u<span class=\"_ _2\"></span>p to and i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng 2018 have alre<span class=\"_ _2\"></span>ady been <span class=\"_ _a9\"></span>rev<span class=\"_ _0\"></span>ie<span class=\"_ _2\"></span>wed. Uncertai<span class=\"_ _2\"></span>n tax <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s The amount of<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es recorded <span class=\"_ _2\"></span>for t<span class=\"_ _2\"></span>ax proce<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dings ari<span class=\"_ _2\"></span>ses from an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment made by the <span class=\"_ _2\"></span>Group, <span class=\"_ _a9\"></span>as at the <span class=\"_ _2\"></span>date of <span class=\"_ _2\"></span>the St<span class=\"_ _2\"></span>atement o<span class=\"_ _2\"></span>f Fin<span class=\"_ _a9\"></span>ancial <span class=\"_ _2\"></span>Positio<span class=\"_ _2\"></span>n, regarding <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> differenc<span class=\"_ _2\"></span>es of un<span class=\"_ _2\"></span>derst<span class=\"_ _2\"></span>anding wi<span class=\"_ _2\"></span>th the Po<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span>ugues<span class=\"_ _2\"></span>e Tax Au<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>rities, con<span class=\"_ _2\"></span>siderin<span class=\"_ _2\"></span>g the developmen<span class=\"_ _2\"></span>ts in ta<span class=\"_ _2\"></span>x mat<span class=\"_ _2\"></span>ters.  With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the m<span class=\"_ _2\"></span>easurement of <span class=\"_ _2\"></span>uncertai<span class=\"_ _2\"></span>n tax <span class=\"_ _2\"></span>position<span class=\"_ _a9\"></span>s, the Compan<span class=\"_ _2\"></span>y takes <span class=\"_ _2\"></span>into consi<span class=\"_ _2\"></span>deration th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> of IFRIC<span class=\"_ _2\"></span> 23 <span class=\"ff8\">\u2013</span> <span class=\"ff8\">\u201cUncer<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ainty o<span class=\"_ _a9\"></span>ver inco<span class=\"_ _2\"></span>me tax tr<span class=\"_ _2\"></span>eatments\u201d<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> namely </span>the measur<span class=\"_ _2\"></span>ement o<span class=\"_ _2\"></span>f risks <span class=\"_ _2\"></span>and unc<span class=\"_ _2\"></span>ertain<span class=\"_ _2\"></span>ties in<span class=\"_ _2\"></span> defini<span class=\"_ _2\"></span>ng the best es<span class=\"_ _a9\"></span>timate of <span class=\"_ _2\"></span>expenditu<span class=\"_ _a9\"></span>re require<span class=\"_ _2\"></span>d to se<span class=\"_ _2\"></span>ttle the <span class=\"_ _2\"></span>obliga<span class=\"_ _2\"></span>tion, b<span class=\"_ _2\"></span>y weighti<span class=\"_ _2\"></span>ng all <span class=\"_ _2\"></span>possible <span class=\"_ _a9\"></span>results con<span class=\"_ _2\"></span>trolled <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Company and their <span class=\"_ _a9\"></span>related pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ties. 6.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Deferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>xes Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>ferred<span class=\"_ _2\"></span> taxe<span class=\"_ _2\"></span>s  As at 1<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 <span class=\"fc7 sc0\"> </span>Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t <span class=\"_ _0\"></span> Januar<span class=\"_ _0\"></span>y Equity<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r <span class=\"fc7 sc0\"> </span> Increases<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Decreases <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022  2022 <span class=\"fc7 sc0\"> </span>Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax assets<span class=\"_ _1\"></span> Taxed provisi<span class=\"_ _0\"></span>ons -  410,869  -  -  410,869  Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries 18,752,796 <span class=\"_ _0\"></span> 9,366,282  (2,802,959) -  25,316,119 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 7,448,830  -  -  (7,448,830) -  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 140,000  -  (140,000) -  -  26,341<span class=\"_ _0\"></span>,626  9,777,15<span class=\"_ _0\"></span>1  (2,942<span class=\"_ _0\"></span>,959) (7,448<span class=\"_ _0\"></span>,830) 25,726<span class=\"_ _0\"></span>,988  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries (718,030) 802,383  (261,997) -  (177,644) Fi<span class=\"_ _0\"></span>nancial instruments -  -  -  (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (718<span class=\"_ _0\"></span>,030) 802<span class=\"_ _0\"></span>,383  (261<span class=\"_ _0\"></span>,997) (47,17<span class=\"_ _0\"></span>4,485) (47,35<span class=\"_ _0\"></span>2,129) Deferred tax ass<span class=\"_ _0\"></span>ets  7,243,94<span class=\"_ _0\"></span>7  2,688,71<span class=\"_ _0\"></span>7  (809<span class=\"_ _0\"></span>,314) (2,048<span class=\"_ _0\"></span>,428) 7,074,92<span class=\"_ _0\"></span>2  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (197<span class=\"_ _0\"></span>,458) 220<span class=\"_ _0\"></span>,655  (72,04<span class=\"_ _0\"></span>9) (12,97<span class=\"_ _0\"></span>2,983) (13,02<span class=\"_ _0\"></span>1,836) As at <span class=\"_ _0\"></span>1 Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> As at <span class=\"_ _0\"></span>31 Januar<span class=\"_ _0\"></span>y  Equity<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span>  Increases<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Decreases<span class=\"_ _0\"></span> 2021  2021  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>x assets<span class=\"_ _0\"></span><span class=\"fs25\"> </span>Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries 12,580,190 <span class=\"_ _0\"></span> 8,425,255  (2,252,649) -  18,752,796 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 8,879,577  -  -  (1,430,747) 7,448,830  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 280,000  -  (140,000) -  140,000  21,739<span class=\"_ _0\"></span>,767  8,425,25<span class=\"_ _0\"></span>5  (2,392<span class=\"_ _0\"></span>,649) (1,430<span class=\"_ _0\"></span>,747) 26,341<span class=\"_ _0\"></span>,626  Temporary difference<span class=\"_ _0\"></span>s originating deferred tax liabiliti<span class=\"_ _0\"></span>es Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries (718,030) -  -  -  (718,030) (718<span class=\"_ _0\"></span>,030) -  -  -  (718<span class=\"_ _0\"></span>,030) Deferred tax ass<span class=\"_ _0\"></span>ets 5,978,43<span class=\"_ _0\"></span>6  2,316,94<span class=\"_ _0\"></span>5  (657<span class=\"_ _0\"></span>,978) (393<span class=\"_ _0\"></span>,455) 7,243,94<span class=\"_ _0\"></span>7  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (197<span class=\"_ _0\"></span>,458) -  -  -  (197<span class=\"_ _0\"></span>,458) In the m<span class=\"_ _2\"></span>easurement o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e deferr<span class=\"_ _2\"></span>ed taxes <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 2022 <span class=\"_ _2\"></span>and 31 Dec<span class=\"_ _a9\"></span>embe<span class=\"_ _0\"></span>r 2021<span class=\"_ _a9\"></span>, the Corpora<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>Income Tax ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e us<span class=\"_ _2\"></span>ed was 27<span class=\"_ _2\"></span>.50%. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span> is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated on <span class=\"_ _2\"></span>the bas<span class=\"_ _2\"></span>is of<span class=\"_ _2\"></span> the Statem<span class=\"_ _2\"></span>ent of<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on, on tempora<span class=\"_ _2\"></span>ry differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the bo<span class=\"_ _2\"></span>ok val<span class=\"_ _2\"></span>ues of as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities an<span class=\"_ _2\"></span>d thei<span class=\"_ _2\"></span>r respecti<span class=\"_ _2\"></span>ve ta<span class=\"_ _2\"></span>x base. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>o determin<span class=\"_ _2\"></span>e the defe<span class=\"_ _a9\"></span>rr<span class=\"_ _0\"></span>ed ta<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>the tax r<span class=\"_ _2\"></span>ate exp<span class=\"_ _2\"></span>ected to <span class=\"_ _a9\"></span>be in<span class=\"_ _2\"></span> force i<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> the peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch the temporary <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>iff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>will be <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>ed is used<span class=\"_ _2\"></span>. Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span> asse<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e recognise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> wh<span class=\"_ _2\"></span>enever th<span class=\"_ _2\"></span>ere is a <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>asonable <span class=\"_ _2\"></span>likeli<span class=\"_ _2\"></span>hood that fu<span class=\"_ _a9\"></span>ture taxable <span class=\"_ _2\"></span>profits <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span> be generat<span class=\"_ _2\"></span>ed agai<span class=\"_ _2\"></span>nst which<span class=\"_ _2\"></span> they can<span class=\"_ _2\"></span> be o<span class=\"_ _2\"></span>ffset. <span class=\"_ _2\"></span>Deferred <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re re<span class=\"ls0\">vised <span class=\"_ _2\"></span>periodical<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d decr<span class=\"_ _2\"></span>eased when<span class=\"_ _2\"></span>ever i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>ey will<span class=\"_ _2\"></span> not be us<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d. </span>Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span>es a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded as an<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me or e<span class=\"_ _2\"></span>xpense fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he period<span class=\"_ _2\"></span>, excep<span class=\"_ _2\"></span>t where th<span class=\"_ _a9\"></span>ey<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>result from amo<span class=\"_ _2\"></span>unts recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectly <span class=\"_ _2\"></span>under Shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>holders\u2019<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, <span class=\"ff1\">situa<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>deferred <span class=\"_ _2\"></span>tax is </span>also<span class=\"_ _2\"></span> recorded un<span class=\"_ _2\"></span>der the sam<span class=\"_ _a9\"></span>e captio<span class=\"_ _2\"></span>n. Tax b<span class=\"_ _2\"></span>enefits a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>trib<span class=\"_ _2\"></span>uted to the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y regar<span class=\"_ _2\"></span>ding its investmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t as th<span class=\"_ _2\"></span>ere is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient ta<span class=\"_ _2\"></span>xable inco<span class=\"_ _2\"></span>me to all<span class=\"_ _2\"></span>ow its us<span class=\"_ _2\"></span>e. 7.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Payr<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span> </span></span>7.1<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Payroll<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es - fixed <span class=\"_ _0\"></span>(Note 7.3)<span class=\"_ _0\"></span> 1,355,315  1,328,245  Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es  - variabl<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span> 3,968,843  3,856,394  Employee remunera<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n 3,455,070  1,069,930  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contri<span class=\"_ _0\"></span>butions<span class=\"_ _0\"></span> 1,017,117  973,317  Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (Note 7.2.2)<span class=\"_ _0\"></span> 108,938  143,080  Other payroll<span class=\"_ _0\"></span> costs 3,616,214  3,721,285  Payroll costs 13,521<span class=\"_ _0\"></span>,497  11,092<span class=\"_ _0\"></span>,252  The increas<span class=\"_ _a9\"></span>e in payro<span class=\"_ _2\"></span>ll c<span class=\"_ _2\"></span>osts acco<span class=\"_ _2\"></span>mpanied Navi<span class=\"_ _2\"></span>gator's <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ood perfo<span class=\"_ _a9\"></span>rmance in 20<span class=\"_ _2\"></span>22, w<span class=\"_ _0\"></span>hich<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span>owed for th<span class=\"_ _2\"></span>e recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of accrued e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>penses<span class=\"_ _2\"></span> for bonu<span class=\"_ _2\"></span>s paymen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> 2023. Other <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ayroll c<span class=\"_ _a9\"></span>osts - det<span class=\"_ _2\"></span>ails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Traini<span class=\"_ _0\"></span>ng 1,317,514  865,755  Recruitment costs<span class=\"_ _0\"></span> 16,646  81,125 <span class=\"_ _0\"></span> Insurance <span class=\"_ _0\"></span> 253,679  587,589  Compensati<span class=\"_ _0\"></span>ons 947,355  1,149,505  Mea<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> all<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>wance 119,481  124,142  Soci<span class=\"_ _0\"></span>al act<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on 961,539  913,170  3,616,21<span class=\"_ _0\"></span>4  3,721,28<span class=\"_ _0\"></span>5  Num<span class=\"_ _2\"></span>ber of em<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>loye<span class=\"_ _2\"></span>es at t<span class=\"_ _a9\"></span>he en<span class=\"_ _2\"></span>d of the <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>erio<span class=\"_ _a9\"></span>d As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e number <span class=\"_ _2\"></span>of Emplo<span class=\"_ _2\"></span>yees unde<span class=\"_ _2\"></span>r contr<span class=\"_ _2\"></span>actual employmen<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>the Company <span class=\"_ _2\"></span>was 379 <span class=\"_ _2\"></span>and 426, <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>spec<span class=\"_ _2\"></span>tively, o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>which 34<span class=\"_ _2\"></span>7 were empl<span class=\"_ _2\"></span>oyed b<span class=\"_ _2\"></span>y other Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> compani<span class=\"_ _2\"></span>es (2021<span class=\"_ _2\"></span>: 410)<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Short-term emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>enefits<span class=\"_ _2\"></span> Acquired ri<span class=\"_ _a9\"></span>ghts - holi<span class=\"_ _2\"></span>days and h<span class=\"_ _2\"></span>oliday al<span class=\"_ _2\"></span>lowanc<span class=\"_ _2\"></span>e In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ective agr<span class=\"_ _2\"></span>eement appli<span class=\"_ _2\"></span>cable <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>., Workers are <span class=\"_ _a9\"></span>entitled <span class=\"_ _2\"></span>to 25 wo<span class=\"_ _2\"></span>rking da<span class=\"_ _2\"></span>ys lea<span class=\"_ _2\"></span>ve, as <span class=\"_ _2\"></span>well as <span class=\"_ _a9\"></span>one month's<span class=\"_ _2\"></span> holi<span class=\"_ _2\"></span>day allowance<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> acquired i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e year pr<span class=\"_ _2\"></span>eceding <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>of the p<span class=\"_ _2\"></span>ayment. Bonuses Accordin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the current <span class=\"_ _2\"></span>Performan<span class=\"_ _2\"></span>ce Mana<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ement Sys<span class=\"_ _a9\"></span>tem (<span class=\"ff9\">Si<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tema de Gest<span class=\"_ _a9\"></span>\u00e3o de </span>Desempenho<span class=\"ff1\">), <span class=\"_ _a9\"></span>emp<span class=\"_ _0\"></span>loye<span class=\"_ _2\"></span>es hav<span class=\"_ _2\"></span>e the ri<span class=\"_ _2\"></span>ght to<span class=\"_ _2\"></span> a bonus, <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _2\"></span>d on annual<span class=\"_ _2\"></span>ly defin<span class=\"_ _2\"></span>ed objec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. The </span>entitlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>this bonus<span class=\"_ _2\"></span> is u<span class=\"_ _2\"></span>sually <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d in the <span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ear pr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ceding i<span class=\"_ _2\"></span>ts paymen<span class=\"_ _2\"></span>t. These li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in whi<span class=\"_ _2\"></span>ch the Empl<span class=\"_ _2\"></span>oyees acqu<span class=\"_ _2\"></span>ire th<span class=\"_ _2\"></span>e respecti<span class=\"_ _2\"></span>ve righ<span class=\"_ _a9\"></span>t,<span class=\"_ _0\"></span> irrespec<span class=\"_ _2\"></span>tive of <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of pa<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ment, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hils<span class=\"_ _2\"></span>t the bal<span class=\"_ _2\"></span>ance pa<span class=\"_ _2\"></span>yable at <span class=\"_ _2\"></span>the dat<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>Stat<span class=\"_ _2\"></span>ement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n is s<span class=\"_ _2\"></span>hown under the cap<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>Payables <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 4.3). Benefits ar<span class=\"_ _2\"></span>ising fr<span class=\"_ _2\"></span>om ter<span class=\"_ _2\"></span>mination o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> employmen<span class=\"_ _2\"></span>t The benefi<span class=\"_ _2\"></span>ts arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _a9\"></span>terminatio<span class=\"_ _2\"></span>n of empl<span class=\"_ _2\"></span>oyment are <span class=\"_ _a9\"></span>recogni<span class=\"_ _2\"></span>sed when the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y can no longer wi<span class=\"_ _2\"></span>thdraw <span class=\"_ _2\"></span>the offe<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>such benefi<span class=\"_ _a9\"></span>ts or in <span class=\"_ _2\"></span>which the <span class=\"_ _a9\"></span>Company recognises<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>ost of restruc<span class=\"_ _2\"></span>turing un<span class=\"_ _2\"></span>der the <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>ions reco<span class=\"_ _2\"></span>rding. <span class=\"_ _2\"></span>Benefi<span class=\"_ _2\"></span>ts due <span class=\"_ _2\"></span>more than 12 <span class=\"_ _2\"></span>months af<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>er the en<span class=\"_ _2\"></span>d of the <span class=\"_ _2\"></span>reporting <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>eriod a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> disc<span class=\"_ _2\"></span>ounted <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o their <span class=\"_ _a9\"></span>present val<span class=\"_ _2\"></span>ue. 7.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Employ<span class=\"_ _2\"></span>ee bene<span class=\"_ _2\"></span>fits 7.<span class=\"_ _2\"></span>2.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Defi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>Pla<span class=\"_ _2\"></span>n Policy for man<span class=\"_ _2\"></span>aging the ris<span class=\"_ _2\"></span>k associated<span class=\"_ _2\"></span> with defined b<span class=\"_ _2\"></span>enefit plans The Company<span class=\"_ _0\"></span>'s exposure <span class=\"_ _0\"></span>to risk is li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span>d to the nu<span class=\"_ _0\"></span>mber of <span class=\"_ _0\"></span>existi<span class=\"_ _0\"></span>ng <span class=\"_ _0\"></span>beneficiari<span class=\"_ _0\"></span>es and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> tend to decrease, sinc<span class=\"_ _0\"></span>e there ar<span class=\"_ _0\"></span>e no defined b<span class=\"_ _0\"></span>enefit plans op<span class=\"_ _0\"></span>en to ne<span class=\"_ _0\"></span>w employ<span class=\"_ _0\"></span>ees in<span class=\"_ _0\"></span> the Company<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> The most signi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>nt risks to whi<span class=\"_ _0\"></span>ch the Compan<span class=\"_ _0\"></span>y is <span class=\"_ _0\"></span>exposed th<span class=\"_ _0\"></span>rough defined <span class=\"_ _0\"></span>benefit pla<span class=\"_ _0\"></span>ns in<span class=\"_ _0\"></span>clude:<span class=\"_ _1\"></span> i) Ri<span class=\"_ _0\"></span>sk of chan<span class=\"_ _0\"></span>ge in the lon<span class=\"_ _0\"></span>gevity of participan<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>) Market<span class=\"_ _2\"></span> ra<span class=\"_ _0\"></span>te vari<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> risk <span class=\"ff8\">\u2013<span class=\"_ _0\"></span></span> rate varia<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>mpacts the rat<span class=\"_ _0\"></span>e us<span class=\"_ _0\"></span>ed to discoun<span class=\"_ _0\"></span>t lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (technical<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span>tere<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>t rate) which i<span class=\"_ _0\"></span>s bas<span class=\"_ _0\"></span>ed on yield curv<span class=\"_ _0\"></span>es of highl<span class=\"_ _0\"></span>y rated <span class=\"_ _0\"></span>bonds with ma<span class=\"_ _0\"></span>turities <span class=\"_ _0\"></span>simil<span class=\"_ _0\"></span>ar to the <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bilities' expiry dat<span class=\"_ _0\"></span>es and th<span class=\"_ _0\"></span>e fixed rat<span class=\"_ _0\"></span>e of return of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>ssets. The Company us<span class=\"_ _0\"></span>es yiel<span class=\"_ _0\"></span>d curves i<span class=\"_ _0\"></span>n order to moni<span class=\"_ _0\"></span>tor <span class=\"_ _0\"></span>the evoluti<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>rates and perform<span class=\"_ _0\"></span>s sensitivit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>alyses of in<span class=\"_ _0\"></span>terest rat<span class=\"_ _0\"></span>e variatio<span class=\"_ _0\"></span>ns with the ai<span class=\"_ _0\"></span>m of forese<span class=\"_ _0\"></span>eing an<span class=\"_ _0\"></span>d preventing th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent impact on th<span class=\"_ _0\"></span>e fund's fundi<span class=\"_ _0\"></span>ng le<span class=\"_ _0\"></span>vel.<span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>i) Risk of chan<span class=\"_ _0\"></span>ge in the wage an<span class=\"_ _0\"></span>d pension<span class=\"_ _0\"></span> growth rat<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span> iv) Return on th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>'s finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> assets - the Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y clos<span class=\"_ _0\"></span>ely mon<span class=\"_ _0\"></span>itors the evolu<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f the fund's a<span class=\"_ _0\"></span>ssets, as w<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span> as the evolution o<span class=\"_ _0\"></span>f the main<span class=\"_ _0\"></span> fin<span class=\"_ _0\"></span>ancial m<span class=\"_ _0\"></span>arket indicators<span class=\"_ _0\"></span>, revisi<span class=\"_ _0\"></span>ting the i<span class=\"_ _0\"></span>nvestmen<span class=\"_ _0\"></span>t poli<span class=\"_ _0\"></span>cy approved fo<span class=\"_ _0\"></span>r the ma<span class=\"_ _0\"></span>nagement of th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets whenever justi<span class=\"_ _0\"></span>fiabl<span class=\"_ _0\"></span>e, and at least <span class=\"_ _0\"></span>every thr<span class=\"_ _0\"></span>ee years. <span class=\"_ _0\"></span>The invest<span class=\"_ _0\"></span>ment <span class=\"_ _0\"></span>policy is a<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gned with a conservati<span class=\"_ _0\"></span>ve vi<span class=\"_ _0\"></span>ew of asset management an<span class=\"_ _0\"></span>d defin<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e basis of th<span class=\"_ _0\"></span>e r<span class=\"_ _0\"></span>esponsibil<span class=\"_ _0\"></span>ities to <span class=\"_ _0\"></span>be fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ced by the fund.<span class=\"_ _1\"></span> Net lia<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ilitie<span class=\"_ _2\"></span>s Net li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties reflec<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the Sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on and note 4<span class=\"_ _a9\"></span>.2 <span class=\"_ _0\"></span>- Receiva<span class=\"_ _2\"></span>bles an<span class=\"_ _2\"></span>d the number of <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ciaries<span class=\"_ _2\"></span> of the <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>efined <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>enefit <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lans <span class=\"_ _2\"></span>in fo<span class=\"_ _2\"></span>rce in the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>re detail<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>as fol<span class=\"_ _2\"></span>lows: 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>No. of No. of Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Past service li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties    <span class=\"ls0\">Active empl<span class=\"_ _0\"></span>oyees, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng indi<span class=\"_ _0\"></span>vidual accounts<span class=\"_ _0\"></span> </span>13 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>696,188  13 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>900,211     <span class=\"ls0\">Al<span class=\"_ _0\"></span>umni </span>1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>391,388  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>457,502     <span class=\"ls0\">Reti<span class=\"_ _0\"></span>red employees<span class=\"_ _0\"></span> </span>133  12,672,980 <span class=\"_ _0\"></span> 143  14,996,483 <span class=\"_ _0\"></span> Market val<span class=\"_ _0\"></span>ue of pension funds<span class=\"_ _0\"></span> (13<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>60,257)<span class=\"_ _0\"></span> (16<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>98,826)<span class=\"_ _0\"></span> Total net liabilities<span class=\"_ _0\"></span> 147 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>400<span class=\"_ _0\"></span>,299  157 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>(444<span class=\"_ _0\"></span>,631) Historic<span class=\"_ _2\"></span>al info<span class=\"_ _a9\"></span>rmatio<span class=\"_ _2\"></span>n - last fi<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>years<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2018 2019 2020 2021 2022 Present value of l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties  16,609,101 <span class=\"_ _0\"></span> 17,339,850 <span class=\"_ _0\"></span> 17,087,861 <span class=\"_ _0\"></span> 16,354,196 <span class=\"_ _0\"></span> 13,760,556 <span class=\"_ _0\"></span> Fair value of assets <span class=\"_ _0\"></span>and reserves<span class=\"_ _0\"></span> 15,544,240 <span class=\"_ _0\"></span> 16,409,644 <span class=\"_ _0\"></span> 15,924,756 <span class=\"_ _0\"></span> 16,798,826 <span class=\"_ _0\"></span> 13,360,257 <span class=\"_ _0\"></span> Surplus / (deficit)<span class=\"_ _1\"></span> (1,064<span class=\"_ _0\"></span>,861) (930<span class=\"_ _0\"></span>,206) (1,163<span class=\"_ _0\"></span>,105) 444<span class=\"_ _0\"></span>,631  (400<span class=\"_ _0\"></span>,299) Evolut<span class=\"_ _2\"></span>ion of <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>efine<span class=\"_ _a9\"></span>d benefit<span class=\"_ _2\"></span> plan lia<span class=\"_ _a9\"></span>bilitie<span class=\"_ _2\"></span>s  Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing 2022 balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _1\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 16,354,196 <span class=\"_ _0\"></span> 26,336 <span class=\"_ _0\"></span> 197,163  (1,624,388) (1,192,751) 13,760,556 <span class=\"_ _0\"></span> 16,354<span class=\"_ _0\"></span>,196  26,336<span class=\"_ _0\"></span>  197<span class=\"_ _0\"></span>,163  (1,624<span class=\"_ _0\"></span>,388) (1,192<span class=\"_ _0\"></span>,751) 13,760<span class=\"_ _0\"></span>,556  Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing 2021 balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _1\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 17,087,861 <span class=\"_ _0\"></span> 44,883 <span class=\"_ _0\"></span> 206,569  238,451  (1,223,568) 16,354,196 <span class=\"_ _0\"></span> 17,087<span class=\"_ _0\"></span>,861  44,883<span class=\"_ _0\"></span>  206<span class=\"_ _0\"></span>,569  238<span class=\"_ _0\"></span>,451  (1,223<span class=\"_ _0\"></span>,568) 16,354<span class=\"_ _0\"></span>,196  The avera<span class=\"_ _2\"></span>ge expec<span class=\"_ _2\"></span>ted dura<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of defin<span class=\"_ _2\"></span>ed benefi<span class=\"_ _2\"></span>t liabi<span class=\"_ _2\"></span>lities<span class=\"_ _a9\"></span> is 8 <span class=\"_ _2\"></span>years (2021: 1<span class=\"_ _2\"></span>0 y<span class=\"_ _0\"></span>ears)<span class=\"_ _a9\"></span>. Fund<span class=\"_ _2\"></span>s Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>defined <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>enefit <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ension<span class=\"_ _2\"></span> plans - e<span class=\"_ _2\"></span>volution Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 16,798<span class=\"_ _0\"></span>,826  15,924<span class=\"_ _0\"></span>,756  All<span class=\"_ _0\"></span>ocatio<span class=\"_ _0\"></span>ns for <span class=\"_ _2\"></span>the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  1,390,000  Expected i<span class=\"_ _0\"></span>ncome for the perio<span class=\"_ _0\"></span>d 202,391  191,470  Remeasurement <span class=\"_ _0\"></span> (2,448,209) 516,168  Pensio<span class=\"_ _0\"></span>ns pa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>d (1,192,751) (1,223,568) Closing balance<span class=\"_ _0\"></span> 13,360<span class=\"_ _0\"></span>,257  16,798<span class=\"_ _0\"></span>,826  During the <span class=\"_ _a9\"></span>periods of 2<span class=\"_ _2\"></span>022 and 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>ributions<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> the define<span class=\"_ _2\"></span>d benef<span class=\"_ _2\"></span>it plans <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted above as al<span class=\"_ _2\"></span>locatio<span class=\"_ _2\"></span>ns were <span class=\"_ _2\"></span>made i<span class=\"_ _2\"></span>n full<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e Company an<span class=\"_ _2\"></span>d no contributi<span class=\"_ _2\"></span>ons w<span class=\"_ _2\"></span>ere made b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e participan<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>plans, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>this op<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>exists. Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _a9\"></span>t plan - es<span class=\"_ _2\"></span>timated c<span class=\"_ _2\"></span>ontribu<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>n the fol<span class=\"_ _2\"></span>lowing <span class=\"_ _2\"></span>period The cont<span class=\"_ _2\"></span>ributions<span class=\"_ _2\"></span> planne<span class=\"_ _2\"></span>d for the n<span class=\"_ _a9\"></span>ext annual<span class=\"_ _2\"></span> reportin<span class=\"_ _2\"></span>g p<span class=\"_ _2\"></span>eriod are<span class=\"_ _2\"></span>, among o<span class=\"_ _2\"></span>ther fac<span class=\"_ _2\"></span>tors, dependen<span class=\"_ _2\"></span>t on the p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>tability of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>funds' as<span class=\"_ _2\"></span>sets<span class=\"_ _a9\"></span>. Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _a9\"></span>t plans - compos<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of a<span class=\"_ _2\"></span>ssets Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>Securities listed in<span class=\"_ _0\"></span> the market<span class=\"_ _0\"></span> Bonds 8,215,933  61.5% 11,134,262 <span class=\"_ _0\"></span> 66.3% Shares 3,279,544  24.5% 4,806,144  28.6% Publi<span class=\"_ _0\"></span>c debt 1,199,699  9.0% -  0.0% Liqui<span class=\"_ _0\"></span>dity 217,119  1.6% 858,420  5.1% Other short-term i<span class=\"_ _0\"></span>nvestments<span class=\"_ _0\"></span> 447,962  3.4% -  0.0% 13,360<span class=\"_ _0\"></span>,257  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>16,798<span class=\"_ _0\"></span>,826  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>7.<span class=\"_ _2\"></span>2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _c3\"> </span><span class=\"ff4\">Exp<span class=\"_ _a9\"></span>ens<span class=\"_ _2\"></span>es i<span class=\"_ _a9\"></span>ncur<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span> w<span class=\"_ _2\"></span>ith <span class=\"_ _2\"></span>po<span class=\"_ _a9\"></span>st-em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oym<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t b<span class=\"_ _2\"></span>ene<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>t pl<span class=\"_ _a9\"></span>ans </span></span>2022 2021 Defined Defined contribution Impact contribution Impact - on net - on net Current Contributions result Current Contributions result services Net for the (Note services Net for the (Note Amounts in Euro<span class=\"_ _0\"></span> cost interest period 7.1) cost interest period 7.1) Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 26,336 <span class=\"_ _0\"></span> (5,229) -  21,107 <span class=\"_ _0\"></span> 44,883 <span class=\"_ _0\"></span> 15,100  -  59,982 <span class=\"_ _0\"></span> Defined contri<span class=\"_ _0\"></span>butions pl<span class=\"_ _0\"></span>ans -  -  87,831  87,831 <span class=\"_ _0\"></span> -  -  83,098  83,098 <span class=\"_ _0\"></span> 26,336<span class=\"_ _0\"></span>  (5,229<span class=\"_ _0\"></span>) 87,831<span class=\"_ _0\"></span>  108<span class=\"_ _0\"></span>,938  44,883<span class=\"_ _0\"></span>  15,100<span class=\"_ _0\"></span>  83,098<span class=\"_ _0\"></span>  143<span class=\"_ _0\"></span>,080  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Def<span class=\"_ _2\"></span>ined Con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on plans <span class=\"_ _2\"></span>covered 4<span class=\"_ _2\"></span>20 employe<span class=\"_ _2\"></span>es (2021<span class=\"_ _2\"></span>: 471 Employees)<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Post-employm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>benefits <span class=\"_ _2\"></span>- define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t plan<span class=\"_ _2\"></span> The Company h<span class=\"_ _a9\"></span>as assumed <span class=\"_ _2\"></span>the commi<span class=\"_ _2\"></span>tment to ma<span class=\"_ _a9\"></span>ke<span class=\"_ _0\"></span> pa<span class=\"_ _2\"></span>yments to <span class=\"_ _a9\"></span>their emplo<span class=\"_ _2\"></span>yees in <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>rm of <span class=\"ff8\">c<span class=\"_ _2\"></span>omplementary re<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>iremen<span class=\"_ _2\"></span>t pensi<span class=\"_ _2\"></span>ons, dis<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty, earl<span class=\"_ _2\"></span>y reti<span class=\"_ _2\"></span>rement and s<span class=\"_ _2\"></span>urvivors<span class=\"_ _2\"></span>\u2019 p<span class=\"_ _2\"></span>ensions, </span>having co<span class=\"_ _2\"></span>nstitu<span class=\"_ _2\"></span>ted defi<span class=\"_ _2\"></span>ned-benefi<span class=\"_ _2\"></span>t plans.<span class=\"_ _2\"></span> The Company s<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> u<span class=\"_ _2\"></span>p autonomou<span class=\"_ _2\"></span>s pension <span class=\"_ _2\"></span>funds as <span class=\"_ _a9\"></span>a means<span class=\"_ _2\"></span> of f<span class=\"_ _2\"></span>unding most <span class=\"_ _2\"></span>of the l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties. Based on th<span class=\"_ _a9\"></span>e projecte<span class=\"_ _2\"></span>d credi<span class=\"_ _2\"></span>t unit me<span class=\"_ _2\"></span>thod, the C<span class=\"_ _2\"></span>ompany <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>ses the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>with the attribu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts as the s<span class=\"_ _a9\"></span>erv<span class=\"_ _0\"></span>ices a<span class=\"_ _a9\"></span>re provide<span class=\"_ _2\"></span>d by the <span class=\"_ _a9\"></span>employees. <span class=\"_ _2\"></span>The to<span class=\"_ _2\"></span>tal li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty is estimate<span class=\"_ _2\"></span>d separat<span class=\"_ _2\"></span>ely fo<span class=\"_ _2\"></span>r each <span class=\"_ _2\"></span>plan at l<span class=\"_ _2\"></span>east <span class=\"_ _2\"></span>once e<span class=\"_ _2\"></span>very six <span class=\"_ _a9\"></span>months, on th<span class=\"_ _2\"></span>e date <span class=\"_ _2\"></span>of cl<span class=\"_ _2\"></span>osing o<span class=\"_ _2\"></span>f the interim <span class=\"_ _2\"></span>and annual <span class=\"_ _2\"></span>accounts<span class=\"_ _2\"></span>, by <span class=\"_ _2\"></span>a special<span class=\"_ _2\"></span>ised an<span class=\"_ _2\"></span>d indep<span class=\"_ _2\"></span>endent en<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>it<span class=\"_ _2\"></span>y. The liabi<span class=\"_ _2\"></span>lity thus<span class=\"_ _2\"></span> det<span class=\"_ _2\"></span>ermined is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted in th<span class=\"_ _a9\"></span>e Statemen<span class=\"_ _a9\"></span>t of fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n, less <span class=\"_ _2\"></span>the fair value of<span class=\"_ _2\"></span> the fun<span class=\"_ _2\"></span>ds set u<span class=\"_ _a9\"></span>p,<span class=\"_ _0\"></span> und<span class=\"_ _2\"></span>er Pension<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment benefi<span class=\"_ _a9\"></span>ts. Actuarial<span class=\"_ _2\"></span> deviati<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>rom changes <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e value o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>estimated <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities, as<span class=\"_ _2\"></span> a consequence <span class=\"_ _2\"></span>of chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and demo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns used an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> experienc<span class=\"_ _a9\"></span>e gains, ad<span class=\"_ _2\"></span>ded to<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>tial bet<span class=\"_ _2\"></span>ween the ac<span class=\"_ _a9\"></span>tual return <span class=\"_ _a9\"></span>on fund as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>estimated share of<span class=\"_ _2\"></span> net in<span class=\"_ _2\"></span>terest, <span class=\"_ _a9\"></span>are<span class=\"_ _0\"></span> d<span class=\"_ _2\"></span>esignated as<span class=\"_ _2\"></span> re-meas<span class=\"_ _2\"></span>urements <span class=\"_ _a9\"></span>and recorded <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>irectl<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the statement <span class=\"_ _2\"></span>of compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome, under <span class=\"_ _2\"></span>retaine<span class=\"_ _2\"></span>d earni<span class=\"_ _a9\"></span>ngs. The net <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to<span class=\"_ _2\"></span> the ap<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> the disc<span class=\"_ _a9\"></span>ount rate to <span class=\"_ _2\"></span>the val<span class=\"_ _2\"></span>ue of ne<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>li<span class=\"ff8\">abil<span class=\"_ _2\"></span>ities deduct<span class=\"_ _2\"></span>ed of f<span class=\"_ _2\"></span>und ass<span class=\"_ _2\"></span>et\u2019s fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value) <span class=\"_ _2\"></span>and is reco<span class=\"_ _2\"></span>gnised un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the capti<span class=\"_ _2\"></span>on </span>Payroll<span class=\"_ _2\"></span> costs (N<span class=\"_ _2\"></span>ote 7.1)<span class=\"_ _a9\"></span>. The gains an<span class=\"_ _a9\"></span>d losses <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed by a c<span class=\"_ _2\"></span>urtail<span class=\"_ _2\"></span>ment or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of a def<span class=\"_ _2\"></span>ined-benefi<span class=\"_ _2\"></span>t pl<span class=\"_ _2\"></span>an are recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod when t<span class=\"_ _a9\"></span>he curtailment o<span class=\"_ _a9\"></span>r settlemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> occu<span class=\"_ _2\"></span>rs. A curtail<span class=\"_ _2\"></span>ment occurs <span class=\"_ _a9\"></span>when there i<span class=\"_ _2\"></span>s a ma<span class=\"_ _2\"></span>terial re<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>uction <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>he number of<span class=\"_ _2\"></span> empl<span class=\"_ _2\"></span>oyees. Costs <span class=\"_ _2\"></span>for past l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities resu<span class=\"_ _2\"></span>lting f<span class=\"_ _a9\"></span>rom the implem<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new plan o<span class=\"_ _2\"></span>r incre<span class=\"_ _2\"></span>ases i<span class=\"_ _2\"></span>n benefi<span class=\"_ _2\"></span>ts attribu<span class=\"_ _2\"></span>ted are <span class=\"_ _2\"></span>recognise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> immedi<span class=\"_ _2\"></span>at<span class=\"_ _0\"></span>el<span class=\"_ _2\"></span>y in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od. Post-employm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>benefits <span class=\"_ _2\"></span>- define<span class=\"_ _2\"></span>d contribu<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>plan The Company <span class=\"_ _2\"></span>assumed c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts regar<span class=\"_ _2\"></span>ding pa<span class=\"_ _2\"></span>yments <span class=\"_ _2\"></span>to a defin<span class=\"_ _2\"></span>ed con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on plan <span class=\"_ _2\"></span>in a percentag<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the emplo<span class=\"_ _2\"></span>yees\u2019 <span class=\"_ _2\"></span>salary, <span class=\"_ _2\"></span>in orde<span class=\"_ _2\"></span>r to pro<span class=\"_ _2\"></span>vide <span class=\"_ _2\"></span>retiremen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>, di<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\">abili<span class=\"_ _2\"></span>ty, early <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>tir<span class=\"_ _2\"></span>ement </span>and survivo<span class=\"_ _a9\"></span>rs\u2019 pension<span class=\"_ _2\"></span>s.<span class=\"ff1\"> </span>To this <span class=\"_ _2\"></span>end, Pensi<span class=\"_ _2\"></span>on Funds <span class=\"_ _2\"></span>have b<span class=\"_ _2\"></span>een se<span class=\"_ _2\"></span>t up <span class=\"_ _2\"></span>to capital<span class=\"_ _2\"></span>ise <span class=\"_ _2\"></span>on thos<span class=\"_ _2\"></span>e contribu<span class=\"_ _2\"></span>tions, <span class=\"_ _2\"></span>for which employees ma<span class=\"_ _2\"></span>y stil<span class=\"_ _2\"></span>l make <span class=\"_ _2\"></span>voluntar<span class=\"_ _2\"></span>y contri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns, but <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>which the C<span class=\"_ _2\"></span>ompany <span class=\"_ _2\"></span>does not ass<span class=\"_ _2\"></span>ume any addi<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> contributio<span class=\"_ _2\"></span>n respo<span class=\"_ _2\"></span>nsibil<span class=\"_ _2\"></span>ities o<span class=\"_ _2\"></span>r a pr<span class=\"_ _2\"></span>e-<span class=\"_ _0\"></span>fixe<span class=\"_ _2\"></span>d return<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Thus<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tions made are reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>expenses o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d in whic<span class=\"_ _2\"></span>h they ar<span class=\"_ _a9\"></span>e recogni<span class=\"_ _2\"></span>sed, reg<span class=\"_ _2\"></span>ardless o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e time of their se<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>tlemen<span class=\"_ _2\"></span>t. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Actuarial<span class=\"_ _2\"></span> assump<span class=\"_ _2\"></span>tions 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty benefi<span class=\"_ _0\"></span>ts formula Decree Law no 187/2<span class=\"_ _0\"></span>007 of 10 May<span class=\"_ _0\"></span> Disabili<span class=\"_ _0\"></span>ty table   EKV 80  EKV 80  Mortali<span class=\"_ _0\"></span>ty table TV 88-<span class=\"ls78\">90</span> TV 88-<span class=\"ls78\">90</span> Technical i<span class=\"_ _0\"></span>nterest rate 3.50% 1.25% Wage growth rate<span class=\"_ _0\"></span> 2.00% 1.00% Return rate on plan as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span> 3.50% 1.25% Pensio<span class=\"_ _0\"></span>ns gr<span class=\"_ _2\"></span>ow<span class=\"_ _0\"></span>th rate 2.00% 1.00% Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> The Company co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ers th<span class=\"_ _2\"></span>e technical<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expe<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>ted pensi<span class=\"_ _2\"></span>on gro<span class=\"_ _2\"></span>wth rate <span class=\"_ _2\"></span>as the most si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant variables <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulation<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities f<span class=\"_ _2\"></span>or defined b<span class=\"_ _2\"></span>enefit pl<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ownward ch<span class=\"_ _2\"></span>ange of<span class=\"_ _2\"></span> 0.5 <span class=\"_ _2\"></span>percentag<span class=\"_ _2\"></span>e points<span class=\"_ _2\"></span> in the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e used (3.5<span class=\"_ _2\"></span>%) in the <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pens<span class=\"_ _2\"></span>ion l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n an i<span class=\"_ _2\"></span>ncrease in <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 543,48<span class=\"_ _2\"></span>5 (31 Decem<span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>r 2021<span class=\"_ _2\"></span>: a <span class=\"_ _2\"></span>decre<span class=\"_ _2\"></span>ase of <span class=\"_ _2\"></span>0.25 pp <span class=\"_ _2\"></span>would resul<span class=\"_ _2\"></span>t in an increase <span class=\"_ _2\"></span>in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approxima<span class=\"_ _2\"></span>tely Euro 39<span class=\"_ _2\"></span>9,516).<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, an u<span class=\"_ _a9\"></span>pw<span class=\"_ _0\"></span>ard c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f 0.5 p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tage poi<span class=\"_ _2\"></span>nts in the <span class=\"_ _2\"></span>discount <span class=\"_ _a9\"></span>rate used (3.5%) in <span class=\"_ _2\"></span>the cal<span class=\"_ _2\"></span>culati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>pension l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities wou<span class=\"_ _2\"></span>ld result<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span> a decrease in<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 540,58<span class=\"_ _2\"></span>9 (31 Decem<span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>r 2021<span class=\"_ _2\"></span>: an inc<span class=\"_ _2\"></span>rease o<span class=\"_ _2\"></span>f 0.25 <span class=\"_ _2\"></span>pp would r<span class=\"_ _2\"></span>esult i<span class=\"_ _2\"></span>n a decreas<span class=\"_ _2\"></span>e in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approximatel<span class=\"_ _2\"></span>y Euro 38<span class=\"_ _2\"></span>2,788)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ownward ch<span class=\"_ _2\"></span>ange of<span class=\"_ _2\"></span> 0.5 <span class=\"_ _2\"></span>percentag<span class=\"_ _2\"></span>e points<span class=\"_ _2\"></span> in the <span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>nsio<span class=\"_ _2\"></span>n growth rate us<span class=\"_ _2\"></span>ed (2%) i<span class=\"_ _2\"></span>n the cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>n of pensi<span class=\"_ _2\"></span>on l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n a d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>abilities <span class=\"_ _2\"></span>of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 489,92<span class=\"_ _2\"></span>8. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, an u<span class=\"_ _a9\"></span>pw<span class=\"_ _0\"></span>ard c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f 0.5 p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tage poi<span class=\"_ _2\"></span>nts in the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on growth rate us<span class=\"_ _2\"></span>ed (2%) i<span class=\"_ _2\"></span>n the cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>n of pensi<span class=\"_ _2\"></span>on l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n an i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 520,23<span class=\"_ _2\"></span>9. 7.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Remun<span class=\"_ _2\"></span>era<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion o<span class=\"_ _2\"></span>f Corporat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Bodi<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Corpor<span class=\"_ _0\"></span>ate Bodies<span class=\"_ _0\"></span>   <span class=\"ls0\">Board of Di<span class=\"_ _0\"></span>rectors </span>1,244,781  1,244,461    <span class=\"ls0\">Superviso<span class=\"_ _0\"></span>ry Board<span class=\"_ _0\"></span> </span>46,284  46,284 <span class=\"_ _0\"></span>   <span class=\"ls0\">Envi<span class=\"_ _0\"></span>ronment<span class=\"lsd\">al<span class=\"_ _0\"></span></span> Counci<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>  </span>57,250  33,500 <span class=\"_ _0\"></span>   <span class=\"ls0\">General Meeti<span class=\"_ _0\"></span>ng </span>7,000  4,000  1,355,31<span class=\"_ _0\"></span>5  1,328,24<span class=\"_ _0\"></span>5  Remu<span class=\"_ _2\"></span>neratio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> the me<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>bers of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Board of<span class=\"_ _2\"></span> D<span class=\"_ _2\"></span>irector<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> Full<span class=\"_ _2\"></span> details <span class=\"_ _2\"></span>of the remun<span class=\"_ _a9\"></span>eration po<span class=\"_ _2\"></span>licy f<span class=\"_ _2\"></span>or the mem<span class=\"_ _2\"></span>bers of <span class=\"_ _2\"></span>Navigator's<span class=\"_ _2\"></span> Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>are describe<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's Corpora<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e Gov<span class=\"_ _2\"></span>ernanc<span class=\"_ _2\"></span>e Report. Regarding <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits, <span class=\"_ _2\"></span>as at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022, the <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>rela<span class=\"_ _2\"></span>ted to post-<span class=\"_ _2\"></span>employmen<span class=\"_ _2\"></span>t benefi<span class=\"_ _2\"></span>t plans<span class=\"_ _2\"></span>, in res<span class=\"_ _2\"></span>pect of<span class=\"_ _2\"></span> one Dir<span class=\"_ _a9\"></span>ector of<span class=\"_ _2\"></span> the Company<span class=\"_ _2\"></span>, amount<span class=\"_ _2\"></span>ed to Euro 82<span class=\"_ _2\"></span>7,005 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>956,764)<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> In <span class=\"_ _2\"></span>addi<span class=\"_ _2\"></span>tion, thre<span class=\"_ _2\"></span>e of the cu<span class=\"_ _a9\"></span>rrent Direc<span class=\"_ _a9\"></span>tors are members <span class=\"_ _2\"></span>of pensi<span class=\"_ _2\"></span>on plans<span class=\"_ _2\"></span> of Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igator <span class=\"_ _2\"></span>Brands<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, a <span class=\"_ _2\"></span>subsidiary o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>, as Employees o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>at compan<span class=\"_ _2\"></span>y, before <span class=\"_ _a9\"></span>joining man<span class=\"_ _2\"></span>agement <span class=\"_ _2\"></span>positi<span class=\"_ _2\"></span>ons. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, with <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>pect to the <span class=\"_ _2\"></span>members of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directors <span class=\"_ _2\"></span>of Navi<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ator, th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>re <span class=\"_ _2\"></span>were no: i<span class=\"_ _2\"></span>) addi<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities all<span class=\"_ _2\"></span>ocated to o<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>her lo<span class=\"_ _2\"></span>ng-term benefits<span class=\"_ _2\"></span>, ii<span class=\"_ _2\"></span>) benefits <span class=\"_ _a9\"></span>arising fro<span class=\"_ _2\"></span>m termi<span class=\"_ _2\"></span>nation of<span class=\"_ _2\"></span> employm<span class=\"_ _2\"></span>ent, i<span class=\"_ _2\"></span>ii) paym<span class=\"_ _2\"></span>ents b<span class=\"_ _2\"></span>ased on al<span class=\"_ _2\"></span>locate<span class=\"_ _2\"></span>d shares, an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> iv) ou<span class=\"_ _a9\"></span>tstanding <span class=\"_ _2\"></span>balances<span class=\"_ _2\"></span>. <span class=\"_ _31\"> </span> 8.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Finan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>instrum<span class=\"_ _a9\"></span>ents<span class=\"_ _2\"></span> </span></span>8.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>risk mana<span class=\"_ _2\"></span>gement<span class=\"_ _2\"></span> Th<span class=\"ls0\">e C<span class=\"_ _2\"></span>ompany, a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> the le<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>el of<span class=\"_ _2\"></span> the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group, h<span class=\"_ _2\"></span>as a r<span class=\"_ _2\"></span>isk-management <span class=\"_ _2\"></span>program, whi<span class=\"_ _2\"></span>ch </span>focus<span class=\"_ _2\"></span>es its an<span class=\"_ _2\"></span>alysis <span class=\"_ _2\"></span>on the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>view to<span class=\"_ _a9\"></span> mitigate <span class=\"_ _2\"></span>the potenti<span class=\"_ _2\"></span>al ad<span class=\"_ _2\"></span>verse effects <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al perform<span class=\"_ _a9\"></span>ance. Risk man<span class=\"_ _a9\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent is u<span class=\"_ _a9\"></span>nde<span class=\"_ _0\"></span>rtaken <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>the Group<span class=\"_ _0\"></span>'s Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Management i<span class=\"_ _2\"></span>n accor<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ance wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>poli<span class=\"_ _2\"></span>cies appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span> and moni<span class=\"_ _2\"></span>tored by the <span class=\"_ _2\"></span>Risks an<span class=\"_ _2\"></span>d Control <span class=\"_ _2\"></span>Commis<span class=\"_ _2\"></span>sion. The Company <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>ts a proac<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>pproach <span class=\"_ _2\"></span>to risk man<span class=\"_ _a9\"></span>agement, as <span class=\"_ _2\"></span>a way <span class=\"_ _2\"></span>to mitiga<span class=\"_ _2\"></span>te th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al adve<span class=\"_ _2\"></span>rse effec<span class=\"_ _2\"></span>ts associ<span class=\"_ _2\"></span>ated with <span class=\"_ _a9\"></span>those risks<span class=\"_ _2\"></span>, nam<span class=\"_ _2\"></span>ely the for<span class=\"_ _a9\"></span>eign exchan<span class=\"_ _2\"></span>ge rat<span class=\"_ _2\"></span>e risk and interes<span class=\"_ _2\"></span>t rate ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> 8.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>urre<span class=\"_ _2\"></span>ncy <span class=\"_ _a9\"></span>risk<span class=\"_ _2\"></span> Currency risk <span class=\"_ _2\"></span>management p<span class=\"_ _2\"></span>olicy A signifi<span class=\"_ _0\"></span>cant part of the Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y\u2019s sales is p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>d in currencie<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>ther than the Euro, <span class=\"_ _0\"></span>therefor<span class=\"_ _0\"></span>e its <span class=\"_ _0\"></span>evolution<span class=\"_ _0\"></span> can<span class=\"_ _1\"></span><span class=\"ff1\"> h<span class=\"_ _0\"></span>ave a signifi<span class=\"_ _0\"></span>cant </span>impact on the cash fl<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>s obtaine<span class=\"_ _0\"></span>d from th<span class=\"_ _0\"></span>e Compan<span class=\"_ _0\"></span>y's future sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>es, w<span class=\"_ _2\"></span>ith<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e currenc<span class=\"_ _0\"></span>y with the gr<span class=\"_ _0\"></span>eatest im<span class=\"_ _0\"></span>pact bein<span class=\"_ _0\"></span>g the USD. Also, sales in<span class=\"_ _0\"></span> Sterli<span class=\"_ _0\"></span>ng Poun<span class=\"_ _0\"></span>d (GBP), Polish<span class=\"_ _0\"></span> Zloty (P<span class=\"_ _0\"></span>LN) and S<span class=\"_ _0\"></span>wiss F<span class=\"_ _0\"></span>ranc (CHF) ha<span class=\"_ _0\"></span>ve som<span class=\"_ _0\"></span>e expressio<span class=\"_ _0\"></span>n, as sal<span class=\"_ _0\"></span>es in<span class=\"_ _1\"></span> other cu<span class=\"_ _0\"></span>rrenci<span class=\"_ _0\"></span>es are less signi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>nt. Purchases of som<span class=\"_ _0\"></span>e raw mat<span class=\"_ _0\"></span>erial<span class=\"_ _0\"></span>s are also mad<span class=\"_ _0\"></span>e in U<span class=\"_ _0\"></span>SD, namely <span class=\"_ _0\"></span>part of wood a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-fibr<span class=\"_ _0\"></span>e pulp impo<span class=\"_ _0\"></span>rts of <span class=\"_ _0\"></span>wood and ac<span class=\"_ _0\"></span>quisi<span class=\"_ _0\"></span>tions of lon<span class=\"_ _0\"></span>g-fibre pulp. Th<span class=\"_ _0\"></span>erefore, <span class=\"_ _0\"></span>changes in U<span class=\"_ _0\"></span>SD ma<span class=\"_ _0\"></span>y have an i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct on acqui<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> values.<span class=\"_ _0\"></span> Therefore, chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> EUR<span class=\"_ _0\"></span> agai<span class=\"_ _0\"></span>nst USD may have an i<span class=\"_ _0\"></span>mpact on <span class=\"_ _0\"></span>acqui<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>es. In addition, on<span class=\"_ _0\"></span>ce a sale or <span class=\"_ _0\"></span>purchase is <span class=\"_ _0\"></span>mad<span class=\"_ _0\"></span>e i<span class=\"_ _1\"></span><span class=\"ls91\">n </span>a currency othe<span class=\"_ _0\"></span>r than th<span class=\"_ _0\"></span>e Euro, th<span class=\"_ _0\"></span>e Company <span class=\"_ _0\"></span>becom<span class=\"_ _0\"></span>es exposed <span class=\"_ _0\"></span>to excha<span class=\"_ _0\"></span>nge rate ris<span class=\"_ _0\"></span>k until<span class=\"_ _0\"></span> the receipt o<span class=\"_ _0\"></span>r paym<span class=\"_ _0\"></span>ent of such sal<span class=\"_ _0\"></span>e o<span class=\"_ _38\"></span><span class=\"ls4e\">r </span>pu<span class=\"ls0\">rchase<span class=\"_ _0\"></span>, if n<span class=\"_ _0\"></span>o hedging instrum<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>re in pla<span class=\"_ _0\"></span>ce. As a r<span class=\"_ _0\"></span>esult, ther<span class=\"_ _0\"></span>e is a si<span class=\"_ _0\"></span>gnifi<span class=\"_ _0\"></span>cant nu<span class=\"_ _0\"></span>mber of receivables and <span class=\"_ _0\"></span>debts <span class=\"_ _0\"></span>payabl<span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> </span>latter with le<span class=\"_ _0\"></span>sser expre<span class=\"_ _0\"></span>ssion, e<span class=\"_ _0\"></span>xposed to e<span class=\"_ _0\"></span>xchange rate <span class=\"_ _0\"></span>risk. <span class=\"_ _1\"></span> The Company has fo<span class=\"_ _0\"></span>reign su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diaries that e<span class=\"_ _0\"></span>xpose it to fo<span class=\"_ _0\"></span>reign <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>xchange rate ris<span class=\"_ _0\"></span>k, nam<span class=\"_ _0\"></span>ely Naviga<span class=\"_ _0\"></span>tor North Am<span class=\"_ _0\"></span>erica i<span class=\"_ _0\"></span>n the Uni<span class=\"_ _0\"></span>ted States and Portuc<span class=\"_ _0\"></span>el Mo\u00e7ambi<span class=\"_ _0\"></span>que. <span class=\"_ _0\"></span>Besides th<span class=\"_ _0\"></span>ose opera<span class=\"_ _0\"></span>tions, th<span class=\"_ _0\"></span>e Company do<span class=\"_ _0\"></span>es not hol<span class=\"_ _0\"></span>d material<span class=\"_ _0\"></span>ly relevan<span class=\"_ _0\"></span>t investm<span class=\"_ _0\"></span>ents in f<span class=\"_ _0\"></span>oreig<span class=\"_ _1\"></span><span class=\"ls91\">n </span>operations, the ne<span class=\"_ _0\"></span>t ass<span class=\"_ _0\"></span>ets of whi<span class=\"_ _0\"></span>ch are expo<span class=\"_ _0\"></span>sed to for<span class=\"_ _0\"></span>eign excha<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span>ge risk. Use of derivati<span class=\"_ _0\"></span>ve fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>instruments<span class=\"_ _1\"></span> The Company <span class=\"_ _0\"></span>mana<span class=\"_ _0\"></span>ges foreign <span class=\"_ _0\"></span>exchange risk<span class=\"_ _0\"></span>s by usi<span class=\"_ _0\"></span>ng derivati<span class=\"_ _0\"></span>ve fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al instrument<span class=\"_ _0\"></span>s, in a<span class=\"_ _0\"></span>ccordance with a<span class=\"_ _0\"></span> policy tha<span class=\"_ _0\"></span>t is su<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>ject to periodic re<span class=\"_ _0\"></span>view an<span class=\"_ _0\"></span>d whose pur<span class=\"_ _0\"></span>pose is to l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>t the exchang<span class=\"_ _0\"></span>e ri<span class=\"_ _0\"></span>sk associat<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>with future sale<span class=\"_ _0\"></span>s and purcha<span class=\"_ _0\"></span>ses, re<span class=\"_ _0\"></span>ceiva<span class=\"_ _0\"></span>bles and payables, as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s other assets e<span class=\"_ _0\"></span>xpresse<span class=\"_ _0\"></span>d in currenci<span class=\"_ _0\"></span>es oth<span class=\"_ _0\"></span>er tha<span class=\"_ _0\"></span>n the Euro.<span class=\"_ _0\"></span> In the periods <span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ented, the Compan<span class=\"_ _0\"></span>y holds <span class=\"_ _0\"></span>derivati<span class=\"_ _0\"></span>ves that ar<span class=\"_ _0\"></span>e hedgin<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>xchange rate ris<span class=\"_ _0\"></span>k of futur<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erations in<span class=\"_ _0\"></span> curre<span class=\"_ _0\"></span><span class=\"ls91\">nc</span>i<span class=\"_ _0\"></span>es other than the <span class=\"_ _0\"></span>presentati<span class=\"_ _0\"></span>on currenc<span class=\"_ _0\"></span>y.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure of<span class=\"_ _2\"></span> fina<span class=\"_ _2\"></span>ncial a<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>sets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ilitie<span class=\"_ _2\"></span>s to e<span class=\"_ _2\"></span>xc<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span> rate r<span class=\"_ _2\"></span>isk a<span class=\"_ _2\"></span>nd sen<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>itivit<span class=\"_ _2\"></span>y analy<span class=\"_ _2\"></span>sis Sterling  Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2022 US dollar <span class=\"_ _0\"></span> poun<span class=\"_ _0\"></span>d  Polish zloti<span class=\"_ _0\"></span>  Swiss f<span class=\"_ _0\"></span>ranc (Euro) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 834,228  600,459  524,784  60,783 <span class=\"_ _0\"></span> 1,632,988  Receivables<span class=\"_ _0\"></span> 95,245,898 <span class=\"_ _0\"></span> 27,203,259 <span class=\"_ _0\"></span> 22,284,073 <span class=\"_ _0\"></span> 3,171,682  127,951,572  Total financial as<span class=\"_ _0\"></span>sets 96,080<span class=\"_ _0\"></span>,126  27,803<span class=\"_ _0\"></span>,718  22,808<span class=\"_ _0\"></span>,857  3,232,46<span class=\"_ _0\"></span>5  129<span class=\"_ _0\"></span>,584,5<span class=\"ls1c\">60</span>  Payables<span class=\"_ _0\"></span> (51<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>26)<span class=\"_ _0\"></span> (234,729) -  (30<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>85)<span class=\"_ _0\"></span> (344,124) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (51,52<span class=\"_ _0\"></span>6) (234<span class=\"_ _0\"></span>,729) -  (30,68<span class=\"_ _0\"></span>5) (344<span class=\"_ _0\"></span>,124) Financial net position i<span class=\"_ _0\"></span>n for<span class=\"_ _0\"></span>eign cur<span class=\"_ _0\"></span>rency<span class=\"_ _0\"></span> 96,028<span class=\"_ _0\"></span>,600  27,568<span class=\"_ _0\"></span>,989  22,808<span class=\"_ _0\"></span>,857  3,201,78<span class=\"_ _0\"></span>0  129<span class=\"_ _0\"></span>,240,435<span class=\"_ _0\"></span>  Financial net position i<span class=\"_ _0\"></span>n E<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span> 90,032<span class=\"_ _0\"></span>,440  31,083<span class=\"_ _0\"></span>,613  4,872,85<span class=\"_ _0\"></span>4  3,251,52<span class=\"_ _0\"></span>8  129<span class=\"_ _0\"></span>,240,435<span class=\"_ _0\"></span>  Impact of +10<span class=\"_ _0\"></span>% change in all <span class=\"_ _0\"></span>exchan<span class=\"_ _0\"></span>ge rates 11,749<span class=\"_ _0\"></span>,130  on results for the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange r<span class=\"_ _0\"></span>ates (14,36<span class=\"_ _0\"></span>0,048) on results for the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Polish <span class=\"_ _0\"></span>  Swiss <span class=\"_ _0\"></span> 31 Decemb<span class=\"_ _a9\"></span>er 2021 dollar <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>poun<span class=\"_ _0\"></span>d  zloti  franc <span class=\"_ _0\"></span>  Total (Euro)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 2,180,829  263,672  288,237  117,265  2,415,508  Receivables<span class=\"_ _0\"></span> 111,969,488  16,861,333 <span class=\"_ _0\"></span> 10,996,016 <span class=\"_ _0\"></span> 1,397,421  122,671,601  Total financial as<span class=\"_ _0\"></span>sets 114<span class=\"_ _0\"></span>,150,317<span class=\"_ _0\"></span>  17,125<span class=\"_ _0\"></span>,005  11,284<span class=\"_ _0\"></span>,253  1,514,68<span class=\"_ _0\"></span>6  125<span class=\"_ _0\"></span>,087,108<span class=\"_ _0\"></span>  Payables<span class=\"_ _0\"></span> (5,701,640) (58<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>20)<span class=\"_ _0\"></span> -  (36<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45)<span class=\"_ _0\"></span> (5,139,610) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (5,701<span class=\"_ _0\"></span>,640) (58,92<span class=\"_ _0\"></span>0) -  (36,54<span class=\"_ _0\"></span>5) (5,139<span class=\"_ _0\"></span>,610) Financial net po<span class=\"_ _0\"></span>sition in for<span class=\"_ _0\"></span>eign 108<span class=\"_ _0\"></span>,448,677<span class=\"_ _0\"></span>  17,066<span class=\"_ _0\"></span>,085  11,284<span class=\"_ _0\"></span>,253  1,478,14<span class=\"_ _0\"></span>1  currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 95,751<span class=\"_ _0\"></span>,966  20,309<span class=\"_ _0\"></span>,997  2,454,75<span class=\"_ _0\"></span>3  1,430,78<span class=\"_ _0\"></span>2  119<span class=\"_ _0\"></span>,947,498<span class=\"_ _0\"></span>  Impact of +10%<span class=\"_ _0\"></span> change in all exchange rates on re<span class=\"_ _0\"></span>sults for the 8,223,51<span class=\"_ _0\"></span>2  period Impact of -10% chang<span class=\"_ _0\"></span>e in all exchange rates on re<span class=\"_ _0\"></span>sults for the (10,19<span class=\"_ _0\"></span>9,055) period In this <span class=\"_ _2\"></span>Note, th<span class=\"_ _a9\"></span>e Company discl<span class=\"_ _2\"></span>oses th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> expos<span class=\"_ _2\"></span>ure of f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities to<span class=\"_ _2\"></span> foreign exchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysis. The<span class=\"_ _2\"></span>re ar<span class=\"_ _2\"></span>e currenc<span class=\"_ _2\"></span>ies i<span class=\"_ _2\"></span>n which the Company h<span class=\"_ _2\"></span>as c<span class=\"_ _2\"></span>arried ou<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>sactions <span class=\"_ _2\"></span>but i<span class=\"_ _2\"></span>n which, <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span> the balance <span class=\"_ _2\"></span>sheet <span class=\"_ _a9\"></span>date, it <span class=\"_ _2\"></span>does not have r<span class=\"_ _2\"></span>elevant f<span class=\"_ _2\"></span>oreign e<span class=\"_ _2\"></span>xchange <span class=\"_ _2\"></span>exposures<span class=\"_ _2\"></span>, which <span class=\"_ _2\"></span>is why <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>exchange ra<span class=\"_ _2\"></span>tes disc<span class=\"_ _2\"></span>losed i<span class=\"_ _2\"></span>n Not<span class=\"_ _2\"></span>e 1.4.3 ar<span class=\"_ _2\"></span>e more nume<span class=\"_ _2\"></span>rous than<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>urrenci<span class=\"_ _2\"></span>es pr<span class=\"_ _2\"></span>esented i<span class=\"_ _a9\"></span>n this no<span class=\"_ _2\"></span>te. 8.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>nte<span class=\"_ _a9\"></span>rest <span class=\"_ _a9\"></span>rat<span class=\"_ _2\"></span>e ri<span class=\"_ _2\"></span>sk<span class=\"_ _2\"></span> Interest rate<span class=\"_ _2\"></span> ri<span class=\"_ _0\"></span>sk<span class=\"_ _2\"></span> management<span class=\"_ _2\"></span> policy A signifi<span class=\"_ _0\"></span>cant sha<span class=\"_ _0\"></span>re of the Compan<span class=\"_ _0\"></span>y\u2019s finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities cost is indexe<span class=\"_ _0\"></span>d to short<span class=\"_ _1\"></span><span class=\"ff1\">-term ref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e interest rate<span class=\"_ _0\"></span>s, whi<span class=\"_ _0\"></span>ch are revie<span class=\"_ _0\"></span>wed </span>more than<span class=\"_ _0\"></span> once a year (g<span class=\"_ _0\"></span>enerally e<span class=\"_ _0\"></span>very si<span class=\"_ _0\"></span>x months for <span class=\"_ _0\"></span>medium <span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-term debt). H<span class=\"_ _0\"></span>ence, chang<span class=\"_ _0\"></span>es in i<span class=\"_ _0\"></span>nterest ra<span class=\"_ _0\"></span>tes can h<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span><span class=\"ls1e\">e </span>an i<span class=\"_ _0\"></span>mpact on the Company<span class=\"_ _0\"></span>\u2019s incom<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ff1\"> </span>The strategy for in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>est rate risk man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent is r<span class=\"_ _0\"></span>eviewed ann<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>ly by the Com<span class=\"_ _0\"></span>pany, and cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y the Compan<span class=\"_ _0\"></span>y mainta<span class=\"_ _0\"></span>ins the majority of i<span class=\"_ _0\"></span>ts debt trad<span class=\"_ _0\"></span>ed at fi<span class=\"_ _0\"></span>xed rate.<span class=\"_ _0\"></span> Use of derivativ<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l instruments<span class=\"_ _0\"></span> When deem<span class=\"_ _0\"></span>ed appropria<span class=\"_ _0\"></span>te by th<span class=\"_ _0\"></span>e Board of Di<span class=\"_ _0\"></span>rectors, th<span class=\"_ _0\"></span>e Compa<span class=\"_ _0\"></span>ny u<span class=\"_ _0\"></span>ses derivative fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2<span class=\"_ _0\"></span>), namel<span class=\"_ _0\"></span>y swaps, with th<span class=\"_ _0\"></span>e purpos<span class=\"_ _0\"></span>e of fi<span class=\"_ _0\"></span>xing the inte<span class=\"_ _0\"></span>rest rate on<span class=\"_ _0\"></span> loa<span class=\"_ _0\"></span>ns obtain<span class=\"_ _0\"></span>ed, within<span class=\"_ _0\"></span> certain param<span class=\"_ _0\"></span>eters, d<span class=\"_ _0\"></span>eemed approp<span class=\"_ _0\"></span>riate by the Company's ri<span class=\"_ _0\"></span>sk manag<span class=\"_ _0\"></span>ement poli<span class=\"_ _0\"></span>cies<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure to <span class=\"_ _2\"></span>intere<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>t ra<span class=\"_ _2\"></span>te ri<span class=\"_ _2\"></span>sk As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _a9\"></span>y 6% (31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2021: 5%) o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e Company\u2019s finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities are in<span class=\"_ _2\"></span>dexed to sho<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span>-term <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, revised i<span class=\"_ _2\"></span>n peri<span class=\"_ _2\"></span>ods below one year <span class=\"_ _2\"></span>(usuall<span class=\"_ _2\"></span>y 6-month <span class=\"_ _2\"></span>rates <span class=\"_ _2\"></span>for lo<span class=\"_ _2\"></span>ng-term d<span class=\"_ _2\"></span>ebt), <span class=\"_ _2\"></span>plus dul<span class=\"_ _2\"></span>y negotiate<span class=\"_ _2\"></span>d risk <span class=\"_ _2\"></span>spreads<span class=\"_ _2\"></span>. Hence<span class=\"_ _2\"></span>, changes i<span class=\"_ _2\"></span>n inter<span class=\"_ _2\"></span>est ra<span class=\"_ _2\"></span>tes can i<span class=\"_ _2\"></span>mpact th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Compan<span class=\"_ _2\"></span>y\u2019s ea<span class=\"_ _2\"></span>rnings.<span class=\"ff1\"> </span>Navigator h<span class=\"_ _a9\"></span>as favour<span class=\"_ _2\"></span>ed the co<span class=\"_ _2\"></span>ntracti<span class=\"_ _2\"></span>ng of fi<span class=\"_ _2\"></span>xed ra<span class=\"_ _2\"></span>te debt <span class=\"_ _a9\"></span>and has deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _a9\"></span>to cover i<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span>terest rate <span class=\"_ _a9\"></span>risk, namel<span class=\"_ _2\"></span>y inte<span class=\"_ _2\"></span>rest-rate s<span class=\"_ _2\"></span>waps, wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>e of fixi<span class=\"_ _2\"></span>ng the inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e on <span class=\"_ _2\"></span>borrowings<span class=\"_ _2\"></span> within c<span class=\"_ _2\"></span>ertain <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>ts.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e det<span class=\"_ _2\"></span>ail <span class=\"_ _2\"></span>of the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities with in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ate exposu<span class=\"_ _a9\"></span>re, consi<span class=\"_ _2\"></span>dering the matu<span class=\"_ _a9\"></span>rity or <span class=\"_ _2\"></span>the nex<span class=\"_ _2\"></span>t inter<span class=\"_ _2\"></span>est-<span class=\"_ _0\"></span>fi<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>ing da<span class=\"_ _2\"></span>te is <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:  Up to <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> 3-12  More than <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 1 month <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> 1-3 months<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>5 years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 390,640,161  -  -  -  -  390,640,161  Total financial as<span class=\"_ _0\"></span>sets 390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  -  -  -  -  390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  492,801,587  123,710,317  616,511,904  Current -  Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es 297,339,235  49,857,143 <span class=\"_ _0\"></span> 25,218,254 <span class=\"_ _0\"></span> -  -  372,414,632  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 297<span class=\"_ _0\"></span>,339,235<span class=\"_ _0\"></span>  49,857<span class=\"_ _0\"></span>,143  25,218<span class=\"_ _0\"></span>,254  492<span class=\"_ _0\"></span>,801,587<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,710,317<span class=\"_ _0\"></span>  988<span class=\"_ _0\"></span>,926,536<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 93,300<span class=\"_ _0\"></span>,926  43,443<span class=\"_ _0\"></span>,783  18,225<span class=\"_ _0\"></span>,529  (474<span class=\"_ _0\"></span>,576,058) (598<span class=\"_ _0\"></span>,286,375)  Up to <span class=\"_ _0\"></span>  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 1 month <span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>5 years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total <span class=\"fc7 sc0\"> </span>31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 354,336,647  -  -  -  -  354,336,647  Total financial as<span class=\"_ _0\"></span>sets 354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  -  -  -  -  354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  647,913,901  32,202,381 <span class=\"_ _0\"></span> 680,116,282  Current -  Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  115,218,254  -  -  -  115,218,254  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  115<span class=\"_ _0\"></span>,218,254<span class=\"_ _0\"></span>  -  647<span class=\"_ _0\"></span>,913,901<span class=\"_ _0\"></span>  32,202<span class=\"_ _0\"></span>,381  795<span class=\"_ _0\"></span>,334,536<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,118,393<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,118,393<span class=\"_ _0\"></span>  (408<span class=\"_ _0\"></span>,795,508) (440<span class=\"_ _0\"></span>,997,889) Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> Navigator c<span class=\"_ _a9\"></span>arries out s<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nsiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis i<span class=\"_ _2\"></span>n orde<span class=\"_ _2\"></span>r to asses<span class=\"_ _a9\"></span>s the impact on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t and equit<span class=\"_ _2\"></span>y cause<span class=\"_ _2\"></span>d by an in<span class=\"_ _2\"></span>crease <span class=\"_ _2\"></span>or decr<span class=\"_ _a9\"></span>ease in mar<span class=\"_ _2\"></span>ket in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, consideri<span class=\"_ _2\"></span>ng all <span class=\"_ _2\"></span>other factors <span class=\"_ _2\"></span>unchang<span class=\"_ _2\"></span>ed. This <span class=\"_ _2\"></span>is a <span class=\"_ _2\"></span>mere ill<span class=\"_ _2\"></span>ustrati<span class=\"_ _2\"></span>v<span class=\"_ _0\"></span>e anal<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>sis <span class=\"_ _2\"></span>since c<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market <span class=\"_ _2\"></span>rates rar<span class=\"_ _a9\"></span>ely occur <span class=\"_ _2\"></span>separately<span class=\"_ _2\"></span>. The sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> based on th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> fol<span class=\"_ _2\"></span>lowing as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons: i)<span class=\"ls0\"> <span class=\"_ _93\"> </span>C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rates af<span class=\"_ _2\"></span>fect int<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rest <span class=\"_ _2\"></span>income an<span class=\"_ _a9\"></span>d expenses ari<span class=\"_ _2\"></span>sing fro<span class=\"_ _2\"></span>m </span>variable f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments;<span class=\"_ _2\"></span> ii)<span class=\"ls0\"> <span class=\"_ _a7\"> </span>Changes i<span class=\"_ _2\"></span>n market i<span class=\"_ _2\"></span>nterest <span class=\"_ _a9\"></span>rates affec<span class=\"_ _2\"></span>t the f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>derivati<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> </span>instruments <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>other finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> or li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties; iii)<span class=\"_ _0\"></span><span class=\"ls0\"> <span class=\"_ _37\"> </span>Changes i<span class=\"_ _2\"></span>n fai<span class=\"_ _2\"></span>r value of <span class=\"_ _2\"></span>derivati<span class=\"_ _a9\"></span>ve<span class=\"_ _0\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _a9\"></span>and other <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets </span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties are measur<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g the di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed cash f<span class=\"_ _2\"></span>lows method<span class=\"_ _2\"></span>, wi<span class=\"_ _2\"></span>th market i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates at year <span class=\"_ _2\"></span>end. A 0.50% i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes on <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>nterest on <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ans are cal<span class=\"_ _2\"></span>culate<span class=\"_ _2\"></span>d would ha<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e an impact o<span class=\"_ _2\"></span>n profit <span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>fore <span class=\"_ _2\"></span>taxes, f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d ended 31<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>ember 2022 b<span class=\"_ _2\"></span>y approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 233,333<span class=\"_ _2\"></span> (31 Decembe<span class=\"_ _2\"></span>r 2021<span class=\"_ _2\"></span>: Euro 10<span class=\"_ _2\"></span>6,250)<span class=\"_ _2\"></span>.8.<span class=\"_ _2\"></span>1.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Liq<span class=\"_ _2\"></span>uidi<span class=\"_ _2\"></span>ty <span class=\"_ _a9\"></span>risk<span class=\"_ _2\"></span> Liquidity risk<span class=\"_ _2\"></span> management<span class=\"_ _2\"></span> policy The Company <span class=\"_ _0\"></span>mana<span class=\"_ _0\"></span>ges liquidity ris<span class=\"_ _0\"></span>k in<span class=\"_ _0\"></span> two ways: <span class=\"_ _1\"></span> i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">ensurin<span class=\"_ _0\"></span>g that its fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> debt has a high medium<span class=\"_ _0\"></span>- a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g-term compon<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>turities ap<span class=\"_ _0\"></span>propria<span class=\"_ _0\"></span>te to the </span></span>characteristi<span class=\"_ _0\"></span>cs of the indus<span class=\"_ _0\"></span>tries <span class=\"_ _0\"></span>where it opera<span class=\"_ _0\"></span>tes, an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">by cont<span class=\"_ _0\"></span>racting with fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> institutio<span class=\"_ _0\"></span>ns credit facili<span class=\"_ _0\"></span>ties avail<span class=\"_ _0\"></span>able at a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> times for an amou<span class=\"_ _0\"></span>nt that gua<span class=\"_ _0\"></span>rantees ad<span class=\"_ _0\"></span>equate </span></span>li<span class=\"_ _0\"></span>quidity. Availab<span class=\"_ _0\"></span>le but not used <span class=\"_ _0\"></span>credi<span class=\"_ _0\"></span><span class=\"ls93\">ts</span> The Company<span class=\"_ _0\"></span>'s policy is to <span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ntai<span class=\"_ _0\"></span>n credit facil<span class=\"_ _0\"></span>ities at ade<span class=\"_ _0\"></span>quate l<span class=\"_ _0\"></span>eve<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>s to, tog<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>with the amoun<span class=\"_ _0\"></span>t of Cash<span class=\"_ _0\"></span> and Ca<span class=\"_ _0\"></span>sh Equi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ents in o<span class=\"_ _0\"></span>rder<span class=\"_ _2\"></span> to <span class=\"_ _0\"></span>guaran<span class=\"_ _0\"></span>tee, with so<span class=\"_ _0\"></span>me comfor<span class=\"_ _0\"></span>t margi<span class=\"_ _0\"></span>n, the cash c<span class=\"_ _0\"></span>ycle expecte<span class=\"_ _0\"></span>d for th<span class=\"_ _0\"></span>e next 12 month<span class=\"_ _0\"></span>s.<span class=\"_ _38\"></span> Contra<span class=\"_ _2\"></span>ctual ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>urity of <span class=\"_ _2\"></span>financia<span class=\"_ _a9\"></span>l liabilit<span class=\"_ _a9\"></span>ies  (undi<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed flo<span class=\"_ _2\"></span>ws, inc<span class=\"_ _a9\"></span>luding i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st)  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2022 Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000  10,257,500 <span class=\"_ _0\"></span> 19,942,100 <span class=\"_ _0\"></span> 341,457,650  101,310,000  473,387,250  Commercial<span class=\"_ _0\"></span> paper -  35,994,000 <span class=\"_ _0\"></span> 745,500  107,733,500  -  144,473,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  5,150,218  21,558,721 <span class=\"_ _0\"></span> 100,892,855  25,150,601 <span class=\"_ _0\"></span> 152,752,395  Payables<span class=\"_ _0\"></span> Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> -  (1,074,976) (5,527,508) (23<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>10,571)<span class=\"_ _0\"></span> (620,632) (30<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>33,687)<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>uments<span class=\"_ _0\"></span> Total liabilities<span class=\"_ _0\"></span> 420<span class=\"_ _0\"></span>,000  50,326<span class=\"_ _0\"></span>,742  36,718<span class=\"_ _0\"></span>,813  526<span class=\"_ _0\"></span>,473,434<span class=\"_ _0\"></span>  125<span class=\"_ _0\"></span>,839,969<span class=\"_ _0\"></span>  739<span class=\"_ _0\"></span>,778,958<span class=\"_ _0\"></span>  Of which interest (a<span class=\"_ _0\"></span>t the 41,830<span class=\"_ _0\"></span>,841  rates prevailing at <span class=\"_ _0\"></span>that dat<span class=\"_ _0\"></span>e)<span class=\"_ _0\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>month<span class=\"_ _0\"></span>s <span class=\"fc5\"> </span>month<span class=\"_ _0\"></span>s <span class=\"fc5\"> </span> 1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc5\"><span class=\"fc7 sc0\"> </span></span>years  <span class=\"_ _0\"></span><span class=\"fc5\"><span class=\"fc7 sc0\"> </span></span> Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2021<span class=\"fc5\"> </span>Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000 <span class=\"fc5\"> </span>2,197,750 <span class=\"fc5\"> </span>6,495,875 <span class=\"fc5\"> </span>457,660,500 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>466,774,124 <span class=\"fc5\"> </span>Commercial<span class=\"_ _0\"></span> paper 65,130,000 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>36,242,500 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>994,000 <span class=\"fc5\"> </span>144,224,500 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>246,590,999 <span class=\"fc5\"> </span>Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> - <span class=\"fc5\"> </span>552,000 <span class=\"fc5\"> </span>13,495,740 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>80,570,487 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>33,462,507 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>128,080,735 <span class=\"fc5\"> </span>Payables<span class=\"_ _0\"></span> Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> - <span class=\"fc5\"> </span>1,185,597 <span class=\"fc5\"> </span>1,259,307 <span class=\"fc5\"> </span>323,238 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>2,768,142 <span class=\"fc5\"> </span>i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>uments<span class=\"_ _0\"></span> Total liabilities<span class=\"_ _0\"></span> 65,550<span class=\"_ _0\"></span>,000 <span class=\"fc5\"> </span>40,177<span class=\"_ _0\"></span>,847 <span class=\"fc5\"> </span>22,244<span class=\"_ _0\"></span>,922 <span class=\"fc5\"> </span>682<span class=\"_ _0\"></span>,778,725<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>33,462<span class=\"_ _0\"></span>,507 <span class=\"fc5\"> </span>844<span class=\"_ _0\"></span>,214,000<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>Of which interest (a<span class=\"_ _0\"></span>t the 37,408<span class=\"_ _0\"></span>,448 <span class=\"fc5\"> </span>rates prevailing at <span class=\"_ _0\"></span>that date)<span class=\"_ _1\"></span> The tabl<span class=\"_ _2\"></span>e takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt th<span class=\"_ _a9\"></span>e debt issu<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the long<span class=\"_ _2\"></span>-term d<span class=\"_ _2\"></span>ebt co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>and not disbursed <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>refinance the <span class=\"_ _a9\"></span>debt matu<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>2023 (A<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ailabl<span class=\"_ _2\"></span>e and unuse<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cre<span class=\"_ _2\"></span>dit faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es). The cont<span class=\"_ _2\"></span>ractual ma<span class=\"_ _a9\"></span>turity of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>interest-bear<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>ng l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>presuppos<span class=\"_ _2\"></span>es the <span class=\"_ _2\"></span>fulfi<span class=\"_ _2\"></span>lment of f<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>nanc<span class=\"_ _2\"></span>ial covenants<span class=\"_ _2\"></span>, as d<span class=\"_ _2\"></span>etailed <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.6 - <span class=\"_ _2\"></span>Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>iab<span class=\"_ _2\"></span>ilities.<span class=\"_ _2\"></span> Credit <span class=\"_ _2\"></span>facilitie<span class=\"_ _a9\"></span>s availa<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>le but <span class=\"_ _a9\"></span>not use<span class=\"_ _2\"></span>d Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Unused credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties Commercial<span class=\"_ _0\"></span> paper (wi<span class=\"_ _0\"></span>th long term underw<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>ng) 190,000,000  125,000,000  Long-term fi<span class=\"_ _0\"></span>nancing contracted a<span class=\"_ _0\"></span>nd not disbur<span class=\"_ _0\"></span>sed -  -  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 20,450,714 <span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> 210<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  145<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  Commercial<span class=\"_ _0\"></span> paper used (Note 5.6)<span class=\"_ _1\"></span> 140,000,000  240,000,000  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es used 551,587,302  593,805,254  Contracted credit f<span class=\"_ _0\"></span>acilities (n<span class=\"_ _0\"></span>ominal value)<span class=\"_ _1\"></span> 902<span class=\"_ _0\"></span>,038,016<span class=\"_ _0\"></span>  979<span class=\"_ _0\"></span>,255,968<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 Navi<span class=\"_ _2\"></span>gator's<span class=\"_ _2\"></span> cur<span class=\"_ _2\"></span>rent liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>are <span class=\"_ _a9\"></span>higher than its <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>rrent ass<span class=\"_ _2\"></span>ets. However, <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>fact is<span class=\"_ _2\"></span> strongl<span class=\"_ _2\"></span>y infl<span class=\"_ _2\"></span>uenced b<span class=\"_ _2\"></span>y balances <span class=\"_ _a9\"></span>pay<span class=\"_ _0\"></span>abl<span class=\"_ _2\"></span>e to subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _2\"></span>, whose managemen<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>mmon and the a<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty to <span class=\"_ _2\"></span>determine th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>enforceabil<span class=\"_ _2\"></span>ity of <span class=\"_ _a9\"></span>balances res<span class=\"_ _2\"></span>ts with the same Boa<span class=\"_ _a9\"></span>rd of Direc<span class=\"_ _2\"></span>tors. <span class=\"_ _2\"></span>It shoul<span class=\"_ _2\"></span>d also b<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> note<span class=\"_ _2\"></span>d that <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany's li<span class=\"_ _2\"></span>quidity i<span class=\"_ _2\"></span>ndicato<span class=\"_ _2\"></span>rs and debt co<span class=\"_ _2\"></span>venants demon<span class=\"_ _2\"></span>stra<span class=\"_ _2\"></span>te signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>comfort<span class=\"_ _2\"></span>. 8.<span class=\"_ _2\"></span>1.4.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>redit <span class=\"_ _a9\"></span>ris<span class=\"_ _2\"></span>k Credit risk ma<span class=\"_ _2\"></span>nagement policy<span class=\"_ _2\"></span> The Company is <span class=\"_ _0\"></span>expos<span class=\"_ _0\"></span>ed to credit ri<span class=\"_ _0\"></span>sk on <span class=\"_ _0\"></span>bala<span class=\"_ _0\"></span>nces receivable fr<span class=\"_ _0\"></span>om Trad<span class=\"_ _0\"></span>e and other r<span class=\"_ _0\"></span>eceivables an<span class=\"_ _0\"></span>d has ado<span class=\"_ _0\"></span>pted a pol<span class=\"_ _0\"></span>icy of managi<span class=\"_ _0\"></span>ng risk covera<span class=\"_ _0\"></span>ge withi<span class=\"_ _0\"></span>n certain l<span class=\"_ _0\"></span>evels through cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>t insura<span class=\"_ _0\"></span>nce with a sp<span class=\"_ _0\"></span>eciali<span class=\"_ _0\"></span>sed independent <span class=\"_ _0\"></span>company<span class=\"_ _0\"></span>. <span class=\"_ _1\"></span> Most sales tha<span class=\"_ _0\"></span>t are not <span class=\"_ _0\"></span>cov<span class=\"_ _0\"></span>ered by cre<span class=\"_ _0\"></span>dit insu<span class=\"_ _0\"></span>rance are cov<span class=\"_ _0\"></span>ered by bank <span class=\"_ _0\"></span>guarante<span class=\"_ _0\"></span>es and <span class=\"_ _0\"></span>documentary <span class=\"_ _0\"></span>credits, and an<span class=\"_ _0\"></span>y e<span class=\"_ _0\"></span>xposure<span class=\"_ _0\"></span> that is n<span class=\"_ _0\"></span>ot covered remai<span class=\"_ _0\"></span>ns withi<span class=\"_ _0\"></span>n the li<span class=\"_ _0\"></span>mits previou<span class=\"_ _0\"></span>sly ap<span class=\"_ _0\"></span>proved by th<span class=\"_ _0\"></span>e Executiv<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>mittee.<span class=\"_ _1\"></span> However, the <span class=\"_ _0\"></span>worseni<span class=\"_ _0\"></span>ng of global<span class=\"_ _0\"></span> economic condi<span class=\"_ _0\"></span>tions o<span class=\"_ _1\"></span>r adv<span class=\"_ _0\"></span>ersiti<span class=\"_ _0\"></span>es affecting only e<span class=\"_ _0\"></span>conomies on a<span class=\"_ _0\"></span> lo<span class=\"_ _0\"></span>cal scal<span class=\"_ _0\"></span>e may lead to deterioration i<span class=\"_ _0\"></span>n the abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty of the Compan<span class=\"_ _0\"></span>y\u2019s Custome<span class=\"_ _0\"></span>rs to settl<span class=\"_ _0\"></span>e their l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties, leading entities <span class=\"_ _0\"></span>providing c<span class=\"_ _0\"></span>redit i<span class=\"_ _0\"></span>nsura<span class=\"_ _1\"></span><span class=\"ff1\">n<span class=\"_ _0\"></span>ce to </span>signifi<span class=\"_ _0\"></span>cantl<span class=\"_ _0\"></span>y decrease the amount of <span class=\"_ _0\"></span>credi<span class=\"_ _0\"></span>t facil<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t are availa<span class=\"_ _0\"></span>ble to those Custo<span class=\"_ _0\"></span>mers. Th<span class=\"_ _0\"></span>is scenario ma<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>sult i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>mitati<span class=\"_ _0\"></span>ons on the amoun<span class=\"_ _0\"></span>ts that can b<span class=\"_ _0\"></span>e sold to so<span class=\"_ _0\"></span>me custom<span class=\"_ _0\"></span>ers with<span class=\"_ _0\"></span>out dir<span class=\"_ _0\"></span>ectly i<span class=\"_ _0\"></span>ncurring cr<span class=\"_ _0\"></span>edit risk l<span class=\"_ _0\"></span>evels that ar<span class=\"_ _0\"></span>e not com<span class=\"_ _0\"></span>patible <span class=\"_ _0\"></span>with <span class=\"_ _1\"></span>the risk policy in<span class=\"_ _0\"></span> this a<span class=\"_ _0\"></span>rea. Cash equival<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> The Company a<span class=\"_ _0\"></span>dopts stric<span class=\"_ _0\"></span>t poli<span class=\"_ _0\"></span>cies in a<span class=\"_ _0\"></span>pproving i<span class=\"_ _0\"></span>ts fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l counterparties, l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ting its exposur<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span> accordance with<span class=\"_ _0\"></span> an i<span class=\"_ _0\"></span>ndivi<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>ual<span class=\"_ _0\"></span> risk anal<span class=\"_ _0\"></span>ysis and with<span class=\"_ _0\"></span>in previ<span class=\"_ _0\"></span>ously appro<span class=\"_ _0\"></span>ved li<span class=\"_ _0\"></span>mits.<span class=\"_ _0\"></span> Maximum<span class=\"_ _a9\"></span> expos<span class=\"_ _2\"></span>ure t<span class=\"_ _2\"></span>o cre<span class=\"_ _2\"></span>dit ri<span class=\"_ _2\"></span>sk The Company's<span class=\"_ _2\"></span> maxi<span class=\"_ _2\"></span>mum expos<span class=\"_ _2\"></span>ure to <span class=\"_ _2\"></span>the credit <span class=\"_ _a9\"></span>risk of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to <span class=\"_ _2\"></span>their net amount<span class=\"_ _2\"></span>, as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-cu<span class=\"_ _0\"></span>rrent Receivables (Not<span class=\"_ _0\"></span>e 4.2)  6,684  6,684  Current Receivables (Not<span class=\"_ _0\"></span>e 4.2)  899,000,085  866,987,969  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.8) <span class=\"_ _0\"></span> 390,640,161  354,336,647  1,289,64<span class=\"_ _0\"></span>6,930  1,221,33<span class=\"_ _0\"></span>1,300  Agein<span class=\"_ _2\"></span>g str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of Tra<span class=\"_ _2\"></span>de rece<span class=\"_ _2\"></span>iva<span class=\"_ _2\"></span>bles <span class=\"_ _2\"></span>balance<span class=\"_ _a9\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Trad<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>eivables sho<span class=\"_ _a9\"></span>wed<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ageing st<span class=\"_ _2\"></span>ructur<span class=\"_ _2\"></span>e, conside<span class=\"_ _2\"></span>ring th<span class=\"_ _2\"></span>e due <span class=\"_ _2\"></span>dates fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es outstan<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ing befo<span class=\"_ _a9\"></span>re impairmen<span class=\"_ _2\"></span>t: Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts not due<span class=\"_ _0\"></span> 243,223,269  177,898,470  from 1 to 90 days<span class=\"_ _0\"></span> 30,108,471 <span class=\"_ _0\"></span> 904,687  from 91 to 180 days<span class=\"_ _0\"></span> 330,827  68,708 <span class=\"_ _0\"></span> from 181 to 360 d<span class=\"_ _0\"></span>ays 176,147  27,892 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> 58,893 <span class=\"_ _0\"></span> -  from 541 to 720 days<span class=\"_ _0\"></span> 2,974  -  more than 721 days <span class=\"_ _0\"></span> -  -  273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Balances consi<span class=\"_ _0\"></span>dered impai<span class=\"_ _0\"></span>red  5,893,593  1,452,954  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span> (5,893,593) (1,452,954) Net balance of trade <span class=\"_ _0\"></span>receivables (N<span class=\"_ _0\"></span>ote 4.2) <span class=\"_ _1\"></span> 273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Trade receivabl<span class=\"_ _0\"></span>es covered by credit i<span class=\"_ _0\"></span>nsurance<span class=\"_ _0\"></span> 248,861,097  165,019,240  Trade receivabl<span class=\"_ _0\"></span>es covered by bank g<span class=\"_ _0\"></span>uarantees<span class=\"_ _0\"></span> 3,061,913  2,650,130  Trade receivabl<span class=\"_ _0\"></span>es covered by ti<span class=\"_ _0\"></span>tle reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n agr<span class=\"_ _2\"></span>eem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> 12,511,283 <span class=\"_ _0\"></span> 5,464,991  Trade receivabl<span class=\"_ _0\"></span>es covered by let<span class=\"_ _0\"></span>ters of credit / docum<span class=\"_ _0\"></span>entary remi<span class=\"_ _0\"></span>ttances<span class=\"_ _0\"></span> 9,466,288  5,765,396  Covered receivables <span class=\"_ _0\"></span> 273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Credit facili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ava<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>e and unused <span class=\"_ _0\"></span> 493,330,233  264,747,564  Credit hedging fa<span class=\"_ _0\"></span>cilities contr<span class=\"_ _0\"></span>acted <span class=\"_ _0\"></span> 798<span class=\"_ _0\"></span>,325,298<span class=\"_ _0\"></span>  443<span class=\"_ _0\"></span>,647,321<span class=\"_ _0\"></span>  The amounts s<span class=\"_ _2\"></span>hown <span class=\"_ _2\"></span>above co<span class=\"_ _2\"></span>rrespond <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the <span class=\"_ _2\"></span>amounts <span class=\"_ _2\"></span>outstandi<span class=\"_ _2\"></span>ng accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d due da<span class=\"_ _2\"></span>tes. Despite some <span class=\"_ _a9\"></span>delays in th<span class=\"_ _a9\"></span>e settlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>those amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s, <span class=\"_ _2\"></span>that does <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>t result<span class=\"_ _2\"></span>, in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the a<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation<span class=\"_ _2\"></span>, in the i<span class=\"_ _2\"></span>denti<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of i<span class=\"_ _2\"></span>mpairment l<span class=\"_ _2\"></span>osses othe<span class=\"_ _a9\"></span>r than the o<span class=\"_ _2\"></span>nes consi<span class=\"_ _2\"></span>dered through <span class=\"_ _a9\"></span>the respec<span class=\"_ _2\"></span>tive los<span class=\"_ _2\"></span>ses. <span class=\"_ _2\"></span>These are c<span class=\"_ _a9\"></span>alculated <span class=\"_ _2\"></span>based <span class=\"_ _0\"></span>on <span class=\"_ _2\"></span>the inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on periodical<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>llected on <span class=\"_ _a9\"></span>the financi<span class=\"_ _2\"></span>al beha<span class=\"_ _2\"></span>viour <span class=\"_ _2\"></span>of the Co<span class=\"_ _a9\"></span>mpany\u2019s Custo<span class=\"_ _2\"></span>mers, whic<span class=\"_ _2\"></span>h all<span class=\"_ _2\"></span>ow, in conjunc<span class=\"_ _2\"></span>tion with <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>perienc<span class=\"_ _2\"></span>e obtaine<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>lient <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ortf<span class=\"_ _2\"></span>olio<span class=\"_ _2\"></span> analysi<span class=\"_ _2\"></span>s and with the <span class=\"_ _2\"></span>histor<span class=\"_ _2\"></span>y of credit d<span class=\"_ _2\"></span>efaults<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the part no<span class=\"_ _a9\"></span>t attribut<span class=\"_ _2\"></span>able to <span class=\"_ _2\"></span>the insuranc<span class=\"_ _a9\"></span>e company, to <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ne the <span class=\"_ _2\"></span>amount of loss<span class=\"_ _2\"></span>es to be reco<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rantees <span class=\"_ _2\"></span>in pl<span class=\"_ _a9\"></span>ace for a s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant par<span class=\"_ _2\"></span>t of outstanding <span class=\"_ _a9\"></span>and long-term <span class=\"_ _a9\"></span>balances, <span class=\"_ _2\"></span>justify <span class=\"_ _a9\"></span>the fact <span class=\"_ _2\"></span>that no <span class=\"_ _2\"></span>impairment l<span class=\"_ _2\"></span>oss has<span class=\"_ _2\"></span> been <span class=\"_ _2\"></span>recorded for tho<span class=\"_ _2\"></span>se balances<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>T<span class=\"_ _0\"></span>he rules<span class=\"_ _2\"></span> defi<span class=\"_ _2\"></span>ned by th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> cre<span class=\"_ _2\"></span>dit risk i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>urance poli<span class=\"_ _2\"></span>cy ap<span class=\"_ _2\"></span>plied b<span class=\"_ _2\"></span>y the Navigator G<span class=\"_ _a9\"></span>roup,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>ensure <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>coverage of<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span> outst<span class=\"_ _2\"></span>anding balanc<span class=\"_ _2\"></span>es. Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in acc<span class=\"_ _2\"></span>umu<span class=\"_ _2\"></span>lated im<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>air<span class=\"_ _2\"></span>ment l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in Tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les <span class=\"_ _2\"></span> Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Accumu<span class=\"_ _0\"></span>lated impairment at b<span class=\"_ _0\"></span>eginning of the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> (1,452<span class=\"_ _0\"></span>,954) (1,249<span class=\"_ _0\"></span>,988) Changes due to:<span class=\"_ _0\"></span> Amounts recogni<span class=\"_ _0\"></span>sed in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> (3,268,851) (127,605) Reversal of unused <span class=\"_ _0\"></span>amounts <span class=\"_ _0\"></span> 1,283  44,011 <span class=\"_ _0\"></span> Changes recognised in the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> (3,267<span class=\"_ _0\"></span>,568) (83,59<span class=\"_ _0\"></span>4) Derecogniti<span class=\"_ _0\"></span>on of uncoll<span class=\"_ _0\"></span>ectible assets <span class=\"_ _0\"></span> (1,173,071) (119,371) Accumu<span class=\"_ _0\"></span>lated impairment at end o<span class=\"_ _0\"></span>f the period<span class=\"_ _1\"></span> (5,893<span class=\"_ _0\"></span>,593) (1,452<span class=\"_ _0\"></span>,954) Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impairmen<span class=\"_ _2\"></span>t of de<span class=\"_ _2\"></span>bt instr<span class=\"_ _2\"></span>uments The Company <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es, on<span class=\"_ _2\"></span> a prosp<span class=\"_ _2\"></span>ective bas<span class=\"_ _2\"></span>is, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected c<span class=\"_ _2\"></span>redit losses <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th its finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _a9\"></span>ther com<span class=\"_ _2\"></span>prehensi<span class=\"_ _2\"></span>ve inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r reco<span class=\"_ _2\"></span>gnises ex<span class=\"_ _2\"></span>pected cr<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span>it l<span class=\"_ _2\"></span>osses <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hroughout <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he li<span class=\"_ _2\"></span>fetime of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial instruments <span class=\"_ _a9\"></span>that have b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject <span class=\"_ _2\"></span>to signi<span class=\"_ _2\"></span>ficant i<span class=\"_ _2\"></span>ncrease<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>credit risk s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tial recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>her indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or c<span class=\"_ _2\"></span>ollecti<span class=\"_ _2\"></span>vely, co<span class=\"_ _a9\"></span>nsidering al<span class=\"_ _2\"></span>l reason<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>and sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g avail<span class=\"_ _2\"></span>able pros<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation<span class=\"_ _2\"></span>. If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit risk as<span class=\"_ _2\"></span>sociat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstrument has <span class=\"_ _2\"></span>not increas<span class=\"_ _a9\"></span>ed signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogni<span class=\"_ _2\"></span>tion, the Co<span class=\"_ _2\"></span>mpany measu<span class=\"_ _a9\"></span>res i<span class=\"_ _2\"></span>mpairment in <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>that finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument at an <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t equal<span class=\"_ _2\"></span> to ex<span class=\"_ _2\"></span>pected cr<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>t losses<span class=\"_ _2\"></span>. IFRS 9 provi<span class=\"_ _a9\"></span>des that f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e calcul<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f these i<span class=\"_ _2\"></span>mpairme<span class=\"_ _a9\"></span>nt<span class=\"_ _0\"></span>s, one o<span class=\"_ _2\"></span>f t<span class=\"_ _2\"></span>wo models i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _a9\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _a9\"></span>r Navigator'<span class=\"_ _2\"></span>s fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets, since it i<span class=\"_ _2\"></span>s not a <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _a9\"></span>ere<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> hav<span class=\"_ _2\"></span>e a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>opted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>h IFRS 9<span class=\"_ _2\"></span> is as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>it sales <span class=\"_ _2\"></span>made by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Grou<span class=\"_ _2\"></span>p ove<span class=\"_ _2\"></span>r the l<span class=\"_ _2\"></span>ast 12 <span class=\"_ _2\"></span>months, as <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ell <span class=\"_ _2\"></span>as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _a9\"></span>ers\u2019 paymen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> profil<span class=\"_ _2\"></span>e, by s<span class=\"_ _2\"></span>etting <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>quenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based on I. and <span class=\"_ _a9\"></span>II. abo<span class=\"_ _2\"></span>ve, estima<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e th<span class=\"_ _2\"></span>e probabil<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>defa<span class=\"_ _2\"></span>ult (i.e., <span class=\"_ _2\"></span>the amount <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _a9\"></span>t I. compar<span class=\"_ _2\"></span>ed to<span class=\"_ _2\"></span> the bal<span class=\"_ _2\"></span>ance of <span class=\"_ _2\"></span>outs<span class=\"_ _2\"></span>tanding <span class=\"_ _2\"></span>sales i<span class=\"_ _2\"></span>n each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _a9\"></span>the percen<span class=\"_ _2\"></span>tages o<span class=\"_ _2\"></span>f future <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>roj<span class=\"_ _2\"></span>ections o<span class=\"_ _2\"></span>btained i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _a9\"></span>the defaul<span class=\"_ _2\"></span>t percent<span class=\"_ _2\"></span>ages as cal<span class=\"_ _2\"></span>culat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>IV. to <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>alances of C<span class=\"_ _2\"></span>ustomers sti<span class=\"_ _2\"></span>ll </span></span>outstanding <span class=\"_ _a9\"></span>at the re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ays as \u201c<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span>fault\u201d<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 180 da<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>s, sinc<span class=\"_ _2\"></span>e the experienc<span class=\"_ _a9\"></span>e of real l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before <span class=\"_ _a9\"></span>this period i<span class=\"_ _2\"></span>s low. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>his perio<span class=\"_ _2\"></span>d is al<span class=\"_ _2\"></span>igned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e current <span class=\"_ _2\"></span>risk manag<span class=\"_ _2\"></span>ement po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y, namel<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>n what regards <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he cr<span class=\"_ _2\"></span>edit ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e hired, an<span class=\"_ _2\"></span>d to t<span class=\"_ _2\"></span>he fact <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>there ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ales with <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt components <span class=\"_ _2\"></span>of fun<span class=\"_ _a9\"></span>ding in l<span class=\"_ _2\"></span>ight of IFRS 15. <span class=\"_ _2\"></span>Additio<span class=\"_ _2\"></span>nally, <span class=\"_ _2\"></span>the compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> eval<span class=\"_ _2\"></span>uated the i<span class=\"_ _2\"></span>mpact <span class=\"_ _a9\"></span>of cons<span class=\"_ _2\"></span>idering 180<span class=\"_ _2\"></span> days of <span class=\"ff8\">\u201cdefau<span class=\"_ _2\"></span>lt\u201d </span>instead o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e 90 days an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e Expecte<span class=\"_ _2\"></span>d Credi<span class=\"_ _2\"></span>t Loss<span class=\"_ _2\"></span> would no<span class=\"_ _2\"></span>t change signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>tly. In the <span class=\"_ _2\"></span>event of<span class=\"_ _2\"></span> an acci<span class=\"_ _2\"></span>dent i<span class=\"_ _2\"></span>n the cr<span class=\"_ _2\"></span>edit in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compan<span class=\"_ _2\"></span>y, the mo<span class=\"_ _2\"></span>del consi<span class=\"_ _2\"></span>ders <span class=\"_ _2\"></span>the limi<span class=\"_ _2\"></span>t paid<span class=\"_ _2\"></span>, by Navig<span class=\"_ _2\"></span>ator, of<span class=\"_ _2\"></span> 10% fo<span class=\"_ _2\"></span>r national<span class=\"_ _2\"></span> Custome<span class=\"_ _2\"></span>rs and 5<span class=\"_ _2\"></span>% for i<span class=\"_ _a9\"></span>nternational <span class=\"_ _2\"></span>Customers.<span class=\"_ _2\"></span> Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _a9\"></span>the macro<span class=\"_ _2\"></span>economic <span class=\"_ _2\"></span>level. In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _a9\"></span>the recover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk valu<span class=\"_ _2\"></span>e was i<span class=\"_ _2\"></span>ncrease<span class=\"_ _2\"></span>d by Euro<span class=\"_ _2\"></span> 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er 2020<span class=\"_ _2\"></span>: decreas<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d by E<span class=\"_ _2\"></span>uro 123,1<span class=\"_ _a9\"></span>46). In addi<span class=\"_ _2\"></span>tion, the C<span class=\"_ _2\"></span>ompany r<span class=\"_ _a9\"></span>ecognises i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t on a cas<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>-<span class=\"ls35\">by</span>-case <span class=\"_ _a9\"></span>basis, bas<span class=\"_ _2\"></span>ed on speci<span class=\"_ _2\"></span>fic balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the histo<span class=\"_ _a9\"></span>rical i<span class=\"_ _2\"></span>nformation of<span class=\"_ _2\"></span> the counte<span class=\"_ _2\"></span>rparti<span class=\"_ _2\"></span>es, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _a9\"></span>ess whether <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>here <span class=\"_ _2\"></span>are objecti<span class=\"_ _a9\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _a9\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets. The Co<span class=\"_ _a9\"></span>mpany uses <span class=\"_ _2\"></span>the wri<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>-off <span class=\"_ _2\"></span>procedure only when <span class=\"_ _2\"></span>the cre<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>it i<span class=\"_ _2\"></span>s consi<span class=\"_ _2\"></span>dered to b<span class=\"_ _2\"></span>e definitel<span class=\"_ _2\"></span>y uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a co<span class=\"_ _2\"></span>urt d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on. 8.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _a9\"></span> management<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e fina<span class=\"_ _2\"></span>ncial i<span class=\"_ _a9\"></span>ns<span class=\"_ _0\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s 2022 2021  Trading  Hedging<span class=\"_ _0\"></span>  Trading  Hedging<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) 3,160,13<span class=\"_ _0\"></span>1  (5,336<span class=\"_ _0\"></span>,693) (2,176<span class=\"_ _0\"></span>,562) New contracts / settl<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> 2,911,822  (1,409,252) 1,502,569  (623,573) 2,326,438  1,702,865  Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss (4,289,597) (1,504,772) (5,794,369) (4,265,016) (3,191,640) (7,456,656) (Note 5.10) Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through other -  54,623,316 <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> -  1,430,747  1,430,747  comprehensi<span class=\"_ _0\"></span>ve income (Note 5.<span class=\"_ _0\"></span>5)<span class=\"_ _0\"></span> Balance at the end of <span class=\"_ _0\"></span>the period<span class=\"_ _0\"></span> (3,106<span class=\"_ _0\"></span>,233) 46,938<span class=\"_ _0\"></span>,143  43,831<span class=\"_ _0\"></span>,910  (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) Hedging d<span class=\"_ _2\"></span>erivati<span class=\"_ _2\"></span>ve cont<span class=\"_ _2\"></span>racts <span class=\"_ _2\"></span>entered into <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r pulp and <span class=\"_ _a9\"></span>paper sales <span class=\"_ _2\"></span>had an impac<span class=\"_ _a9\"></span>t of Euro 28,405,4<span class=\"_ _2\"></span>70 on s<span class=\"_ _2\"></span>ales margin<span class=\"_ _2\"></span>. 8.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Detail and <span class=\"_ _2\"></span>maturity <span class=\"_ _2\"></span>of de<span class=\"_ _2\"></span>rivative <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instrume<span class=\"_ _2\"></span>nts <span class=\"ls94\">by </span>nature 31 Decemb<span class=\"_ _a9\"></span>er 2022<span class=\"fs6 fc4\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span>Currency<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 345,000,000  USD 2023 6,011,256  -  6,011,256  Hedging (future sal<span class=\"_ _0\"></span>es) 144,000,000  GBP 2023 1,294,665  -  1,294,665  Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2028 31,949,130 <span class=\"_ _0\"></span> -  31,949,130 <span class=\"_ _0\"></span> BHKP pul<span class=\"_ _0\"></span>p 50,521,199 <span class=\"_ _0\"></span> EUR 2023 7,683,092  -  7,683,092  46,938<span class=\"_ _0\"></span>,143  -  46,938<span class=\"_ _0\"></span>,143  Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 76,977,456 <span class=\"_ _0\"></span> USD 2023 1,325,016  (4,679,289) (3,354,273) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 18,800,000 <span class=\"_ _0\"></span> GBP 2023 251,284  -  251,284  Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 1,750,000  CHF 2023 -  (3,244) (3,244) 1,576,30<span class=\"_ _0\"></span>0  (4,682<span class=\"_ _0\"></span>,533) (3,106<span class=\"_ _0\"></span>,233) 48,514<span class=\"_ _0\"></span>,443  (4,682<span class=\"_ _0\"></span>,533) 43,831<span class=\"_ _0\"></span>,910  31 Decemb<span class=\"_ _a9\"></span>er 2021<span class=\"fs6\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span>Currency<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 242,500,000  USD 2022 9,066  (1,426,675) (1,417,609) Hedging (future sal<span class=\"_ _0\"></span>es) 83,000,000 <span class=\"_ _0\"></span> GBP 2022 -  (483,940) (483,940) Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2026 1,621,916  (2,804,403) (1,182,487) BHKP pul<span class=\"_ _0\"></span>p 27,120,000 <span class=\"_ _0\"></span> USD 2022 -  (1,687,112) (1,687,112) 1,630,98<span class=\"_ _0\"></span>2  (6,402<span class=\"_ _0\"></span>,130) (4,771<span class=\"_ _0\"></span>,148) Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 129,745,503  USD 2023 -  (1,640,154) (1,640,154) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 9,050,000  GBP 2021 -  (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 300,000  CHF 2021 -  (1,448) (1,448) -  (1,728<span class=\"_ _0\"></span>,458) (1,728<span class=\"_ _0\"></span>,458) 1,630,98<span class=\"_ _0\"></span>2  (8,130<span class=\"_ _0\"></span>,589) (6,499<span class=\"_ _0\"></span>,607) Future sal<span class=\"_ _2\"></span>es hedg<span class=\"_ _2\"></span>e | Exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _a9\"></span>risk EUR/USD an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> EUR<span class=\"_ _2\"></span>/GBP During the <span class=\"_ _2\"></span>seco<span class=\"_ _2\"></span>nd half o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y concl<span class=\"_ _2\"></span>uded t<span class=\"_ _2\"></span>he con<span class=\"_ _2\"></span>tracting <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al instruments <span class=\"_ _a9\"></span>by acquiring <span class=\"_ _a9\"></span>U<span class=\"_ _0\"></span>SD 345<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span>000,000<span class=\"_ _2\"></span> and GBP 14<span class=\"_ _2\"></span>4,00<span class=\"_ _2\"></span>0,000 i<span class=\"_ _2\"></span>n Zero Cos<span class=\"_ _2\"></span>t Coll<span class=\"_ _2\"></span>ar, thus guaranteei<span class=\"_ _2\"></span>ng total<span class=\"_ _2\"></span> cove<span class=\"_ _2\"></span>rage of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>estimated val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f expos<span class=\"_ _2\"></span>ure for 20<span class=\"_ _2\"></span>23. Interest <span class=\"_ _2\"></span>rate h<span class=\"_ _2\"></span>edge During the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t quarte<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>2022, the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y contrac<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>two new s<span class=\"_ _2\"></span>waps in <span class=\"_ _2\"></span>the amount o<span class=\"_ _2\"></span>f Eu<span class=\"_ _2\"></span>ro 75,000,0<span class=\"_ _2\"></span>00 each, <span class=\"_ _2\"></span>to fi<span class=\"_ _2\"></span>x the in<span class=\"_ _2\"></span>terest ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with t<span class=\"_ _a9\"></span>he Navigator <span class=\"_ _2\"></span>2022-2028 bond l<span class=\"_ _2\"></span>oan in<span class=\"_ _2\"></span> the amount o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>,000,000, st<span class=\"_ _2\"></span>arting i<span class=\"_ _2\"></span>n Jun<span class=\"_ _2\"></span>e 2022. <span class=\"_ _2\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s Fair value <span class=\"_ _a9\"></span>in<span class=\"_ _0\"></span> der<span class=\"_ _2\"></span>ivative <span class=\"_ _2\"></span>financial<span class=\"_ _a9\"></span> instrument<span class=\"_ _2\"></span>s Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _a9\"></span>timated on <span class=\"_ _2\"></span>the basi<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>quoted instruments<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of mar<span class=\"_ _a9\"></span>ket prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f deriva<span class=\"_ _2\"></span>tives is <span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>mated throu<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>h the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _a9\"></span>valuation mo<span class=\"_ _2\"></span>dels, in <span class=\"_ _2\"></span>accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>prevail<span class=\"_ _2\"></span>ing market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons.<span class=\"ff9\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _a9\"></span>ayables (N<span class=\"_ _2\"></span>ote 4.3)<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> when negative, an<span class=\"_ _a9\"></span>d under R<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 4.2), wh<span class=\"_ _2\"></span>en positi<span class=\"_ _2\"></span>ve. In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>IFRS 9 - Fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> Instruments<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue <span class=\"_ _2\"></span>applyin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ging) proj<span class=\"_ _a9\"></span>ect curren<span class=\"_ _2\"></span>tly i<span class=\"_ _2\"></span>n progress.<span class=\"_ _2\"></span> Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _a9\"></span>exchange<span class=\"_ _2\"></span> rates so <span class=\"_ _2\"></span>justi<span class=\"_ _2\"></span>fy, the N<span class=\"_ _2\"></span>avigato<span class=\"_ _a9\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange collars<span class=\"_ _a9\"></span>, forwards, <span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _a9\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>atives<span class=\"_ _2\"></span> contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y represen<span class=\"_ _2\"></span>t eff<span class=\"_ _2\"></span>ective ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks, no<span class=\"_ _2\"></span>t all <span class=\"_ _2\"></span>of them <span class=\"_ _2\"></span>quali<span class=\"_ _2\"></span>fy as hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>truments <span class=\"_ _2\"></span>in acc<span class=\"_ _a9\"></span>ounting terms<span class=\"_ _2\"></span> to satis<span class=\"_ _2\"></span>fy the applicabl<span class=\"_ _2\"></span>e rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>remen<span class=\"_ _2\"></span>ts. Ins<span class=\"_ _2\"></span>truments th<span class=\"_ _a9\"></span>at do no<span class=\"_ _2\"></span>t qualify <span class=\"_ _2\"></span>as he<span class=\"_ _2\"></span>dging instrum<span class=\"_ _a9\"></span>ent<span class=\"_ _0\"></span>s a<span class=\"_ _2\"></span>re record<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue and chan<span class=\"_ _a9\"></span>ge<span class=\"_ _0\"></span>s i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed in Ne<span class=\"_ _2\"></span>t fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>results (No<span class=\"_ _2\"></span>te 5.10<span class=\"_ _2\"></span>), when <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>ed to<span class=\"_ _0\"></span> fi<span class=\"_ _2\"></span>nancing o<span class=\"_ _2\"></span>perations<span class=\"_ _2\"></span>, or <span class=\"_ _2\"></span>in External<span class=\"_ _2\"></span> services <span class=\"_ _a9\"></span>and suppl<span class=\"_ _2\"></span>ies (Note 2<span class=\"_ _a9\"></span>.3) or Re<span class=\"_ _2\"></span>venue (No<span class=\"_ _2\"></span>te 2.1)<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> when <span class=\"_ _2\"></span>referri<span class=\"_ _2\"></span>ng to he<span class=\"_ _2\"></span>dging of sales <span class=\"_ _2\"></span>receivabl<span class=\"_ _2\"></span>e flows <span class=\"_ _2\"></span>in a c<span class=\"_ _2\"></span>urrency o<span class=\"_ _2\"></span>ther than <span class=\"_ _a9\"></span>the presen<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>on currenc<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _2\"></span>ts used for <span class=\"_ _2\"></span>hedging <span class=\"_ _a9\"></span>purpose<span class=\"_ _2\"></span>s may be r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>as h<span class=\"_ _2\"></span>edging instruments <span class=\"_ _a9\"></span>provided th<span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>ey compl<span class=\"_ _2\"></span>y, cumulati<span class=\"_ _2\"></span>vely<span class=\"_ _2\"></span>, with<span class=\"_ _2\"></span> the conditi<span class=\"_ _2\"></span>ons set o<span class=\"_ _2\"></span>ut i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BHK<span class=\"_ _2\"></span>P) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposure <span class=\"_ _2\"></span>to int<span class=\"_ _2\"></span>erest rat<span class=\"_ _2\"></span>e risk <span class=\"_ _2\"></span>and e<span class=\"_ _2\"></span>xchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y enters in<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w hedges. Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the fair val<span class=\"_ _2\"></span>ue are <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>ally reco<span class=\"_ _a9\"></span>gnised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _a9\"></span>the period<span class=\"_ _2\"></span>. The gai<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s relating <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>ineffecti<span class=\"_ _2\"></span>ve portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>class<span class=\"_ _2\"></span>ified <span class=\"_ _2\"></span>to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in the periods <span class=\"_ _2\"></span>when the h<span class=\"_ _a9\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>xampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast sal<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>es place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement wit<span class=\"_ _2\"></span>hin <span class=\"_ _2\"></span>\"Net financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults\" (Not<span class=\"_ _2\"></span>e 5.10). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _a9\"></span>ecognition <span class=\"_ _2\"></span>of a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y, pl<span class=\"_ _a9\"></span>ant and equi<span class=\"_ _2\"></span>pment), <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gains and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re trans<span class=\"_ _2\"></span>ferred f<span class=\"_ _a9\"></span>rom equi<span class=\"_ _2\"></span>ty and incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the ini<span class=\"_ _2\"></span>tial measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _a9\"></span>et. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _a9\"></span>ting, any c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>e gain o<span class=\"_ _2\"></span>r loss exi<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled <span class=\"_ _2\"></span>to the i<span class=\"_ _2\"></span>ncome statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>m is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _a9\"></span>tion, in <span class=\"_ _2\"></span>which cas<span class=\"_ _2\"></span>e any cumul<span class=\"_ _2\"></span>ative gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>time remains <span class=\"_ _2\"></span>in equi<span class=\"_ _a9\"></span>ty<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Income st<span class=\"_ _2\"></span>atement.<span class=\"ff9\"> </span>Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _a9\"></span>ange tradin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _a9\"></span>exp<span class=\"_ _0\"></span>osu<span class=\"_ _2\"></span>re on sal<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span>voic<span class=\"_ _2\"></span>ed in fo<span class=\"_ _2\"></span>reign currenci<span class=\"_ _2\"></span>es, n<span class=\"_ _2\"></span>amely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> pound<span class=\"ff8\">s s<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>erling <span class=\"_ _2\"></span>(GBP). <span class=\"_ _a9\"></span>As the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements are p<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ted </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _a9\"></span>ke<span class=\"_ _0\"></span> cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>those <span class=\"_ _2\"></span>sa<span class=\"_ _0\"></span>me currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purpo<span class=\"_ _2\"></span>ses, ac<span class=\"_ _2\"></span>t as <span class=\"_ _2\"></span>a natural <span class=\"_ _2\"></span>hedge. <span class=\"_ _2\"></span>Thus, th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge is aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>items in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the respecti<span class=\"_ _a9\"></span>ve currency <span class=\"_ _2\"></span>fluctua<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The hedgi<span class=\"_ _2\"></span>ng instrum<span class=\"_ _2\"></span>ents use<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>this oper<span class=\"_ _2\"></span>ation are <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>reign <span class=\"_ _2\"></span>exchange f<span class=\"_ _2\"></span>orward co<span class=\"_ _2\"></span>ntracts covering th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> ne<span class=\"_ _2\"></span>t exposure <span class=\"_ _a9\"></span>to currencies <span class=\"_ _2\"></span>other <span class=\"_ _a9\"></span>than the pr<span class=\"_ _2\"></span>esenta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _a9\"></span>y,<span class=\"_ _0\"></span> for <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he risk <span class=\"_ _2\"></span>hedged <span class=\"_ _2\"></span>is the c<span class=\"_ _2\"></span>hange i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _a9\"></span>es expresse<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>currencies o<span class=\"_ _a9\"></span>ther than<span class=\"_ _a9\"></span> the present<span class=\"_ _2\"></span>ation cu<span class=\"_ _2\"></span>rrency<span class=\"_ _2\"></span>. At the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables exp<span class=\"_ _2\"></span>ressed in <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, with <span class=\"_ _a9\"></span>the gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>against <span class=\"_ _a9\"></span>the fair value <span class=\"_ _2\"></span>chan<span class=\"_ _2\"></span>ge of <span class=\"_ _2\"></span>the forw<span class=\"_ _2\"></span>ards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>chang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _a9\"></span>U<span class=\"_ _0\"></span>R/G<span class=\"_ _2\"></span>BP<span class=\"_ _0\"></span> The Company m<span class=\"_ _a9\"></span>ak<span class=\"_ _0\"></span>es us<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivativ<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrumen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span> order to<span class=\"_ _2\"></span> limi<span class=\"_ _2\"></span>t the ne<span class=\"_ _2\"></span>t exchange risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with sales<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d future <span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>es estima<span class=\"_ _2\"></span>ted at USD <span class=\"_ _a9\"></span>and GBP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>nteres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te Navigator h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interest <span class=\"_ _a9\"></span>pay<span class=\"_ _0\"></span>men<span class=\"_ _2\"></span>ts associ<span class=\"_ _2\"></span>ated wit<span class=\"_ _2\"></span>h comm<span class=\"_ _2\"></span>ercial paper i<span class=\"_ _2\"></span>ssues <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>y hiri<span class=\"_ _2\"></span>ng an in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>te swap, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hich <span class=\"_ _2\"></span>pays a fi<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>ed rate <span class=\"_ _a9\"></span>and receive<span class=\"_ _2\"></span>s a f<span class=\"_ _2\"></span>loating rate. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>his i<span class=\"_ _2\"></span>nstrument is<span class=\"_ _2\"></span> designat<span class=\"_ _2\"></span>ed as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws f<span class=\"_ _2\"></span>rom the comme<span class=\"_ _2\"></span>rcial<span class=\"_ _2\"></span> paper program <span class=\"_ _a9\"></span>and the bon<span class=\"_ _2\"></span>d loan<span class=\"_ _2\"></span>. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _a9\"></span>- BHKP Navigator us<span class=\"_ _a9\"></span>es derivati<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in or<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>to mi<span class=\"_ _2\"></span>nimi<span class=\"_ _2\"></span>se the exposur<span class=\"_ _2\"></span>e risk associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the varia<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the pul<span class=\"_ _2\"></span>p pric<span class=\"_ _2\"></span>e, indexe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>PIX, in U<span class=\"_ _2\"></span>SD. 8.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es 8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>C<span class=\"_ _2\"></span>ategories o<span class=\"_ _2\"></span>f financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments <span class=\"_ _2\"></span>of the G<span class=\"_ _2\"></span>roup The finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h cap<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> at derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve  Non-amortised financial financial financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span> Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 6,684  -  -  -  6,684   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 808,510,259  46,938,143 <span class=\"_ _0\"></span> 1,576,300  42,981,638 <span class=\"_ _0\"></span> 900,006,340   Cash and cash equi<span class=\"_ _0\"></span>valents <span class=\"_ _0\"></span> 5.8 390,640,161  -  -  -  390,640,161  Total assets<span class=\"_ _0\"></span> 1,199,15<span class=\"_ _0\"></span>7,105  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span><span class=\"fc7 sc0\"> </span>46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  42,981<span class=\"_ _0\"></span>,638  <span class=\"fc7 sc0\"> </span>1,290,65<span class=\"_ _0\"></span>3,186  <span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span> Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 6,684  -  -  -  6,684   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 827,995,428  1,630,982  -  37,361,559 <span class=\"_ _0\"></span> 866,987,969   Cash and cash equi<span class=\"_ _0\"></span>valents <span class=\"_ _0\"></span> 5.8 354,336,647  -  -  -  354,336,647  Total assets<span class=\"_ _0\"></span> 1,182,33<span class=\"_ _0\"></span>8,759  1,630,98<span class=\"_ _0\"></span>2  -  37,361<span class=\"_ _0\"></span>,559  1,221,33<span class=\"_ _0\"></span>1,300   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Hedging<span class=\"_ _0\"></span>  Trading liabilities liabilities <span class=\"_ _0\"></span>at derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide the amortised financial financial scope of Amounts in Euro<span class=\"_ _0\"></span>  Note  cost  instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> IFRS 9 <span class=\"_ _0\"></span>  Total <span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.6 985,446,453  -  -  -  985,446,453   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 -  -  -  2,381,970  2,381,970   Payables  4.3 1,044,204,892  -  4,682,533  -  1,048,887,425  Total liabilities<span class=\"_ _0\"></span> 2,<span class=\"ls1c\">029</span>,<span class=\"ls1c\">651</span>,<span class=\"ls1c\">345 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>-  4,<span class=\"ls1c\">682</span>,<span class=\"ls1c\">533 <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">381</span>,<span class=\"ls1c\">970 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">036</span>,<span class=\"ls1c\">715</span>,<span class=\"ls1c\">848 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.6 933,165,634  -  -  -  933,165,634   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 -  -  -  2,883,977  2,883,977   Payables  4.3 1,130,998,845  6,402,131  1,728,458  -  1,139,129,433  Total liabilities<span class=\"_ _0\"></span> 2,<span class=\"ls1c\">064</span>,<span class=\"ls1c\">164</span>,<span class=\"ls1c\">478 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>6,<span class=\"ls1c\">402</span>,<span class=\"ls1c\">131 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>1,<span class=\"ls1c\">728</span>,<span class=\"ls1c\">458 <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">883</span>,<span class=\"ls1c\">977 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">075</span>,<span class=\"ls1c\">179</span>,<span class=\"ls1c\">044 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>8.3.2. Fai<span class=\"_ _2\"></span>r Value <span class=\"_ _2\"></span>of Finan<span class=\"_ _2\"></span>cial Ass<span class=\"_ _2\"></span>ets and Lia<span class=\"_ _a9\"></span>biliti<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span> Financia<span class=\"_ _a9\"></span>l asset<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>liabilitie<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> m<span class=\"_ _2\"></span>easure<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> at fai<span class=\"_ _a9\"></span>r value 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments<span class=\"_ _0\"></span> -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  -  -  1,630,98<span class=\"_ _0\"></span>2  -  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profit and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments<span class=\"_ _0\"></span> -  -  -  -  (6,402,131) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,589) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Fair val<span class=\"_ _2\"></span>ue of f<span class=\"_ _2\"></span>ixed-inte<span class=\"_ _2\"></span>rest int<span class=\"_ _2\"></span>erest-<span class=\"_ _2\"></span>bearing li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ance wi<span class=\"_ _2\"></span>th the c<span class=\"_ _2\"></span>haracteri<span class=\"_ _2\"></span>stics o<span class=\"_ _2\"></span>f each f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>FRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Based on quo<span class=\"_ _a9\"></span>tes from ac<span class=\"_ _2\"></span>tive ne<span class=\"_ _2\"></span>t markets <span class=\"_ _a9\"></span>at repor<span class=\"_ _2\"></span>ting da<span class=\"_ _2\"></span>te. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Determin<span class=\"_ _2\"></span>ed using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the main<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h are obser<span class=\"_ _2\"></span>vable in th<span class=\"_ _a9\"></span>e </span>market. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Determin<span class=\"_ _2\"></span>ed using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the main<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h are not obse<span class=\"_ _a9\"></span>rv<span class=\"_ _0\"></span>abl<span class=\"_ _2\"></span>e in </span>the mar<span class=\"_ _2\"></span>ket.<span class=\"ff4\"> <span class=\"_ _c4\"> </span><span class=\"fs0 fc1\"> <span class=\"_ _c5\"> </span><span class=\"ff1\"> </span></span></span>9.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Prov<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>, co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>itment<span class=\"_ _a9\"></span>s  </span></span>and co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>enci<span class=\"_ _2\"></span>es 9.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Provis<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ision<span class=\"_ _2\"></span>s  Legal<span class=\"_ _0\"></span>  Investments<span class=\"_ _1\"></span> in  Other <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> proceedings<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> subs<span class=\"_ _0\"></span>idiaries <span class=\"_ _0\"></span> provisions<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Total  01<span class=\"ls0\">-</span>01<span class=\"ls0\">-2021 </span>287<span class=\"_ _0\"></span>,420  18,293<span class=\"_ _0\"></span>,058  17,563<span class=\"_ _0\"></span>,912  36,144<span class=\"_ _0\"></span>,390  Increases  400,444  -  1,300,000  1,700,444  Reversals<span class=\"_ _0\"></span> (49<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span> -  (512,064) (561,944) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 350<span class=\"_ _0\"></span>,564  -  787<span class=\"_ _0\"></span>,936  1,138,50<span class=\"_ _0\"></span>0  Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> - (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span>637<span class=\"_ _0\"></span>,984  - 18,351<span class=\"_ _0\"></span>,848  18,989<span class=\"_ _0\"></span>,832  Increases 194,806  - 107,837  302,643  Reversals<span class=\"_ _0\"></span> -  -  (1,159,685) (1,159,685) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 194<span class=\"_ _0\"></span>,806  -  (1,051<span class=\"_ _0\"></span>,848) (857<span class=\"_ _0\"></span>,042) Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> -  -  -  -  31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span>832<span class=\"_ _0\"></span>,790  -  17,300<span class=\"_ _0\"></span>,000  18,132<span class=\"_ _0\"></span>,790  No refun<span class=\"_ _2\"></span>ds of any <span class=\"_ _2\"></span>nature <span class=\"_ _a9\"></span>are<span class=\"_ _0\"></span> e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>se <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns. Lega<span class=\"_ _2\"></span>l proceed<span class=\"_ _2\"></span>ings The outcome o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> for l<span class=\"_ _2\"></span>egal p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs depends <span class=\"_ _a9\"></span>on the labour <span class=\"_ _2\"></span>or civi<span class=\"_ _2\"></span>l court <span class=\"_ _a9\"></span>decisions<span class=\"_ _2\"></span>.  Other pr<span class=\"_ _2\"></span>ovision<span class=\"_ _2\"></span>s The amount <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ludes pro<span class=\"_ _2\"></span>visio<span class=\"_ _2\"></span>ns to co<span class=\"_ _2\"></span>ver ris<span class=\"_ _2\"></span>ks rel<span class=\"_ _2\"></span>ated to ev<span class=\"_ _2\"></span>ents of <span class=\"_ _2\"></span>a diff<span class=\"_ _2\"></span>eren<span class=\"_ _2\"></span>t nature, the resolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> which ma<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> resul<span class=\"_ _2\"></span>t in outf<span class=\"_ _2\"></span>lows of<span class=\"_ _2\"></span> cash<span class=\"_ _2\"></span>, in p<span class=\"_ _a9\"></span>art<span class=\"_ _0\"></span>icul<span class=\"_ _2\"></span>ar organisa<span class=\"_ _a9\"></span>tional rest<span class=\"_ _2\"></span>ructuring processes<span class=\"_ _2\"></span>, risks <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>ns assu<span class=\"_ _2\"></span>med in<span class=\"_ _2\"></span> invest<span class=\"_ _2\"></span>ments,<span class=\"_ _0\"></span> amon<span class=\"_ _2\"></span>g othe<span class=\"_ _2\"></span>rs. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns inc<span class=\"_ _2\"></span>lude Euro 1<span class=\"_ _2\"></span>7,300,0<span class=\"_ _2\"></span>00 related <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o th<span class=\"_ _2\"></span>e Mozambiqu<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t. Althou<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>Memorandum of<span class=\"_ _2\"></span> Unders<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>anding <span class=\"_ _2\"></span>(MoU) si<span class=\"_ _2\"></span>gned wi<span class=\"_ _2\"></span>th the Moz<span class=\"_ _2\"></span>ambic<span class=\"_ _2\"></span>an Governmen<span class=\"_ _2\"></span>t provi<span class=\"_ _2\"></span>ded for <span class=\"_ _2\"></span>a \"best <span class=\"_ _2\"></span>effor<span class=\"_ _2\"></span>t\" commitmen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> to cr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ate <span class=\"_ _2\"></span>the neces<span class=\"_ _2\"></span>sa<span class=\"_ _0\"></span>ry con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>to carry ou<span class=\"_ _2\"></span>t the inv<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>stm<span class=\"_ _2\"></span>ent until <span class=\"_ _2\"></span>last 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>, that was n<span class=\"_ _2\"></span>ot pos<span class=\"_ _2\"></span>sible u<span class=\"_ _2\"></span>ntil 3<span class=\"_ _2\"></span>1 December 2022, <span class=\"_ _2\"></span>and both <span class=\"_ _2\"></span>parties <span class=\"_ _2\"></span>continued <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o wor<span class=\"_ _2\"></span>k towards <span class=\"_ _a9\"></span>that go<span class=\"_ _2\"></span>al.   Th<span class=\"_ _a9\"></span>e Gr<span class=\"_ _a9\"></span>ou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ncer<span class=\"_ _a9\"></span>tain<span class=\"_ _2\"></span> in<span class=\"_ _a9\"></span>com<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>tax<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>osi<span class=\"_ _a9\"></span>tion<span class=\"_ _a9\"></span>s ar<span class=\"_ _2\"></span>e <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>sclo<span class=\"_ _a9\"></span>sed <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>Not<span class=\"_ _2\"></span>e 6<span class=\"_ _a9\"></span>.1 - <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>ax<span class=\"ff1 fsb\">.</span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Legal <span class=\"_ _2\"></span>and tax proc<span class=\"_ _a9\"></span>eed<span class=\"_ _0\"></span>ings<span class=\"_ _2\"></span> These <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> were mad<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>accordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e risk a<span class=\"_ _a9\"></span>ssessments car<span class=\"_ _2\"></span>ried out <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ternally b<span class=\"_ _2\"></span>y the Company <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith th<span class=\"_ _2\"></span>e suppo<span class=\"_ _2\"></span>rt of i<span class=\"_ _2\"></span>ts legal<span class=\"_ _2\"></span> advis<span class=\"_ _2\"></span>ors, <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on the l<span class=\"_ _2\"></span>ikeli<span class=\"_ _2\"></span>hood of <span class=\"_ _2\"></span>the deci<span class=\"_ _2\"></span>sion being favou<span class=\"_ _a9\"></span>rable or unfa<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>oura<span class=\"_ _2\"></span>ble to th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _a9\"></span>gnised whenev<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>the Company h<span class=\"_ _2\"></span>as a <span class=\"_ _2\"></span>present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r construc<span class=\"_ _a9\"></span>tive obli<span class=\"_ _2\"></span>gation, as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of pas<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> events<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t is proba<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>le that a<span class=\"_ _a9\"></span>n outflow of<span class=\"_ _2\"></span> resou<span class=\"_ _2\"></span>rces wil<span class=\"_ _2\"></span>l be require<span class=\"_ _2\"></span>d to se<span class=\"_ _2\"></span>ttle the <span class=\"_ _2\"></span>obliga<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d the amo<span class=\"_ _2\"></span>unt has b<span class=\"_ _2\"></span>een <span class=\"_ _2\"></span>reliably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>.  Provisi<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r future op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng loss<span class=\"_ _2\"></span>es are no<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gnised. <span class=\"_ _2\"></span>Provisi<span class=\"_ _2\"></span>ons are re<span class=\"_ _2\"></span>viewed on<span class=\"_ _2\"></span> the da<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e of the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> and are a<span class=\"_ _2\"></span>djusted <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o refl<span class=\"_ _a9\"></span>ect the bes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> estima<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e a<span class=\"_ _2\"></span>t t<span class=\"_ _0\"></span>hat dat<span class=\"_ _2\"></span>e. In<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> in<span class=\"_ _a9\"></span> su<span class=\"_ _2\"></span>bs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ari<span class=\"_ _a9\"></span>es<span class=\"ff1\"> </span>Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _a9\"></span>gnised for <span class=\"_ _a9\"></span>the Company's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities f<span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>on investmen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries (Note 10)<span class=\"_ _2\"></span>, afte<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>related boo<span class=\"_ _a9\"></span>k value h<span class=\"_ _2\"></span>as been <span class=\"_ _2\"></span>reduced <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o zero, <span class=\"_ _a9\"></span>to the ex<span class=\"_ _2\"></span>tent that <span class=\"_ _a9\"></span>the Company may h<span class=\"_ _2\"></span>ave i<span class=\"_ _2\"></span>ncurred l<span class=\"_ _2\"></span>egal or con<span class=\"_ _2\"></span>structi<span class=\"_ _a9\"></span>ve obligati<span class=\"_ _2\"></span>ons <span class=\"_ _2\"></span>or made pa<span class=\"_ _2\"></span>yments on<span class=\"_ _2\"></span> behalf o<span class=\"_ _2\"></span>f such <span class=\"_ _2\"></span>subsidiari<span class=\"_ _2\"></span>es. 9.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Commit<span class=\"_ _2\"></span>ments Guarante<span class=\"_ _a9\"></span>es pro<span class=\"_ _2\"></span>vided<span class=\"_ _2\"></span> to thi<span class=\"_ _2\"></span>rd pa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es -  6,513,318  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Ag\u00eancia Portuguesa<span class=\"_ _0\"></span> Ambiente<span class=\"_ _0\"></span> 83,148  -  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on F\u00e9d\u00e9ral<span class=\"_ _0\"></span>e de Contributi<span class=\"_ _0\"></span>ons 83,274  79,373 <span class=\"_ _0\"></span> Infraestruturas de <span class=\"_ _0\"></span>Portugal -  22,320 <span class=\"_ _0\"></span> Other 51,008  49,364 <span class=\"_ _0\"></span> 38,264<span class=\"_ _0\"></span>,592  49,919<span class=\"_ _0\"></span>,872  The bank gua<span class=\"_ _a9\"></span>rantees p<span class=\"_ _2\"></span>rovided to<span class=\"_ _2\"></span> the Ta<span class=\"_ _2\"></span>x Au<span class=\"_ _2\"></span>thority <span class=\"_ _2\"></span>were r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>spute o<span class=\"_ _2\"></span>f li<span class=\"_ _2\"></span>tigation processes<span class=\"_ _2\"></span>, rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the Cor<span class=\"_ _2\"></span>porate Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x for th<span class=\"_ _a9\"></span>e 2015 tax pe<span class=\"_ _2\"></span>riod. 9.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Conting<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _a9\"></span>nd<span class=\"_ _0\"></span> Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _a9\"></span>vat<span class=\"_ _0\"></span>ised co<span class=\"_ _2\"></span>mpani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP - <span class=\"ff9\">Fundo <span class=\"_ _a9\"></span>de Regula<span class=\"_ _2\"></span>riza\u00e7\u00e3o da <span class=\"_ _2\"></span>D\u00edv<span class=\"_ _2\"></span>id<span class=\"_ _0\"></span>a P\u00fa<span class=\"_ _2\"></span>blica<span class=\"ff1\">). T<span class=\"_ _2\"></span>he </span></span>Navigator C<span class=\"_ _2\"></span>ompany s<span class=\"_ _2\"></span>ubmitte<span class=\"_ _2\"></span>d an appli<span class=\"_ _2\"></span>cation <span class=\"_ _a9\"></span>to the FRDP <span class=\"_ _2\"></span>on 1<span class=\"_ _2\"></span>6 April <span class=\"_ _2\"></span>2008, reques<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e payment o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts until<span class=\"_ _2\"></span> then s<span class=\"_ _2\"></span>ettled b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Aut<span class=\"_ _2\"></span>horities<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>010, th<span class=\"_ _2\"></span>e company fi<span class=\"_ _2\"></span>led a ne<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> request <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r payment of<span class=\"_ _2\"></span> deb<span class=\"_ _2\"></span>ts assess<span class=\"_ _a9\"></span>ed b<span class=\"_ _0\"></span>y the <span class=\"_ _2\"></span>Tax Admin<span class=\"_ _2\"></span>istra<span class=\"_ _2\"></span>tion fo<span class=\"_ _2\"></span>r the periods o<span class=\"_ _2\"></span>f 2006<span class=\"_ _2\"></span> and 2003<span class=\"_ _2\"></span>, which w<span class=\"_ _2\"></span>as supplem<span class=\"_ _2\"></span>ented, o<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>3 October 2<span class=\"_ _2\"></span>011, with <span class=\"_ _a9\"></span>the amounts<span class=\"_ _2\"></span> already <span class=\"_ _2\"></span>paid and un<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>isput<span class=\"_ _2\"></span>ed rel<span class=\"_ _2\"></span>ating to <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hese sam<span class=\"_ _2\"></span>e debts<span class=\"_ _a9\"></span>, as well<span class=\"_ _2\"></span> as the e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly relate<span class=\"_ _2\"></span>d thereto<span class=\"_ _2\"></span>, purs<span class=\"_ _2\"></span>uant to <span class=\"_ _2\"></span>the rul<span class=\"_ _2\"></span>ing dat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> 24 Ma<span class=\"_ _2\"></span>y 2011 <span class=\"_ _2\"></span>(Case no. <span class=\"_ _2\"></span>0993A/02)<span class=\"_ _2\"></span>, which confi<span class=\"_ _2\"></span>rmed the Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>'s pos<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>regardin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>enforcea<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of suc<span class=\"_ _2\"></span>h expenses.  On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _a9\"></span>S.<span class=\"_ _0\"></span>A. has<span class=\"_ _2\"></span> made <span class=\"_ _2\"></span>an extr<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>-judi<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wl<span class=\"_ _0\"></span>edg<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>FRDP responsi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty for <span class=\"_ _2\"></span>refunding <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Co<span class=\"_ _2\"></span>rporate Income <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>ax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _a9\"></span>t cons<span class=\"_ _2\"></span>ideration, <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>the Tax Au<span class=\"_ _2\"></span>thorities<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calculated as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>result of <span class=\"_ _2\"></span>the o<span class=\"_ _2\"></span>perations<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rmed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.A. i<span class=\"_ _2\"></span>n 200<span class=\"_ _2\"></span>3, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>mentioned amoun<span class=\"_ _a9\"></span>t.<span class=\"_ _0\"></span> In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: <span class=\"fc1\"> </span> Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decrease du<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> to favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period <span class=\"fc7 sc0\"> </span>requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> RERD <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (RF)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in cou<span class=\"_ _0\"></span>rt Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te Corpora<span class=\"_ _2\"></span>te Income <span class=\"_ _2\"></span>Tax p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs of 2<span class=\"_ _2\"></span>005 and 2<span class=\"_ _2\"></span>006, if<span class=\"_ _2\"></span> Courts <span class=\"_ _2\"></span>come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>withdraw th<span class=\"_ _2\"></span>e reques<span class=\"_ _2\"></span>t made <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _a9\"></span>nd - proceedi<span class=\"_ _2\"></span>ng no.<span class=\"_ _2\"></span> 774/11.<span class=\"_ _2\"></span>3 BEAL<span class=\"_ _2\"></span>M Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _a9\"></span> Court of <span class=\"_ _2\"></span>Almada on 1<span class=\"_ _2\"></span>1 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various amo<span class=\"_ _2\"></span>unts, am<span class=\"_ _a9\"></span>ounting to Eu<span class=\"_ _2\"></span>ro 136,243<span class=\"_ _a9\"></span>,949. These amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>r i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisatio<span class=\"_ _2\"></span>n tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _a9\"></span>the bidders<span class=\"_ _2\"></span>. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _a9\"></span>t testimon<span class=\"_ _2\"></span>y evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _a9\"></span>tively propos<span class=\"_ _2\"></span>ing wri<span class=\"_ _2\"></span>tten s<span class=\"_ _2\"></span>ubmissio<span class=\"_ _2\"></span>ns. On <span class=\"_ _2\"></span>30 June 2<span class=\"_ _2\"></span>014, the G<span class=\"_ _2\"></span>roup ap<span class=\"_ _2\"></span>pealed against thi<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n, but continu<span class=\"_ _2\"></span>ously <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted wri<span class=\"_ _2\"></span>tten e<span class=\"_ _2\"></span>vidence<span class=\"_ _2\"></span>. The C<span class=\"_ _2\"></span>ourt subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>iews on <span class=\"_ _2\"></span>this ma<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ter, bo<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> parts appoi<span class=\"_ _2\"></span>nted e<span class=\"_ _2\"></span>xperts an<span class=\"_ _2\"></span>d the partial e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>pert r<span class=\"_ _2\"></span>eport <span class=\"_ _2\"></span>was issued o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, being <span class=\"_ _2\"></span>requir<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d eithe<span class=\"_ _2\"></span>r by The Na<span class=\"_ _a9\"></span>vigator Company, S<span class=\"_ _2\"></span>.A. or <span class=\"_ _2\"></span>the Min<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>y of Fi<span class=\"_ _2\"></span>nance, <span class=\"_ _2\"></span>the atten<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>of both desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>court hearing, i<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>der to pro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ide oral<span class=\"_ _2\"></span> explan<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns on the <span class=\"_ _2\"></span>exper<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> repo<span class=\"_ _2\"></span>rt. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>ember 2018<span class=\"_ _2\"></span> and 19 <span class=\"_ _2\"></span>March 2019, <span class=\"_ _a9\"></span>respectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _a9\"></span>ne 2019, with <span class=\"_ _2\"></span>the pa<span class=\"_ _2\"></span>rties f<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ng clos<span class=\"_ _2\"></span>ing argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>aiting <span class=\"_ _a9\"></span>the Cour<span class=\"_ _2\"></span>t's decis<span class=\"_ _2\"></span>ion. 10.<span class=\"ff7 ls0\"> <span class=\"_ _c7\"> </span><span class=\"ff4\">Group<span class=\"_ _2\"></span> str<span class=\"_ _2\"></span>uctur<span class=\"_ _a9\"></span>e </span></span>10.1<span class=\"ff7\"> <span class=\"_ _87\"> </span></span>Inv<span class=\"_ _2\"></span>estments<span class=\"_ _2\"></span> in subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>ie<span class=\"_ _0\"></span>s <span class=\"_ _a9\"></span> 2022 2021 % % Company<span class=\"_ _0\"></span> Head Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span> Equity<span class=\"_ _0\"></span> held<span class=\"_ _0\"></span> Balance<span class=\"_ _0\"></span> Equity<span class=\"_ _0\"></span> held<span class=\"_ _0\"></span> Balance<span class=\"_ _0\"></span> -  100  -  120,226,861  100  120,226,861  Na<span class=\"_ _a9\"></span>vig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Hold<span class=\"_ _a9\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>SGP<span class=\"_ _a9\"></span>S, <span class=\"_ _a9\"></span>S.A<span class=\"_ _2\"></span>. Set\u00fabal 1,837,953  100  1,837,953  n.a. n.a. n.a. Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> Set\u00fabal 31,444,601 <span class=\"_ _0\"></span> 100  408,200,985  10,054,563 <span class=\"_ _0\"></span> 100  386,810,950  Navigator Brands S.A.<span class=\"_ _0\"></span> (A) Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 124,266,347  100  120,880,817  105,544,053  100  105,544,053  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.  (B) Aveiro 72,975,632 <span class=\"_ _0\"></span> 100  72,975,632 <span class=\"_ _0\"></span> 49,504,315 <span class=\"_ _0\"></span> 100  49,504,315 <span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>. Set\u00fabal 127,522,607  100  127,522,607  129,751,094  100  129,751,094  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A. Set\u00fabal 1,365,602  90 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>1,365,602  4,466,703  90 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,306,240  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A.<span class=\"_ _0\"></span> Mozambi<span class=\"_ _0\"></span>que 233,217,325  100  233,217,325  199,116,255  100  199,116,253  Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>  Set\u00fabal 208,528,502  100  208,528,502  151,392,875  100  151,392,866  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 40,205,331 <span class=\"_ _0\"></span> 100  40,205,331 <span class=\"_ _0\"></span> 26,088,918 <span class=\"_ _0\"></span> 100  26,088,918 <span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. Set\u00fabal 623,646,952  100  613,841,320  547,465,274  100  536,556,882  Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.<span class=\"_ _0\"></span>A. (B) Set\u00fabal 115,180,815  100  114,837,623  100,861,464  100  100,945,534  Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  (B) Aveiro 9,849,186  97 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,604,970  9,563,212  97 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,276,315  RAIZ - I<span class=\"_ _0\"></span>nst.Invest<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>resta<span class=\"_ _2\"></span> e <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span> Aveiro 145,585,816  100  129,934,579  96,742,435 <span class=\"_ _0\"></span> 100  88,335,334 <span class=\"_ _0\"></span> Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> (B) Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> -  50 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  50 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  Pulpchem Logi<span class=\"_ _0\"></span>stics, A.<span class=\"_ _0\"></span>C.E. Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 4,855,247  100  4,855,247  4,819,316  100  4,819,316  E<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m\u00e9d<span class=\"_ _a9\"></span>ia -<span class=\"_ _a9\"></span> Co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>ore<span class=\"_ _a9\"></span>s de<span class=\"_ _a9\"></span> Se<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A.<span class=\"_ _2\"></span> Lisbo<span class=\"_ _0\"></span>n Empremedi<span class=\"_ _0\"></span>a DAC Irel<span class=\"_ _0\"></span>and 5,342,757  100  5,342,757  1,494,226  100  1,494,226  Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> Mexico 32,340  25 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>8,085  4,519  25 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>1,130  Navigator Egypt<span class=\"_ _0\"></span> Egypt 23,874  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>239  16,152 <span class=\"_ _0\"></span> 1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>162  2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  (A) In<span class=\"_ _a9\"></span>cludes<span class=\"_ _2\"></span> Goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> gene<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>d on<span class=\"_ _a9\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _a9\"></span>tion o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> the<span class=\"_ _a9\"></span> Figuei<span class=\"_ _a9\"></span>r<span class=\"_ _0\"></span>a da<span class=\"_ _2\"></span> Foz<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>egra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>pape<span class=\"_ _2\"></span>r busi<span class=\"_ _2\"></span>ness<span class=\"_ _2\"></span> (B)<span class=\"_ _2\"></span> Balan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>natio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f unre<span class=\"_ _2\"></span>alise<span class=\"_ _a9\"></span>d inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span> mar<span class=\"_ _2\"></span>gins Goodwil<span class=\"_ _2\"></span>l asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>grated <span class=\"_ _2\"></span>pulp and <span class=\"_ _a9\"></span>paper pro<span class=\"_ _2\"></span>duction ac<span class=\"_ _2\"></span>tivity o<span class=\"_ _2\"></span>f Figuei<span class=\"_ _2\"></span>ra da <span class=\"_ _2\"></span>Foz, amountin<span class=\"_ _2\"></span>g to Euro 37<span class=\"_ _2\"></span>6,756<span class=\"_ _2\"></span>,383, is<span class=\"_ _2\"></span> discl<span class=\"_ _2\"></span>osed in <span class=\"_ _2\"></span>the tabl<span class=\"_ _2\"></span>e above as<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>egrating <span class=\"_ _a9\"></span>the value of <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>investment by <span class=\"_ _2\"></span>applyin<span class=\"_ _2\"></span>g the equit<span class=\"_ _2\"></span>y metho<span class=\"_ _2\"></span>d, in acc<span class=\"_ _a9\"></span>ordance with <span class=\"_ _2\"></span>the requi<span class=\"_ _2\"></span>rements o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>IAS 27 and <span class=\"_ _2\"></span>IAS 28.<span class=\"_ _2\"></span> Moveme<span class=\"_ _2\"></span>nts in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in in<span class=\"_ _2\"></span>vestment<span class=\"_ _a9\"></span>s in <span class=\"_ _2\"></span>subsidia<span class=\"_ _2\"></span>ries - <span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>mary Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 1,919,17<span class=\"_ _0\"></span>0,450  1,858,53<span class=\"_ _0\"></span>0,371  Acquisi<span class=\"_ _0\"></span>tions and disposal<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f sha<span class=\"_ _2\"></span>rehol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs 1,859,329  -  Mergers, demergers a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dations (120,477,540)<span class=\"_ _0\"></span> (28<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>22,021)<span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional capital contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 7,050,000  32,273,764 <span class=\"_ _0\"></span> Share of (loss)/gai<span class=\"_ _0\"></span>ns from the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cation of the equity method <span class=\"_ _1\"></span> 349,940,785  160,083,746  Other comprehensi<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>ncome 28,416,539 <span class=\"_ _0\"></span> (4,354,319) Divi<span class=\"_ _0\"></span>dends distributed (92<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>99,990)<span class=\"_ _0\"></span> (85<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>02,502)<span class=\"_ _0\"></span> Transfer to provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons (Note 9<span class=\"_ _2\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> Other movements<span class=\"_ _0\"></span> -  5,354,469  Closing balance<span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in in<span class=\"_ _2\"></span>vestment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> in <span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>ubsid<span class=\"_ _2\"></span>iarie<span class=\"_ _2\"></span>s - deta<span class=\"_ _a9\"></span>ils Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 1,919,17<span class=\"_ _0\"></span>0,450  1,858,53<span class=\"_ _0\"></span>0,371  Mergers, demerger<span class=\"_ _0\"></span>s and liqui<span class=\"_ _0\"></span>dations <span class=\"_ _0\"></span> Navigator Partici<span class=\"_ _0\"></span>pa\u00e7\u00f5es Hol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng SGPS, S.A. <span class=\"_ _0\"></span> (120,477,540)<span class=\"_ _0\"></span> -  Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (28<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>22,021)<span class=\"_ _0\"></span> Mergers, demerger<span class=\"_ _0\"></span>s and liqui<span class=\"_ _0\"></span>dations <span class=\"_ _0\"></span> (120<span class=\"_ _0\"></span>,477,540) (28,62<span class=\"_ _0\"></span>2,021) Additional capit<span class=\"_ _0\"></span>al contributions <span class=\"_ _1\"></span> Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, Lda. 7,050,000  32,273,764 <span class=\"_ _0\"></span> Additional capit<span class=\"_ _0\"></span>al contributions <span class=\"_ _1\"></span> 7,050,00<span class=\"_ _0\"></span>0  32,273<span class=\"_ _0\"></span>,764  Acquisition and dis<span class=\"_ _0\"></span>posal of shareholdin<span class=\"_ _0\"></span>gs <span class=\"_ _1\"></span> Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> 1,859,329  -  Acquisition and dis<span class=\"_ _0\"></span>posal of shareholdin<span class=\"_ _0\"></span>gs <span class=\"_ _1\"></span> 1,859,32<span class=\"_ _0\"></span>9  -  Share of (loss)/gains <span class=\"_ _0\"></span>from the ap<span class=\"_ _0\"></span>plication of the e<span class=\"_ _0\"></span>quity meth<span class=\"_ _0\"></span>od <span class=\"_ _0\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A.<span class=\"_ _0\"></span> 250,677  4,519,509  Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra, S.A. (21<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>24)<span class=\"_ _0\"></span> -  Navigator Brands, S.<span class=\"_ _0\"></span>A.  23,726,365 <span class=\"_ _0\"></span> 8,665,432  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   25,832,155 <span class=\"_ _0\"></span> 21,697,515 <span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>.  23,471,317 <span class=\"_ _0\"></span> (2,025,042) Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  4,157,859  4,226,240  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, Lda. (39<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>66,616)<span class=\"_ _0\"></span> (1,922,861) Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (146,467) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>  59,022,877 <span class=\"_ _0\"></span> 36,561,332 <span class=\"_ _0\"></span> Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  57,135,635 <span class=\"_ _0\"></span> 47,769,394 <span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. 14,278,823 <span class=\"_ _0\"></span> (1,011,885) Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  22,393,445 <span class=\"_ _0\"></span> 8,807,387  Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. 98,740,914 <span class=\"_ _0\"></span> 22,327,297 <span class=\"_ _0\"></span> RAIZ<span class=\"_ _0\"></span> - Inst.Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 60,166  228,222  Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> 56,920,887 <span class=\"_ _0\"></span> 9,071,443  Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de S<span class=\"_ _0\"></span>eguros, S.A.<span class=\"_ _0\"></span> 1,142,384  1,148,123  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC 2,276,468  160,245  Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> 18,397  7,763  Navigator Egypt<span class=\"_ _0\"></span> 56 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>99 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Share of (loss)/gains <span class=\"_ _0\"></span>from the ap<span class=\"_ _0\"></span>plication of the e<span class=\"_ _0\"></span>quity meth<span class=\"_ _0\"></span>od <span class=\"_ _0\"></span> 349<span class=\"_ _0\"></span>,940,785<span class=\"_ _0\"></span>  160<span class=\"_ _0\"></span>,083,746<span class=\"_ _0\"></span>  Changes in the inve<span class=\"_ _0\"></span>stee's equity not <span class=\"_ _0\"></span>recognise<span class=\"_ _0\"></span>d in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A.<span class=\"_ _0\"></span> -  (28<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>32)<span class=\"_ _0\"></span> Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> (352) -  Enerpulp, S.A<span class=\"_ _0\"></span>. -  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Navigator Brands, S.<span class=\"_ _0\"></span>A. 3,729,483  1,374,977  Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Forest Por<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>, S.A. (162,410) (62<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>73)<span class=\"_ _0\"></span> Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  -  77,000 <span class=\"_ _0\"></span> Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. (1,439,556) 2,510,585  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  -  (9) RAIZ<span class=\"_ _0\"></span> - Inst.Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 268,489  150,542  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A.<span class=\"_ _0\"></span> 24,475,978 <span class=\"_ _0\"></span> (8,021,372) Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (99<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>40)<span class=\"_ _0\"></span> Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de Segu<span class=\"_ _0\"></span>ros, S.A.<span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>35)<span class=\"_ _0\"></span> 515  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC 1,572,063  (246,192) Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>42)<span class=\"_ _0\"></span> (9,179) Navigator Egypt<span class=\"_ _0\"></span> 21 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>(43) Changes in the inve<span class=\"_ _0\"></span>stee's equity not <span class=\"_ _0\"></span>recognise<span class=\"_ _0\"></span>d in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> 28,416<span class=\"_ _0\"></span>,539  (4,354<span class=\"_ _0\"></span>,319) Distribution of divid<span class=\"_ _0\"></span>ends/reserv<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Navigator Brands, S.<span class=\"_ _0\"></span>A.  (6,065,810) -  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   (10<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>95,391)<span class=\"_ _0\"></span> -  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  (6,386,346) (6,913,543) Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. -  (790,466) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. (24<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>21,806)<span class=\"_ _0\"></span> -  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. -  (4,098,466) Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. (20<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>16,922)<span class=\"_ _0\"></span> (14<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>22,166)<span class=\"_ _0\"></span> Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A. (8,501,356) (21<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>71,001)<span class=\"_ _0\"></span> Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>21,642)<span class=\"_ _0\"></span> (29<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>49,461)<span class=\"_ _0\"></span> Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de Segu<span class=\"_ _0\"></span>ros, S.A.<span class=\"_ _0\"></span> (1,090,717) (928,910) Enerpulp, S.A<span class=\"_ _0\"></span>. -  (7,428,489) Distribution of divid<span class=\"_ _0\"></span>ends/reserv<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> (92,79<span class=\"_ _0\"></span>9,990) (85,80<span class=\"_ _0\"></span>2,502) Other movements and <span class=\"_ _0\"></span>reclassifi<span class=\"_ _0\"></span>cations <span class=\"_ _0\"></span> -  5,354,46<span class=\"_ _0\"></span>9  Closing balance <span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,937,46<span class=\"_ _0\"></span>3,508  Provisi<span class=\"_ _0\"></span>ons for subs<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (Note 9.1)<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> Closing balance consi<span class=\"_ _0\"></span>dering P<span class=\"_ _0\"></span>rovisions <span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  The shar<span class=\"_ _2\"></span>e of l<span class=\"_ _2\"></span>osses o<span class=\"_ _2\"></span>r gains f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e applicati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the eq<span class=\"_ _2\"></span>uity metho<span class=\"_ _2\"></span>d assoc<span class=\"_ _2\"></span>iated to <span class=\"_ _2\"></span>Portuc<span class=\"_ _2\"></span>el Mo\u00e7ambique <span class=\"_ _2\"></span>was impact<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d by E<span class=\"_ _2\"></span>uro 30,356<span class=\"_ _a9\"></span>,972 assoc<span class=\"_ _2\"></span>iated <span class=\"_ _2\"></span>to accumul<span class=\"_ _2\"></span>ated unf<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es, di<span class=\"_ _2\"></span>rectly as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>epayment of <span class=\"_ _a9\"></span>the long-term loan (sharehol<span class=\"_ _2\"></span>der lo<span class=\"_ _2\"></span>ans) gr<span class=\"_ _2\"></span>anted to thi<span class=\"_ _2\"></span>s Compan<span class=\"_ _a9\"></span>y.<span class=\"_ _0\"></span> <span class=\"ff4\"> </span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 th<span class=\"_ _2\"></span>e amount o<span class=\"_ _2\"></span>f e<span class=\"_ _2\"></span>quity int<span class=\"_ _2\"></span>erests <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>separa<span class=\"_ _2\"></span>te finan<span class=\"_ _2\"></span>cial statements <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>., by a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plying <span class=\"_ _a9\"></span>the equit<span class=\"_ _2\"></span>y metho<span class=\"_ _2\"></span>d amounts to Euro 2,093 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion (20<span class=\"_ _2\"></span>21: Euro 1<span class=\"_ _2\"></span>,919 mi<span class=\"_ _2\"></span>llion), whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>udes Goodwil<span class=\"_ _2\"></span>l essenti<span class=\"_ _2\"></span>ally al<span class=\"_ _2\"></span>located <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the integra<span class=\"_ _2\"></span>ted Pape<span class=\"_ _2\"></span>r cash gen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rati<span class=\"_ _2\"></span>ng unit i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra da <span class=\"_ _2\"></span>Foz. <span class=\"_ _2\"></span>Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed and is subject <span class=\"_ _2\"></span>to impai<span class=\"_ _2\"></span>rment tes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s, a<span class=\"_ _2\"></span>t least <span class=\"_ _2\"></span>annual<span class=\"_ _2\"></span>ly, an<span class=\"_ _2\"></span>d whene<span class=\"_ _2\"></span>ver there are ch<span class=\"_ _2\"></span>anges i<span class=\"_ _2\"></span>n the assumptio<span class=\"_ _2\"></span>ns underl<span class=\"_ _2\"></span>ying the <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>t performed <span class=\"_ _a9\"></span>at the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n which res<span class=\"_ _2\"></span>ult in <span class=\"_ _2\"></span>a possi<span class=\"_ _2\"></span>ble los<span class=\"_ _2\"></span>s of val<span class=\"_ _2\"></span>ue. The <span class=\"_ _2\"></span>recov<span class=\"_ _2\"></span>erable <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts hav<span class=\"_ _2\"></span>e been dete<span class=\"_ _2\"></span>rmined b<span class=\"_ _2\"></span>ased on <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>alue-<span class=\"ls6a\">in</span>-use calcul<span class=\"_ _2\"></span>ations<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Th<span class=\"_ _2\"></span>ese calcul<span class=\"_ _2\"></span>ations <span class=\"_ _2\"></span>require <span class=\"_ _2\"></span>the use of estimates<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>5% in <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _a9\"></span>decrease i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>assessmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of Euro<span class=\"_ _2\"></span> 269,081<span class=\"_ _2\"></span>,488 (31 December <span class=\"_ _2\"></span>2020: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver which th<span class=\"_ _a9\"></span>e Company has c<span class=\"_ _a9\"></span>ontrol, which<span class=\"_ _2\"></span> occurs <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e Company i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed or en<span class=\"_ _2\"></span>titled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>varia<span class=\"_ _2\"></span>ble returns<span class=\"_ _2\"></span> res<span class=\"_ _a9\"></span>ulting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement <span class=\"_ _2\"></span>with the entities <span class=\"_ _2\"></span>and h<span class=\"_ _2\"></span>as the ca<span class=\"_ _2\"></span>pacity <span class=\"_ _2\"></span>to affec<span class=\"_ _a9\"></span>t that re<span class=\"_ _2\"></span>turn th<span class=\"_ _2\"></span>rough <span class=\"_ _2\"></span>the exercis<span class=\"_ _2\"></span>e of po<span class=\"_ _2\"></span>wer o<span class=\"_ _2\"></span>ver the entities, <span class=\"_ _a9\"></span>regardless of<span class=\"_ _2\"></span> the pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>tage the<span class=\"_ _2\"></span>y hold o<span class=\"_ _2\"></span>ver equit<span class=\"_ _2\"></span>y. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _a9\"></span>ex<span class=\"_ _0\"></span>erci<span class=\"_ _2\"></span>sable, o<span class=\"_ _a9\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y assesses <span class=\"_ _2\"></span>whether i<span class=\"_ _a9\"></span>t has con<span class=\"_ _2\"></span>trol ov<span class=\"_ _2\"></span>er anoth<span class=\"_ _2\"></span>er entity. <span class=\"_ _a9\"></span> Measurement<span class=\"_ _2\"></span> Investmen<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>subsidi<span class=\"_ _2\"></span>aries are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity method<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>  In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>the equity me<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hod<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are <span class=\"_ _2\"></span>record<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>t their ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion cost, su<span class=\"_ _2\"></span>bsequen<span class=\"_ _2\"></span>tly adjus<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> corres<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>onding<span class=\"_ _2\"></span> to the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y's share of<span class=\"_ _2\"></span> chan<span class=\"_ _2\"></span>ges in s<span class=\"_ _2\"></span>hareholders' e<span class=\"_ _a9\"></span>q<span class=\"_ _0\"></span>uity <span class=\"_ _2\"></span>(incl<span class=\"_ _2\"></span>uding net p<span class=\"_ _2\"></span>rofit) o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e subsidi<span class=\"_ _a9\"></span>aries, agai<span class=\"_ _2\"></span>nst resul<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period or against s<span class=\"_ _2\"></span>harehol<span class=\"_ _2\"></span>ders' e<span class=\"_ _2\"></span>quity, as<span class=\"_ _2\"></span> appl<span class=\"_ _2\"></span>icable, an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> by <span class=\"_ _2\"></span>dividen<span class=\"_ _2\"></span>ds receiv<span class=\"_ _2\"></span>ed. The accounti<span class=\"_ _2\"></span>ng po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>joint ventu<span class=\"_ _2\"></span>res ar<span class=\"_ _2\"></span>e amended<span class=\"_ _2\"></span>, when n<span class=\"_ _2\"></span>ecessar<span class=\"_ _2\"></span>y, to ensu<span class=\"_ _2\"></span>re tha<span class=\"_ _2\"></span>t the<span class=\"_ _2\"></span>y are applied co<span class=\"_ _2\"></span>nsisten<span class=\"_ _2\"></span>tly with <span class=\"_ _a9\"></span>those of Navi<span class=\"_ _a9\"></span>gator. When th<span class=\"_ _2\"></span>e Company\u2019s <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>in the su<span class=\"_ _2\"></span>bsidia<span class=\"_ _2\"></span>ry\u2019s l<span class=\"_ _2\"></span>osses i<span class=\"_ _2\"></span>s equ<span class=\"_ _2\"></span>al to or <span class=\"_ _2\"></span>exceeds i<span class=\"_ _2\"></span>ts inv<span class=\"_ _2\"></span>estment i<span class=\"_ _2\"></span>n the subsi<span class=\"_ _2\"></span>diary, <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> ceases <span class=\"_ _a9\"></span>to recognise <span class=\"_ _a9\"></span>addition<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses, exce<span class=\"_ _2\"></span>pt where i<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> has assumed l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity or mad<span class=\"_ _2\"></span>e paym<span class=\"ff8\">ents i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>subsidiar<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>\u2019s na<span class=\"_ _a9\"></span>me, as detail<span class=\"_ _2\"></span>ed in N<span class=\"_ _2\"></span>ote 9.1 <span class=\"ff1\">- </span></span>Provisi<span class=\"_ _2\"></span>ons. If th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>y su<span class=\"_ _2\"></span>bsequentl<span class=\"_ _2\"></span>y repor<span class=\"_ _2\"></span>t profits<span class=\"_ _a9\"></span>, the Co<span class=\"_ _2\"></span>mpany resumes<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>gnising <span class=\"_ _2\"></span>its shar<span class=\"_ _2\"></span>e of those profi<span class=\"_ _2\"></span>ts onl<span class=\"_ _2\"></span>y af<span class=\"_ _2\"></span>ter its <span class=\"_ _2\"></span>share of <span class=\"_ _a9\"></span>the profi<span class=\"_ _2\"></span>ts equals <span class=\"_ _a9\"></span>the share <span class=\"_ _2\"></span>of unreco<span class=\"_ _a9\"></span>gnised loss<span class=\"_ _2\"></span>es. 10.2<span class=\"ff7\"> <span class=\"_ _50\"></span><span class=\"ff4\"> Transact<span class=\"_ _a9\"></span>ions with <span class=\"_ _a9\"></span>related part<span class=\"_ _a9\"></span>ies </span></span>Balanc<span class=\"_ _2\"></span>es with<span class=\"_ _a9\"></span> relate<span class=\"_ _2\"></span>d parti<span class=\"_ _2\"></span>es 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-Interest-bearing bearing Caixa - liabilities - Cash - Cash liabilities - Cash Cash Pooling<span class=\"_ _0\"></span> Receivables Payables Cash Pooling<span class=\"_ _0\"></span> Pooling<span class=\"_ _0\"></span> Receivables<span class=\"_ _0\"></span> Payables Pooling<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> (Note 5.8) (Note 4.2) (Note 4.3) (Note 5.6) (Note 5.8) (Note 4.2) (Note 4.3) (Note 5.6) Shareholders<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Semapa<span class=\"_ _2\"></span> - <span class=\"_ _0\"></span>Soc. de <span class=\"_ _0\"></span>Investimento e Gest\u00e3o, SGPS, <span class=\"_ _0\"></span>S.A. -  -  -  -  -  -  1,023,084  -  Subsidiaries Portucel Mo\u00e7ambique, Lda.<span class=\"_ _0\"></span> -  16,074,124  179,813  -  -  14,865,030  174,985  -  Soc. Vinhos Herdade Espirra, <span class=\"_ _0\"></span>S.A. -  137,500  1,264,631  690,972  -  137,824  1,251,899  43,771  Eucali<span class=\"_ _2\"></span>ptus<span class=\"_ _0\"></span>land, S.A.<span class=\"_ _0\"></span> 1,958,236  2,696,522  19,629,984  -  843,296  890,762  19,476,136  -  Enerpulp, S.A. -  27,623,849  18,714  2,155,999  1,733,135  25,681,527  8,800  -  Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. 1,056,508  223,976,223  4,161,311  -  4,017,761  216,076,667  -  13,502,206  Emprem\u00e9dia, S.A. -  314,738  2,500,000  -  -  180,051  2,500,000  -  Navigator Tissue Aveiro, S.A.<span class=\"_ _0\"></span> 9,224,157  109,574,524  12,567,088  -  11,593,771  110,641,569  6,702,391  -  Viveiros Alian\u00e7a, S.A. 295,549  12,452  10,077  -  309,067  404,346  19,430  457,048  Navigator Paper Set\u00fabal, S.A.<span class=\"_ _0\"></span> -  12,670,235  210,032,758  68,427,985  5,547,220  49,304,601  258,426,311  17,277,315  Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A.  -  41,300,795  50,254,735  42,374,812  37,415,900  41,014,027  103,659,149  -  Atlantic Forests , <span class=\"_ _0\"></span>S.A. -  -  -  -  189,422  55,164  4,105,354  -  Navigator Pulp Set\u00fabal, S.A.<span class=\"_ _0\"></span> -  22,841,348  160,586,837  94,232,683  443,913  24,130,709  159,527,631  5,392,673  Navigator Tissue R\u00f3d\u00e3o, S.A. 7,132,582  3,712,464  117,628,515  -  6,498,824  3,864,894  113,273,287  -  Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> -  23,032,555  50,049,785  88,027,911  4,629,832  39,953,737  54,839,067  28,853,098  RAIZ <span class=\"ff8 fs6\">\u2013<span class=\"ff1\"> Instituto de I<span class=\"_ _0\"></span>nvestiga\u00e7\u00e3o da<span class=\"_ _0\"></span> Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span></span></span> 517,219  41,636  6,430,576  -  -  -  4,583,372  225,161  Navigator International Holding SGPS, <span class=\"_ _0\"></span>S.A. -  -  -  -  137,171  -  120,430,883  -  Navigator Brands, <span class=\"_ _0\"></span>S.A. -  7,273,557  63,612,814  366,639  2,053,234  900,750  31,105,863  -  Navigator Pulp Aveiro, S.A.  13,543,290  8,759,225  19,438,091  -  2,008,215  62,674,140  27,490,406  10,638,537  Navigator Parques Industriais, S.A.<span class=\"_ _0\"></span> -  4,115,708  41,076,624  170,665  -  2,406,276  40,756,247  907,939  Navigator Abastecimento de <span class=\"_ _0\"></span>Madeira, ACE 20,502,318  1,044,979  15,184,766  -  47,503,683  2,374,016  -  49,425,162  Bosques do Atlantico, S.L.<span class=\"_ _0\"></span> -  252 <span class=\"ls0\"> </span>28,848,149  514,238  -  -  28,848,149  2,150,313  PulpChem Log\u00edstics, ACE<span class=\"_ _0\"></span> -  -  3,364,800  -  -  -  2,181,040  -  Navigator North America -  -  67,774,364  -  -  -  16,825,852  -  Navigator Eurasia -  15,249  -  -  -  7,917  -  -  Navigator Afrique du <span class=\"_ _0\"></span>Nord -  9,371  -  -  -  1,329  -  -  Navigator United Kingdom, Lt<span class=\"_ _0\"></span>d -  -  16,738,877  -  -  7,508,562  20,803,913  -  Gavi\u00e3o<span class=\"_ _2\"></span> - <span class=\"_ _0\"></span>Sociedade <span class=\"_ _0\"></span>de Ca\u00e7a e <span class=\"_ _0\"></span>Turismo, S.A. -  3,902  1,333,210  6,594  117,454  -  1,379,264  -  Navigator Tissue Ib\u00e9rica -  13,014,830  363,134  -  -  10,556,982  3,803,135  -  Navigator It\u00e1lia, SRL<span class=\"_ _0\"></span> -  -  2,068  -  -  -  1,765  -  Navigator Deutschland, GmbH<span class=\"_ _0\"></span> -  -  243,419  -  -  -  159,886  -  Navigator Austria -  53,857  -  -  -  -  -  -  Navigator Paper Poland SP Z<span class=\"_ _0\"></span>oo -  16,893  -  -  -  10,941  13 <span class=\"ls0\"> </span>-  Navigator Egypt, <span class=\"_ _0\"></span>ELLC -  -  58 <span class=\"ls0\"> </span>-  -  -  -  -  Empremedia DAC -  15,619,032  100 <span class=\"ls0\"> </span>-  -  35,169,737  -  -  EMA Cacia - Engenharia e Manuten\u00e7\u00e3<span class=\"_ _0\"></span>o Industrial, ACE<span class=\"_ _0\"></span> -  -  586 <span class=\"ls0\"> </span>119,629  -  -  -  221,084  EMA<span class=\"_ _2\"></span> Set\u00fab<span class=\"_ _2\"></span>al -<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>Engenh<span class=\"_ _a9\"></span>aria<span class=\"_ _2\"></span> e Ma<span class=\"_ _2\"></span>nuten<span class=\"_ _2\"></span>\u00e7\u00e3o<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>dust<span class=\"_ _2\"></span>rial, A<span class=\"_ _a9\"></span>C<span class=\"_ _0\"></span>E -  -  941 <span class=\"ls0\"> </span>37,375  -  -  -  291,169  E<span class=\"_ _2\"></span>MA<span class=\"_ _2\"></span> F<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> - E<span class=\"_ _a9\"></span>nge<span class=\"_ _a9\"></span>nha<span class=\"_ _2\"></span>ria<span class=\"_ _a9\"></span> e <span class=\"_ _2\"></span>Ma<span class=\"_ _a9\"></span>nute<span class=\"_ _a9\"></span>n\u00e7\u00e3<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>dus<span class=\"_ _a9\"></span>tri<span class=\"_ _a9\"></span>al,<span class=\"_ _2\"></span> A<span class=\"_ _a9\"></span>CE -  -  1,033  213,733  -  -  -  293,422  About the F<span class=\"_ _0\"></span>uture, S.A. -  -  -  -  -  -  169 <span class=\"ls0\"> </span>96,601  54,229,859  533,935,820  893,297,858  297,339,235  125,041,900  648,811,560  1,023,357,484  129,775,499  Tran<span class=\"_ _2\"></span>saction<span class=\"_ _2\"></span>s with <span class=\"_ _a9\"></span>relate<span class=\"_ _2\"></span>d partie<span class=\"_ _2\"></span>s 2022 2021 Purchase of Sales and Other Other Financial Purchase of Sales and Other Other Financial<span class=\"fc7 sc0\"> </span>good<span class=\"_ _0\"></span>s and services Payroll operating operating (expenses) good<span class=\"_ _0\"></span>s and services Payroll operating operating (expenses)<span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> services rendered costs income expenses / income services rendered costs income expenses / income<span class=\"fc7 sc0\"> </span>Shareholders<span class=\"_ _0\"></span> Semapa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> Soc. D<span class=\"_ _0\"></span>e Investimento 8,936,416  -  -  -  -  -  10,043,173  -  -  -  -  -  e Gest\u00e3o, SGPS, S.A. 8,936,416  -  -  -  -  10,043,173  -  -  -  -  Subsidiaries -  -  Portucel Finance sp. Z<span class=\"_ _0\"></span> o.o. -  -  -  -  -  -  -  -  -  -  -  (71,004) S<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c.<span class=\"_ _2\"></span> V<span class=\"_ _a9\"></span>in<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>os<span class=\"_ _a9\"></span> He<span class=\"_ _13\"></span>rda<span class=\"_ _a9\"></span>de<span class=\"_ _a9\"></span> E<span class=\"_ _2\"></span>sp<span class=\"_ _a9\"></span>i<span class=\"_ _2\"></span>rra<span class=\"_ _13\"></span>, <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>. 569 <span class=\"ls0\"> </span>32,658  282 <span class=\"ls0\"> </span>-  -  (22,134) 1,241  -  331 <span class=\"ls0\"> </span>-  -  (9,200) Eucali<span class=\"_ _2\"></span>ptus<span class=\"_ _0\"></span>land, S.A.<span class=\"_ _0\"></span> -  656,187  -  -  -  (233,481) -  602,844  -  -  (464) (113,561) Enerpulp, S.A. (321,700) 1,935,323  (200,490) -  -  133,801  (162,428) 312,575  (213,222) -  -  333,207  Navigator Brands, <span class=\"_ _0\"></span>S.A. 34,399,411  1,377,349  3,523,458  -  -  (301,434) 9,088,196  1,565,009  3,173,946  -  (98,978) (35,969) Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. 217,341  584,317  (527,474) -  -  2,393,990  (2,988) 916,759  (458,756) -  (513) 1,623,599  Emprem\u00e9dia, S.A. -  -  -  -  -  22,177  42,440  -  (46,111) -  (12,071) 53,033  Navigator Tissue Aveiro, S.A. <span class=\"_ _0\"></span> 103,652,798  60,689,534  -  -  -  1,293,145  67,662,434  44,015,950  -  255,135  -  809,857  Viveiros Alian\u00e7a, S.A. 323,165  5,535  -  -  -  5,750  207,752  -  -  5,767  -  324 <span class=\"ls0\"> </span>Navigator Paper Set\u00fabal, S.A. <span class=\"_ _0\"></span> 733,822,652  570,211,403  (8,356,770) 1,892  -  (1,218,144) 478,994,732  356,319,540  (8,380,950) 6,599,529  -  1,378,460  Atlantic Forests , <span class=\"_ _0\"></span>S.A. -  -  -  -  -  -  146,430  -  -  15,093  -  (28,009) PulpChem Log\u00edstics, ACE<span class=\"_ _0\"></span> 40,096,793  -  -  -  -  -  16,424,171  -  -  -  -  -  Navigator Pulp Set\u00fabal, S.A.<span class=\"_ _0\"></span> 384,410,300  67,418,680  (5,654,152) 4,640  -  (724,554) 252,161,826  40,006,811  (5,517,212) -  (66,395) 266,355  Navigator Tissue R\u00f3d\u00e3o, S.A. 110,496,905  67,060,494  (32,368) -  -  (809,863) 79,893,369  46,533,576  -  853,980  -  (752,956) Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> 450,587,728  68,247,435  (8,821,980) 6,421  (1,498) 646,227  317,052,366  42,120,929  (8,262,168) -  (90,523) 1,948,524  RAIZ <span class=\"fs6\">- Inst. Inv. F<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>or. e Pa<span class=\"_ _2\"></span>pel<span class=\"_ _0\"></span><span class=\"fs2\">  </span></span>(1,116) 25,874  (120,961) -  -  (45,707) (1,434) 321,023  (98,635) -  (39,001) (22,300) N<span class=\"_ _2\"></span>av<span class=\"_ _a9\"></span>ig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>n<span class=\"_ _a9\"></span>te<span class=\"_ _a9\"></span>rna<span class=\"_ _a9\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _a9\"></span>al<span class=\"_ _a9\"></span> H<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>di<span class=\"_ _a9\"></span>ng -  -  -  -  -  (488,608) -  -  -  -  -  141,575  S<span class=\"_ _2\"></span>GP<span class=\"_ _a9\"></span>S,<span class=\"_ _2\"></span> S<span class=\"_ _a9\"></span>.A<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Navigator United Kingdom, Lt<span class=\"_ _0\"></span>d 22,260,940  -  -  -  -  -  18,786,761  -  -  -  -  -  Navigator Tissue Ib\u00e9rica 975,732  46,177,550  -  -  -  -  817,914  29,658,532  -  -  -  -  Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A.  703,891,494  527,449,696  -  -  -  32,847  482,457,760  370,091,446  -  99,152  -  1,082,456  Navigator Pulp Aveiro, S.A. <span class=\"_ _0\"></span> 235,212,127  42,625,554  (3,924,177) -  -  389,434  167,517,664  26,700,416  (3,803,912) -  (37,794) 198,366  N<span class=\"_ _2\"></span>av<span class=\"_ _a9\"></span>ig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>rqu<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span>s I<span class=\"_ _a9\"></span>n<span class=\"_ _2\"></span>du<span class=\"_ _a9\"></span>st<span class=\"_ _2\"></span>ri<span class=\"_ _a9\"></span>ai<span class=\"_ _a9\"></span>s,<span class=\"_ _a9\"></span> S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>. -  874,712  -  2,988  -  222,990  -  2,021,312  -  -  -  463,705  Navigator North America 4,869,511  164,038,824  -  -  -  -  3,650,314  107,226,620  -  -  -  119,673  Bosques do Atlantico, S.L.<span class=\"_ _0\"></span> (866) -  -  -  -  -  (1,293) -  -  -  -  -  Empremedia DAC -  -  -  -  -  684,313  -  -  -  -  -  607,899  Navigator Afrique du <span class=\"_ _0\"></span>Nord -  -  -  3,275  -  -  -  -  -  -  -  -  Gavi\u00e3o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> Sociedade de C<span class=\"_ _0\"></span>a\u00e7a e -  -  -  -  -  (16,292) -  -  -  69,482  -  (11,198) Turismo, S.A. Navigator It\u00e1lia, SRL<span class=\"_ _0\"></span> 302 <span class=\"ls0\"> </span>-  -  -  -  -  355 <span class=\"ls0\"> </span>-  -  -  -  -  Navigator Netherlands, BV -  -  -  -  -  -  1,281  -  -  -  -  -  Navigator Deutschland, GmbH<span class=\"_ _0\"></span> -  -  -  -  -  -  92 <span class=\"ls0\"> </span>-  -  -  -  -  Navigator Austria -  -  -  21,857  -  -  -  -  -  -  -  -  Navigator Paper Poland SP Z<span class=\"_ _0\"></span>oo -  -  -  16,893  -  -  -  -  -  -  -  -  Navigator Eurasia -  -  -  7,643  -  -  -  -  -  -  -  -  N<span class=\"_ _2\"></span>avi<span class=\"_ _a9\"></span>ga<span class=\"_ _2\"></span>tor<span class=\"_ _2\"></span> A<span class=\"_ _2\"></span>ba<span class=\"_ _a9\"></span>ste<span class=\"_ _2\"></span>cim<span class=\"_ _a9\"></span>en<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> de<span class=\"_ _a9\"></span> (38,087) (11,985,153) (512,245) -  -  772,728  (24,410) (2,699,553) (391,622) -  -  (37,385) Ma<span class=\"_ _a9\"></span>de<span class=\"_ _2\"></span>ira<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>CE About the F<span class=\"_ _0\"></span>uture, S.A. -  -  -  -  -  (536) -  -  -  -  -  -  EMA Cacia <span class=\"ff8\">\u2013</span> Engenharia e -  -  -  -  -  (2,126) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> EMA Set\u00fabal <span class=\"ff8\">\u2013</span> Engenharia e -  -  -  -  -  (2,573) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> EMA Figueira <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span>Engenharia e -  -  -  -  -  (2,977) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> 2,824,855,999  1,607,425,972  (24,626,877) 65,609  (1,498) 2,728,973  1,894,714,546  1,065,713,789  (23,998,309) 7,898,138  (345,739) 7,945,452  The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e bodies<span class=\"_ _2\"></span>. 11.<span class=\"ff7 ls0\"> <span class=\"_ _c7\"> </span><span class=\"ff4\">Expl<span class=\"_ _2\"></span>anat<span class=\"_ _2\"></span>ion<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>add<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r tr<span class=\"_ _a9\"></span>ansla<span class=\"_ _2\"></span>tion </span></span>These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are a <span class=\"_ _a9\"></span>translati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the financ<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l statemen<span class=\"_ _2\"></span>ts origi<span class=\"_ _2\"></span>nally i<span class=\"_ _2\"></span>ssued in<span class=\"_ _2\"></span> Portugues<span class=\"_ _2\"></span>e. In th<span class=\"_ _a9\"></span>e event of di<span class=\"_ _2\"></span>scr<span class=\"_ _2\"></span>epancies<span class=\"_ _2\"></span>, the Po<span class=\"_ _2\"></span>rtuguese<span class=\"_ _2\"></span> lan<span class=\"_ _2\"></span>guage versio<span class=\"_ _2\"></span>n shall<span class=\"_ _2\"></span> prevai<span class=\"_ _2\"></span>l. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-2": {
   "value": "The Navigator Group (Group) is comprised by The Navigator Company, S.A., whose nameremained unchanged during the period, (until 2015 designated as Portucel, S.A.) and its subsidiaries. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f45740": {
   "value": "Portugal",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-13-2": {
   "value": "The Group\u2019s main business is the production and sale of writing and printing thin paper (UWF)and domestic consumption paper (Tissue), and it is present in the entire value-added chain, from research and development of forestry and agricultural production, to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp \u2013 BEKP \u2013 and electric and thermal energy, as well as its commercialisation. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46339": {
   "value": "The Navigator Company, S.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-12-2": {
   "value": "Mitrena \u2013 Apartado 55",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46359": {
   "value": "2901-861 Set\u00fabal",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46364": {
   "value": "Portugal",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46371": {
   "value": "Public Limited Company",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46436": {
   "value": "Semapa \u2013 Sociedade de Investimento e Gest\u00e3o, SGPS, S.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f46452": {
   "value": "Sodim - SGPS, S.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-26-2": {
   "value": "1.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Impacts<span class=\"_ _2\"></span> Arising<span class=\"_ _2\"></span> fr<span class=\"_ _2\"></span>om the Mi<span class=\"_ _2\"></span>litary <span class=\"_ _2\"></span>Confl<span class=\"_ _2\"></span>ict in </span></span>Ukraine<span class=\"_ _2\"></span> On 21 Febru<span class=\"_ _2\"></span>ary 2022<span class=\"_ _2\"></span>, the R<span class=\"_ _2\"></span>ussian <span class=\"_ _2\"></span>Federa<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnised t<span class=\"_ _2\"></span>wo breaka<span class=\"_ _2\"></span>way republic<span class=\"_ _2\"></span>s in eastern <span class=\"_ _2\"></span>Ukraine an<span class=\"_ _2\"></span>d autho<span class=\"_ _2\"></span>rised <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of mi<span class=\"_ _2\"></span>litary forc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n that t<span class=\"_ _2\"></span>erri<span class=\"_ _2\"></span>tory. On 24 <span class=\"_ _2\"></span>Februa<span class=\"_ _2\"></span>ry, Russi<span class=\"_ _2\"></span>an troops i<span class=\"_ _2\"></span>nvaded U<span class=\"_ _2\"></span>kraine an<span class=\"_ _2\"></span>d a wid<span class=\"_ _2\"></span>espread mi<span class=\"_ _2\"></span>litary<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict began i<span class=\"_ _2\"></span>n this <span class=\"_ _2\"></span>country entaili<span class=\"_ _2\"></span>ng high <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span> and human <span class=\"_ _2\"></span>losses, <span class=\"_ _2\"></span>leadi<span class=\"_ _2\"></span>ng to mass<span class=\"_ _2\"></span>ive popul<span class=\"_ _2\"></span>ation di<span class=\"_ _2\"></span>splac<span class=\"_ _2\"></span>ements.  In respons<span class=\"_ _2\"></span>e, multi<span class=\"_ _2\"></span>ple <span class=\"_ _2\"></span>jurisdic<span class=\"_ _2\"></span>tions, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g the Euro<span class=\"_ _2\"></span>pean<span class=\"_ _2\"></span> Union, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngdom, Swi<span class=\"_ _2\"></span>tzerlan<span class=\"_ _2\"></span>d, United <span class=\"_ _2\"></span>States of<span class=\"_ _2\"></span> Ameri<span class=\"_ _2\"></span>ca, Canada<span class=\"_ _2\"></span>, Japan <span class=\"_ _2\"></span>and Au<span class=\"_ _2\"></span>stralia, co<span class=\"_ _2\"></span>ndemned <span class=\"_ _2\"></span>this conf<span class=\"_ _2\"></span>lict <span class=\"_ _2\"></span>and initi<span class=\"_ _2\"></span>ated the appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>everal ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>sanctions<span class=\"_ _2\"></span> against R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia, seve<span class=\"_ _2\"></span>ral of <span class=\"_ _2\"></span>its econo<span class=\"_ _2\"></span>mic agen<span class=\"_ _2\"></span>ts and, in <span class=\"_ _2\"></span>some cases<span class=\"_ _2\"></span>, Belarus<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>turn<span class=\"_ _2\"></span>, Russi<span class=\"_ _2\"></span>a also<span class=\"_ _2\"></span> started r<span class=\"_ _2\"></span>etaliati<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th economi<span class=\"_ _2\"></span>c measures<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly affecti<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the opera<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of fo<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>eign co<span class=\"_ _2\"></span>mpanies l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Russ<span class=\"_ _2\"></span>ia and wi<span class=\"_ _2\"></span>th Ru<span class=\"_ _2\"></span>ssian counterp<span class=\"_ _2\"></span>arts.<span class=\"_ _2\"></span> The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>European <span class=\"_ _2\"></span>macroec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>and geopo<span class=\"_ _2\"></span>litic<span class=\"_ _2\"></span>al framewor<span class=\"_ _2\"></span>k as a resu<span class=\"_ _2\"></span>lt <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict has<span class=\"_ _2\"></span> increased u<span class=\"_ _2\"></span>ncertai<span class=\"_ _2\"></span>nty and i<span class=\"_ _2\"></span>nsecuri<span class=\"_ _2\"></span>ty global<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>with: i<span class=\"_ _2\"></span>) the <span class=\"_ _2\"></span>suspensio<span class=\"_ _2\"></span>n and/o<span class=\"_ _2\"></span>r disruptio<span class=\"_ _2\"></span>n of busi<span class=\"_ _2\"></span>ness with <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es h<span class=\"_ _2\"></span>eadquart<span class=\"_ _2\"></span>ered or wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>origi<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>Russi<span class=\"_ _2\"></span>a and Ukraine; ii<span class=\"_ _2\"></span>) an increase <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>mmodity pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>with foss<span class=\"_ _2\"></span>il f<span class=\"_ _2\"></span>uels, metals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d cereal<span class=\"_ _2\"></span>s being <span class=\"_ _2\"></span>parti<span class=\"_ _2\"></span>cularly noteworthy<span class=\"_ _2\"></span>; ii<span class=\"_ _2\"></span>i) i<span class=\"_ _2\"></span>ncreased glob<span class=\"_ _2\"></span>al econ<span class=\"_ _2\"></span>omic u<span class=\"_ _2\"></span>ncertainty, <span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>th more vol<span class=\"_ _2\"></span>atil<span class=\"_ _2\"></span>ity expec<span class=\"_ _2\"></span>ted<span class=\"_ _0\"></span> in exchange <span class=\"_ _2\"></span>rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rate. Poss<span class=\"_ _2\"></span>ible <span class=\"_ _2\"></span>energy su<span class=\"_ _2\"></span>pply risks, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as di<span class=\"_ _2\"></span>sruptions i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>pply of<span class=\"_ _2\"></span> raw and s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials o<span class=\"_ _2\"></span>r in l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al means will<span class=\"_ _2\"></span> contin<span class=\"_ _2\"></span>ue to put p<span class=\"_ _2\"></span>ressure <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>economy and <span class=\"_ _2\"></span>make it diffi<span class=\"_ _2\"></span>cult f<span class=\"_ _2\"></span>or Euro<span class=\"_ _2\"></span>pean indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> and trans<span class=\"_ _2\"></span>port o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>s to run <span class=\"_ _2\"></span>smoothl<span class=\"_ _2\"></span>y. As anno<span class=\"_ _2\"></span>unced in Ma<span class=\"_ _2\"></span>rch 20<span class=\"_ _2\"></span>22, the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group hal<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f its <span class=\"_ _2\"></span>products <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e markets <span class=\"_ _2\"></span>of Russ<span class=\"_ _2\"></span>ia and Bel<span class=\"_ _2\"></span>arus an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing and co<span class=\"_ _2\"></span>ntinuousl<span class=\"_ _2\"></span>y monitori<span class=\"_ _2\"></span>ng the si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n in the markets <span class=\"_ _2\"></span>where it o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span>ly and th<span class=\"_ _2\"></span>roughout <span class=\"_ _2\"></span>the suppl<span class=\"_ _2\"></span>y chai<span class=\"_ _2\"></span>n<span class=\"ff8\">\u2014</span>from the su<span class=\"_ _2\"></span>pply of wood, en<span class=\"_ _2\"></span>ergy, raw an<span class=\"_ _2\"></span>d su<span class=\"_ _2\"></span>bsidiar<span class=\"_ _2\"></span>y materi<span class=\"_ _2\"></span>als (i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g logisti<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>ssues), i<span class=\"_ _2\"></span>n technical<span class=\"_ _2\"></span> and support s<span class=\"_ _2\"></span>ervices <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed by fo<span class=\"_ _2\"></span>reign com<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>and ou<span class=\"_ _2\"></span>tsou<span class=\"_ _2\"></span>rcing service <span class=\"_ _2\"></span>providers<span class=\"_ _2\"></span>, amongs<span class=\"_ _2\"></span>t others<span class=\"_ _2\"></span>.  In view of <span class=\"_ _2\"></span>the w<span class=\"_ _2\"></span>eight of <span class=\"_ _2\"></span>the mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>of Ru<span class=\"_ _2\"></span>ssia and <span class=\"_ _2\"></span>Ukrain<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the Group's s<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>, which represent l<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>than 1% as <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31 Decem<span class=\"_ _2\"></span>ber 2<span class=\"_ _2\"></span>021 and 0<span class=\"_ _2\"></span>% in 20<span class=\"_ _2\"></span>22, and <span class=\"_ _2\"></span>the fact tha<span class=\"_ _2\"></span>t thes<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>ket<span class=\"_ _0\"></span>s <span class=\"_ _2\"></span>do not di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y affec<span class=\"_ _2\"></span>t the supply c<span class=\"_ _2\"></span>hai<span class=\"_ _2\"></span>n, the Grou<span class=\"_ _2\"></span>p's direc<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>posure <span class=\"_ _2\"></span>to the mar<span class=\"_ _2\"></span>kets of <span class=\"_ _2\"></span>Ukraine <span class=\"_ _2\"></span>and Russi<span class=\"_ _2\"></span>a is <span class=\"_ _2\"></span>not signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t. Despite <span class=\"_ _2\"></span>the general<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n costs, <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group<span class=\"_ _2\"></span>'s agi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> conducti<span class=\"_ _2\"></span>ng its busi<span class=\"_ _2\"></span>ness poli<span class=\"_ _2\"></span>cy was able <span class=\"_ _2\"></span>to decis<span class=\"_ _2\"></span>ively off<span class=\"_ _2\"></span>set thi<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>crease, <span class=\"_ _2\"></span>thanks to<span class=\"_ _2\"></span> a respo<span class=\"_ _2\"></span>nsible p<span class=\"_ _2\"></span>rice <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>t poli<span class=\"_ _2\"></span>cy and an eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve diversi<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>rategy, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as t<span class=\"_ _2\"></span>o in<span class=\"_ _2\"></span>creased produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in its<span class=\"_ _2\"></span> industri<span class=\"_ _2\"></span>al assets <span class=\"_ _2\"></span>and gr<span class=\"_ _2\"></span>eater <span class=\"_ _2\"></span>effici<span class=\"_ _2\"></span>ency in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsumption<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>raw and subsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials<span class=\"_ _2\"></span>. Navigator co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nues to anal<span class=\"_ _2\"></span>yse th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpacts on i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, performan<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d cash f<span class=\"_ _2\"></span>lows of<span class=\"_ _2\"></span> the Group r<span class=\"_ _2\"></span>esulti<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the mil<span class=\"_ _2\"></span>itary conf<span class=\"_ _2\"></span>lict<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span> Ukraine, namel<span class=\"_ _2\"></span>y in wha<span class=\"_ _2\"></span>t conc<span class=\"_ _2\"></span>erns relevan<span class=\"_ _2\"></span>t accounti<span class=\"_ _2\"></span>ng esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>and judgem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. No eviden<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>impairment r<span class=\"_ _2\"></span>esulted f<span class=\"_ _2\"></span>rom thi<span class=\"_ _2\"></span>s analysi<span class=\"_ _2\"></span><span class=\"ls25\">s.<span class=\"ls0\"> </span></span>Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>analyse<span class=\"_ _2\"></span>d whether <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e were si<span class=\"_ _2\"></span>gns of i<span class=\"_ _2\"></span>mpairm<span class=\"_ _2\"></span>ent arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the impacts<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the war in Uk<span class=\"_ _2\"></span>raine<span class=\"_ _2\"></span>, according <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t forec<span class=\"_ _2\"></span>asts, <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on the proj<span class=\"_ _2\"></span>ection<span class=\"_ _2\"></span>s of G<span class=\"_ _2\"></span>DP growth an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal, <span class=\"_ _2\"></span>according <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e IMF and Ban<span class=\"_ _2\"></span>co <span class=\"_ _2\"></span>de Po<span class=\"_ _2\"></span>rtugal, whi<span class=\"_ _2\"></span>ch coul<span class=\"_ _2\"></span>d indi<span class=\"_ _2\"></span>cate the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will. No<span class=\"_ _2\"></span> signs <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>mpairment on goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> were iden<span class=\"_ _2\"></span>tified an<span class=\"_ _2\"></span>d there is <span class=\"_ _2\"></span>a subs<span class=\"_ _2\"></span>tanti<span class=\"_ _2\"></span>al gap compa<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue of t<span class=\"_ _2\"></span>he cash-genera<span class=\"_ _2\"></span>ting un<span class=\"_ _2\"></span>its (no<span class=\"_ _2\"></span>te 3.1<span class=\"_ _2\"></span>). Recovera<span class=\"_ _2\"></span>bility, <span class=\"_ _2\"></span>useful life<span class=\"_ _2\"></span> and dep<span class=\"_ _2\"></span>reciat<span class=\"_ _2\"></span>ion of pr<span class=\"_ _2\"></span>operty, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment Cons<span class=\"_ _2\"></span>idering the p<span class=\"_ _2\"></span>rospec<span class=\"_ _2\"></span>ts for o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper, th<span class=\"_ _2\"></span>e pulp an<span class=\"_ _2\"></span>d paper <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span> and the subs<span class=\"_ _2\"></span>tantial <span class=\"_ _2\"></span>gaps i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to t<span class=\"_ _2\"></span>he book <span class=\"_ _2\"></span>values of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts, the<span class=\"_ _2\"></span>re ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>ndication<span class=\"_ _2\"></span>s of the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>prope<span class=\"_ _2\"></span>rty, <span class=\"_ _2\"></span>plant and <span class=\"_ _2\"></span>equipmen<span class=\"_ _2\"></span>t.  Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns The Group <span class=\"_ _2\"></span>assessed <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate ap<span class=\"_ _2\"></span>plic<span class=\"_ _2\"></span>able to th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ined benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>for emplo<span class=\"_ _2\"></span>yees an<span class=\"_ _2\"></span>d other pos<span class=\"_ _2\"></span>t-emplo<span class=\"_ _2\"></span>yment ben<span class=\"_ _2\"></span>efits. <span class=\"_ _2\"></span>The def<span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the rate<span class=\"_ _2\"></span> used to di<span class=\"_ _2\"></span>scount <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>abilities (technical<span class=\"_ _2\"></span> inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate) i<span class=\"_ _2\"></span>s based on <span class=\"_ _2\"></span>yield <span class=\"_ _2\"></span>curves <span class=\"_ _2\"></span>of hi<span class=\"_ _2\"></span>ghly rate<span class=\"_ _2\"></span>d bonds <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>maturity consi<span class=\"_ _2\"></span>stent with <span class=\"_ _2\"></span>the du<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> the pl<span class=\"_ _2\"></span>an's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. As <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s assessment <span class=\"_ _2\"></span>and base<span class=\"_ _2\"></span>d on the actu<span class=\"_ _2\"></span>arial <span class=\"_ _2\"></span>study as <span class=\"_ _2\"></span>at 31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022, Navi<span class=\"_ _2\"></span>gator u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>dated the dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te of 1.25<span class=\"_ _2\"></span>% to 3.5%, in <span class=\"_ _2\"></span>line with <span class=\"_ _2\"></span>benchmar<span class=\"_ _2\"></span>k in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ates. Th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>esents in N<span class=\"_ _2\"></span>ote 7<span class=\"_ _2\"></span>.2 a sensi<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s that all<span class=\"_ _2\"></span>ows assess<span class=\"_ _2\"></span>ing <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a possibl<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>nge in the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e. Biologi<span class=\"_ _2\"></span>cal assets<span class=\"_ _2\"></span> When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>ests, the <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash-flows method <span class=\"_ _2\"></span>is use<span class=\"_ _2\"></span>d, <span class=\"_ _2\"></span>being th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate, g<span class=\"_ _2\"></span>rowth pe<span class=\"_ _2\"></span>riod an<span class=\"_ _2\"></span>d pric<span class=\"_ _2\"></span>e some of<span class=\"_ _2\"></span> the ke<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>that may b<span class=\"_ _2\"></span>e subjec<span class=\"_ _2\"></span>t to change due <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e mil<span class=\"_ _2\"></span>itary confl<span class=\"_ _2\"></span>ict i<span class=\"_ _2\"></span>n Ukrai<span class=\"_ _2\"></span>ne. In thi<span class=\"_ _2\"></span>s sens<span class=\"_ _2\"></span>e, durin<span class=\"_ _2\"></span>g 202<span class=\"_ _2\"></span>2, the grow<span class=\"_ _2\"></span>th plans<span class=\"_ _2\"></span> proceeded as <span class=\"_ _2\"></span>exp<span class=\"_ _2\"></span>ected and N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor upd<span class=\"_ _2\"></span>ated the <span class=\"_ _2\"></span>assum<span class=\"_ _2\"></span>ptions <span class=\"_ _2\"></span>of the f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value model <span class=\"_ _2\"></span>in compli<span class=\"_ _2\"></span>ance with mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>developments<span class=\"_ _2\"></span>, namel<span class=\"_ _2\"></span>y by u<span class=\"_ _2\"></span>pdating the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e from 2.9<span class=\"_ _2\"></span>9% to 5.17%. Not<span class=\"_ _2\"></span>e 3.8 sh<span class=\"_ _2\"></span>ows the <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s update an<span class=\"_ _2\"></span>d a <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span>tivity anal<span class=\"_ _2\"></span>ysis of<span class=\"_ _2\"></span> thes<span class=\"_ _2\"></span>e assumptio<span class=\"_ _2\"></span>ns.  <span class=\"_ _2\"></span> Inventorie<span class=\"_ _2\"></span>s Taking into <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e impact on<span class=\"_ _2\"></span> demand<span class=\"_ _2\"></span>, namely a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e UWF l<span class=\"_ _2\"></span>evel, th<span class=\"_ _2\"></span>e Group i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ed the impairment <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22 by Euro 1<span class=\"_ _2\"></span>3,24<span class=\"_ _2\"></span>1,209 (N<span class=\"_ _2\"></span>otes 2.3 <span class=\"_ _2\"></span>and 4<span class=\"_ _2\"></span>.1). Ta<span class=\"_ _2\"></span>king into<span class=\"_ _2\"></span> account the mar<span class=\"_ _2\"></span>gins practi<span class=\"_ _2\"></span>sed, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p consi<span class=\"_ _2\"></span>ders <span class=\"_ _2\"></span>that the ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable val<span class=\"_ _2\"></span>ue of i<span class=\"_ _2\"></span>ts inven<span class=\"_ _2\"></span>tories at <span class=\"_ _2\"></span>31 December <span class=\"_ _2\"></span>2022 i<span class=\"_ _2\"></span>s higher <span class=\"_ _2\"></span>than thei<span class=\"_ _2\"></span>r boo<span class=\"_ _2\"></span>k value<span class=\"_ _2\"></span>.<span class=\"ff4\"> <span class=\"_ _31\"> </span></span> Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Trade<span class=\"_ _2\"></span> and other r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>les Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. In th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e impacts o<span class=\"_ _2\"></span>f IFRS 9 <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n are low c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering tha<span class=\"_ _2\"></span>t a si<span class=\"_ _2\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f its sales <span class=\"_ _2\"></span>are eith<span class=\"_ _2\"></span>er insure<span class=\"_ _2\"></span>d or ad<span class=\"_ _2\"></span>equatel<span class=\"_ _2\"></span>y covere<span class=\"_ _2\"></span>d by coll<span class=\"_ _2\"></span>ater<span class=\"_ _2\"></span>als.  Neverthel<span class=\"_ _2\"></span>ess, the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>periodi<span class=\"_ _2\"></span>cally as<span class=\"_ _2\"></span>sesses <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d the imp<span class=\"_ _2\"></span>acts on<span class=\"_ _2\"></span> all finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st. <span class=\"_ _2\"></span>In this <span class=\"_ _2\"></span>regar<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>sed <span class=\"_ _2\"></span>the curr<span class=\"_ _2\"></span>ent exposur<span class=\"_ _2\"></span>e to cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k and th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpact of f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>onomic<span class=\"_ _2\"></span> forecasts <span class=\"_ _2\"></span>and concl<span class=\"_ _2\"></span>uded that <span class=\"_ _2\"></span>the impact of<span class=\"_ _2\"></span> thi<span class=\"_ _2\"></span>s compon<span class=\"_ _2\"></span>ent is smal<span class=\"_ _2\"></span>l. Liquid<span class=\"_ _2\"></span>ity The Company cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>tly has <span class=\"_ _2\"></span>a comfor<span class=\"_ _2\"></span>table l<span class=\"_ _2\"></span>iquidit<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n, which has<span class=\"_ _2\"></span> been the <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of a ca<span class=\"ls0\">reful man<span class=\"_ _2\"></span>agement of<span class=\"_ _2\"></span> workin<span class=\"_ _2\"></span>g capi<span class=\"_ _2\"></span>tal, cont<span class=\"_ _2\"></span>ainment o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e pace of i<span class=\"_ _2\"></span>mplemen<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> the </span>investmen<span class=\"_ _2\"></span>t plan and <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a confi<span class=\"_ _2\"></span>rming progr<span class=\"_ _2\"></span>am to ex<span class=\"_ _2\"></span>tend paym<span class=\"_ _2\"></span>ent deadli<span class=\"_ _2\"></span>nes without<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, advers<span class=\"_ _2\"></span>ely impac<span class=\"_ _2\"></span>ting su<span class=\"_ _2\"></span>ppliers<span class=\"_ _2\"></span>. 1.4.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Scope of c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation 1.4.3.<span class=\"_ _2\"></span>1. Su<span class=\"_ _2\"></span>bsidiarie<span class=\"_ _2\"></span>s Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver whic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Group has c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>rol, which <span class=\"_ _2\"></span>occurs when <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s exposed o<span class=\"_ _2\"></span>r enti<span class=\"_ _2\"></span>tled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>variable <span class=\"_ _2\"></span>returns <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es and has the c<span class=\"_ _2\"></span>apaci<span class=\"_ _2\"></span>ty to af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>that retu<span class=\"_ _2\"></span>rn throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>exerci<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>of power o<span class=\"_ _2\"></span>ver the en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es, regardles<span class=\"_ _2\"></span>s of the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage th<span class=\"_ _2\"></span>ey hol<span class=\"_ _2\"></span>d over equi<span class=\"_ _2\"></span>ty. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _2\"></span>exerc<span class=\"_ _2\"></span>isable o<span class=\"_ _2\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>whether it h<span class=\"_ _2\"></span>as control<span class=\"_ _2\"></span> over <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>entit<span class=\"_ _2\"></span>y.  Subsidiari<span class=\"_ _2\"></span>es are con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>dated usi<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>ull <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation method wi<span class=\"_ _2\"></span>th eff<span class=\"_ _2\"></span>ect f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e date on which c<span class=\"_ _2\"></span>ontrol i<span class=\"_ _2\"></span>s transfer<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>while they <span class=\"_ _2\"></span>are ex<span class=\"_ _2\"></span>cluded as<span class=\"_ _2\"></span> from th<span class=\"_ _2\"></span>e da<span class=\"_ _2\"></span>te cont<span class=\"_ _2\"></span>rol ceases.<span class=\"_ _2\"></span> These comp<span class=\"_ _2\"></span>anies\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and net p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t corres<span class=\"_ _2\"></span>ponding <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he third<span class=\"ff1\">-party i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>such </span>compani<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d under non<span class=\"_ _2\"></span>-controlli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n (in a <span class=\"_ _2\"></span>separate com<span class=\"_ _2\"></span>ponent of <span class=\"_ _2\"></span>equit<span class=\"_ _2\"></span>y) and <span class=\"_ _2\"></span>in the C<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated income statement<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements are <span class=\"_ _2\"></span>detai<span class=\"_ _2\"></span>led in Note 11.<span class=\"_ _2\"></span> The purc<span class=\"_ _2\"></span>hase metho<span class=\"_ _2\"></span>d is us<span class=\"_ _2\"></span>ed in r<span class=\"_ _2\"></span>ecording <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f subsi<span class=\"_ _2\"></span>diaries. Th<span class=\"_ _2\"></span>e cost o<span class=\"_ _2\"></span>f an acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s measured b<span class=\"_ _2\"></span>y the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ferred, <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty inst<span class=\"_ _2\"></span>ruments issu<span class=\"_ _2\"></span>ed, and liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> incurre<span class=\"_ _2\"></span>d or ass<span class=\"_ _2\"></span>umed o<span class=\"_ _2\"></span>n acquisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate, an<span class=\"_ _2\"></span>d the bes<span class=\"_ _2\"></span>t es<span class=\"_ _2\"></span>timate<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>any agreed co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>t paymen<span class=\"_ _2\"></span>t.  The iden<span class=\"_ _2\"></span>tifiabl<span class=\"_ _2\"></span>e assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties acqui<span class=\"_ _2\"></span>red, and co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ngent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities as<span class=\"_ _2\"></span>sumed in a <span class=\"_ _2\"></span>business combin<span class=\"_ _2\"></span>ation are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly measure<span class=\"_ _2\"></span>d at f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e on th<span class=\"_ _2\"></span>e dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion, irres<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e of the existenc<span class=\"_ _2\"></span>e of n<span class=\"_ _2\"></span>on-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests<span class=\"_ _2\"></span>. The exc<span class=\"_ _2\"></span>ess of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>st over th<span class=\"_ _2\"></span>e fair val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the Group\u2019s<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re of th<span class=\"_ _2\"></span>e identif<span class=\"_ _2\"></span>iable as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities ac<span class=\"_ _2\"></span>quired is <span class=\"_ _2\"></span>recorded <span class=\"_ _2\"></span>as good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span>, as describe<span class=\"_ _2\"></span>d in N<span class=\"_ _2\"></span>ote 3.1<span class=\"_ _2\"></span>.  If the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>ost is <span class=\"_ _2\"></span>less than<span class=\"_ _2\"></span> the fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets of the <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y (negati<span class=\"_ _2\"></span>ve goodwil<span class=\"_ _2\"></span>l), th<span class=\"_ _2\"></span>e differ<span class=\"_ _2\"></span>ence i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised dir<span class=\"_ _2\"></span>ectly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d it tak<span class=\"_ _2\"></span>es place. <span class=\"_ _2\"></span> Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. Intercompan<span class=\"_ _2\"></span>y transac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, balan<span class=\"_ _2\"></span>ces, unr<span class=\"_ _2\"></span>ealised gai<span class=\"_ _2\"></span>ns on <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d divi<span class=\"_ _2\"></span>dends distribut<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>ween grou<span class=\"_ _2\"></span>p companies <span class=\"_ _2\"></span>are el<span class=\"_ _2\"></span>iminate<span class=\"_ _2\"></span>d. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses<span class=\"_ _2\"></span> are also <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated, except wh<span class=\"_ _2\"></span>ere the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion dis<span class=\"_ _2\"></span>plays <span class=\"_ _2\"></span>evidence <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment o<span class=\"_ _2\"></span>f a tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red ass<span class=\"_ _2\"></span>et.  When, at <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>trol, <span class=\"_ _2\"></span>The Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany alr<span class=\"_ _2\"></span>eady hol<span class=\"_ _2\"></span>ds a previousl<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>red int<span class=\"_ _2\"></span>erest i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, its <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>considered i<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e goodwill<span class=\"_ _2\"></span> or nega<span class=\"_ _2\"></span>tive goo<span class=\"_ _2\"></span>dwill. <span class=\"_ _2\"></span> On a ste<span class=\"_ _2\"></span>p acquisi<span class=\"_ _2\"></span>tion proc<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>resulting i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>control, th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of any participa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span>ly held i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed agai<span class=\"_ _2\"></span>nst <span class=\"_ _2\"></span>the inco<span class=\"_ _2\"></span>me stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>Goodwi<span class=\"_ _2\"></span>ll i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ulated. When subse<span class=\"_ _2\"></span>quent trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span> or acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>hares with non<span class=\"_ _2\"></span>-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests with no <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> control t<span class=\"_ _2\"></span>ake <span class=\"_ _2\"></span>place, no <span class=\"_ _2\"></span>gain, l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>r good<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>s determined<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>cost and th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the shar<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d are recognis<span class=\"_ _2\"></span>ed in e<span class=\"_ _2\"></span>quity.<span class=\"_ _2\"></span> Negative <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>each peri<span class=\"_ _2\"></span>od by s<span class=\"_ _2\"></span>ubsidiari<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>with non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interests <span class=\"_ _2\"></span>are all<span class=\"_ _2\"></span>ocated, in th<span class=\"_ _2\"></span>e perc<span class=\"_ _2\"></span>entage h<span class=\"_ _2\"></span>eld, <span class=\"_ _2\"></span>to non-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>sts, r<span class=\"_ _2\"></span>egardless <span class=\"_ _2\"></span>of whe<span class=\"_ _2\"></span>ther the<span class=\"_ _2\"></span>y become ne<span class=\"_ _2\"></span>gative.<span class=\"_ _2\"></span> In the cas<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>interests, <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>a los<span class=\"_ _2\"></span>s of c<span class=\"_ _2\"></span>ontrol over a <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, any remaini<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est is re<span class=\"_ _2\"></span>valued <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>date of sal<span class=\"_ _2\"></span>e, and <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>ain or <span class=\"_ _2\"></span>loss resulti<span class=\"_ _2\"></span>ng from suc<span class=\"_ _2\"></span>h reval<span class=\"_ _2\"></span>uation<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>recorded a<span class=\"_ _2\"></span>gainst i<span class=\"_ _2\"></span>ncome, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the gain<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>ss resul<span class=\"_ _2\"></span>ting from s<span class=\"_ _2\"></span>uch dispos<span class=\"_ _2\"></span>al. The subsidi<span class=\"_ _2\"></span>aries\u2019 ac<span class=\"_ _2\"></span>coun<span class=\"_ _2\"></span>ting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>are adjus<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er necessa<span class=\"_ _2\"></span>ry, so <span class=\"_ _2\"></span>as to ensu<span class=\"ff1\">re <span class=\"_ _2\"></span>that </span>they are <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>ed consi<span class=\"_ _2\"></span>stently b<span class=\"_ _2\"></span>y all<span class=\"_ _2\"></span> the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>.  1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. 1.4.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Presentatio<span class=\"_ _2\"></span>n curre<span class=\"_ _2\"></span>ncy and f<span class=\"_ _2\"></span>oreign c<span class=\"_ _2\"></span>urrency<span class=\"_ _2\"></span> transa<span class=\"_ _2\"></span>ctions i.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Functio<span class=\"_ _2\"></span>nal an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>porti<span class=\"_ _2\"></span>ng cur<span class=\"_ _2\"></span>rency </span></span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Sta<span class=\"_ _2\"></span>tements o<span class=\"_ _2\"></span>f each o<span class=\"_ _2\"></span>ne o<span class=\"_ _2\"></span>f the Group\u2019<span class=\"_ _2\"></span>s en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span><span class=\"ff1 ls4c\">e </span>measured usi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the economi<span class=\"_ _2\"></span>c en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>t in whi<span class=\"_ _2\"></span>ch the en<span class=\"_ _2\"></span>tity o<span class=\"_ _2\"></span>perates (functi<span class=\"_ _2\"></span>onal cu<span class=\"_ _2\"></span>rrency). These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>are pres<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>d in Euro<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s f<span class=\"_ _2\"></span>unctional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y. ii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Balanc<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d Tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions ex<span class=\"_ _2\"></span>presse<span class=\"_ _2\"></span>d in fo<span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>gn currenc<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span> </span></span>All <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es denominat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>es other th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>reportin<span class=\"_ _2\"></span>g currency ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>been transl<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>using the <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge <span class=\"_ _2\"></span>rates pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on date <span class=\"_ _2\"></span>(Note 8.1.1<span class=\"_ _2\"></span>). Currency a<span class=\"_ _2\"></span>djustm<span class=\"_ _2\"></span>ents, f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e and unfa<span class=\"_ _2\"></span>voura<span class=\"_ _2\"></span>ble, a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>on a<span class=\"_ _2\"></span>nd those a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>date o<span class=\"_ _2\"></span>f col<span class=\"_ _2\"></span>lection, payment o<span class=\"_ _2\"></span>r statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, ar<span class=\"_ _2\"></span>e recor<span class=\"_ _2\"></span>ded as<span class=\"_ _2\"></span> income and co<span class=\"_ _2\"></span>sts in <span class=\"_ _2\"></span>the Cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period. iii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Group c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>panie<span class=\"_ _2\"></span>s </span></span>The resu<span class=\"_ _2\"></span>lts and <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch have a di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> currency f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>Group\u2019<span class=\"_ _2\"></span>s repo<span class=\"_ _2\"></span>rting cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y are transl<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ed into <span class=\"_ _2\"></span>the repo<span class=\"_ _2\"></span>rtin<span class=\"ff1\">g currenc<span class=\"_ _2\"></span>y as </span>fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> each S<span class=\"_ _2\"></span>tatement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion are trans<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ted at th<span class=\"_ _2\"></span>e </span></span>exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated <span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Eq<span class=\"_ _0\"></span>uity balan<span class=\"_ _2\"></span>ces <span class=\"_ _2\"></span>are transl<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e histori<span class=\"_ _2\"></span>cal exchan<span class=\"_ _2\"></span>ge rate;<span class=\"_ _2\"></span> </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>he inco<span class=\"_ _2\"></span>me and <span class=\"_ _2\"></span>expenses di<span class=\"_ _2\"></span>sclosed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Income S<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e converte<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>the </span></span>exchange <span class=\"_ _2\"></span>rate pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>dates of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. When thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble or when benef<span class=\"_ _2\"></span>its do n<span class=\"_ _2\"></span>ot ari<span class=\"_ _2\"></span>se from <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s proc<span class=\"_ _2\"></span>edure,<span class=\"_ _2\"></span> income <span class=\"_ _2\"></span>and expenses ar<span class=\"_ _2\"></span>e translat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the aver<span class=\"_ _2\"></span>age exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod. The exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es resultin<span class=\"_ _2\"></span>g fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>topics i<span class=\"_ _2\"></span>) and i<span class=\"_ _2\"></span>ii<span class=\"_ _2\"></span>) are recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed comprehensi<span class=\"_ _2\"></span>ve in<span class=\"_ _2\"></span>come under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity c<span class=\"_ _2\"></span>aption \u201cCurr<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y transla<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, bei<span class=\"_ _2\"></span>ng transfer<span class=\"_ _2\"></span>red to th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>the dispo<span class=\"_ _2\"></span>sal of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>occu<span class=\"_ _2\"></span>r. Long-term l<span class=\"_ _2\"></span>oans g<span class=\"_ _2\"></span>ranted to <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>function<span class=\"_ _2\"></span>al currency<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e neith<span class=\"_ _2\"></span>er plan<span class=\"_ _2\"></span>ned nor <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>eeable fu<span class=\"_ _2\"></span>ture, ar<span class=\"_ _2\"></span>e treated as <span class=\"_ _2\"></span>a net <span class=\"_ _2\"></span>extens<span class=\"_ _2\"></span>ion of<span class=\"_ _2\"></span> the inv<span class=\"_ _2\"></span>estment <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn su<span class=\"_ _2\"></span>bsidiary. <span class=\"_ _2\"></span>On this b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, exchange rate di<span class=\"_ _2\"></span>fferences <span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ing on thes<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>oans, which<span class=\"_ _2\"></span> have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en eli<span class=\"_ _2\"></span>minated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation, a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed under <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity ca<span class=\"_ _2\"></span>ption \u201cC<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ranslati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, being<span class=\"ff1\"> transf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the </span>inco<span class=\"_ _2\"></span>me statement wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e loans<span class=\"_ _2\"></span> are se<span class=\"_ _2\"></span>ttled, to <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xte<span class=\"_ _2\"></span>nt that <span class=\"_ _2\"></span>such set<span class=\"_ _2\"></span>tlement <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ts an absolute <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary's i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e. iv.<span class=\"ff7\"> <span class=\"_ _92\"> </span></span>Exchan<span class=\"_ _2\"></span>ge rate<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sertling pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 0,85 0,86 0,79% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,89 0,84 -5,55% USD (American dollar)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,05 1,18 10,99% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,07 1,13 5,83% PLN (Polish zloti) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 4,69 4,57 -2,66% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 4,68 4,60 -1,83% SEK (Swedish krona) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,63 10,15 -4,77% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,12 10,25 -8,50% CZK (C<span class=\"_ _0\"></span>zech koruna) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 24,57 25,64 4,19% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 24,12 24,86 2,98% CHF<span class=\"_ _0\"></span> (Swiss f<span class=\"_ _2\"></span>ranc)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,00 1,08 7,08% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,98 1,03 4,68% DKK (Danish krone) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 7,44 7,44 -0,03% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 7,44 7,44 0,00% HUF (H<span class=\"_ _0\"></span>ungarian<span class=\"_ _2\"></span> forint)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 391,43 358,52 -9,18% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 400,87 369,19 -8,58% AUD (Australian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,52 1,57 3,71% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,57 1,56 -0,50% MZM<span class=\"_ _0\"></span> (Mozambican metical) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 67,20 77,75 13,56% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 68,18 78,09 12,69% MAD (Morocc<span class=\"_ _0\"></span>an dirh<span class=\"_ _2\"></span>am)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,69 10,67 -0,12% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,16 10,52 -6,11% NOK (Norway kroner)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,10 10,16 0,59% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 10,51 9,99 -5,26% MXN (M<span class=\"_ _0\"></span>exican peso) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 21,18 23,99 11,70% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 20,86 23,14 9,89% AED <span class=\"_ _2\"></span>(D<span class=\"_ _0\"></span>irham)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 3,87 4,34 10,92% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 3,92 4,16 5,83% CAD (Canadian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,37 1,48 7,64% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the p<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>riod 1,44 1,44 -0,33% ZAR (South African rand)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,21 17,48 1,54% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 18,10 18,06 -0,20% BRL (Brazilian real) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 5,44 6,38 14,74% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 5,64 6,31 10,64% EGP (Egyptian pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 20,18 18,55 -8,81% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 26,31 17,82 -47,63% TRY (Turkish lira)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,42 10,51 -65,68% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 19,96 15,23 -31,06% Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Navigator G<span class=\"_ _2\"></span>roup busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>reas The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> and sale <span class=\"_ _2\"></span>of writing <span class=\"_ _2\"></span>and<span class=\"ff1\"> prin<span class=\"_ _2\"></span>ting thin<span class=\"_ _2\"></span> </span>paper (U<span class=\"_ _2\"></span>WF) and <span class=\"_ _2\"></span>domesti<span class=\"_ _2\"></span>c consu<span class=\"_ _2\"></span>mption pap<span class=\"_ _2\"></span>er (Tiss<span class=\"_ _2\"></span>ue), a<span class=\"_ _2\"></span>nd it i<span class=\"_ _2\"></span>s presen<span class=\"_ _2\"></span>t in the <span class=\"_ _2\"></span>whol<span class=\"_ _2\"></span>e value added ch<span class=\"_ _2\"></span>ain, from <span class=\"_ _2\"></span>research <span class=\"_ _2\"></span>and de<span class=\"_ _2\"></span>velopm<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>nd agricultural<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span>, to th<span class=\"_ _2\"></span>e purchase an<span class=\"_ _2\"></span>d sal<span class=\"_ _2\"></span>e of wood <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and sale of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>bleached eucal<span class=\"_ _2\"></span>yptus kraf<span class=\"_ _2\"></span>t pulp <span class=\"ff8\">\u2013</span> BEKP and <span class=\"_ _2\"></span>electri<span class=\"_ _2\"></span>c and th<span class=\"_ _2\"></span>ermal ene<span class=\"_ _2\"></span>rgy, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as i<span class=\"_ _2\"></span>ts commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>our indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>. BEKP, e<span class=\"_ _2\"></span>nergy an<span class=\"_ _2\"></span>d UWF <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duced in two plants l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted in Fi<span class=\"_ _2\"></span>gueir<span class=\"_ _2\"></span>a da Foz <span class=\"_ _2\"></span>and Set\u00fa<span class=\"_ _2\"></span>bal. BEKP <span class=\"_ _2\"></span>energy and ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e als<span class=\"_ _2\"></span>o produce<span class=\"_ _2\"></span>d in a pl<span class=\"_ _2\"></span>ant loc<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>Aveiro <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>fourth <span class=\"_ _2\"></span>plant<span class=\"_ _2\"></span>, l<span class=\"_ _2\"></span>ocated in Vi<span class=\"_ _2\"></span>la Vel<span class=\"_ _2\"></span>ha de R\u00f3d\u00e3o<span class=\"_ _2\"></span>, onl<span class=\"_ _2\"></span>y produces <span class=\"_ _2\"></span>tissu<span class=\"_ _2\"></span>e paper<span class=\"_ _2\"></span>.  Wood is<span class=\"_ _2\"></span> produced f<span class=\"_ _2\"></span>rom woo<span class=\"_ _2\"></span>dlands owne<span class=\"_ _2\"></span>d or l<span class=\"_ _2\"></span>eased b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Group in <span class=\"_ _2\"></span>Portugal an<span class=\"_ _2\"></span>d Spain<span class=\"_ _2\"></span>, and also<span class=\"_ _2\"></span> form grante<span class=\"_ _2\"></span>d lands i<span class=\"_ _2\"></span>n Mozambiqu<span class=\"_ _2\"></span>e. <span class=\"_ _2\"></span>The produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of cork an<span class=\"_ _2\"></span>d pine <span class=\"_ _2\"></span>wood are <span class=\"_ _2\"></span>sold to <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>rd parties <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>the eucal<span class=\"_ _2\"></span>yptus woo<span class=\"_ _2\"></span>d is mai<span class=\"_ _2\"></span>nly con<span class=\"_ _2\"></span>sumed in t<span class=\"_ _2\"></span>he produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of BEKP. A signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t portion of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup\u2019s o<span class=\"_ _2\"></span>wn BEKP <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> consumed <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>WF and tiss<span class=\"_ _2\"></span>ue paper<span class=\"_ _2\"></span>. Sales o<span class=\"_ _2\"></span>f BEKP<span class=\"_ _2\"></span>, UWF an<span class=\"_ _2\"></span>d tis<span class=\"_ _2\"></span>sue paper <span class=\"_ _2\"></span>are made <span class=\"_ _2\"></span>to more <span class=\"_ _2\"></span>than 1<span class=\"_ _2\"></span>30 coun<span class=\"_ _2\"></span>tries around th<span class=\"_ _2\"></span>e world<span class=\"_ _2\"></span>. With re<span class=\"_ _2\"></span>gard to en<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on, the <span class=\"_ _2\"></span>Group has <span class=\"_ _2\"></span>thre<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>generation<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>, inte<span class=\"_ _2\"></span>grated in <span class=\"_ _2\"></span>the production <span class=\"_ _2\"></span>of pulp<span class=\"_ _2\"></span>. Hea<span class=\"_ _2\"></span>t produc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s used fo<span class=\"_ _2\"></span>r inte<span class=\"_ _2\"></span>rnal co<span class=\"_ _2\"></span>nsumption whil<span class=\"_ _2\"></span>e elect<span class=\"_ _2\"></span>ricity i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>The Navigato<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>Group al<span class=\"_ _2\"></span>so owns an<span class=\"_ _2\"></span>other t<span class=\"_ _2\"></span>wo cogenera<span class=\"_ _2\"></span>tion uni<span class=\"_ _2\"></span>ts usi<span class=\"_ _2\"></span>ng natural<span class=\"_ _2\"></span> gas, in<span class=\"_ _2\"></span>tegrate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of pape<span class=\"_ _2\"></span>r in F<span class=\"_ _2\"></span>igueira da F<span class=\"_ _2\"></span>oz and in <span class=\"_ _2\"></span>Set\u00fabal, an<span class=\"_ _2\"></span>d two se<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>te units us<span class=\"_ _2\"></span>ing bi<span class=\"_ _2\"></span>ofuel, th<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of which<span class=\"_ _2\"></span> is mo<span class=\"_ _2\"></span>stly sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>It also has<span class=\"_ _2\"></span> thre<span class=\"_ _2\"></span>e photovol<span class=\"_ _2\"></span>taic<span class=\"_ _2\"></span> unitss <span class=\"_ _2\"></span>for sel<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>-consumpti<span class=\"_ _2\"></span>on, two <span class=\"_ _2\"></span>in Set\u00fa<span class=\"_ _2\"></span>bal and on<span class=\"_ _2\"></span>e in Fi<span class=\"_ _2\"></span>gueira <span class=\"_ _2\"></span>da Foz. Segment re<span class=\"_ _2\"></span>porting<span class=\"_ _2\"></span> In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>8, the <span class=\"_ _2\"></span>Group consid<span class=\"_ _2\"></span>ers an <span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting segmen<span class=\"_ _2\"></span>t as a c<span class=\"_ _2\"></span>omponen<span class=\"_ _2\"></span>t of the group th<span class=\"_ _2\"></span>at develops <span class=\"_ _2\"></span>busi<span class=\"_ _2\"></span>ness acti<span class=\"_ _2\"></span>viti<span class=\"_ _2\"></span>es from <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t can o<span class=\"_ _2\"></span>btain re<span class=\"_ _2\"></span>venue an<span class=\"_ _2\"></span>d incur <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>es, whose ope<span class=\"_ _2\"></span>rating r<span class=\"_ _2\"></span>esults ar<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>gularly r<span class=\"_ _2\"></span>eviewed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Executi<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e, whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> primaril<span class=\"_ _2\"></span>y responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>the th<span class=\"_ _2\"></span>e Group's o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>al d<span class=\"_ _2\"></span>ecisio<span class=\"_ _2\"></span>n-making f<span class=\"_ _2\"></span>or all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of resourc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>to the segment <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>assessmen<span class=\"_ _2\"></span>t of i<span class=\"_ _2\"></span>ts perf<span class=\"_ _2\"></span>ormance an<span class=\"_ _2\"></span>d for <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> separate f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>formation <span class=\"_ _2\"></span>is availabl<span class=\"_ _2\"></span>e. Each repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egment <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to<span class=\"_ _2\"></span> the val<span class=\"_ _2\"></span>ue chain<span class=\"_ _2\"></span> of the i<span class=\"_ _2\"></span>ntegrat<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>producti<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rocess associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> each busi<span class=\"_ _2\"></span>ness se<span class=\"_ _2\"></span>gment, (<span class=\"_ _2\"></span>Marke<span class=\"_ _2\"></span>t Pulp, <span class=\"_ _2\"></span>UWF pape<span class=\"_ _2\"></span>r, Tiss<span class=\"_ _2\"></span>ue Paper and Energ<span class=\"_ _2\"></span>y) consid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>e sal<span class=\"_ _2\"></span>es activi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the res<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts on the ma<span class=\"_ _2\"></span>rket, i<span class=\"_ _2\"></span>n a manner co<span class=\"_ _2\"></span>nsisten<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>the inf<span class=\"_ _2\"></span>ormation us<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the E<span class=\"_ _2\"></span>xec<span class=\"_ _0\"></span>uti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e for o<span class=\"_ _2\"></span>perational<span class=\"_ _2\"></span> monito<span class=\"_ _2\"></span>ring of <span class=\"_ _2\"></span>its busi<span class=\"_ _2\"></span>nesses. Accordin<span class=\"_ _2\"></span>gly, in<span class=\"_ _2\"></span>tra-segmen<span class=\"_ _2\"></span>tal sal<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>those <span class=\"_ _2\"></span>that occur <span class=\"_ _2\"></span>within<span class=\"_ _2\"></span> the same manuf<span class=\"_ _2\"></span>acturi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>plant and whose p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts are us<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>that segment<span class=\"_ _2\"></span>.  In <span class=\"_ _2\"></span>this wa<span class=\"_ _2\"></span>y, the values <span class=\"_ _2\"></span>repo<span class=\"_ _2\"></span>rted fo<span class=\"_ _2\"></span>r each o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng segment r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t fro<span class=\"_ _2\"></span>m the aggre<span class=\"_ _2\"></span>gation o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> units <span class=\"_ _2\"></span>and subsidi<span class=\"_ _2\"></span>aries d<span class=\"_ _2\"></span>efined i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perimete<span class=\"_ _2\"></span>r of eac<span class=\"_ _2\"></span>h segment, as<span class=\"_ _2\"></span> wel<span class=\"_ _2\"></span>l as the <span class=\"_ _2\"></span>canc<span class=\"_ _2\"></span>ellatio<span class=\"_ _2\"></span>n of intra-se<span class=\"_ _2\"></span>gment trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons.  Intra-segm<span class=\"_ _2\"></span>ental sal<span class=\"_ _2\"></span>es cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to sal<span class=\"_ _2\"></span>es betw<span class=\"_ _2\"></span>ee<span class=\"_ _0\"></span>n busin<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>segments or <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>there are transactio<span class=\"_ _2\"></span>ns bet<span class=\"_ _2\"></span>ween manuf<span class=\"_ _2\"></span>acturing <span class=\"_ _2\"></span>plants<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated for con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on pu<span class=\"_ _2\"></span>rposes<span class=\"_ _2\"></span>, being this<span class=\"_ _2\"></span> effec<span class=\"_ _2\"></span>t repo<span class=\"_ _2\"></span>rted in <span class=\"_ _2\"></span>the \u201cC<span class=\"_ _2\"></span>ancelatio<span class=\"_ _2\"></span>ns\u201d. <span class=\"_ _2\"></span>When agg<span class=\"_ _2\"></span>regating <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's ope<span class=\"_ _2\"></span>rating segments<span class=\"_ _2\"></span>, Managem<span class=\"_ _2\"></span>ent defi<span class=\"_ _2\"></span>ned as <span class=\"_ _2\"></span>reportable s<span class=\"_ _2\"></span>egments <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e that cor<span class=\"_ _2\"></span>respond <span class=\"_ _2\"></span>to each of<span class=\"_ _2\"></span> the business<span class=\"_ _2\"></span> areas d<span class=\"_ _2\"></span>eveloped <span class=\"_ _2\"></span>by th<span class=\"_ _2\"></span>e Group, <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:  i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Market <span class=\"_ _2\"></span>pulp <span class=\"ff8\">\u2013</span> bleac<span class=\"_ _2\"></span>hed eucal<span class=\"_ _2\"></span>yptus <span class=\"_ _2\"></span>BEKP for <span class=\"_ _2\"></span>sale i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t; </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">U<span class=\"_ _0\"></span>WF paper <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d sale of<span class=\"_ _2\"></span> UWF un<span class=\"_ _2\"></span>coated w<span class=\"_ _2\"></span>riting<span class=\"_ _2\"></span> and prin<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>thin pap<span class=\"_ _2\"></span>er; </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>issue Pa<span class=\"_ _2\"></span>per <span class=\"ff8\">\u2013</span> pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n and sal<span class=\"_ _2\"></span>e of dom<span class=\"_ _2\"></span>estic <span class=\"_ _2\"></span>consumpti<span class=\"_ _2\"></span>on paper<span class=\"_ _2\"></span>;  </span></span>iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Bi<span class=\"_ _2\"></span>omass renewa<span class=\"_ _2\"></span>ble ene<span class=\"_ _2\"></span>rgy <span class=\"ff8\">\u2013</span> whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>udes the cog<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n units <span class=\"_ _2\"></span>and the two independ<span class=\"_ _2\"></span>ent thermo<span class=\"_ _2\"></span>electric<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>wer plants; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Suppor<span class=\"_ _2\"></span>t - se<span class=\"_ _2\"></span>gment that i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>e cen<span class=\"_ _2\"></span>tre (mi<span class=\"_ _2\"></span>xed hol<span class=\"_ _2\"></span>ding). </span></span>Regarding <span class=\"_ _2\"></span>the all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>to busines<span class=\"_ _2\"></span>s s<span class=\"_ _2\"></span>egments, i<span class=\"_ _2\"></span>t should <span class=\"_ _2\"></span>be note<span class=\"_ _2\"></span>d tha<span class=\"_ _2\"></span>t:<span class=\"_ _0\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">All <span class=\"_ _2\"></span>the equipmen<span class=\"_ _2\"></span>t allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e U<span class=\"_ _2\"></span>WF pulp and P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on are in<span class=\"_ _2\"></span>cluded in </span></span>Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment of <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espec<span class=\"_ _2\"></span>tive segments.<span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The Group's <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>erty asse<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocat<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>pria<span class=\"_ _2\"></span>te business <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>. </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocated to<span class=\"_ _2\"></span> the pul<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d UWF pa<span class=\"_ _2\"></span>per segmen<span class=\"_ _2\"></span>ts, </span></span>accordi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the producti<span class=\"_ _2\"></span>on capaci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> each s<span class=\"_ _2\"></span>egment. \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The majori<span class=\"_ _2\"></span>ty of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to each <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>segments<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the </span></span>exceptio<span class=\"_ _2\"></span>n of recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span>, is l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal.  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cing pol<span class=\"_ _2\"></span>icy, <span class=\"_ _2\"></span>all l<span class=\"_ _2\"></span>oans are c<span class=\"_ _2\"></span>ontracted b<span class=\"_ _2\"></span>y the </span></span>Group's <span class=\"_ _2\"></span>holdin<span class=\"_ _2\"></span>g company, Th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>bearing all<span class=\"_ _2\"></span> debt and relat<span class=\"_ _2\"></span>ed char<span class=\"_ _2\"></span>ges. Ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y, int<span class=\"_ _2\"></span>erest-beari<span class=\"_ _2\"></span>ng l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>(Note 5.7) ar<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"Suppor<span class=\"_ _2\"></span>t\" segm<span class=\"_ _2\"></span>ent, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e Gr<span class=\"_ _2\"></span>oup's co<span class=\"_ _2\"></span>rporate cen<span class=\"_ _2\"></span>tre (Holdi<span class=\"_ _2\"></span>ng), with <span class=\"_ _2\"></span>the exce<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e repaya<span class=\"_ _2\"></span>ble gran<span class=\"_ _2\"></span>t relate<span class=\"_ _2\"></span>d to the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the new tissue pl<span class=\"_ _2\"></span>ant, al<span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>Tissue Pap<span class=\"_ _2\"></span>er\" se<span class=\"_ _2\"></span>gment <span class=\"_ _2\"></span>and a por<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the \"<span class=\"_ _2\"></span>Inpactus<span class=\"_ _2\"></span>\" grant all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>UWF Pa<span class=\"_ _2\"></span>per\u201d segmen<span class=\"_ _2\"></span>t.<span class=\"ff1\"> </span>Revenue <span class=\"_ _2\"></span> Revenue is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>by opera<span class=\"_ _2\"></span>ting segm<span class=\"_ _2\"></span>ent and <span class=\"_ _2\"></span>by geogr<span class=\"_ _2\"></span>aphic area<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d on the co<span class=\"_ _2\"></span>untry of<span class=\"_ _2\"></span> destinatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e goods <span class=\"_ _2\"></span>and ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>old by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. Commerci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntracts with Cu<span class=\"_ _2\"></span>stomers <span class=\"_ _2\"></span>refer <span class=\"_ _2\"></span>essenti<span class=\"_ _2\"></span>ally to <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he sale <span class=\"_ _2\"></span>of goods <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, pulp, tissue <span class=\"_ _2\"></span>and energ<span class=\"_ _2\"></span>y, an<span class=\"_ _2\"></span>d to an e<span class=\"_ _2\"></span>xtent<span class=\"_ _2\"></span>, to the <span class=\"_ _2\"></span>transpor<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nherent to <span class=\"_ _2\"></span>those goo<span class=\"_ _2\"></span>ds, <span class=\"_ _2\"></span>when applicabl<span class=\"_ _2\"></span>e.  Revenue <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n in eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g segmen<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>describ<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Market pul<span class=\"_ _0\"></span>p Pulp revenue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es to internatio<span class=\"_ _0\"></span>nal paper and decor <span class=\"_ _0\"></span>producers. Rev<span class=\"_ _0\"></span>enue is recogni<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, by the amount of the pe<span class=\"_ _0\"></span>rformance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfi<span class=\"_ _0\"></span>ed, the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>rice of the t<span class=\"_ _0\"></span>ransactio<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>rresponding to <span class=\"_ _0\"></span>a fixed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced on the basis of qu<span class=\"_ _0\"></span>antiti<span class=\"_ _0\"></span>es sol<span class=\"_ _0\"></span>d, less cas<span class=\"_ _2\"></span>h di<span class=\"_ _0\"></span>scounts a<span class=\"_ _0\"></span>nd quantity disco<span class=\"_ _0\"></span>unts, which are rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ably determ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nabl<span class=\"_ _0\"></span>e. On the export side, the transf<span class=\"_ _0\"></span>er of control<span class=\"_ _0\"></span> of the products o<span class=\"_ _0\"></span>ccurs in gene<span class=\"_ _0\"></span>ral when there i<span class=\"_ _0\"></span>s a transfer of <span class=\"_ _0\"></span>cont<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span> to the Customer, according to the Incot<span class=\"_ _0\"></span>erms negoti<span class=\"_ _0\"></span>ated.  UWF Paper revenue refers to s<span class=\"_ _0\"></span>ales made th<span class=\"_ _0\"></span>rough Commer<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> Di<span class=\"_ _0\"></span>stributors (B2B) which i<span class=\"_ _0\"></span>nclude l<span class=\"_ _0\"></span>arge<span class=\"_ _2\"></span> di<span class=\"_ _0\"></span>stributors, whol<span class=\"_ _0\"></span>esal<span class=\"_ _0\"></span>ers or commercial<span class=\"_ _0\"></span> operators. Revenue<span class=\"_ _0\"></span> is recognised <span class=\"_ _0\"></span>at a specifi<span class=\"_ _0\"></span>c time, <span class=\"_ _0\"></span>on the dat<span class=\"_ _0\"></span>e of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Cus<span class=\"_ _0\"></span>tomer when the transfer of co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span> occurs, by the amount of<span class=\"_ _0\"></span> the performan<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfied, and the price of the transaction correspon<span class=\"_ _0\"></span>ds to a fixed amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced a<span class=\"_ _2\"></span>ccordi<span class=\"_ _0\"></span>ng to the quanti<span class=\"_ _0\"></span>ties sol<span class=\"_ _0\"></span>d, les<span class=\"_ _0\"></span>s cash di<span class=\"_ _0\"></span>scounts and qu<span class=\"_ _0\"></span>antity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determinable. <span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue Ti<span class=\"_ _0\"></span>ssue r<span class=\"_ _2\"></span>even<span class=\"_ _0\"></span>ue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es of t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ssue paper produ<span class=\"_ _0\"></span>ced for <span class=\"_ _0\"></span>the private label<span class=\"_ _0\"></span> of modern nati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nternatio<span class=\"_ _0\"></span>nal retail<span class=\"_ _0\"></span> chains. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c moment, by <span class=\"_ _0\"></span>the am<span class=\"_ _0\"></span>ount of the perfo<span class=\"_ _0\"></span>rmance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation sa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>sfied, and t<span class=\"_ _0\"></span>he price of the transac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n corre<span class=\"_ _2\"></span>spo<span class=\"_ _0\"></span>nds to a fi<span class=\"_ _0\"></span>xed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced ac<span class=\"_ _2\"></span>cor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng to quantiti<span class=\"_ _0\"></span>es sold,<span class=\"_ _0\"></span> less ca<span class=\"_ _2\"></span>sh di<span class=\"_ _0\"></span>scounts and quantity discounts, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determined. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sed aga<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nst the del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very of the product, at whi<span class=\"_ _0\"></span>ch time the transfer of con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span> over the product is deeme<span class=\"_ _0\"></span>d to take place.<span class=\"_ _1\"></span> Energy The energy revenue <span class=\"_ _0\"></span>results from t<span class=\"_ _0\"></span>he valuati<span class=\"_ _0\"></span>on of the energy del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vered t<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he National<span class=\"_ _0\"></span> Energy Network or sol<span class=\"_ _0\"></span>d on the market, as metered, val<span class=\"_ _0\"></span>ued at the<span class=\"_ _0\"></span> tariff defi<span class=\"_ _0\"></span>ned in the agreemen<span class=\"_ _0\"></span>t for an ongoi<span class=\"_ _0\"></span>ng 25-ye<span class=\"_ _0\"></span>ar peri<span class=\"_ _0\"></span>od i<span class=\"_ _0\"></span>n the<span class=\"_ _2\"></span> fi<span class=\"_ _0\"></span>rst case or at the market pri<span class=\"_ _0\"></span>ce in the second cas<span class=\"_ _0\"></span>e. From November 2021<span class=\"_ _0\"></span> onwards, the su<span class=\"_ _0\"></span>rplus el<span class=\"_ _0\"></span>ectr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ty fr<span class=\"_ _2\"></span>om<span class=\"_ _0\"></span> the na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span> gas combined cycl<span class=\"_ _0\"></span>e plant at the Set<span class=\"_ _0\"></span>\u00fabal<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> compl<span class=\"_ _0\"></span>ex ha<span class=\"_ _2\"></span>s be<span class=\"_ _0\"></span>en sol<span class=\"_ _0\"></span>d at market prices ra<span class=\"_ _0\"></span>ther than the regul<span class=\"_ _0\"></span>ated tar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ff. In 2022, the same happened wi<span class=\"_ _0\"></span>th the surplus productio<span class=\"_ _0\"></span>n of other plants of the Group.<span class=\"_ _1\"></span> Support The revenue from <span class=\"_ _0\"></span>the sale of othe<span class=\"_ _0\"></span>r pr<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span>ucts s<span class=\"_ _0\"></span>uch as was<span class=\"_ _0\"></span>te, or servic<span class=\"_ _0\"></span>es (brok<span class=\"_ _0\"></span>erage,<span class=\"_ _0\"></span> for exampl<span class=\"_ _0\"></span>e) is recognised on t<span class=\"_ _0\"></span>he date of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Custom<span class=\"_ _0\"></span>er by the amo<span class=\"_ _0\"></span>unt of the perform<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed. The income related to this seg<span class=\"_ _0\"></span>ment is recl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>ed to other operating income<span class=\"_ _0\"></span> or to l<span class=\"_ _0\"></span>ess costs.<span class=\"_ _0\"></span> The Navig<span class=\"_ _2\"></span>ator Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders the f<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>and circu<span class=\"_ _2\"></span>mstance<span class=\"_ _2\"></span>s when an<span class=\"_ _2\"></span>alysing <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms of <span class=\"_ _2\"></span>each Customer <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t and its u<span class=\"_ _2\"></span>sual<span class=\"_ _2\"></span> busines<span class=\"_ _2\"></span>s prac<span class=\"_ _2\"></span>tices i<span class=\"_ _2\"></span>n dete<span class=\"_ _2\"></span>rminin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>action p<span class=\"_ _2\"></span>rice. <span class=\"_ _2\"></span>In this<span class=\"_ _2\"></span> sense, i<span class=\"_ _2\"></span>n terms <span class=\"_ _2\"></span>of sal<span class=\"_ _2\"></span>es tax, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>essment <span class=\"_ _2\"></span>performed by N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor, <span class=\"_ _2\"></span>there ar<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> no situati<span class=\"_ _2\"></span>ons that co<span class=\"_ _2\"></span>uld <span class=\"_ _2\"></span>be incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>price. <span class=\"_ _2\"></span>Regarding <span class=\"_ _2\"></span>speci<span class=\"_ _2\"></span>fical<span class=\"_ _2\"></span>ly to the <span class=\"_ _2\"></span>anti-dumping ta<span class=\"_ _2\"></span>x, thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> a tax for <span class=\"_ _2\"></span>the en<span class=\"_ _2\"></span>try of<span class=\"_ _2\"></span> goods i<span class=\"_ _2\"></span>nto <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>untry (in <span class=\"_ _2\"></span>the case o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the USA) an<span class=\"_ _2\"></span>d is<span class=\"_ _2\"></span> not a ta<span class=\"_ _2\"></span>x determi<span class=\"_ _2\"></span>ned a <span class=\"_ _2\"></span>priori bu<span class=\"_ _2\"></span>t depen<span class=\"_ _2\"></span>ds on<span class=\"_ _2\"></span> the anal<span class=\"_ _2\"></span>ysis of <span class=\"_ _2\"></span>the Departm<span class=\"_ _2\"></span>ent of C<span class=\"_ _2\"></span>ommerce <span class=\"ff9 lsa\">a </span>posterior<span class=\"_ _2\"></span>i<span class=\"ff1\">. The<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e, it r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts a dec<span class=\"_ _2\"></span>rease <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>gross <span class=\"_ _2\"></span>margin obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>United Sta<span class=\"_ _2\"></span>tes </span>of Ameri<span class=\"_ _2\"></span>ca and not <span class=\"_ _2\"></span>an adju<span class=\"_ _2\"></span>stment <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion pri<span class=\"_ _2\"></span>ce. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Operating <span class=\"_ _2\"></span>grants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>are on<span class=\"_ _2\"></span>ly reco<span class=\"_ _2\"></span>gnised wh<span class=\"_ _2\"></span>en there <span class=\"_ _2\"></span>is a reas<span class=\"_ _2\"></span>onable ass<span class=\"_ _2\"></span>urance <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>grant will<span class=\"_ _2\"></span> be receiv<span class=\"_ _2\"></span>ed, and th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l compl<span class=\"_ _2\"></span>y with all<span class=\"_ _2\"></span> require<span class=\"_ _2\"></span>d conditio<span class=\"_ _2\"></span>ns. Oper<span class=\"_ _2\"></span>ating g<span class=\"_ _2\"></span>rants, receive<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the purpose <span class=\"_ _2\"></span>of comp<span class=\"_ _2\"></span>ensating <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up f<span class=\"_ _2\"></span>or c<span class=\"_ _2\"></span>osts i<span class=\"_ _2\"></span>ncurred, ar<span class=\"_ _2\"></span>e syst<span class=\"_ _2\"></span>ematicall<span class=\"_ _2\"></span>y record<span class=\"_ _2\"></span>ed in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>ods in <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h the costs<span class=\"_ _2\"></span> that tho<span class=\"_ _2\"></span>se gran<span class=\"_ _2\"></span>ts are intende<span class=\"_ _2\"></span>d to compens<span class=\"_ _2\"></span>ate a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded. Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets (No<span class=\"_ _2\"></span>te 3.8) <span class=\"_ _2\"></span>carrie<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r value, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with IAS <span class=\"_ _2\"></span>41, are reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>when the <span class=\"_ _2\"></span>terms a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>of the g<span class=\"_ _2\"></span>rant a<span class=\"_ _2\"></span>re met. Grants - <span class=\"lsd\">CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to CO2 emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>(Note 3<span class=\"_ _2\"></span>.2) are <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed as <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome and are sys<span class=\"_ _2\"></span>tematic<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>rded in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>durin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>n which<span class=\"_ _2\"></span> the ex<span class=\"_ _2\"></span>penses that <span class=\"_ _2\"></span>those gran<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>inten<span class=\"_ _2\"></span>ded to co<span class=\"_ _2\"></span>mpensate ar<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>rded. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goodw<span class=\"_ _2\"></span>ill Goodwil<span class=\"_ _2\"></span>l repres<span class=\"_ _2\"></span>ents the <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the cost of<span class=\"_ _2\"></span> acquisi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>able asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and con<span class=\"_ _2\"></span>tingent li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of the su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidatio<span class=\"_ _2\"></span>n on the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sition <span class=\"_ _2\"></span>date and i<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>ocated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>each CGU or <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>group of CGUs to <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t belongs<span class=\"_ _2\"></span>. Amortisati<span class=\"_ _2\"></span>on and i<span class=\"_ _2\"></span>mpairment<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed. The Grou<span class=\"_ _2\"></span>p annual<span class=\"_ _2\"></span>ly car<span class=\"_ _2\"></span>ries o<span class=\"_ _2\"></span>ut impai<span class=\"_ _2\"></span>rment tests <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>goodwil<span class=\"_ _2\"></span>l, or where ther<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>e signs <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment. Th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verable am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts are determin<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>the highe<span class=\"_ _2\"></span>r of val<span class=\"_ _2\"></span>ue in us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e les<span class=\"_ _2\"></span>s cos<span class=\"_ _2\"></span>t of sal<span class=\"_ _2\"></span>e. Impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>on goodwill<span class=\"_ _2\"></span> cannot be <span class=\"_ _2\"></span>rev<span class=\"_ _2\"></span>ersed. Disposal<span class=\"_ _2\"></span> and l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> control Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span> of co<span class=\"_ _2\"></span>ntrol ove<span class=\"_ _2\"></span>r an entit<span class=\"_ _2\"></span>y or busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>to whic<span class=\"_ _2\"></span>h Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> allo<span class=\"_ _2\"></span>cated incl<span class=\"_ _2\"></span>ude the amount of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>corres<span class=\"_ _2\"></span>pondi<span class=\"_ _2\"></span>ng goodwill<span class=\"_ _2\"></span>. Tax deduc<span class=\"_ _2\"></span>tibil<span class=\"_ _2\"></span>ity Derived <span class=\"_ _2\"></span>from the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in Portu<span class=\"_ _2\"></span>gal, i<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot exp<span class=\"_ _2\"></span>ected th<span class=\"_ _2\"></span>at Good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> generated or to be <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed wi<span class=\"_ _2\"></span>ll be ta<span class=\"_ _2\"></span>x deduc<span class=\"_ _2\"></span>tible<span class=\"_ _2\"></span>. CO2 Emission<span class=\"_ _2\"></span> Rights CO2 emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances att<span class=\"_ _2\"></span>ributed to<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e European <span class=\"_ _2\"></span>Union <span class=\"_ _2\"></span>Emissi<span class=\"_ _2\"></span>ons Trading Scheme (E<span class=\"_ _2\"></span>U ETS) f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>assignmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>CO2 emissi<span class=\"_ _2\"></span>on al<span class=\"_ _2\"></span>lowances at <span class=\"_ _2\"></span>no cos<span class=\"_ _2\"></span>t, gi<span class=\"_ _2\"></span>ves rise <span class=\"_ _2\"></span>to an<span class=\"_ _2\"></span> intangibl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>owances, a Go<span class=\"_ _2\"></span>vernm<span class=\"_ _2\"></span>ent grant <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nd a l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ty for the o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>tion to deliver al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>equal <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns tha<span class=\"_ _2\"></span>t have be<span class=\"_ _2\"></span>en made durin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>are only recor<span class=\"_ _2\"></span>ded as i<span class=\"_ _2\"></span>ntangi<span class=\"_ _2\"></span>ble asse<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>when the G<span class=\"_ _2\"></span>roup is abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to exerci<span class=\"_ _2\"></span>se control<span class=\"_ _2\"></span> and ar<span class=\"_ _2\"></span>e measur<span class=\"_ _2\"></span>ed at fai<span class=\"_ _2\"></span>r value (l<span class=\"_ _2\"></span>evel <span class=\"_ _2\"></span>1) a<span class=\"_ _2\"></span>t the dat<span class=\"_ _2\"></span>e of ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition. When <span class=\"_ _2\"></span>the market val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the emis<span class=\"_ _2\"></span>sion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>falls<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y below its <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d such decreas<span class=\"_ _2\"></span>e is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d permanent<span class=\"_ _2\"></span>, an impai<span class=\"_ _2\"></span>rment c<span class=\"_ _2\"></span>harge <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>booked for al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the group will<span class=\"_ _2\"></span> not us<span class=\"_ _2\"></span>e int<span class=\"_ _2\"></span>ernally. The liabi<span class=\"_ _2\"></span>lity to d<span class=\"_ _2\"></span>eliver al<span class=\"_ _2\"></span>lowanc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed base<span class=\"_ _2\"></span>d on a<span class=\"_ _2\"></span>ctual <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons. This <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity will<span class=\"_ _2\"></span> be settle<span class=\"_ _2\"></span>d using al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>on hand<span class=\"_ _2\"></span>, measu<span class=\"_ _2\"></span>red at th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>those all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. Any additional<span class=\"_ _2\"></span> emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>are valued <span class=\"_ _2\"></span>at marke<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue as at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>. FIFO i<span class=\"_ _2\"></span>s used in the costi<span class=\"_ _2\"></span>ng of i<span class=\"_ _2\"></span>ntangible ass<span class=\"_ _2\"></span>et dec<span class=\"_ _2\"></span>reases <span class=\"_ _2\"></span>by the r<span class=\"_ _2\"></span>efund to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Li<span class=\"_ _2\"></span>censing <span class=\"_ _2\"></span>Coordinati<span class=\"_ _2\"></span>ng Entity<span class=\"_ _2\"></span>. In the Co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated Income <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expens<span class=\"_ _2\"></span>es, unde<span class=\"_ _2\"></span>r Other o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng expens<span class=\"_ _2\"></span>es, actual <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns at fai<span class=\"_ _2\"></span>r value a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e grant da<span class=\"_ _2\"></span>te, <span class=\"_ _2\"></span>except fo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> acquired allowances<span class=\"_ _2\"></span>, wh<span class=\"_ _2\"></span>ere the expense i<span class=\"_ _2\"></span>s measure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>their pu<span class=\"_ _2\"></span>rchase p<span class=\"_ _2\"></span>rice. Such exp<span class=\"_ _2\"></span>enses wil<span class=\"_ _2\"></span>l off<span class=\"_ _2\"></span>set oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g i<span class=\"_ _2\"></span>ncome resul<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>from the reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the original<span class=\"_ _2\"></span> Governmen<span class=\"_ _2\"></span>t grant (al<span class=\"_ _2\"></span>so r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at g<span class=\"_ _2\"></span>rant d<span class=\"_ _2\"></span>ate) as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as any dis<span class=\"_ _2\"></span>posal<span class=\"_ _2\"></span> o<span class=\"_ _0\"></span>f excess all<span class=\"_ _2\"></span>owances. The effec<span class=\"_ _2\"></span>t on th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement wil<span class=\"_ _2\"></span>l, the<span class=\"_ _2\"></span>refore, b<span class=\"_ _2\"></span>e neu<span class=\"_ _2\"></span>tral re<span class=\"_ _2\"></span>garding <span class=\"_ _2\"></span>the consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of granted al<span class=\"_ _2\"></span>lowances<span class=\"_ _2\"></span>. Any n<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ect on <span class=\"_ _2\"></span>the Incom<span class=\"_ _2\"></span>e Sta<span class=\"_ _2\"></span>tement wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t from <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rchase of<span class=\"_ _2\"></span> additional<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span>owances to c<span class=\"_ _2\"></span>over e<span class=\"_ _2\"></span>xcess emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>, from the <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>e of eff<span class=\"_ _2\"></span>ective consu<span class=\"_ _2\"></span>mption<span class=\"_ _2\"></span> or from impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>booked <span class=\"_ _2\"></span>to al<span class=\"_ _2\"></span>lowances tha<span class=\"_ _2\"></span>t ar<span class=\"_ _2\"></span>e not use<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>at operati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Intangi<span class=\"_ _2\"></span>ble assets a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation and impairmen<span class=\"_ _2\"></span>t lo<span class=\"_ _2\"></span>sses. The Group <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rms impai<span class=\"_ _2\"></span>rment tes<span class=\"_ _2\"></span>ts when<span class=\"_ _2\"></span>ever e<span class=\"_ _2\"></span>vents or<span class=\"_ _2\"></span> circums<span class=\"_ _2\"></span>tances indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>book value exc<span class=\"_ _2\"></span>eeds <span class=\"_ _2\"></span>the reco<span class=\"_ _2\"></span>verable amou<span class=\"_ _2\"></span>nt, an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, if an<span class=\"_ _2\"></span>y, is r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statement<span class=\"_ _2\"></span>. Intangib<span class=\"_ _2\"></span>le assets d<span class=\"_ _2\"></span>eveloped<span class=\"_ _2\"></span> interna<span class=\"_ _2\"></span>lly Developm<span class=\"_ _2\"></span>ent expens<span class=\"_ _2\"></span>es are onl<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as intangible <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ets to <span class=\"_ _2\"></span>the exte<span class=\"_ _2\"></span>nt that th<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>echnical<span class=\"_ _2\"></span> capacity <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mplete the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment o<span class=\"_ _2\"></span>f the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> demon<span class=\"_ _2\"></span>strated and <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>for own use o<span class=\"_ _2\"></span>r commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. E<span class=\"_ _2\"></span>xpenses tha<span class=\"_ _2\"></span>t do no<span class=\"_ _2\"></span>t meet<span class=\"_ _2\"></span> these r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents, namel<span class=\"_ _2\"></span>y resea<span class=\"_ _2\"></span>rch expenses, a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded as <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>when in<span class=\"_ _2\"></span>curred. Brands Whenever b<span class=\"_ _2\"></span>rands a<span class=\"_ _2\"></span>re iden<span class=\"_ _2\"></span>tified i<span class=\"_ _2\"></span>n a busi<span class=\"_ _2\"></span>ness co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>records <span class=\"_ _2\"></span>them se<span class=\"_ _2\"></span>parately in the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>statements<span class=\"_ _2\"></span> as an as<span class=\"_ _2\"></span>set at c<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>t, which r<span class=\"_ _2\"></span>epresents <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value on<span class=\"_ _2\"></span> the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date. On subseq<span class=\"_ _2\"></span>uent val<span class=\"_ _2\"></span>uation e<span class=\"_ _2\"></span>xercises<span class=\"_ _2\"></span>, bran<span class=\"_ _2\"></span>ds ar<span class=\"_ _2\"></span>e recognise<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in the Grou<span class=\"_ _2\"></span>p\u2019s cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial statements <span class=\"_ _2\"></span>at c<span class=\"_ _2\"></span>ost. The<span class=\"_ _2\"></span>y are <span class=\"_ _2\"></span>not sub<span class=\"_ _2\"></span>ject to<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sation, bu<span class=\"_ _2\"></span>t ins<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ead tes<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r impairment <span class=\"_ _2\"></span>at each<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>ting da<span class=\"_ _2\"></span>te. Own brands a<span class=\"_ _2\"></span>re not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts, as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>t intern<span class=\"_ _2\"></span>ally generate<span class=\"_ _2\"></span>d intangibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Proper<span class=\"_ _2\"></span>ty, plant a<span class=\"_ _2\"></span>nd equipme<span class=\"_ _2\"></span>nt Recogni<span class=\"_ _2\"></span>tion and i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment a<span class=\"_ _2\"></span>re shown <span class=\"_ _2\"></span>at cost<span class=\"_ _2\"></span>, less<span class=\"_ _2\"></span> acc<span class=\"_ _2\"></span>umulated deprec<span class=\"_ _2\"></span>iation <span class=\"_ _2\"></span>and impairment <span class=\"_ _2\"></span>losses. <span class=\"_ _a3\"> </span> Deprecia<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>ment th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e rates <span class=\"_ _2\"></span>that best <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r esti<span class=\"_ _2\"></span>mated usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Land (cost of prep<span class=\"_ _0\"></span>aring for afforesta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n) 50<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 10 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>12 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">20</span> </span></span>6 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">25</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Tools 2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>tive useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d, on th<span class=\"_ _2\"></span>e date of <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>sition. <span class=\"_ _2\"></span>If there <span class=\"_ _2\"></span>are chan<span class=\"_ _2\"></span>ges to <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, they are <span class=\"_ _2\"></span>trea<span class=\"_ _2\"></span>ted as <span class=\"_ _2\"></span>a change in<span class=\"_ _2\"></span> accounti<span class=\"_ _2\"></span>ng es<span class=\"_ _2\"></span>timate an<span class=\"_ _2\"></span>d are applie<span class=\"_ _2\"></span>d prosp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y.  When th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>et exce<span class=\"_ _2\"></span>eds its r<span class=\"_ _2\"></span>eali<span class=\"_ _2\"></span>sable va<span class=\"_ _2\"></span>lue, the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> wri<span class=\"_ _2\"></span>tten down <span class=\"_ _2\"></span>to the estimate<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>verable amo<span class=\"_ _2\"></span>unt, and an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>airment cha<span class=\"_ _2\"></span>rge <span class=\"_ _2\"></span>is boo<span class=\"_ _2\"></span>ked<span class=\"_ _0\"></span> (No<span class=\"_ _2\"></span>te 3.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span><span class=\"ls79\">).<span class=\"ls0\"> </span></span>Spare an<span class=\"_ _2\"></span>d mainten<span class=\"_ _2\"></span>ance parts<span class=\"_ _2\"></span> Spare par<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered stra<span class=\"_ _2\"></span>tegic as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n equipm<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d their us<span class=\"_ _2\"></span>e is ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to las<span class=\"_ _2\"></span>t for mor<span class=\"_ _2\"></span>e than <span class=\"_ _2\"></span>two econo<span class=\"_ _2\"></span>mic y<span class=\"_ _2\"></span>ears. Mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>parts co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red as \"cri<span class=\"_ _2\"></span>tical <span class=\"_ _2\"></span>spare par<span class=\"_ _2\"></span>ts\" are <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n non-curren<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets, as P<span class=\"_ _2\"></span>ropert<span class=\"_ _2\"></span>y, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment. Respecting <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> class<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>ation, spare <span class=\"_ _2\"></span>parts<span class=\"_ _2\"></span> are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d f<span class=\"_ _2\"></span>rom the momen<span class=\"_ _2\"></span>t they <span class=\"_ _2\"></span>become availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>are assign<span class=\"_ _2\"></span>ed a us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e that foll<span class=\"_ _2\"></span>ows the natu<span class=\"_ _2\"></span>re of <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, where they are <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted to b<span class=\"_ _2\"></span>e integ<span class=\"_ _2\"></span>rated, no<span class=\"_ _2\"></span>t excee<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>ning us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> these. Spare par<span class=\"_ _2\"></span>ts are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r as pro<span class=\"_ _2\"></span>perty, <span class=\"_ _2\"></span>plant an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment if th<span class=\"_ _2\"></span>ey ar<span class=\"_ _2\"></span>e material<span class=\"_ _2\"></span> and use<span class=\"_ _2\"></span>d for mo<span class=\"_ _2\"></span>re than on<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, or if<span class=\"_ _2\"></span> they ar<span class=\"_ _2\"></span>e used o<span class=\"_ _2\"></span>nly in <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to an i<span class=\"_ _2\"></span>tem of pro<span class=\"_ _2\"></span>perty<span class=\"_ _2\"></span>, plant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t. In othe<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>tuations, s<span class=\"_ _2\"></span>pare <span class=\"_ _2\"></span>parts are <span class=\"_ _2\"></span>acco<span class=\"_ _2\"></span>unted <span class=\"_ _2\"></span>for as<span class=\"_ _2\"></span> part o<span class=\"_ _2\"></span>f invento<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>and recogniz<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>when cons<span class=\"_ _2\"></span>umed. Subsequen<span class=\"_ _2\"></span>t costs<span class=\"_ _2\"></span> Scheduled mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e exp<span class=\"_ _2\"></span>enses ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered a compo<span class=\"_ _2\"></span>nent of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t of property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d are f<span class=\"_ _2\"></span>ully de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ext forec<span class=\"_ _2\"></span>asted mai<span class=\"_ _2\"></span>ntenance date.<span class=\"_ _2\"></span> All <span class=\"_ _2\"></span>other repai<span class=\"_ _2\"></span>rs and mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>are cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch they a<span class=\"_ _2\"></span>re incu<span class=\"_ _2\"></span>rred. Borrowing c<span class=\"_ _2\"></span>osts Borrowing c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n or co<span class=\"_ _2\"></span>nstructi<span class=\"_ _2\"></span>on (if<span class=\"_ _2\"></span> the const<span class=\"_ _2\"></span>ructio<span class=\"_ _2\"></span>n or developmen<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>excee<span class=\"_ _2\"></span>ds one year<span class=\"_ _2\"></span>) of <span class=\"_ _2\"></span>property, <span class=\"_ _2\"></span>plant <span class=\"_ _2\"></span>and equipm<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and form part o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t\u2019s cost<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted, no <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial c<span class=\"_ _2\"></span>harges fo<span class=\"_ _2\"></span>r lo<span class=\"_ _2\"></span>ans directly r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>or construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> proper<span class=\"_ _2\"></span>ty, plant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>were c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>ised. Write-of<span class=\"_ _2\"></span>fs and di<span class=\"_ _2\"></span>sposals<span class=\"_ _2\"></span> Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the write-off <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>disposal<span class=\"_ _2\"></span> repre<span class=\"_ _2\"></span>sent th<span class=\"_ _2\"></span>e differenc<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e proceeds<span class=\"_ _2\"></span> recei<span class=\"_ _2\"></span>ved on dispos<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>less c<span class=\"_ _2\"></span>osts to s<span class=\"_ _2\"></span>ell and <span class=\"_ _2\"></span>the as<span class=\"_ _2\"></span>set\u2019s <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value, an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>as Other op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng inco<span class=\"_ _2\"></span>me (Note <span class=\"_ _2\"></span>2.2) or O<span class=\"_ _2\"></span>ther oper<span class=\"_ _2\"></span>ating e<span class=\"_ _2\"></span>xpenses (Note 2.3<span class=\"_ _2\"></span>). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies th<span class=\"_ _2\"></span>e assets h<span class=\"_ _2\"></span>eld f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e purpose <span class=\"_ _2\"></span>of cap<span class=\"_ _2\"></span>ital <span class=\"_ _2\"></span>appreciati<span class=\"_ _2\"></span>on and/or <span class=\"_ _2\"></span>the generati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>rental <span class=\"_ _2\"></span>income as<span class=\"_ _2\"></span> investmen<span class=\"_ _2\"></span>ts pro<span class=\"_ _2\"></span>perties i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he conso<span class=\"_ _2\"></span>lidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts. An in<span class=\"_ _2\"></span>vestment p<span class=\"_ _2\"></span>roperty is<span class=\"_ _2\"></span> ini<span class=\"_ _2\"></span>tially measur<span class=\"_ _2\"></span>ed by i<span class=\"_ _2\"></span>ts acqui<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>tion or <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on cost, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng the transactio<span class=\"_ _2\"></span>n costs <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>are dir<span class=\"_ _2\"></span>ectly <span class=\"_ _2\"></span>attributa<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>it. <span class=\"_ _2\"></span>After i<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition, i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t properties<span class=\"_ _2\"></span> are meas<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>t less amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation and i<span class=\"_ _2\"></span>mpai<span class=\"_ _2\"></span>rment loss<span class=\"_ _2\"></span>es. Subsequen<span class=\"_ _2\"></span>t expen<span class=\"_ _2\"></span>diture i<span class=\"_ _2\"></span>s capital<span class=\"_ _2\"></span>ised onl<span class=\"_ _2\"></span>y when i<span class=\"_ _2\"></span>t is pro<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t it wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t in fu<span class=\"_ _2\"></span>ture economi<span class=\"_ _2\"></span>c benefits <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ty compari<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>those cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>receive<span class=\"_ _2\"></span>d to co<span class=\"_ _2\"></span>mpensate <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p for <span class=\"_ _2\"></span>investmen<span class=\"_ _2\"></span>ts made in <span class=\"_ _2\"></span>Proper<span class=\"_ _2\"></span>ty, plant and equipm<span class=\"_ _2\"></span>ent, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng those a<span class=\"_ _2\"></span>ttribu<span class=\"_ _2\"></span>ted as ta<span class=\"_ _2\"></span>x cre<span class=\"_ _2\"></span>dits, <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified as<span class=\"_ _2\"></span> Defe<span class=\"_ _2\"></span>rred in<span class=\"_ _2\"></span>come (Note 4.3 <span class=\"_ _2\"></span>- Paya<span class=\"_ _2\"></span>bles) an<span class=\"_ _2\"></span>d are <span class=\"_ _2\"></span>recognised i<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>ome ov<span class=\"_ _2\"></span>er the esti<span class=\"_ _2\"></span>mated us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the respecti<span class=\"_ _2\"></span>ve subsi<span class=\"_ _2\"></span>dised ass<span class=\"_ _2\"></span>ets, an<span class=\"_ _2\"></span>d are as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>depreciati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d (No<span class=\"_ _2\"></span>te 3.7), for presen<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>tion purposes<span class=\"_ _2\"></span>. Government g<span class=\"_ _2\"></span>rants ref<span class=\"_ _2\"></span>undab<span class=\"_ _2\"></span>le Governmen<span class=\"_ _2\"></span>t grants<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> loans<span class=\"_ _2\"></span> refun<span class=\"_ _2\"></span>dable a<span class=\"_ _2\"></span>t a s<span class=\"_ _2\"></span>ubsidis<span class=\"_ _2\"></span>ed rate, <span class=\"_ _2\"></span>are di<span class=\"_ _2\"></span>scounted on <span class=\"_ _2\"></span>the date of i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t inter<span class=\"_ _2\"></span>est rat<span class=\"_ _2\"></span>e at th<span class=\"_ _2\"></span>e date o<span class=\"_ _2\"></span>f gran<span class=\"_ _2\"></span>t, the <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> the disco<span class=\"_ _2\"></span>unt consti<span class=\"_ _2\"></span>tutin<span class=\"_ _2\"></span>g the val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the g<span class=\"_ _2\"></span>rant to <span class=\"_ _2\"></span>be amo<span class=\"_ _2\"></span>rtised ov<span class=\"_ _2\"></span>er the p<span class=\"_ _2\"></span>eriod of<span class=\"_ _2\"></span> the loan<span class=\"_ _2\"></span> or asset whos<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> it is<span class=\"_ _2\"></span> intende<span class=\"_ _2\"></span>d to fin<span class=\"_ _2\"></span>ance, de<span class=\"_ _2\"></span>pendin<span class=\"_ _2\"></span>g on the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties fi<span class=\"_ _2\"></span>nanced. Th<span class=\"_ _2\"></span>ese li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are inc<span class=\"_ _2\"></span>luded in the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interes<span class=\"_ _2\"></span>t-bearing l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (No<span class=\"_ _2\"></span>te 5.7)<span class=\"_ _2\"></span>. Grants <span class=\"_ _2\"></span>receiv<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as a fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>activity in <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the <span class=\"_ _2\"></span>date the l<span class=\"_ _2\"></span>ease en<span class=\"_ _2\"></span>ters i<span class=\"_ _2\"></span>nto forc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span> recognis<span class=\"_ _2\"></span>es a <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t at i<span class=\"_ _2\"></span>ts cost, which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial amo<span class=\"_ _2\"></span>unt of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e liabi<span class=\"_ _2\"></span>lity adjus<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>: i) an<span class=\"_ _2\"></span>y pre<span class=\"_ _2\"></span>payments; ii<span class=\"_ _2\"></span>) lease i<span class=\"_ _2\"></span>ncentives r<span class=\"_ _2\"></span>eceive<span class=\"_ _2\"></span>d; and i<span class=\"_ _2\"></span>ii) <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> direct c<span class=\"_ _2\"></span>osts in<span class=\"_ _2\"></span>curred.  To the <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-use <span class=\"_ _2\"></span>asset, <span class=\"_ _2\"></span>the es<span class=\"_ _2\"></span>timate of <span class=\"_ _2\"></span>removing <span class=\"_ _2\"></span>and/o<span class=\"_ _2\"></span>r resto<span class=\"_ _2\"></span>ring the un<span class=\"_ _2\"></span>derl<span class=\"_ _2\"></span>ying ass<span class=\"_ _2\"></span>et and/or <span class=\"_ _2\"></span>the locati<span class=\"_ _2\"></span>on whe<span class=\"_ _2\"></span>re it is<span class=\"_ _2\"></span> locate<span class=\"_ _2\"></span>d may <span class=\"_ _2\"></span>be added<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>n require<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e agreemen<span class=\"_ _2\"></span>t.  The righ<span class=\"_ _2\"></span>t-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>set is s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly d<span class=\"_ _2\"></span>epreciate<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>traight-line <span class=\"_ _2\"></span>method, f<span class=\"_ _2\"></span>rom the start <span class=\"_ _2\"></span>date unti<span class=\"_ _2\"></span>l the low<span class=\"_ _2\"></span>er betw<span class=\"_ _2\"></span>een the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t's u<span class=\"_ _2\"></span>seful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe and the l<span class=\"_ _2\"></span>ease term<span class=\"_ _2\"></span>. Additional<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>the righ<span class=\"_ _2\"></span>t-<span class=\"_ _0\"></span><span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t reduced o<span class=\"_ _2\"></span>f impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>ses, if <span class=\"_ _2\"></span>any, and adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _2\"></span>r any remeasur<span class=\"_ _2\"></span>ement of <span class=\"_ _2\"></span>the lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity. T<span class=\"_ _2\"></span>he useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe cons<span class=\"_ _2\"></span>idered for <span class=\"_ _2\"></span>each cl<span class=\"_ _2\"></span>ass of<span class=\"_ _2\"></span> right-<span class=\"ls15\">of</span>-use asset i<span class=\"_ _2\"></span>s equal to <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> Prop<span class=\"_ _2\"></span>erty, pl<span class=\"_ _2\"></span>ant and <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>pment (Note 3<span class=\"_ _2\"></span>.3) i<span class=\"_ _2\"></span>n the sam<span class=\"_ _2\"></span>e cl<span class=\"_ _2\"></span>ass when th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>option, an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e Group e<span class=\"_ _2\"></span>xpects to <span class=\"_ _2\"></span>exer<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>se it. Sho<span class=\"_ _2\"></span>rt-<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rm <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ow-v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>set <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span><span class=\"ff1 fsb fc6\"> </span>The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> paymen<span class=\"_ _2\"></span>ts for <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>es of 12 <span class=\"_ _2\"></span>months or <span class=\"_ _2\"></span>less and <span class=\"_ _2\"></span>for leases<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ets whos<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value i<span class=\"_ _2\"></span>s less <span class=\"_ _2\"></span>than Euro 5<span class=\"_ _2\"></span>,000 dir<span class=\"_ _2\"></span>ectly<span class=\"_ _2\"></span> as opera<span class=\"_ _2\"></span>ting ex<span class=\"_ _2\"></span>penses of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod (Note 2.3<span class=\"_ _2\"></span>), on a <span class=\"_ _2\"></span>strai<span class=\"_ _2\"></span>ght-line <span class=\"_ _2\"></span>basis.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group\u2019s <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>logical<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>comprise th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span> the pro<span class=\"_ _2\"></span>duction o<span class=\"_ _2\"></span>f timbe<span class=\"_ _2\"></span>r, suita<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r inco<span class=\"_ _2\"></span>rporating in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P or for <span class=\"_ _2\"></span>sale on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t, mostl<span class=\"_ _2\"></span>y eucaly<span class=\"_ _2\"></span>ptus, but also incl<span class=\"_ _2\"></span>ude other sp<span class=\"_ _2\"></span>ecies s<span class=\"_ _2\"></span>uch as <span class=\"_ _2\"></span>pine and co<span class=\"_ _2\"></span>rk oa<span class=\"_ _2\"></span>k.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span> Forest l<span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>wned by th<span class=\"_ _2\"></span>e Group is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded in Pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant and e<span class=\"_ _2\"></span>quipmen<span class=\"_ _2\"></span>t in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet and i<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>accordance <span class=\"_ _2\"></span>with the acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cy desc<span class=\"_ _2\"></span>ribed in Note 3.3. <span class=\"_ _2\"></span>Fores<span class=\"_ _2\"></span>t land <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ha<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t owned b<span class=\"_ _2\"></span>y the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Gro<span class=\"_ _2\"></span>up and th<span class=\"_ _2\"></span>at is l<span class=\"_ _2\"></span>eased i<span class=\"_ _2\"></span>s valued i<span class=\"_ _2\"></span>n accordance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the acc<span class=\"_ _2\"></span>ounting pol<span class=\"_ _2\"></span>icy d<span class=\"_ _2\"></span>escribe<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 3.6 <span class=\"_ _2\"></span>and is <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet under <span class=\"_ _2\"></span>\"Right-<span class=\"ls15\">of</span>-<span class=\"_ _2\"></span>use asse<span class=\"_ _2\"></span>ts\". Fair Val<span class=\"_ _2\"></span>ue (lev<span class=\"_ _2\"></span>el 3 o<span class=\"_ _2\"></span>f the IFRS 1<span class=\"_ _2\"></span>3 fair <span class=\"_ _2\"></span>value h<span class=\"_ _2\"></span>ierarc<span class=\"_ _2\"></span>hy) When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up uses <span class=\"_ _2\"></span>the disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows method, based on a <span class=\"_ _2\"></span>model<span class=\"_ _2\"></span> developed i<span class=\"_ _2\"></span>n house<span class=\"_ _2\"></span>, re<span class=\"_ _2\"></span>gularly <span class=\"_ _2\"></span>tested b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>independent <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> assessm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In the mo<span class=\"_ _2\"></span>del de<span class=\"_ _2\"></span>veloped, as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered corr<span class=\"_ _2\"></span>esponding to <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>ture of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts under e<span class=\"_ _2\"></span>valuation, n<span class=\"_ _2\"></span>amely<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>development c<span class=\"_ _2\"></span>ycl<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erent speci<span class=\"_ _2\"></span>es, the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tivity of<span class=\"_ _2\"></span> the fores<span class=\"_ _2\"></span>ts, cl<span class=\"_ _2\"></span>imate <span class=\"_ _2\"></span>and oth<span class=\"_ _2\"></span>er envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> consi<span class=\"_ _2\"></span>deratio<span class=\"_ _2\"></span>ns, the <span class=\"_ _2\"></span>wood sales <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>(when the<span class=\"_ _2\"></span>re is <span class=\"_ _2\"></span>an active mar<span class=\"_ _2\"></span>ket) l<span class=\"_ _2\"></span>ess the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e rents <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> own, lease<span class=\"_ _2\"></span>d land, <span class=\"_ _2\"></span>replan<span class=\"_ _2\"></span>ting and transpor<span class=\"_ _2\"></span>t, the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>of plan<span class=\"_ _2\"></span>ting an<span class=\"_ _2\"></span>d maintenanc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the cost<span class=\"_ _2\"></span> inherent i<span class=\"_ _2\"></span>n leasi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>t land, and the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate. <span class=\"_ _2\"></span> The main u<span class=\"_ _2\"></span>nobserva<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>nputs of th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value mo<span class=\"_ _2\"></span>del are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows, and th<span class=\"_ _2\"></span>e amount of the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>assets wil<span class=\"_ _2\"></span>l inc<span class=\"_ _2\"></span>rease / (<span class=\"_ _2\"></span>decrea<span class=\"_ _2\"></span>se) res<span class=\"_ _2\"></span>pectivel<span class=\"_ _2\"></span>y if: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es prices i<span class=\"_ _2\"></span>ncr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(decrease<span class=\"_ _2\"></span>); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting an<span class=\"_ _2\"></span>d tran<span class=\"_ _2\"></span>sport c<span class=\"_ _2\"></span>osts d<span class=\"_ _2\"></span>ecrease<span class=\"_ _2\"></span> / (i<span class=\"_ _2\"></span>ncrease); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated <span class=\"_ _2\"></span>plantin<span class=\"_ _2\"></span>g and mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e costs d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>/ (inc<span class=\"_ _2\"></span>rease); <span class=\"_ _2\"></span>and </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The discou<span class=\"_ _2\"></span>nt rate <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(increas<span class=\"_ _2\"></span>e). </span></span>The discou<span class=\"_ _2\"></span>nt rate c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>ponds to <span class=\"_ _2\"></span>a mark<span class=\"_ _2\"></span>et ra<span class=\"_ _2\"></span>te withou<span class=\"_ _2\"></span>t inf<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n, in a <span class=\"_ _2\"></span>manner consi<span class=\"_ _2\"></span>sten<span class=\"_ _2\"></span>t with the str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of proj<span class=\"_ _2\"></span>ections, <span class=\"_ _2\"></span>determi<span class=\"_ _2\"></span>ned on <span class=\"_ _2\"></span>the basis<span class=\"_ _2\"></span> of th<span class=\"_ _2\"></span>e Navigato<span class=\"_ _2\"></span>r Group\u2019<span class=\"_ _2\"></span>s exp<span class=\"_ _2\"></span>ected <span class=\"ff1\">rate of<span class=\"_ _2\"></span> </span>return on i<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>rests<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>tended <span class=\"_ _2\"></span>to be sol<span class=\"_ _2\"></span>d int<span class=\"_ _2\"></span>ragroup. Conc<span class=\"_ _2\"></span>ession <span class=\"_ _2\"></span>areas The costs <span class=\"_ _2\"></span>incurr<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>te prepa<span class=\"_ _2\"></span>ration b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst f<span class=\"_ _2\"></span>orestati<span class=\"_ _2\"></span>on are <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded as property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d depr<span class=\"_ _2\"></span>eciated <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>ne wit<span class=\"_ _2\"></span>h its exp<span class=\"_ _2\"></span>ected useful <span class=\"_ _2\"></span>lives correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>oncessio<span class=\"_ _2\"></span>n period<span class=\"_ _2\"></span>. Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"ff1\"> </span>Changes i<span class=\"_ _2\"></span>n estimat<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> growth, <span class=\"_ _2\"></span>growth pe<span class=\"_ _2\"></span>riod, <span class=\"_ _2\"></span>price, co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> and other <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t as f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>adjus<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ents of bi<span class=\"_ _2\"></span>ologic<span class=\"_ _2\"></span>al assets. Ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span><span class=\"ff1\"> </span>At the <span class=\"_ _2\"></span>time of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, woo<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ess estimate<span class=\"_ _2\"></span>d costs <span class=\"_ _2\"></span>since <span class=\"_ _2\"></span>that poi<span class=\"_ _2\"></span>nt until<span class=\"_ _2\"></span> the point o<span class=\"_ _2\"></span>f sale<span class=\"_ _2\"></span>, which<span class=\"_ _2\"></span> is the <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> cost <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>nven<span class=\"_ _2\"></span>tory. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Inventori<span class=\"_ _2\"></span>es ar<span class=\"_ _2\"></span>e valued <span class=\"_ _2\"></span>in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing criteri<span class=\"_ _2\"></span>a: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Goods an<span class=\"_ _2\"></span>d raw mate<span class=\"_ _2\"></span>rials <span class=\"_ _2\"></span> </span></span>Goods an<span class=\"_ _2\"></span>d raw, subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y and consuma<span class=\"_ _2\"></span>ble mat<span class=\"_ _2\"></span>erial<span class=\"_ _2\"></span>s are <span class=\"_ _2\"></span>valued a<span class=\"_ _2\"></span>t the low<span class=\"_ _2\"></span>er of th<span class=\"_ _2\"></span>eir purc<span class=\"_ _2\"></span>hase cost o<span class=\"_ _2\"></span>r their n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isable <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>The purchas<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st incl<span class=\"_ _2\"></span>udes <span class=\"_ _2\"></span>ancill<span class=\"_ _2\"></span>ary costs <span class=\"_ _2\"></span>and it is<span class=\"_ _2\"></span> dete<span class=\"_ _2\"></span>rmined usin<span class=\"_ _2\"></span>g the weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e cost as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>valua<span class=\"_ _2\"></span>tion method.<span class=\"_ _2\"></span> ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Finished and <span class=\"_ _2\"></span>intermedi<span class=\"_ _2\"></span>ate pro<span class=\"_ _2\"></span>ducts and <span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>k in progr<span class=\"_ _2\"></span>ess </span></span>Fini<span class=\"_ _2\"></span>shed and in<span class=\"_ _2\"></span>termediat<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts and <span class=\"_ _2\"></span>work i<span class=\"_ _2\"></span>n progress<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>valued at <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ower of<span class=\"_ _2\"></span> their production <span class=\"_ _2\"></span>cost <span class=\"_ _2\"></span>(which i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted raw ma<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rials, l<span class=\"_ _2\"></span>abour and <span class=\"_ _2\"></span>general<span class=\"_ _2\"></span> manufac<span class=\"_ _2\"></span>turing costs, bas<span class=\"_ _2\"></span>ed on a <span class=\"_ _2\"></span>normal p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n cap<span class=\"_ _2\"></span>acity le<span class=\"_ _2\"></span>vel) or <span class=\"_ _2\"></span>thei<span class=\"_ _2\"></span>r net r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>able value<span class=\"_ _2\"></span>. The net <span class=\"_ _2\"></span>realisable <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>estimated s<span class=\"_ _2\"></span>elli<span class=\"_ _2\"></span>ng price<span class=\"_ _2\"></span>, after <span class=\"_ _2\"></span>deducting es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed completi<span class=\"_ _2\"></span>on and sel<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>osts. <span class=\"_ _2\"></span>The dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>uction <span class=\"_ _2\"></span>cost and ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable value, i<span class=\"_ _2\"></span>f lower, a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>an operati<span class=\"_ _2\"></span>onal c<span class=\"_ _2\"></span>ost.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _2\"></span>result f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the Group's <span class=\"_ _2\"></span>main ac<span class=\"_ _2\"></span>tiviti<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>nd the business<span class=\"_ _2\"></span> mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>tractual cash <span class=\"_ _2\"></span>flows.<span class=\"_ _2\"></span> Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>btors gener<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y assume th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>model of <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ecting contrac<span class=\"_ _2\"></span>tual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, net of<span class=\"_ _2\"></span> impairm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ermined on <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>asis <span class=\"_ _2\"></span>of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tive of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>ebtors<span class=\"_ _2\"></span> Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d o<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> bas<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _2\"></span>d subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>ty. <span class=\"ff1\"> </span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>her equity <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _2\"></span>tion, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the procee<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the issu<span class=\"_ _2\"></span>e.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> for the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new business<span class=\"_ _2\"></span> are deduct<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt i<span class=\"_ _2\"></span>ssued. When any G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>res sha<span class=\"_ _2\"></span>res of <span class=\"_ _2\"></span>the par<span class=\"_ _2\"></span>ent c<span class=\"_ _2\"></span>ompany (treasu<span class=\"_ _2\"></span>ry sha<span class=\"_ _2\"></span>res)<span class=\"_ _2\"></span>, the payment, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des directl<span class=\"_ _2\"></span>y attri<span class=\"_ _2\"></span>butable i<span class=\"_ _2\"></span>ncremen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>costs, is<span class=\"_ _2\"></span> deducte<span class=\"_ _2\"></span>d from the Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the hold<span class=\"_ _2\"></span>ers of the <span class=\"_ _2\"></span>parent <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y\u2019s capital<span class=\"_ _2\"></span> until<span class=\"_ _2\"></span> such ti<span class=\"_ _2\"></span>me the shar<span class=\"_ _2\"></span>es are canc<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>led, rei<span class=\"_ _2\"></span>ssued or so<span class=\"_ _2\"></span>ld. <span class=\"_ _2\"></span> When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _2\"></span>, net of <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the <span class=\"ff8\">Sharehol<span class=\"_ _2\"></span>ders\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and no<span class=\"_ _2\"></span>t </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Basic<span class=\"_ _2\"></span> earnings pe<span class=\"_ _2\"></span>r share a<span class=\"_ _2\"></span>re det<span class=\"_ _2\"></span>ermined <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the divi<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>profits o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>es attri<span class=\"_ _2\"></span>butable to the or<span class=\"_ _2\"></span>dinary <span class=\"_ _2\"></span>Sharehold<span class=\"_ _2\"></span>ers of<span class=\"_ _2\"></span> the Comp<span class=\"_ _2\"></span>any by <span class=\"_ _2\"></span>the weig<span class=\"_ _2\"></span>hted aver<span class=\"_ _2\"></span>age numb<span class=\"_ _2\"></span>er of co<span class=\"_ _2\"></span>mmon shares o<span class=\"_ _2\"></span>utstandin<span class=\"_ _2\"></span>g duri<span class=\"_ _2\"></span>ng the pe<span class=\"_ _2\"></span>riod. For the pu<span class=\"_ _2\"></span>rpose of<span class=\"_ _2\"></span> calc<span class=\"_ _2\"></span>ulating <span class=\"_ _2\"></span>dil<span class=\"_ _2\"></span>uted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare, the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>djusts <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>profits or loss<span class=\"_ _2\"></span>es attribu<span class=\"_ _2\"></span>table <span class=\"_ _2\"></span>to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty holde<span class=\"_ _2\"></span>rs, as <span class=\"_ _2\"></span>well as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>weighted a<span class=\"_ _2\"></span>verage num<span class=\"_ _2\"></span>ber of outstanding <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rposes of <span class=\"_ _2\"></span>all pot<span class=\"_ _2\"></span>ential<span class=\"_ _2\"></span> diluti<span class=\"_ _2\"></span>ve co<span class=\"_ _2\"></span>mmon shares. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The dist<span class=\"_ _2\"></span>ribution <span class=\"_ _2\"></span>of divi<span class=\"_ _2\"></span>dends to <span class=\"_ _2\"></span>Sharehol<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span> as a <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> the Group\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial statements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e period in<span class=\"_ _2\"></span> whi<span class=\"_ _2\"></span>ch the divi<span class=\"_ _2\"></span>dends a<span class=\"_ _2\"></span>re ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the Shar<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>ders at th<span class=\"_ _2\"></span>e General M<span class=\"_ _2\"></span>eeting <span class=\"_ _2\"></span>and up un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>the time of <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t or<span class=\"_ _2\"></span>, in the cas<span class=\"_ _2\"></span>e of an<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pated distributi<span class=\"_ _2\"></span>ons, <span class=\"_ _2\"></span>when appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>Directo<span class=\"_ _2\"></span>rs. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Fair value r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the period <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.11) as<span class=\"_ _2\"></span> the hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>d to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss. Curr<span class=\"_ _2\"></span>ency exchange reser<span class=\"_ _2\"></span>ve The curr<span class=\"_ _2\"></span>ency trans<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e accu<span class=\"_ _2\"></span>mulated amoun<span class=\"_ _2\"></span>t relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the settlem<span class=\"_ _2\"></span>ent by th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>anslatio<span class=\"_ _2\"></span>n of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements of <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es oper<span class=\"_ _2\"></span>ating outsi<span class=\"_ _2\"></span>de t<span class=\"_ _2\"></span>he Euro z<span class=\"_ _2\"></span>one. Lega<span class=\"_ _2\"></span>l reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t least 5% o<span class=\"_ _2\"></span>f a<span class=\"_ _2\"></span>nnual n<span class=\"_ _2\"></span>et profit mus<span class=\"_ _2\"></span>t be <span class=\"_ _2\"></span>transfe<span class=\"_ _2\"></span>rred to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>east 20<span class=\"_ _2\"></span>% of t<span class=\"_ _2\"></span>he iss<span class=\"_ _2\"></span>ued capital<span class=\"_ _2\"></span>. This <span class=\"_ _2\"></span>reserv<span class=\"_ _2\"></span>e cannot be distribu<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>unless the <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _2\"></span>be d<span class=\"_ _2\"></span>rawn on <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>exhausted<span class=\"_ _2\"></span>, or inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Other reser<span class=\"_ _2\"></span>ves and<span class=\"_ _2\"></span> retained<span class=\"_ _2\"></span> earnings<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>available f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on to Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>that we<span class=\"_ _2\"></span>re consti<span class=\"_ _2\"></span>tuted throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>appropri<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pri<span class=\"_ _2\"></span>or period\u2019s <span class=\"_ _2\"></span>ear<span class=\"_ _2\"></span>nings, the <span class=\"_ _2\"></span>reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance cor<span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>onding to the <span class=\"_ _2\"></span>acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value of<span class=\"_ _2\"></span> treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held is<span class=\"_ _2\"></span> not dist<span class=\"_ _2\"></span>ributa<span class=\"_ _2\"></span>ble (Not<span class=\"_ _2\"></span>e 5.2)<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes Bonds, Co<span class=\"_ _2\"></span>mmercial <span class=\"_ _2\"></span>Paper<span class=\"_ _2\"></span>, bank loans<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, usi<span class=\"_ _2\"></span>ng the eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve interest <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the ref<span class=\"_ _2\"></span>und amoun<span class=\"_ _2\"></span>t and th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement amou<span class=\"_ _2\"></span>nt is r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>deb<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>under \"In<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>expenses on<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ther loans\" <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.11 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Net finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>results. </span></span>Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>approxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _2\"></span>g l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties that ar<span class=\"_ _2\"></span>e remun<span class=\"_ _2\"></span>erated at <span class=\"_ _2\"></span>a fi<span class=\"_ _2\"></span>xed rat<span class=\"_ _2\"></span>e is <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>sed in Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabil<span class=\"_ _2\"></span>ities.<span class=\"ff4\"> </span></span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the s<span class=\"_ _2\"></span>tart da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ease, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>ses lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties measured a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>present value of<span class=\"_ _2\"></span> futur<span class=\"_ _2\"></span>e lease pa<span class=\"_ _2\"></span>yments, <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>ude fixed p<span class=\"_ _2\"></span>ayments <span class=\"_ _2\"></span>less l<span class=\"_ _2\"></span>ease <span class=\"_ _0\"></span>incen<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>, varia<span class=\"_ _2\"></span>ble lease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, and amoun<span class=\"_ _2\"></span>ts expect<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to be pai<span class=\"_ _2\"></span>d as resi<span class=\"_ _2\"></span>dual <span class=\"_ _2\"></span>value. Le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>yments al<span class=\"_ _2\"></span>so incl<span class=\"_ _2\"></span>ude the price o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>exercis<span class=\"_ _2\"></span>e of rene<span class=\"_ _2\"></span>wal option<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>easonably<span class=\"_ _2\"></span> certain to <span class=\"_ _2\"></span>be e<span class=\"_ _2\"></span>xercise<span class=\"_ _2\"></span>d by the G<span class=\"_ _2\"></span>roup or l<span class=\"_ _2\"></span>ease termi<span class=\"_ _2\"></span>nation penal<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>ayments i<span class=\"_ _2\"></span>f the l<span class=\"_ _2\"></span>ease term <span class=\"_ _2\"></span>refl<span class=\"_ _2\"></span>ects the Grou<span class=\"_ _2\"></span>p's o<span class=\"_ _2\"></span>ption to <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>te the agreem<span class=\"_ _2\"></span>ent.<span class=\"_ _2\"></span> In calc<span class=\"_ _2\"></span>ulating the <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>value of f<span class=\"_ _2\"></span>uture l<span class=\"_ _2\"></span>ease p<span class=\"_ _2\"></span>ayments, <span class=\"_ _2\"></span>the Group us<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span> incremen<span class=\"_ _2\"></span>tal finan<span class=\"_ _2\"></span>cing rate i<span class=\"_ _2\"></span>f the impl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate on<span class=\"_ _2\"></span> the l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s not easi<span class=\"_ _2\"></span>ly determi<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Subsequentl<span class=\"_ _2\"></span>y, the <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e lease l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>reased by th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>est amoun<span class=\"_ _2\"></span>t (Not<span class=\"_ _2\"></span>e 5.11 - Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results) an<span class=\"_ _2\"></span>d decr<span class=\"_ _2\"></span>eased <span class=\"_ _2\"></span>by the l<span class=\"_ _2\"></span>ease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span> (rents). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Cash <span class=\"_ _2\"></span>and cash equi<span class=\"_ _2\"></span>valents<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude cash, <span class=\"_ _2\"></span>bank accoun<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>sho<span class=\"_ _2\"></span>rt<span class=\"_ _0\"></span>-term in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ents wi<span class=\"_ _2\"></span>th an in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>maturity of u<span class=\"_ _2\"></span>p to <span class=\"_ _2\"></span>3 months, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>can be mobi<span class=\"_ _2\"></span>lised i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y withou<span class=\"_ _2\"></span>t any signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>risk in <span class=\"_ _2\"></span>value fl<span class=\"_ _2\"></span>uctuations<span class=\"_ _2\"></span>.  For cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w statement <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>es, this <span class=\"_ _2\"></span>caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes bank o<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>drafts, whi<span class=\"_ _2\"></span>ch ar<span class=\"_ _2\"></span>e presented i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al pos<span class=\"_ _2\"></span>ition as<span class=\"_ _2\"></span> a curre<span class=\"_ _2\"></span>nt li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty,<span class=\"_ _0\"></span> und<span class=\"_ _2\"></span>er the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interest-bearing li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (Not<span class=\"_ _2\"></span>e 5.7)<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>come\" the i<span class=\"_ _2\"></span>ncome an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>gains resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>treasu<span class=\"_ _2\"></span>ry managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>btained f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e application o<span class=\"_ _2\"></span>f cash <span class=\"_ _2\"></span>surplus; an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed to h<span class=\"_ _2\"></span>edge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k on lo<span class=\"_ _2\"></span>ans, regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the fo<span class=\"_ _2\"></span>rmal <span class=\"_ _2\"></span>designation <span class=\"_ _2\"></span>of hed<span class=\"_ _2\"></span>ge. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Current i<span class=\"_ _2\"></span>ncome t<span class=\"_ _2\"></span>ax is c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on net p<span class=\"_ _2\"></span>rofit, <span class=\"_ _2\"></span>adjusted i<span class=\"_ _2\"></span>n conf<span class=\"_ _2\"></span>ormity <span class=\"_ _2\"></span>with tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in f<span class=\"_ _2\"></span>orce at th<span class=\"_ _2\"></span>e sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> consol<span class=\"_ _2\"></span>idated fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>date. Taxa<span class=\"_ _2\"></span>tion group In Portu<span class=\"_ _2\"></span>gal, th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>subject <span class=\"_ _2\"></span>to the s<span class=\"_ _2\"></span>pecial <span class=\"_ _2\"></span>tax re<span class=\"_ _2\"></span>gime for grou<span class=\"_ _2\"></span>ps o<span class=\"_ _2\"></span>f compani<span class=\"_ _2\"></span>es (RETGS), c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g companies <span class=\"_ _2\"></span>in which <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>harehol<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> is equal<span class=\"_ _2\"></span> to or mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% and which meet <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>laid down <span class=\"_ _2\"></span>in a<span class=\"_ _2\"></span>rticles<span class=\"_ _2\"></span> 69, and fo<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lowing o<span class=\"_ _2\"></span>f the Corpora<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>Income Tax Code (IRC<span class=\"_ _2\"></span> Code)<span class=\"_ _2\"></span>. These comp<span class=\"_ _2\"></span>anies i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the RE<span class=\"_ _2\"></span>TGS calc<span class=\"_ _2\"></span>ulate in<span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>taxes as if<span class=\"_ _2\"></span> they <span class=\"_ _2\"></span>were ta<span class=\"_ _2\"></span>xed independ<span class=\"_ _2\"></span>ently. L<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties are r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>due to <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant entit<span class=\"_ _2\"></span>y of the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> Group, cur<span class=\"_ _2\"></span>rentl<span class=\"_ _2\"></span>y The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S<span class=\"_ _2\"></span>.A. <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s res<span class=\"_ _2\"></span>ponsible f<span class=\"_ _2\"></span>or the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>overall<span class=\"_ _2\"></span> clearanc<span class=\"_ _2\"></span>e and paym<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>rporate i<span class=\"_ _2\"></span>ncome <span class=\"_ _2\"></span>tax. Wh<span class=\"_ _2\"></span>ere ther<span class=\"_ _2\"></span>e are <span class=\"_ _2\"></span>gains o<span class=\"_ _2\"></span>n the us<span class=\"_ _2\"></span>e of this regime<span class=\"_ _2\"></span>, these are <span class=\"_ _2\"></span>record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>ncome in <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant en<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ty financi<span class=\"_ _2\"></span>al statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In 2018<span class=\"_ _2\"></span>, a tax grou<span class=\"_ _2\"></span>p was al<span class=\"_ _2\"></span>so es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed in Sp<span class=\"_ _2\"></span>ain, whic<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des the three s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>of the group bas<span class=\"_ _2\"></span>ed in tha<span class=\"_ _2\"></span>t coun<span class=\"_ _2\"></span>try and o<span class=\"_ _2\"></span>wned <span class=\"_ _2\"></span>by Bosques<span class=\"_ _2\"></span> do A<span class=\"_ _2\"></span>tl\u00e2ntico, S.L<span class=\"_ _2\"></span>., the pa<span class=\"_ _2\"></span>rent-compan<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span> the ta<span class=\"_ _2\"></span>x group. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Deferred t<span class=\"_ _2\"></span>ax is<span class=\"_ _2\"></span> calcul<span class=\"_ _2\"></span>ated base<span class=\"_ _2\"></span>d on <span class=\"_ _2\"></span>the liabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on on <span class=\"_ _2\"></span>the temporary <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>between the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alues <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>their res<span class=\"_ _2\"></span>pective tax base. <span class=\"_ _2\"></span>To d<span class=\"_ _2\"></span>etermin<span class=\"_ _2\"></span>e the defe<span class=\"_ _2\"></span>rred <span class=\"_ _2\"></span>tax, <span class=\"_ _2\"></span>the tax ra<span class=\"_ _2\"></span>te e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted t<span class=\"_ _0\"></span>o be i<span class=\"_ _2\"></span>n force i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in which the <span class=\"_ _2\"></span>tempora<span class=\"_ _2\"></span>ry diffe<span class=\"_ _2\"></span>rences <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be reverse<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>used. Deferred t<span class=\"_ _2\"></span>ax asse<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed wh<span class=\"_ _2\"></span>enever th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>asonabl<span class=\"_ _2\"></span>e likeli<span class=\"_ _2\"></span>hood that f<span class=\"_ _2\"></span>uture taxable <span class=\"_ _2\"></span>profits <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be generat<span class=\"_ _2\"></span>ed agai<span class=\"_ _2\"></span>nst whic<span class=\"_ _2\"></span>h they c<span class=\"_ _2\"></span>an be <span class=\"_ _2\"></span>offset. <span class=\"_ _2\"></span>Deferred tax <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re revised <span class=\"_ _2\"></span>periodical<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d decreas<span class=\"_ _2\"></span>ed when<span class=\"_ _2\"></span>ever i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>ey will<span class=\"_ _2\"></span> not be us<span class=\"_ _2\"></span>ed. Deferred t<span class=\"_ _2\"></span>axes a<span class=\"_ _2\"></span>re rec<span class=\"_ _2\"></span>orded as <span class=\"_ _2\"></span>an inco<span class=\"_ _2\"></span>me or e<span class=\"_ _2\"></span>xpense fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he period<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>xcept where <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>result from amo<span class=\"_ _2\"></span>unts recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectly <span class=\"_ _2\"></span>under Shar<span class=\"_ _2\"></span>eholders\u2019<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> in <span class=\"_ _2\"></span>which defer<span class=\"_ _2\"></span>red tax i<span class=\"_ _2\"></span>s </span>also<span class=\"_ _2\"></span> recorded un<span class=\"_ _2\"></span>der the sam<span class=\"_ _2\"></span>e cap<span class=\"_ _2\"></span>tion. Ta<span class=\"_ _2\"></span>x benef<span class=\"_ _2\"></span>its a<span class=\"_ _2\"></span>ttributed <span class=\"_ _2\"></span>to the Gro<span class=\"_ _2\"></span>up re<span class=\"_ _2\"></span>gardi<span class=\"_ _2\"></span>ng its investmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t as th<span class=\"_ _2\"></span>ere is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient ta<span class=\"_ _2\"></span>xable inco<span class=\"_ _2\"></span>me to all<span class=\"_ _2\"></span>ow its us<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Short-term emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>enefits<span class=\"_ _2\"></span> Acquired ri<span class=\"_ _2\"></span>ghts - ho<span class=\"_ _2\"></span>lida<span class=\"_ _2\"></span>ys and hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owanc<span class=\"_ _2\"></span>e In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ollecti<span class=\"_ _2\"></span>ve la<span class=\"_ _2\"></span>bour agreem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>pplicabl<span class=\"_ _2\"></span>e to The N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. as well<span class=\"_ _2\"></span> as under <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>greement c<span class=\"_ _2\"></span>elebra<span class=\"_ _2\"></span>ted with <span class=\"_ _2\"></span>the L<span class=\"_ _2\"></span>abour Unions<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up comp<span class=\"_ _2\"></span>anies are entitled <span class=\"_ _2\"></span>to a 2<span class=\"_ _2\"></span>5 worki<span class=\"_ _2\"></span>ng days <span class=\"_ _2\"></span>leave, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as to a <span class=\"_ _2\"></span>month\u2019<span class=\"_ _2\"></span>s hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owance.<span class=\"ff1\"> </span>Productivi<span class=\"_ _2\"></span>ty bonus<span class=\"_ _2\"></span> In 2022<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up intro<span class=\"_ _2\"></span>duced a P<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity <span class=\"_ _2\"></span>bonus i<span class=\"_ _2\"></span>n addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the normal bon<span class=\"_ _2\"></span>us p<span class=\"_ _2\"></span>aid to employees<span class=\"_ _2\"></span>. The ai<span class=\"_ _2\"></span>m of thi<span class=\"_ _2\"></span>s bonus<span class=\"_ _2\"></span> is to f<span class=\"_ _2\"></span>ocus on <span class=\"_ _2\"></span>increasi<span class=\"_ _2\"></span>ng produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty and prof<span class=\"_ _2\"></span>itabi<span class=\"_ _2\"></span>lity, <span class=\"_ _2\"></span>which are criti<span class=\"_ _2\"></span>cal and <span class=\"_ _2\"></span>fundament<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>prerequisi<span class=\"_ _2\"></span>tes for co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nued in<span class=\"_ _2\"></span>vestment i<span class=\"_ _2\"></span>n busin<span class=\"_ _2\"></span>ess gro<span class=\"_ _2\"></span>wth and sustain<span class=\"_ _2\"></span>able improv<span class=\"_ _2\"></span>ements <span class=\"_ _2\"></span>in sal<span class=\"_ _2\"></span>aries and <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts. Thus<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>he Producti<span class=\"_ _2\"></span>vity Bonus <span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>the achievemen<span class=\"_ _2\"></span>t of produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> levels a<span class=\"_ _2\"></span>t chal<span class=\"_ _2\"></span>lenging <span class=\"_ _2\"></span>threshol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>corresponding <span class=\"_ _2\"></span>to di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>t level<span class=\"_ _2\"></span>s of remunera<span class=\"_ _2\"></span>tion, bas<span class=\"_ _2\"></span>ed on a b<span class=\"_ _2\"></span>asic<span class=\"_ _2\"></span> monthly s<span class=\"_ _2\"></span>alary. Bonuses Accordin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the current <span class=\"_ _2\"></span>Performan<span class=\"_ _2\"></span>ce Mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>Syste<span class=\"_ _2\"></span>m (<span class=\"ff9\">Si<span class=\"_ _0\"></span>stema d<span class=\"_ _2\"></span>e Gest<span class=\"_ _2\"></span>\u00e3o de </span>Desempenho<span class=\"ff1\">), <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es hav<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>right <span class=\"_ _2\"></span>to a bonus, <span class=\"_ _2\"></span>based o<span class=\"_ _2\"></span>n annuall<span class=\"_ _2\"></span>y defined o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives. <span class=\"_ _2\"></span>The </span>entitlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>this bonus<span class=\"_ _2\"></span> is u<span class=\"_ _2\"></span>sually <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>year <span class=\"_ _2\"></span>preceding i<span class=\"_ _2\"></span>ts p<span class=\"_ _2\"></span>ayment. These li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e year i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>the Empl<span class=\"_ _2\"></span>oyees acquir<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>e respecti<span class=\"_ _2\"></span>ve ri<span class=\"_ _2\"></span>ght, against th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement and i<span class=\"_ _2\"></span>rrespec<span class=\"_ _2\"></span>tive of <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te o<span class=\"_ _2\"></span>f payment, <span class=\"_ _2\"></span>whil<span class=\"_ _2\"></span>st the bal<span class=\"_ _2\"></span>ance payable <span class=\"_ _2\"></span>at the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n is <span class=\"_ _2\"></span>shown under the caption <span class=\"_ _2\"></span>Payables <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>ther cur<span class=\"_ _2\"></span>rent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. Benefits <span class=\"_ _2\"></span>arising <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> employmen<span class=\"_ _2\"></span>t The benefi<span class=\"_ _2\"></span>ts arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of emplo<span class=\"_ _2\"></span>yment are <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecognised wh<span class=\"_ _2\"></span>en the G<span class=\"_ _2\"></span>roup can <span class=\"_ _2\"></span>no longer wi<span class=\"_ _2\"></span>thdraw <span class=\"_ _2\"></span>the offe<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>such benefi<span class=\"_ _2\"></span>ts o<span class=\"_ _2\"></span>r in whi<span class=\"_ _2\"></span>ch the <span class=\"_ _2\"></span>Group recogni<span class=\"_ _2\"></span>ses <span class=\"_ _2\"></span>the cost o<span class=\"_ _2\"></span>f restruc<span class=\"_ _2\"></span>turing un<span class=\"_ _2\"></span>der the <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>ions reco<span class=\"_ _2\"></span>rding. <span class=\"_ _2\"></span>Benefi<span class=\"_ _2\"></span>ts due <span class=\"_ _2\"></span>more than 12 <span class=\"_ _2\"></span>months af<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>e en<span class=\"_ _2\"></span>d of the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>period a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>counted <span class=\"_ _2\"></span>to thei<span class=\"_ _2\"></span>r presen<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue.<span class=\"ff4\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined benef<span class=\"_ _2\"></span>it plan<span class=\"_ _2\"></span> Some of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidi<span class=\"_ _2\"></span>aries ha<span class=\"_ _2\"></span>ve assume<span class=\"_ _2\"></span>d the commi<span class=\"_ _2\"></span>tment to <span class=\"_ _2\"></span>make pa<span class=\"_ _2\"></span>yments <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>eir employees i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>form of<span class=\"_ _2\"></span> complemen<span class=\"_ _2\"></span>tary re<span class=\"_ _2\"></span>tiremen<span class=\"_ _2\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _2\"></span>ons, di<span class=\"_ _2\"></span>sabili<span class=\"_ _2\"></span>ty, early <span class=\"_ _2\"></span>retir<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>and survivors\u2019<span class=\"_ _2\"></span> pensi<span class=\"_ _2\"></span>ons, havi<span class=\"_ _2\"></span>ng cons<span class=\"_ _2\"></span>titut<span class=\"_ _2\"></span>ed defi<span class=\"_ _2\"></span>ned<span class=\"_ _0\"></span><span class=\"ff1\">-benefi<span class=\"_ _2\"></span>t pl<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>. </span>The Group s<span class=\"_ _2\"></span>et up <span class=\"_ _2\"></span>autonomous<span class=\"_ _2\"></span> pension <span class=\"_ _2\"></span>funds as <span class=\"_ _2\"></span>a means<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>of fundi<span class=\"_ _2\"></span>ng most of<span class=\"_ _2\"></span> the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Based on th<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit u<span class=\"_ _2\"></span>nit me<span class=\"_ _2\"></span>thod, the G<span class=\"_ _2\"></span>roup rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>es the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>attributi<span class=\"_ _2\"></span>on of these <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts as <span class=\"_ _2\"></span>the ser<span class=\"_ _2\"></span>vices ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>vided by <span class=\"_ _2\"></span>the em<span class=\"_ _2\"></span>ployees. <span class=\"_ _2\"></span>The total <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity is<span class=\"_ _2\"></span> estima<span class=\"_ _2\"></span>ted separatel<span class=\"_ _2\"></span>y for <span class=\"_ _2\"></span>each plan<span class=\"_ _2\"></span> at l<span class=\"_ _2\"></span>east once <span class=\"_ _2\"></span>every s<span class=\"_ _2\"></span>ix mon<span class=\"_ _2\"></span>ths, o<span class=\"_ _2\"></span>n the da<span class=\"_ _2\"></span>te of c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng of the i<span class=\"_ _2\"></span>nteri<span class=\"_ _2\"></span>m and annual<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ts, by a s<span class=\"_ _2\"></span>pecial<span class=\"_ _2\"></span>ised and i<span class=\"_ _2\"></span>ndepen<span class=\"_ _2\"></span>dent en<span class=\"_ _2\"></span>tity<span class=\"_ _2\"></span>. The liabi<span class=\"_ _2\"></span>lity thus<span class=\"_ _2\"></span> det<span class=\"_ _2\"></span>ermined is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n, less <span class=\"_ _2\"></span>the fair val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the fun<span class=\"_ _2\"></span>ds s<span class=\"_ _2\"></span>et up, und<span class=\"_ _2\"></span>er Pensi<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Actuarial<span class=\"_ _2\"></span> deviati<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in th<span class=\"_ _2\"></span>e value <span class=\"_ _2\"></span>of esti<span class=\"_ _2\"></span>mated l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities, as <span class=\"_ _2\"></span>a consequence <span class=\"_ _2\"></span>of chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and demo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns used an<span class=\"_ _2\"></span>d experi<span class=\"_ _2\"></span>ence gains, ad<span class=\"_ _2\"></span>ded to<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>tial bet<span class=\"_ _2\"></span>ween the ac<span class=\"_ _2\"></span>tual<span class=\"_ _2\"></span> return <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>fund assets an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed share of<span class=\"_ _2\"></span> net in<span class=\"_ _2\"></span>terest, <span class=\"_ _2\"></span>are d<span class=\"_ _2\"></span>esignat<span class=\"_ _2\"></span>ed as r<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>-measurem<span class=\"_ _2\"></span>ents <span class=\"_ _2\"></span>and recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y in the statement <span class=\"_ _2\"></span>of compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome, under <span class=\"_ _2\"></span>retaine<span class=\"_ _2\"></span>d earni<span class=\"_ _2\"></span>ngs. Net inter<span class=\"_ _2\"></span>est cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of the di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span> rate <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>net l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (value of<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es less <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f fund as<span class=\"_ _2\"></span>sets) <span class=\"_ _2\"></span>and<span class=\"_ _0\"></span> i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement for the p<span class=\"_ _2\"></span>eriod u<span class=\"_ _2\"></span>nder Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. The gains an<span class=\"_ _2\"></span>d l<span class=\"_ _2\"></span>osses gene<span class=\"_ _2\"></span>rated b<span class=\"_ _2\"></span>y a cur<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>ment or se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f a defi<span class=\"_ _2\"></span>ned-benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>are recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod when <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he curtail<span class=\"_ _2\"></span>ment or <span class=\"_ _2\"></span>settlemen<span class=\"_ _2\"></span>t occurs. A curtail<span class=\"_ _2\"></span>ment occurs <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a ma<span class=\"_ _2\"></span>terial re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he number of <span class=\"_ _2\"></span>emplo<span class=\"_ _2\"></span>yees. Costs <span class=\"_ _2\"></span>for past l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities resu<span class=\"_ _2\"></span>lting f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new plan or <span class=\"_ _2\"></span>incre<span class=\"_ _2\"></span>ases in<span class=\"_ _2\"></span> benefi<span class=\"_ _2\"></span>ts attribu<span class=\"_ _2\"></span>ted are <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d imm<span class=\"_ _2\"></span>ediately i<span class=\"_ _2\"></span>n the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>tement f<span class=\"_ _2\"></span>or t<span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined contrib<span class=\"_ _2\"></span>ution<span class=\"_ _2\"></span> plan Most of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidia<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>assumed comm<span class=\"_ _2\"></span>itments <span class=\"_ _2\"></span>reg<span class=\"_ _2\"></span>arding pa<span class=\"_ _2\"></span>yments to <span class=\"_ _2\"></span>a defi<span class=\"_ _2\"></span>ned contributi<span class=\"_ _2\"></span>on plan <span class=\"_ _2\"></span>in a pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>tage of <span class=\"_ _2\"></span>the empl<span class=\"_ _2\"></span>oyees\u2019 sal<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span>, in o<span class=\"_ _2\"></span>rder to pro<span class=\"_ _2\"></span>vide r<span class=\"_ _2\"></span>etir<span class=\"_ _2\"></span>ement, disabil<span class=\"_ _2\"></span>ity, earl<span class=\"_ _2\"></span>y <span class=\"ff8\">retirem<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d survivo<span class=\"_ _2\"></span>rs\u2019 pensi<span class=\"_ _2\"></span>ons.<span class=\"ff1\"> </span></span>To this <span class=\"_ _2\"></span>end, Pensi<span class=\"_ _2\"></span>on Funds <span class=\"_ _2\"></span>have b<span class=\"_ _2\"></span>een se<span class=\"_ _2\"></span>t up <span class=\"_ _2\"></span>to capital<span class=\"_ _2\"></span>ise <span class=\"_ _2\"></span>on thos<span class=\"_ _2\"></span>e contribu<span class=\"_ _2\"></span>tions, <span class=\"_ _2\"></span>for which employees ma<span class=\"_ _2\"></span>y stil<span class=\"_ _2\"></span>l make <span class=\"_ _2\"></span>voluntar<span class=\"_ _2\"></span>y contri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns, but <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up does<span class=\"_ _2\"></span> not assum<span class=\"_ _2\"></span>e any addi<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> contributi<span class=\"_ _2\"></span>on res<span class=\"_ _2\"></span>ponsibil<span class=\"_ _2\"></span>ities o<span class=\"_ _2\"></span>r a pre-fi<span class=\"_ _2\"></span>xed r<span class=\"_ _2\"></span>eturn. Thus<span class=\"_ _2\"></span>, the co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s made are reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>expenses o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d in whic<span class=\"_ _2\"></span>h they ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed, regardl<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>the ti<span class=\"_ _2\"></span>me of their se<span class=\"_ _2\"></span>ttlemen<span class=\"_ _2\"></span>t. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impair<span class=\"_ _2\"></span>ment of debt in<span class=\"_ _2\"></span>strument<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>assesses<span class=\"_ _2\"></span>, on <span class=\"_ _2\"></span>a prospec<span class=\"_ _2\"></span>tive basi<span class=\"_ _2\"></span>s, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit l<span class=\"_ _2\"></span>osses ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed with i<span class=\"_ _2\"></span>ts finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>mpreh<span class=\"_ _2\"></span>ensive inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p recognis<span class=\"_ _2\"></span>es exp<span class=\"_ _2\"></span>ected cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>throughout <span class=\"_ _2\"></span>the lif<span class=\"_ _2\"></span>etime of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>ncreases<span class=\"_ _2\"></span> in c<span class=\"_ _2\"></span>redit risk si<span class=\"_ _2\"></span>nce its <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _2\"></span>ther indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or <span class=\"_ _2\"></span>collec<span class=\"_ _2\"></span>tively, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>idering al<span class=\"_ _2\"></span>l reasonabl<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>able pros<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation.<span class=\"_ _2\"></span> If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit ris<span class=\"_ _2\"></span>k associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument has<span class=\"_ _2\"></span> not inc<span class=\"_ _2\"></span>reased signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>its in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n, the Gro<span class=\"_ _2\"></span>up measu<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>impairme<span class=\"_ _2\"></span>nt of tha<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrument <span class=\"_ _2\"></span>by an amo<span class=\"_ _2\"></span>unt equi<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ent to the <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit lo<span class=\"_ _2\"></span>sses. IFRS 9 provi<span class=\"_ _2\"></span>des tha<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> these imp<span class=\"_ _2\"></span>airme<span class=\"_ _2\"></span>nts, one of<span class=\"_ _2\"></span> two mo<span class=\"_ _2\"></span>dels i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor's <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets, s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t a fin<span class=\"_ _2\"></span>ancial insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _2\"></span>ere a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _2\"></span>dopted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _2\"></span>th IFRS 9 i<span class=\"_ _2\"></span>s as f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _2\"></span>dit sal<span class=\"_ _2\"></span>es mad<span class=\"_ _2\"></span>e by the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>e last <span class=\"_ _2\"></span>12 months, as<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>well as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _2\"></span>ers\u2019 <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t profil<span class=\"_ _2\"></span>e, by se<span class=\"_ _2\"></span>tting <span class=\"_ _2\"></span>buc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _2\"></span>requenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based<span class=\"_ _0\"></span> on I<span class=\"_ _2\"></span>. and <span class=\"_ _2\"></span>II. abo<span class=\"_ _2\"></span>ve, esti<span class=\"_ _2\"></span>mate th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of def<span class=\"_ _2\"></span>aul<span class=\"_ _2\"></span>t (i.e., <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _2\"></span>t I<span class=\"_ _2\"></span>. compar<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>balan<span class=\"_ _2\"></span>ce of o<span class=\"_ _2\"></span>utstand<span class=\"_ _2\"></span>ing sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tages of<span class=\"_ _2\"></span> future <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>tions obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _2\"></span>the def<span class=\"_ _2\"></span>ault pe<span class=\"_ _2\"></span>rcentages <span class=\"_ _2\"></span>as calc<span class=\"_ _2\"></span>ulat<span class=\"_ _2\"></span>ed in IV<span class=\"_ _2\"></span>. to <span class=\"_ _2\"></span>the balan<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>Customers s<span class=\"_ _2\"></span>till </span></span>outstanding <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _2\"></span>days as \u201c<span class=\"_ _2\"></span>defaul<span class=\"_ _2\"></span>t\u201d, th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Group c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ered a <span class=\"_ _2\"></span>period o<span class=\"_ _2\"></span>f 180 days, sinc<span class=\"_ _2\"></span>e the e<span class=\"_ _2\"></span>xperi<span class=\"_ _2\"></span>ence of r<span class=\"_ _2\"></span>eal l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before this <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>s low. This <span class=\"_ _2\"></span>period is<span class=\"_ _2\"></span> aligne<span class=\"_ _2\"></span>d with the curr<span class=\"_ _2\"></span>ent ris<span class=\"_ _2\"></span>k managem<span class=\"_ _2\"></span>ent pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es of the c<span class=\"_ _2\"></span>ompany, na<span class=\"_ _2\"></span>mely i<span class=\"_ _2\"></span>n what r<span class=\"_ _2\"></span>egards th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit insu<span class=\"_ _2\"></span>rance hired<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>to the fac<span class=\"_ _2\"></span>t tha<span class=\"_ _2\"></span>t there i<span class=\"_ _2\"></span>s no s<span class=\"_ _2\"></span>ales with<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant components <span class=\"_ _2\"></span>of fun<span class=\"_ _2\"></span>ding in li<span class=\"_ _2\"></span>ght of IFRS 1<span class=\"_ _2\"></span>5. Additi<span class=\"_ _2\"></span>onally, <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y ev<span class=\"_ _2\"></span>aluated <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>mpact of co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>180 d<span class=\"_ _2\"></span>ays of \u201cdefault\u201d i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>ead of <span class=\"_ _2\"></span>the 90 da<span class=\"_ _2\"></span>ys and th<span class=\"_ _2\"></span>e Ex<span class=\"_ _2\"></span>pected Cre<span class=\"_ _2\"></span>dit L<span class=\"_ _2\"></span>oss woul<span class=\"_ _2\"></span>d not change si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantl<span class=\"_ _2\"></span>y.<span class=\"ff1\"> </span>In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>this pe<span class=\"_ _2\"></span>riod, in<span class=\"_ _2\"></span> the ev<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>an acciden<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>redit insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>the<span class=\"_ _0\"></span> model c<span class=\"_ _2\"></span>onsiders th<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>mit of<span class=\"_ _2\"></span> 5% paid by <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Gro<span class=\"_ _2\"></span>up (10% for n<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal Cu<span class=\"_ _2\"></span>stomers). Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _2\"></span>the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> level.<span class=\"_ _2\"></span> In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk val<span class=\"_ _2\"></span>ue was <span class=\"_ _2\"></span>increase<span class=\"_ _2\"></span>d by Eu<span class=\"_ _2\"></span>ro 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: decreas<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>y Euro 123<span class=\"_ _2\"></span>,146).<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>es impai<span class=\"_ _2\"></span>rment on<span class=\"_ _2\"></span> a case-<span class=\"ls24\">by</span>-case <span class=\"_ _2\"></span>basis, bas<span class=\"_ _2\"></span>ed on s<span class=\"_ _2\"></span>pecific balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _2\"></span>, cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the his<span class=\"_ _2\"></span>tori<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>nformation <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>whether <span class=\"_ _2\"></span>there are <span class=\"_ _2\"></span>objecti<span class=\"_ _2\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets. <span class=\"_ _2\"></span>The Gr<span class=\"_ _2\"></span>oup uses the <span class=\"_ _2\"></span>write-off<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>edure onl<span class=\"_ _2\"></span>y when th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>definitely <span class=\"_ _2\"></span>uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a cour<span class=\"_ _2\"></span>t decis<span class=\"_ _2\"></span>ion. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _2\"></span>ayables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>, when negative, an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r Recei<span class=\"_ _2\"></span>vables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.2), wh<span class=\"_ _2\"></span>en posi<span class=\"_ _2\"></span>tive. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 - Financ<span class=\"_ _2\"></span>ial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue appl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _2\"></span>dgin<span class=\"_ _2\"></span>g) proj<span class=\"_ _2\"></span>ect cur<span class=\"_ _2\"></span>rently i<span class=\"_ _2\"></span>n progress. Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _2\"></span>exchang<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rates so jus<span class=\"_ _2\"></span>tif<span class=\"_ _2\"></span>y, the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange coll<span class=\"_ _2\"></span>ars<span class=\"_ _2\"></span>, forwards, <span class=\"_ _2\"></span>etc<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _2\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _2\"></span>vativ<span class=\"_ _2\"></span>es contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p re<span class=\"_ _2\"></span>present eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve economic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks<span class=\"_ _2\"></span>, not al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>them qualif<span class=\"_ _2\"></span>y as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>truments i<span class=\"_ _2\"></span>n accou<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ng terms to<span class=\"_ _2\"></span> satisfy <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>able rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>rements. <span class=\"_ _2\"></span>Instruments <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>do not <span class=\"_ _2\"></span>qualify a<span class=\"_ _2\"></span>s h<span class=\"_ _2\"></span>edging instrum<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>at their fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value and c<span class=\"_ _2\"></span>hanges i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results (N<span class=\"_ _2\"></span>ote 5.11<span class=\"_ _2\"></span>), wh<span class=\"_ _2\"></span>en relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>tions, or <span class=\"_ _2\"></span>in Ex<span class=\"_ _2\"></span>ternal services<span class=\"_ _2\"></span> and suppli<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 2.3) o<span class=\"_ _2\"></span>r Rev<span class=\"_ _2\"></span>enue (Not<span class=\"_ _2\"></span>e 2.1)<span class=\"_ _2\"></span>, when ref<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rring to he<span class=\"_ _2\"></span>dging of<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable flo<span class=\"_ _2\"></span>ws in a c<span class=\"_ _2\"></span>urrency oth<span class=\"_ _2\"></span>er than <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>enta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _2\"></span>y. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts used fo<span class=\"_ _2\"></span>r hedgi<span class=\"_ _2\"></span>ng purpos<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>may be reco<span class=\"_ _2\"></span>gnised as h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instruments <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at they co<span class=\"_ _2\"></span>mply, c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns set ou<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _2\"></span>. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _2\"></span>ting, <span class=\"_ _2\"></span>any cumu<span class=\"_ _2\"></span>lativ<span class=\"_ _2\"></span>e gain or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled to the <span class=\"_ _2\"></span>income statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _2\"></span>em is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n, in whi<span class=\"_ _2\"></span>ch case an<span class=\"_ _2\"></span>y cumula<span class=\"_ _2\"></span>tive gain<span class=\"_ _2\"></span> or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>time remains<span class=\"_ _2\"></span> in equi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Income statem<span class=\"_ _2\"></span>ent.<span class=\"ff9\"> </span>Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BH<span class=\"_ _2\"></span>KP) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e to int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t rate risk an<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>xchange rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, the Grou<span class=\"_ _2\"></span>p ent<span class=\"_ _2\"></span>ers into <span class=\"_ _2\"></span>cash fl<span class=\"_ _2\"></span>ow hedges.<span class=\"_ _2\"></span> Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _2\"></span>tive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly recognised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>. The gain<span class=\"_ _2\"></span> or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>relating to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>neffectiv<span class=\"_ _2\"></span>e portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _2\"></span>reclas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>the periods wh<span class=\"_ _2\"></span>en the h<span class=\"_ _2\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _2\"></span>exampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _2\"></span>kes place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>temen<span class=\"_ _2\"></span>t withi<span class=\"_ _2\"></span>n \"Net financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts\" (Not<span class=\"_ _2\"></span>e 5.11). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t), <span class=\"_ _2\"></span>the gai<span class=\"_ _2\"></span>ns and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re tran<span class=\"_ _2\"></span>sferred f<span class=\"_ _2\"></span>rom e<span class=\"_ _2\"></span>quity and in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>. Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g deri<span class=\"_ _2\"></span>vatives The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposu<span class=\"_ _2\"></span>re on s<span class=\"_ _2\"></span>ales i<span class=\"_ _2\"></span>nvoi<span class=\"_ _2\"></span>ced in f<span class=\"_ _2\"></span>oreign currenci<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>namely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _2\"></span>d pounds <span class=\"_ _2\"></span>sterli<span class=\"_ _2\"></span>ng (G<span class=\"_ _2\"></span>BP). As <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> fi<span class=\"ff1\">nancial<span class=\"_ _2\"></span> statements a<span class=\"_ _2\"></span>re pres<span class=\"_ _2\"></span>ented </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _2\"></span>ke cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e same currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purposes, <span class=\"_ _2\"></span>act as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>natural he<span class=\"_ _2\"></span>dge. Thus<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e hedge i<span class=\"_ _2\"></span>s aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _2\"></span>et <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> items i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve curr<span class=\"_ _2\"></span>ency fluc<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns. Th<span class=\"ls0\">e he<span class=\"_ _2\"></span>dging i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d in thi<span class=\"_ _2\"></span>s operati<span class=\"_ _2\"></span>on are fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e forwa<span class=\"_ _2\"></span>rd cont<span class=\"_ _2\"></span>racts </span>covering th<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>t exposu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>currencies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than th<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>esentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y, for amou<span class=\"_ _2\"></span>nts <span class=\"_ _2\"></span>and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>risk h<span class=\"_ _2\"></span>edged is<span class=\"_ _2\"></span> the chan<span class=\"_ _2\"></span>ge <span class=\"_ _0\"></span>in the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>expresse<span class=\"_ _2\"></span>d in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the present<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>y. At <span class=\"_ _2\"></span>the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables e<span class=\"_ _2\"></span>xpressed in<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>ag<span class=\"_ _0\"></span>ainst <span class=\"_ _2\"></span>the fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the forwards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _2\"></span>UR/<span class=\"_ _2\"></span>GBP The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup makes <span class=\"_ _2\"></span>use of <span class=\"_ _2\"></span>deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in ord<span class=\"_ _2\"></span>er to li<span class=\"_ _2\"></span>mit th<span class=\"_ _2\"></span>e net exchange <span class=\"_ _2\"></span>risk asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>sales and f<span class=\"_ _2\"></span>uture pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>USD and G<span class=\"_ _2\"></span>BP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _2\"></span>Interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup hedges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t pa<span class=\"_ _2\"></span>yments ass<span class=\"_ _2\"></span>ociated with <span class=\"_ _2\"></span>comm<span class=\"_ _2\"></span>ercial <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span>sues by hirin<span class=\"_ _2\"></span>g an inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>p, whi<span class=\"_ _2\"></span>ch pays a f<span class=\"_ _2\"></span>ixed ra<span class=\"_ _2\"></span>te an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>es a fl<span class=\"_ _2\"></span>oating ra<span class=\"_ _2\"></span>te. This<span class=\"_ _2\"></span> instrument i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>esignate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws from <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper prog<span class=\"_ _2\"></span>ram and <span class=\"_ _2\"></span>the bond lo<span class=\"_ _2\"></span>an. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _2\"></span>- BHK<span class=\"_ _2\"></span>P The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup uses d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the <span class=\"_ _2\"></span>exposure risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e variati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the pul<span class=\"_ _2\"></span>p price<span class=\"_ _2\"></span>, inde<span class=\"_ _2\"></span>xed to PIX<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>USD. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _2\"></span>IFRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Based on quo<span class=\"_ _2\"></span>tes f<span class=\"_ _2\"></span>rom ac<span class=\"_ _2\"></span>tive net mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>at r<span class=\"_ _2\"></span>eporting da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are obser<span class=\"_ _2\"></span>vable in </span>the mar<span class=\"_ _2\"></span>ket. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are not o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble </span>in the <span class=\"_ _2\"></span>market.<span class=\"_ _2\"></span><span class=\"fs0 fc1\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed whenever <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up has<span class=\"_ _2\"></span> a pres<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>egal or co<span class=\"_ _2\"></span>nstruc<span class=\"_ _2\"></span>tive o<span class=\"_ _2\"></span>bligation, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of pas<span class=\"_ _2\"></span>t events<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t is proba<span class=\"_ _2\"></span>ble tha<span class=\"_ _2\"></span>t an o<span class=\"_ _2\"></span>utfl<span class=\"_ _2\"></span>ow of resou<span class=\"_ _2\"></span>rces <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be required <span class=\"_ _2\"></span>to settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n and the <span class=\"_ _2\"></span>amount has<span class=\"_ _2\"></span> been r<span class=\"_ _2\"></span>eli<span class=\"_ _2\"></span>ably esti<span class=\"_ _2\"></span>mated.  Provisi<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r future op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g losses<span class=\"_ _2\"></span> are no<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gnised. <span class=\"_ _2\"></span>Provisio<span class=\"_ _2\"></span>ns are re<span class=\"_ _2\"></span>viewed on <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> and are a<span class=\"_ _2\"></span>djusted <span class=\"_ _2\"></span>to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estima<span class=\"_ _2\"></span>te a<span class=\"_ _2\"></span>t that dat<span class=\"_ _2\"></span>e. The Group i<span class=\"_ _2\"></span>ncurs <span class=\"_ _2\"></span>expenditu<span class=\"_ _2\"></span>re and <span class=\"_ _2\"></span>assumes <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of an envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> natur<span class=\"_ _2\"></span>e. Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _2\"></span>, expenditur<span class=\"_ _2\"></span>es on <span class=\"_ _2\"></span>equipment <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>perating t<span class=\"_ _2\"></span>echniques<span class=\"_ _2\"></span> that<span class=\"_ _2\"></span> ensure c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>applicable legisl<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>tions (as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e reducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>environment<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>l i<span class=\"_ _2\"></span>mpacts to l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>that do not exc<span class=\"_ _2\"></span>eed <span class=\"_ _2\"></span>those r<span class=\"_ _2\"></span>epresenting <span class=\"_ _2\"></span>a vi<span class=\"_ _2\"></span>able a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n of t<span class=\"_ _2\"></span>he best <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e techno<span class=\"_ _2\"></span>logies, o<span class=\"_ _2\"></span>n those rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to mini<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng energy consum<span class=\"_ _2\"></span>ption, a<span class=\"_ _2\"></span>tmosph<span class=\"_ _2\"></span>eric emi<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s, the produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> residues an<span class=\"_ _2\"></span>d noise<span class=\"_ _2\"></span>), a<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>talised when <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>y ar<span class=\"ff8\">e intend<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to serve th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>in a </span>durable <span class=\"_ _2\"></span>way, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as those as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with fu<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c benefits<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>which serv<span class=\"_ _2\"></span>e to extend th<span class=\"_ _2\"></span>e useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves, incr<span class=\"_ _2\"></span>ease cap<span class=\"_ _2\"></span>acity or i<span class=\"_ _2\"></span>mprove <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>afety o<span class=\"_ _2\"></span>r effi<span class=\"_ _2\"></span>ciency o<span class=\"_ _2\"></span>f othe<span class=\"_ _2\"></span>r asse<span class=\"_ _2\"></span>ts owned by th<span class=\"_ _2\"></span>e Group<span class=\"_ _2\"></span>.  On 1 Febru<span class=\"_ _2\"></span>ary 2013, <span class=\"_ _a9\"></span>a contrac<span class=\"_ _2\"></span>t to r<span class=\"_ _2\"></span>ender admin<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ative a<span class=\"_ _a9\"></span>nd management se<span class=\"_ _2\"></span>rvices <span class=\"_ _2\"></span>was si<span class=\"_ _2\"></span>gned between S<span class=\"_ _2\"></span>emapa - Soc<span class=\"_ _2\"></span>iedade d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> In<span class=\"_ _2\"></span>vestimentos<span class=\"_ _2\"></span> e Ges<span class=\"_ _2\"></span>t\u00e3o, SGP<span class=\"_ _2\"></span>S, S.A. <span class=\"_ _2\"></span>(currentl<span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>wner of 69.97% of<span class=\"_ _2\"></span> the Grou<span class=\"_ _2\"></span>p\u00b4s sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal) and N<span class=\"_ _a9\"></span>av<span class=\"_ _0\"></span>iga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, establ<span class=\"_ _2\"></span>ishi<span class=\"_ _2\"></span>ng a remun<span class=\"_ _2\"></span>eration system b<span class=\"_ _2\"></span>ased in e<span class=\"_ _2\"></span>qual c<span class=\"_ _2\"></span>riteria fo<span class=\"_ _2\"></span>r both <span class=\"_ _a9\"></span>parties in <span class=\"_ _a9\"></span>the conti<span class=\"_ _2\"></span>nuous c<span class=\"_ _2\"></span>ooperation and <span class=\"_ _a9\"></span>assistance relation<span class=\"_ _2\"></span>ships, <span class=\"_ _2\"></span>that meets <span class=\"_ _a9\"></span>the rules a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plic<span class=\"_ _2\"></span>able to comme<span class=\"_ _a9\"></span>rcial relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>ps between <span class=\"_ _2\"></span>Group compani<span class=\"_ _2\"></span>es. The operati<span class=\"_ _2\"></span>ons p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the Seci<span class=\"_ _2\"></span>l Group <span class=\"_ _2\"></span>arise from <span class=\"_ _a9\"></span>normal marke<span class=\"_ _2\"></span>t operati<span class=\"_ _2\"></span>ons. In the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of relat<span class=\"_ _2\"></span>ed parti<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>purpose of <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> reporting<span class=\"_ _2\"></span>, t<span class=\"_ _0\"></span>he memb<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Board of <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tors and o<span class=\"_ _2\"></span>ther cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te bodi<span class=\"_ _2\"></span>es were co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>related pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>. The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of k<span class=\"_ _2\"></span>ey managemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pers<span class=\"_ _2\"></span>onnel. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-26-3": {
   "value": "1.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Impacts<span class=\"_ _2\"></span> Arising<span class=\"_ _2\"></span> fr<span class=\"_ _2\"></span>om the Mi<span class=\"_ _2\"></span>litary <span class=\"_ _2\"></span>Confl<span class=\"_ _2\"></span>ict in </span></span>Ukraine<span class=\"_ _2\"></span> On 21 Febru<span class=\"_ _2\"></span>ary 2022<span class=\"_ _2\"></span>, the R<span class=\"_ _2\"></span>ussian <span class=\"_ _2\"></span>Federa<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnised t<span class=\"_ _2\"></span>wo breaka<span class=\"_ _2\"></span>way republic<span class=\"_ _2\"></span>s in eastern <span class=\"_ _2\"></span>Ukraine an<span class=\"_ _2\"></span>d autho<span class=\"_ _2\"></span>rised <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of mi<span class=\"_ _2\"></span>litary forc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n that t<span class=\"_ _2\"></span>erri<span class=\"_ _2\"></span>tory. On 24 <span class=\"_ _2\"></span>Februa<span class=\"_ _2\"></span>ry, Russi<span class=\"_ _2\"></span>an troops i<span class=\"_ _2\"></span>nvaded U<span class=\"_ _2\"></span>kraine an<span class=\"_ _2\"></span>d a wid<span class=\"_ _2\"></span>espread mi<span class=\"_ _2\"></span>litary<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict began i<span class=\"_ _2\"></span>n this <span class=\"_ _2\"></span>country entaili<span class=\"_ _2\"></span>ng high <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span> and human <span class=\"_ _2\"></span>losses, <span class=\"_ _2\"></span>leadi<span class=\"_ _2\"></span>ng to mass<span class=\"_ _2\"></span>ive popul<span class=\"_ _2\"></span>ation di<span class=\"_ _2\"></span>splac<span class=\"_ _2\"></span>ements.  In respons<span class=\"_ _2\"></span>e, multi<span class=\"_ _2\"></span>ple <span class=\"_ _2\"></span>jurisdic<span class=\"_ _2\"></span>tions, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g the Euro<span class=\"_ _2\"></span>pean<span class=\"_ _2\"></span> Union, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngdom, Swi<span class=\"_ _2\"></span>tzerlan<span class=\"_ _2\"></span>d, United <span class=\"_ _2\"></span>States of<span class=\"_ _2\"></span> Ameri<span class=\"_ _2\"></span>ca, Canada<span class=\"_ _2\"></span>, Japan <span class=\"_ _2\"></span>and Au<span class=\"_ _2\"></span>stralia, co<span class=\"_ _2\"></span>ndemned <span class=\"_ _2\"></span>this conf<span class=\"_ _2\"></span>lict <span class=\"_ _2\"></span>and initi<span class=\"_ _2\"></span>ated the appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>everal ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>sanctions<span class=\"_ _2\"></span> against R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia, seve<span class=\"_ _2\"></span>ral of <span class=\"_ _2\"></span>its econo<span class=\"_ _2\"></span>mic agen<span class=\"_ _2\"></span>ts and, in <span class=\"_ _2\"></span>some cases<span class=\"_ _2\"></span>, Belarus<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>turn<span class=\"_ _2\"></span>, Russi<span class=\"_ _2\"></span>a also<span class=\"_ _2\"></span> started r<span class=\"_ _2\"></span>etaliati<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th economi<span class=\"_ _2\"></span>c measures<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly affecti<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the opera<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of fo<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>eign co<span class=\"_ _2\"></span>mpanies l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Russ<span class=\"_ _2\"></span>ia and wi<span class=\"_ _2\"></span>th Ru<span class=\"_ _2\"></span>ssian counterp<span class=\"_ _2\"></span>arts.<span class=\"_ _2\"></span> The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>European <span class=\"_ _2\"></span>macroec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>and geopo<span class=\"_ _2\"></span>litic<span class=\"_ _2\"></span>al framewor<span class=\"_ _2\"></span>k as a resu<span class=\"_ _2\"></span>lt <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict has<span class=\"_ _2\"></span> increased u<span class=\"_ _2\"></span>ncertai<span class=\"_ _2\"></span>nty and i<span class=\"_ _2\"></span>nsecuri<span class=\"_ _2\"></span>ty global<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>with: i<span class=\"_ _2\"></span>) the <span class=\"_ _2\"></span>suspensio<span class=\"_ _2\"></span>n and/o<span class=\"_ _2\"></span>r disruptio<span class=\"_ _2\"></span>n of busi<span class=\"_ _2\"></span>ness with <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es h<span class=\"_ _2\"></span>eadquart<span class=\"_ _2\"></span>ered or wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>origi<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>Russi<span class=\"_ _2\"></span>a and Ukraine; ii<span class=\"_ _2\"></span>) an increase <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>mmodity pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>with foss<span class=\"_ _2\"></span>il f<span class=\"_ _2\"></span>uels, metals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d cereal<span class=\"_ _2\"></span>s being <span class=\"_ _2\"></span>parti<span class=\"_ _2\"></span>cularly noteworthy<span class=\"_ _2\"></span>; ii<span class=\"_ _2\"></span>i) i<span class=\"_ _2\"></span>ncreased glob<span class=\"_ _2\"></span>al econ<span class=\"_ _2\"></span>omic u<span class=\"_ _2\"></span>ncertainty, <span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>th more vol<span class=\"_ _2\"></span>atil<span class=\"_ _2\"></span>ity expec<span class=\"_ _2\"></span>ted<span class=\"_ _0\"></span> in exchange <span class=\"_ _2\"></span>rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rate. Poss<span class=\"_ _2\"></span>ible <span class=\"_ _2\"></span>energy su<span class=\"_ _2\"></span>pply risks, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as di<span class=\"_ _2\"></span>sruptions i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>pply of<span class=\"_ _2\"></span> raw and s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials o<span class=\"_ _2\"></span>r in l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al means will<span class=\"_ _2\"></span> contin<span class=\"_ _2\"></span>ue to put p<span class=\"_ _2\"></span>ressure <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>economy and <span class=\"_ _2\"></span>make it diffi<span class=\"_ _2\"></span>cult f<span class=\"_ _2\"></span>or Euro<span class=\"_ _2\"></span>pean indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> and trans<span class=\"_ _2\"></span>port o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>s to run <span class=\"_ _2\"></span>smoothl<span class=\"_ _2\"></span>y. As anno<span class=\"_ _2\"></span>unced in Ma<span class=\"_ _2\"></span>rch 20<span class=\"_ _2\"></span>22, the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group hal<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f its <span class=\"_ _2\"></span>products <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e markets <span class=\"_ _2\"></span>of Russ<span class=\"_ _2\"></span>ia and Bel<span class=\"_ _2\"></span>arus an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing and co<span class=\"_ _2\"></span>ntinuousl<span class=\"_ _2\"></span>y monitori<span class=\"_ _2\"></span>ng the si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n in the markets <span class=\"_ _2\"></span>where it o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span>ly and th<span class=\"_ _2\"></span>roughout <span class=\"_ _2\"></span>the suppl<span class=\"_ _2\"></span>y chai<span class=\"_ _2\"></span>n<span class=\"ff8\">\u2014</span>from the su<span class=\"_ _2\"></span>pply of wood, en<span class=\"_ _2\"></span>ergy, raw an<span class=\"_ _2\"></span>d su<span class=\"_ _2\"></span>bsidiar<span class=\"_ _2\"></span>y materi<span class=\"_ _2\"></span>als (i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g logisti<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>ssues), i<span class=\"_ _2\"></span>n technical<span class=\"_ _2\"></span> and support s<span class=\"_ _2\"></span>ervices <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed by fo<span class=\"_ _2\"></span>reign com<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>and ou<span class=\"_ _2\"></span>tsou<span class=\"_ _2\"></span>rcing service <span class=\"_ _2\"></span>providers<span class=\"_ _2\"></span>, amongs<span class=\"_ _2\"></span>t others<span class=\"_ _2\"></span>.  In view of <span class=\"_ _2\"></span>the w<span class=\"_ _2\"></span>eight of <span class=\"_ _2\"></span>the mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>of Ru<span class=\"_ _2\"></span>ssia and <span class=\"_ _2\"></span>Ukrain<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the Group's s<span class=\"_ _2\"></span>ales<span class=\"_ _2\"></span>, which represent l<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>than 1% as <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31 Decem<span class=\"_ _2\"></span>ber 2<span class=\"_ _2\"></span>021 and 0<span class=\"_ _2\"></span>% in 20<span class=\"_ _2\"></span>22, and <span class=\"_ _2\"></span>the fact tha<span class=\"_ _2\"></span>t thes<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>ket<span class=\"_ _0\"></span>s <span class=\"_ _2\"></span>do not di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y affec<span class=\"_ _2\"></span>t the supply c<span class=\"_ _2\"></span>hai<span class=\"_ _2\"></span>n, the Grou<span class=\"_ _2\"></span>p's direc<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>posure <span class=\"_ _2\"></span>to the mar<span class=\"_ _2\"></span>kets of <span class=\"_ _2\"></span>Ukraine <span class=\"_ _2\"></span>and Russi<span class=\"_ _2\"></span>a is <span class=\"_ _2\"></span>not signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t. Despite <span class=\"_ _2\"></span>the general<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n costs, <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group<span class=\"_ _2\"></span>'s agi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> conducti<span class=\"_ _2\"></span>ng its busi<span class=\"_ _2\"></span>ness poli<span class=\"_ _2\"></span>cy was able <span class=\"_ _2\"></span>to decis<span class=\"_ _2\"></span>ively off<span class=\"_ _2\"></span>set thi<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>crease, <span class=\"_ _2\"></span>thanks to<span class=\"_ _2\"></span> a respo<span class=\"_ _2\"></span>nsible p<span class=\"_ _2\"></span>rice <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>t poli<span class=\"_ _2\"></span>cy and an eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve diversi<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>rategy, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as t<span class=\"_ _2\"></span>o in<span class=\"_ _2\"></span>creased produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in its<span class=\"_ _2\"></span> industri<span class=\"_ _2\"></span>al assets <span class=\"_ _2\"></span>and gr<span class=\"_ _2\"></span>eater <span class=\"_ _2\"></span>effici<span class=\"_ _2\"></span>ency in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsumption<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>raw and subsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials<span class=\"_ _2\"></span>. Navigator co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nues to anal<span class=\"_ _2\"></span>yse th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpacts on i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, performan<span class=\"_ _2\"></span>ce an<span class=\"_ _2\"></span>d cash f<span class=\"_ _2\"></span>lows of<span class=\"_ _2\"></span> the Group r<span class=\"_ _2\"></span>esulti<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the mil<span class=\"_ _2\"></span>itary conf<span class=\"_ _2\"></span>lict<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span> Ukraine, namel<span class=\"_ _2\"></span>y in wha<span class=\"_ _2\"></span>t conc<span class=\"_ _2\"></span>erns relevan<span class=\"_ _2\"></span>t accounti<span class=\"_ _2\"></span>ng esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>and judgem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. No eviden<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>impairment r<span class=\"_ _2\"></span>esulted f<span class=\"_ _2\"></span>rom thi<span class=\"_ _2\"></span>s analysi<span class=\"_ _2\"></span><span class=\"ls25\">s.<span class=\"ls0\"> </span></span>Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>analyse<span class=\"_ _2\"></span>d whether <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e were si<span class=\"_ _2\"></span>gns of i<span class=\"_ _2\"></span>mpairm<span class=\"_ _2\"></span>ent arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>the impacts<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the war in Uk<span class=\"_ _2\"></span>raine<span class=\"_ _2\"></span>, according <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t forec<span class=\"_ _2\"></span>asts, <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on the proj<span class=\"_ _2\"></span>ection<span class=\"_ _2\"></span>s of G<span class=\"_ _2\"></span>DP growth an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal, <span class=\"_ _2\"></span>according <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e IMF and Ban<span class=\"_ _2\"></span>co <span class=\"_ _2\"></span>de Po<span class=\"_ _2\"></span>rtugal, whi<span class=\"_ _2\"></span>ch coul<span class=\"_ _2\"></span>d indi<span class=\"_ _2\"></span>cate the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will. No<span class=\"_ _2\"></span> signs <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>mpairment on goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> were iden<span class=\"_ _2\"></span>tified an<span class=\"_ _2\"></span>d there is <span class=\"_ _2\"></span>a subs<span class=\"_ _2\"></span>tanti<span class=\"_ _2\"></span>al gap compa<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue of t<span class=\"_ _2\"></span>he cash-genera<span class=\"_ _2\"></span>ting un<span class=\"_ _2\"></span>its (no<span class=\"_ _2\"></span>te 3.1<span class=\"_ _2\"></span>). Recovera<span class=\"_ _2\"></span>bility, <span class=\"_ _2\"></span>useful life<span class=\"_ _2\"></span> and dep<span class=\"_ _2\"></span>reciat<span class=\"_ _2\"></span>ion of pr<span class=\"_ _2\"></span>operty, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment Cons<span class=\"_ _2\"></span>idering the p<span class=\"_ _2\"></span>rospec<span class=\"_ _2\"></span>ts for o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper, th<span class=\"_ _2\"></span>e pulp an<span class=\"_ _2\"></span>d paper <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span> and the subs<span class=\"_ _2\"></span>tantial <span class=\"_ _2\"></span>gaps i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to t<span class=\"_ _2\"></span>he book <span class=\"_ _2\"></span>values of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts, the<span class=\"_ _2\"></span>re ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>ndication<span class=\"_ _2\"></span>s of the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>prope<span class=\"_ _2\"></span>rty, <span class=\"_ _2\"></span>plant and <span class=\"_ _2\"></span>equipmen<span class=\"_ _2\"></span>t.  Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns The Group <span class=\"_ _2\"></span>assessed <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate ap<span class=\"_ _2\"></span>plic<span class=\"_ _2\"></span>able to th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>ined benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>for emplo<span class=\"_ _2\"></span>yees an<span class=\"_ _2\"></span>d other pos<span class=\"_ _2\"></span>t-emplo<span class=\"_ _2\"></span>yment ben<span class=\"_ _2\"></span>efits. <span class=\"_ _2\"></span>The def<span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the rate<span class=\"_ _2\"></span> used to di<span class=\"_ _2\"></span>scount <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>abilities (technical<span class=\"_ _2\"></span> inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate) i<span class=\"_ _2\"></span>s based on <span class=\"_ _2\"></span>yield <span class=\"_ _2\"></span>curves <span class=\"_ _2\"></span>of hi<span class=\"_ _2\"></span>ghly rate<span class=\"_ _2\"></span>d bonds <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>maturity consi<span class=\"_ _2\"></span>stent with <span class=\"_ _2\"></span>the du<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> the pl<span class=\"_ _2\"></span>an's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. As <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>sul<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s assessment <span class=\"_ _2\"></span>and base<span class=\"_ _2\"></span>d on the actu<span class=\"_ _2\"></span>arial <span class=\"_ _2\"></span>study as <span class=\"_ _2\"></span>at 31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022, Navi<span class=\"_ _2\"></span>gator u<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>dated the dis<span class=\"_ _2\"></span>count ra<span class=\"_ _2\"></span>te of 1.25<span class=\"_ _2\"></span>% to 3.5%, in <span class=\"_ _2\"></span>line with <span class=\"_ _2\"></span>benchmar<span class=\"_ _2\"></span>k in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ates. Th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>esents in N<span class=\"_ _2\"></span>ote 7<span class=\"_ _2\"></span>.2 a sensi<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s that all<span class=\"_ _2\"></span>ows assess<span class=\"_ _2\"></span>ing <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a possibl<span class=\"_ _2\"></span>e cha<span class=\"_ _2\"></span>nge in the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e. Biologi<span class=\"_ _2\"></span>cal assets<span class=\"_ _2\"></span> When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>ests, the <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash-flows method <span class=\"_ _2\"></span>is use<span class=\"_ _2\"></span>d, <span class=\"_ _2\"></span>being th<span class=\"_ _2\"></span>e disco<span class=\"_ _2\"></span>unt rate, g<span class=\"_ _2\"></span>rowth pe<span class=\"_ _2\"></span>riod an<span class=\"_ _2\"></span>d pric<span class=\"_ _2\"></span>e some of<span class=\"_ _2\"></span> the ke<span class=\"_ _2\"></span>y as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>that may b<span class=\"_ _2\"></span>e subjec<span class=\"_ _2\"></span>t to change due <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e mil<span class=\"_ _2\"></span>itary confl<span class=\"_ _2\"></span>ict i<span class=\"_ _2\"></span>n Ukrai<span class=\"_ _2\"></span>ne. In thi<span class=\"_ _2\"></span>s sens<span class=\"_ _2\"></span>e, durin<span class=\"_ _2\"></span>g 202<span class=\"_ _2\"></span>2, the grow<span class=\"_ _2\"></span>th plans<span class=\"_ _2\"></span> proceeded as <span class=\"_ _2\"></span>exp<span class=\"_ _2\"></span>ected and N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor upd<span class=\"_ _2\"></span>ated the <span class=\"_ _2\"></span>assum<span class=\"_ _2\"></span>ptions <span class=\"_ _2\"></span>of the f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value model <span class=\"_ _2\"></span>in compli<span class=\"_ _2\"></span>ance with mar<span class=\"_ _2\"></span>ket <span class=\"_ _2\"></span>developments<span class=\"_ _2\"></span>, namel<span class=\"_ _2\"></span>y by u<span class=\"_ _2\"></span>pdating the <span class=\"_ _2\"></span>discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e from 2.9<span class=\"_ _2\"></span>9% to 5.17%. Not<span class=\"_ _2\"></span>e 3.8 sh<span class=\"_ _2\"></span>ows the <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>t of thi<span class=\"_ _2\"></span>s update an<span class=\"_ _2\"></span>d a <span class=\"_ _2\"></span>sensi<span class=\"_ _2\"></span>tivity anal<span class=\"_ _2\"></span>ysis of<span class=\"_ _2\"></span> thes<span class=\"_ _2\"></span>e assumptio<span class=\"_ _2\"></span>ns.  <span class=\"_ _2\"></span> Inventorie<span class=\"_ _2\"></span>s Taking into <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e impact on<span class=\"_ _2\"></span> demand<span class=\"_ _2\"></span>, namely a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e UWF l<span class=\"_ _2\"></span>evel, th<span class=\"_ _2\"></span>e Group i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ed the impairment <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22 by Euro 1<span class=\"_ _2\"></span>3,24<span class=\"_ _2\"></span>1,209 (N<span class=\"_ _2\"></span>otes 2.3 <span class=\"_ _2\"></span>and 4<span class=\"_ _2\"></span>.1). Ta<span class=\"_ _2\"></span>king into<span class=\"_ _2\"></span> account the mar<span class=\"_ _2\"></span>gins practi<span class=\"_ _2\"></span>sed, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p consi<span class=\"_ _2\"></span>ders <span class=\"_ _2\"></span>that the ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable val<span class=\"_ _2\"></span>ue of i<span class=\"_ _2\"></span>ts inven<span class=\"_ _2\"></span>tories at <span class=\"_ _2\"></span>31 December <span class=\"_ _2\"></span>2022 i<span class=\"_ _2\"></span>s higher <span class=\"_ _2\"></span>than thei<span class=\"_ _2\"></span>r boo<span class=\"_ _2\"></span>k value<span class=\"_ _2\"></span>.<span class=\"ff4\"> <span class=\"_ _31\"> </span></span> Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Trade<span class=\"_ _2\"></span> and other r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>les Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. In th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e impacts o<span class=\"_ _2\"></span>f IFRS 9 <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n are low c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering tha<span class=\"_ _2\"></span>t a si<span class=\"_ _2\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f its sales <span class=\"_ _2\"></span>are eith<span class=\"_ _2\"></span>er insure<span class=\"_ _2\"></span>d or ad<span class=\"_ _2\"></span>equatel<span class=\"_ _2\"></span>y covere<span class=\"_ _2\"></span>d by coll<span class=\"_ _2\"></span>ater<span class=\"_ _2\"></span>als.  Neverthel<span class=\"_ _2\"></span>ess, the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>periodi<span class=\"_ _2\"></span>cally as<span class=\"_ _2\"></span>sesses <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d credit los<span class=\"_ _2\"></span>ses an<span class=\"_ _2\"></span>d the imp<span class=\"_ _2\"></span>acts on<span class=\"_ _2\"></span> all finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st. <span class=\"_ _2\"></span>In this <span class=\"_ _2\"></span>regar<span class=\"_ _2\"></span>d, the Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>sed <span class=\"_ _2\"></span>the curr<span class=\"_ _2\"></span>ent exposur<span class=\"_ _2\"></span>e to cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k and th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpact of f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>onomic<span class=\"_ _2\"></span> forecasts <span class=\"_ _2\"></span>and concl<span class=\"_ _2\"></span>uded that <span class=\"_ _2\"></span>the impact of<span class=\"_ _2\"></span> thi<span class=\"_ _2\"></span>s compon<span class=\"_ _2\"></span>ent is smal<span class=\"_ _2\"></span>l. Liquid<span class=\"_ _2\"></span>ity The Company cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>tly has <span class=\"_ _2\"></span>a comfor<span class=\"_ _2\"></span>table l<span class=\"_ _2\"></span>iquidit<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n, which has<span class=\"_ _2\"></span> been the <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of a ca<span class=\"ls0\">reful man<span class=\"_ _2\"></span>agement of<span class=\"_ _2\"></span> workin<span class=\"_ _2\"></span>g capi<span class=\"_ _2\"></span>tal, cont<span class=\"_ _2\"></span>ainment o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e pace of i<span class=\"_ _2\"></span>mplemen<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> the </span>investmen<span class=\"_ _2\"></span>t plan and <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a confi<span class=\"_ _2\"></span>rming progr<span class=\"_ _2\"></span>am to ex<span class=\"_ _2\"></span>tend paym<span class=\"_ _2\"></span>ent deadli<span class=\"_ _2\"></span>nes without<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, advers<span class=\"_ _2\"></span>ely impac<span class=\"_ _2\"></span>ting su<span class=\"_ _2\"></span>ppliers<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-29-2": {
   "value": "1.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Subsequent<span class=\"_ _2\"></span> event<span class=\"_ _2\"></span>s </span></span>1.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Ac<span class=\"_ _0\"></span>quisiti<span class=\"_ _2\"></span>on of th<span class=\"_ _2\"></span>e consum<span class=\"_ _2\"></span>er ti<span class=\"_ _2\"></span>ssue b<span class=\"_ _2\"></span>usiness i<span class=\"_ _2\"></span>n Spain The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>ormalised <span class=\"_ _2\"></span>an agr<span class=\"_ _2\"></span>eemen<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e purc<span class=\"_ _2\"></span>hase of <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e entire sha<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>of Gom\u00e0-Camps<span class=\"_ _2\"></span> Consumer, S<span class=\"_ _2\"></span>.L.<span class=\"_ _2\"></span>U., ba<span class=\"_ _2\"></span>sed in Zaragoz<span class=\"_ _2\"></span>a, Sp<span class=\"_ _2\"></span>ain, whi<span class=\"_ _2\"></span>ch in <span class=\"_ _2\"></span>turn holds <span class=\"_ _2\"></span>the entir<span class=\"_ _2\"></span>e shar<span class=\"_ _2\"></span>e capital of<span class=\"_ _2\"></span> Gom\u00e0-Camps <span class=\"_ _2\"></span>Franc<span class=\"_ _2\"></span>e SAS<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d in Cas<span class=\"_ _2\"></span>tres, Franc<span class=\"_ _2\"></span>e (hereinaf<span class=\"_ _2\"></span>ter col<span class=\"_ _2\"></span>lectiv<span class=\"_ _2\"></span>ely ref<span class=\"_ _2\"></span>erred to <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>\"GC Con<span class=\"_ _2\"></span>sumer\"). The acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f GC <span class=\"_ _2\"></span>Consumer, whic<span class=\"_ _2\"></span>h ha<span class=\"_ _2\"></span>d total<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>115.6 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> 2022, is part o<span class=\"_ _2\"></span>f Navigator G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>ambitious<span class=\"_ _2\"></span> growt<span class=\"_ _2\"></span>h and div<span class=\"_ _2\"></span>ersific<span class=\"_ _2\"></span>ation pla<span class=\"_ _2\"></span>n. The i<span class=\"_ _2\"></span>nteg<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> this n<span class=\"_ _2\"></span>ew mil<span class=\"_ _2\"></span>l will<span class=\"_ _2\"></span> enable Navi<span class=\"_ _2\"></span>gator to <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> its<span class=\"_ _2\"></span>elf as<span class=\"_ _2\"></span> the secon<span class=\"_ _2\"></span>d large<span class=\"_ _2\"></span>st tiss<span class=\"_ _2\"></span>ue produc<span class=\"_ _2\"></span>er in th<span class=\"_ _2\"></span>e Iberi<span class=\"_ _2\"></span>an Peninsu<span class=\"_ _2\"></span>la, adding 35<span class=\"_ _2\"></span>,000<span class=\"_ _2\"></span> tonnes of<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on capaci<span class=\"_ _2\"></span>ty, bri<span class=\"_ _2\"></span>nging th<span class=\"_ _2\"></span>e tot<span class=\"_ _2\"></span>al to 165<span class=\"_ _2\"></span>,000 tonnes <span class=\"_ _2\"></span>per y<span class=\"_ _2\"></span>ear, and i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ing annual<span class=\"_ _2\"></span> conve<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng capacit<span class=\"_ _2\"></span>y by 60<span class=\"_ _2\"></span>,000 tonnes<span class=\"_ _2\"></span> to 180,000<span class=\"_ _2\"></span> tonnes pe<span class=\"_ _2\"></span>r year.<span class=\"_ _2\"></span> The enter<span class=\"_ _2\"></span>prise v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s Euro 85<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>lion. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-31-2": {
   "value": "1.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Basis <span class=\"_ _2\"></span>for pr<span class=\"_ _2\"></span>eparati<span class=\"_ _2\"></span>on </span></span>1.4.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Accounting <span class=\"_ _2\"></span>principl<span class=\"_ _2\"></span>es The conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements fo<span class=\"_ _2\"></span>r the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ded <span class=\"_ _2\"></span>31 Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>were prepa<span class=\"_ _2\"></span>red in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Internati<span class=\"_ _2\"></span>onal Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Reporting <span class=\"_ _2\"></span>St<span class=\"_ _2\"></span>andards (IFR<span class=\"_ _2\"></span>S), eff<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>e 1 Janu<span class=\"_ _2\"></span>ary 2022 <span class=\"_ _2\"></span>and as adopt<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean Union.<span class=\"_ _2\"></span> 1.4.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Basis for m<span class=\"_ _2\"></span>easureme<span class=\"_ _2\"></span>nt The accompan<span class=\"_ _2\"></span>ying co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>have<span class=\"_ _2\"></span> been p<span class=\"_ _2\"></span>repared on <span class=\"_ _2\"></span>the goi<span class=\"_ _2\"></span>ng conc<span class=\"_ _2\"></span>ern basis <span class=\"_ _2\"></span>from the acc<span class=\"_ _2\"></span>ountin<span class=\"_ _2\"></span>g books an<span class=\"_ _2\"></span>d recor<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the com<span class=\"_ _2\"></span>pani<span class=\"_ _2\"></span>es inclu<span class=\"_ _2\"></span>ded in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dation (Note 11.1<span class=\"_ _2\"></span>), an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r the histo<span class=\"_ _2\"></span>rical<span class=\"_ _2\"></span> cos<span class=\"_ _2\"></span>t conventi<span class=\"_ _2\"></span>on, exc<span class=\"_ _2\"></span>ept for <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets (Note 3<span class=\"_ _2\"></span>.8)<span class=\"_ _2\"></span>, and for <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments me<span class=\"_ _2\"></span>asured <span class=\"_ _2\"></span>at fair <span class=\"_ _2\"></span>value th<span class=\"_ _2\"></span>rough prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss or <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air value through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome (Note 8<span class=\"_ _2\"></span>.3), i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>derivative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments <span class=\"_ _2\"></span>are incl<span class=\"_ _2\"></span>uded (Note 8<span class=\"_ _2\"></span>.2). The l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>responsi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>for defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>gnised a<span class=\"_ _2\"></span>t its presen<span class=\"_ _2\"></span>t value <span class=\"_ _2\"></span>deduc<span class=\"_ _2\"></span>ted fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>respectiv<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>. 1.4.6.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Comparabi<span class=\"_ _2\"></span>lity These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are com<span class=\"_ _2\"></span>parabl<span class=\"_ _2\"></span>e in al<span class=\"_ _2\"></span>l materi<span class=\"_ _2\"></span>al respec<span class=\"_ _2\"></span>ts with <span class=\"_ _2\"></span>those of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span> year.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-31-3": {
   "value": "1.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Basis <span class=\"_ _2\"></span>for pr<span class=\"_ _2\"></span>eparati<span class=\"_ _2\"></span>on </span></span>1.4.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Accounting <span class=\"_ _2\"></span>principl<span class=\"_ _2\"></span>es The conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements fo<span class=\"_ _2\"></span>r the p<span class=\"_ _2\"></span>eriod en<span class=\"_ _2\"></span>ded <span class=\"_ _2\"></span>31 Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>were prepa<span class=\"_ _2\"></span>red in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Internati<span class=\"_ _2\"></span>onal Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Reporting <span class=\"_ _2\"></span>St<span class=\"_ _2\"></span>andards (IFR<span class=\"_ _2\"></span>S), eff<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>e 1 Janu<span class=\"_ _2\"></span>ary 2022 <span class=\"_ _2\"></span>and as adopt<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean Union.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-30-2": {
   "value": "1.4.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Authorisatio<span class=\"_ _2\"></span>n to issu<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial statem<span class=\"_ _2\"></span>ents These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>were ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _2\"></span>rs on<span class=\"_ _2\"></span> 16 February 2<span class=\"_ _2\"></span>022. <span class=\"ff8\">How<span class=\"_ _2\"></span>ever, <span class=\"_ _2\"></span>they are s<span class=\"_ _2\"></span>til<span class=\"_ _2\"></span>l su<span class=\"_ _2\"></span>bject to appro<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e General<span class=\"_ _2\"></span> Sharehold<span class=\"_ _2\"></span>ers\u2019 </span>Meeting, i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the Po<span class=\"_ _2\"></span>rtugu<span class=\"_ _2\"></span>ese comme<span class=\"_ _2\"></span>rcial<span class=\"_ _2\"></span> legisl<span class=\"_ _2\"></span>ation. The Group\u2019s <span class=\"_ _2\"></span>sen<span class=\"ff1\">i<span class=\"_ _2\"></span>or managem<span class=\"_ _2\"></span>ent, whic<span class=\"_ _2\"></span>h are <span class=\"_ _2\"></span>the membe<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>of the Board <span class=\"_ _2\"></span>of Dir<span class=\"_ _2\"></span>ectors <span class=\"_ _2\"></span>who si<span class=\"_ _2\"></span>gn </span>this <span class=\"_ _2\"></span>report, <span class=\"_ _2\"></span>declare <span class=\"_ _2\"></span>that, to <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>est of th<span class=\"_ _2\"></span>eir <span class=\"_ _2\"></span>knowledg<span class=\"_ _2\"></span>e, th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>ormation <span class=\"_ _2\"></span>contained h<span class=\"_ _2\"></span>erein was prepared in<span class=\"_ _2\"></span> confo<span class=\"_ _2\"></span>rmity wi<span class=\"_ _2\"></span>th the a<span class=\"_ _2\"></span>ppli<span class=\"_ _2\"></span>cable acco<span class=\"_ _2\"></span>unting s<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>dards, pro<span class=\"_ _2\"></span>viding a <span class=\"_ _2\"></span>true and f<span class=\"_ _2\"></span>air view of the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es, the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in<span class=\"_ _2\"></span> the Group\u2019s <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation <span class=\"_ _2\"></span>scope.<span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-33-2": {
   "value": "1.4.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Scope of c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation 1.4.3.<span class=\"_ _2\"></span>1. Su<span class=\"_ _2\"></span>bsidiarie<span class=\"_ _2\"></span>s Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver whic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Group has c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>rol, which <span class=\"_ _2\"></span>occurs when <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s exposed o<span class=\"_ _2\"></span>r enti<span class=\"_ _2\"></span>tled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>variable <span class=\"_ _2\"></span>returns <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es and has the c<span class=\"_ _2\"></span>apaci<span class=\"_ _2\"></span>ty to af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>that retu<span class=\"_ _2\"></span>rn throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>exerci<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>of power o<span class=\"_ _2\"></span>ver the en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es, regardles<span class=\"_ _2\"></span>s of the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage th<span class=\"_ _2\"></span>ey hol<span class=\"_ _2\"></span>d over equi<span class=\"_ _2\"></span>ty. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _2\"></span>exerc<span class=\"_ _2\"></span>isable o<span class=\"_ _2\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>whether it h<span class=\"_ _2\"></span>as control<span class=\"_ _2\"></span> over <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>entit<span class=\"_ _2\"></span>y.  Subsidiari<span class=\"_ _2\"></span>es are con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>dated usi<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>ull <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation method wi<span class=\"_ _2\"></span>th eff<span class=\"_ _2\"></span>ect f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e date on which c<span class=\"_ _2\"></span>ontrol i<span class=\"_ _2\"></span>s transfer<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>while they <span class=\"_ _2\"></span>are ex<span class=\"_ _2\"></span>cluded as<span class=\"_ _2\"></span> from th<span class=\"_ _2\"></span>e da<span class=\"_ _2\"></span>te cont<span class=\"_ _2\"></span>rol ceases.<span class=\"_ _2\"></span> These comp<span class=\"_ _2\"></span>anies\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and net p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t corres<span class=\"_ _2\"></span>ponding <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he third<span class=\"ff1\">-party i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>such </span>compani<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d under non<span class=\"_ _2\"></span>-controlli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n (in a <span class=\"_ _2\"></span>separate com<span class=\"_ _2\"></span>ponent of <span class=\"_ _2\"></span>equit<span class=\"_ _2\"></span>y) and <span class=\"_ _2\"></span>in the C<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated income statement<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements are <span class=\"_ _2\"></span>detai<span class=\"_ _2\"></span>led in Note 11.<span class=\"_ _2\"></span> The purc<span class=\"_ _2\"></span>hase metho<span class=\"_ _2\"></span>d is us<span class=\"_ _2\"></span>ed in r<span class=\"_ _2\"></span>ecording <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f subsi<span class=\"_ _2\"></span>diaries. Th<span class=\"_ _2\"></span>e cost o<span class=\"_ _2\"></span>f an acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s measured b<span class=\"_ _2\"></span>y the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ferred, <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty inst<span class=\"_ _2\"></span>ruments issu<span class=\"_ _2\"></span>ed, and liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> incurre<span class=\"_ _2\"></span>d or ass<span class=\"_ _2\"></span>umed o<span class=\"_ _2\"></span>n acquisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate, an<span class=\"_ _2\"></span>d the bes<span class=\"_ _2\"></span>t es<span class=\"_ _2\"></span>timate<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>any agreed co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>t paymen<span class=\"_ _2\"></span>t.  The iden<span class=\"_ _2\"></span>tifiabl<span class=\"_ _2\"></span>e assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties acqui<span class=\"_ _2\"></span>red, and co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ngent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities as<span class=\"_ _2\"></span>sumed in a <span class=\"_ _2\"></span>business combin<span class=\"_ _2\"></span>ation are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly measure<span class=\"_ _2\"></span>d at f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e on th<span class=\"_ _2\"></span>e dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion, irres<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e of the existenc<span class=\"_ _2\"></span>e of n<span class=\"_ _2\"></span>on-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests<span class=\"_ _2\"></span>. The exc<span class=\"_ _2\"></span>ess of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>st over th<span class=\"_ _2\"></span>e fair val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the Group\u2019s<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re of th<span class=\"_ _2\"></span>e identif<span class=\"_ _2\"></span>iable as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities ac<span class=\"_ _2\"></span>quired is <span class=\"_ _2\"></span>recorded <span class=\"_ _2\"></span>as good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span>, as describe<span class=\"_ _2\"></span>d in N<span class=\"_ _2\"></span>ote 3.1<span class=\"_ _2\"></span>.  If the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>ost is <span class=\"_ _2\"></span>less than<span class=\"_ _2\"></span> the fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets of the <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y (negati<span class=\"_ _2\"></span>ve goodwil<span class=\"_ _2\"></span>l), th<span class=\"_ _2\"></span>e differ<span class=\"_ _2\"></span>ence i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised dir<span class=\"_ _2\"></span>ectly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d it tak<span class=\"_ _2\"></span>es place. <span class=\"_ _2\"></span> Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. Intercompan<span class=\"_ _2\"></span>y transac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, balan<span class=\"_ _2\"></span>ces, unr<span class=\"_ _2\"></span>ealised gai<span class=\"_ _2\"></span>ns on <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d divi<span class=\"_ _2\"></span>dends distribut<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>ween grou<span class=\"_ _2\"></span>p companies <span class=\"_ _2\"></span>are el<span class=\"_ _2\"></span>iminate<span class=\"_ _2\"></span>d. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses<span class=\"_ _2\"></span> are also <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated, except wh<span class=\"_ _2\"></span>ere the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion dis<span class=\"_ _2\"></span>plays <span class=\"_ _2\"></span>evidence <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment o<span class=\"_ _2\"></span>f a tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red ass<span class=\"_ _2\"></span>et.  When, at <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>trol, <span class=\"_ _2\"></span>The Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany alr<span class=\"_ _2\"></span>eady hol<span class=\"_ _2\"></span>ds a previousl<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>red int<span class=\"_ _2\"></span>erest i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, its <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>considered i<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e goodwill<span class=\"_ _2\"></span> or nega<span class=\"_ _2\"></span>tive goo<span class=\"_ _2\"></span>dwill. <span class=\"_ _2\"></span> On a ste<span class=\"_ _2\"></span>p acquisi<span class=\"_ _2\"></span>tion proc<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>resulting i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>control, th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of any participa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span>ly held i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed agai<span class=\"_ _2\"></span>nst <span class=\"_ _2\"></span>the inco<span class=\"_ _2\"></span>me stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>Goodwi<span class=\"_ _2\"></span>ll i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ulated. When subse<span class=\"_ _2\"></span>quent trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span> or acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>hares with non<span class=\"_ _2\"></span>-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests with no <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> control t<span class=\"_ _2\"></span>ake <span class=\"_ _2\"></span>place, no <span class=\"_ _2\"></span>gain, l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>r good<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>s determined<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>cost and th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the shar<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d are recognis<span class=\"_ _2\"></span>ed in e<span class=\"_ _2\"></span>quity.<span class=\"_ _2\"></span> Negative <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>each peri<span class=\"_ _2\"></span>od by s<span class=\"_ _2\"></span>ubsidiari<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>with non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interests <span class=\"_ _2\"></span>are all<span class=\"_ _2\"></span>ocated, in th<span class=\"_ _2\"></span>e perc<span class=\"_ _2\"></span>entage h<span class=\"_ _2\"></span>eld, <span class=\"_ _2\"></span>to non-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>sts, r<span class=\"_ _2\"></span>egardless <span class=\"_ _2\"></span>of whe<span class=\"_ _2\"></span>ther the<span class=\"_ _2\"></span>y become ne<span class=\"_ _2\"></span>gative.<span class=\"_ _2\"></span> In the cas<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>interests, <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>a los<span class=\"_ _2\"></span>s of c<span class=\"_ _2\"></span>ontrol over a <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, any remaini<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est is re<span class=\"_ _2\"></span>valued <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>date of sal<span class=\"_ _2\"></span>e, and <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>ain or <span class=\"_ _2\"></span>loss resulti<span class=\"_ _2\"></span>ng from suc<span class=\"_ _2\"></span>h reval<span class=\"_ _2\"></span>uation<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>recorded a<span class=\"_ _2\"></span>gainst i<span class=\"_ _2\"></span>ncome, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the gain<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>ss resul<span class=\"_ _2\"></span>ting from s<span class=\"_ _2\"></span>uch dispos<span class=\"_ _2\"></span>al. The subsidi<span class=\"_ _2\"></span>aries\u2019 ac<span class=\"_ _2\"></span>coun<span class=\"_ _2\"></span>ting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>are adjus<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er necessa<span class=\"_ _2\"></span>ry, so <span class=\"_ _2\"></span>as to ensu<span class=\"ff1\">re <span class=\"_ _2\"></span>that </span>they are <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>ed consi<span class=\"_ _2\"></span>stently b<span class=\"_ _2\"></span>y all<span class=\"_ _2\"></span> the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>.  1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. 1.4.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Presentatio<span class=\"_ _2\"></span>n curre<span class=\"_ _2\"></span>ncy and f<span class=\"_ _2\"></span>oreign c<span class=\"_ _2\"></span>urrency<span class=\"_ _2\"></span> transa<span class=\"_ _2\"></span>ctions i.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Functio<span class=\"_ _2\"></span>nal an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>porti<span class=\"_ _2\"></span>ng cur<span class=\"_ _2\"></span>rency </span></span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Sta<span class=\"_ _2\"></span>tements o<span class=\"_ _2\"></span>f each o<span class=\"_ _2\"></span>ne o<span class=\"_ _2\"></span>f the Group\u2019<span class=\"_ _2\"></span>s en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span><span class=\"ff1 ls4c\">e </span>measured usi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the economi<span class=\"_ _2\"></span>c en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>t in whi<span class=\"_ _2\"></span>ch the en<span class=\"_ _2\"></span>tity o<span class=\"_ _2\"></span>perates (functi<span class=\"_ _2\"></span>onal cu<span class=\"_ _2\"></span>rrency). These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>are pres<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>d in Euro<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s f<span class=\"_ _2\"></span>unctional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y. ii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Balanc<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d Tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions ex<span class=\"_ _2\"></span>presse<span class=\"_ _2\"></span>d in fo<span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>gn currenc<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span> </span></span>All <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es denominat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>es other th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>reportin<span class=\"_ _2\"></span>g currency ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>been transl<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>using the <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge <span class=\"_ _2\"></span>rates pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on date <span class=\"_ _2\"></span>(Note 8.1.1<span class=\"_ _2\"></span>). Currency a<span class=\"_ _2\"></span>djustm<span class=\"_ _2\"></span>ents, f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e and unfa<span class=\"_ _2\"></span>voura<span class=\"_ _2\"></span>ble, a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>on a<span class=\"_ _2\"></span>nd those a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>date o<span class=\"_ _2\"></span>f col<span class=\"_ _2\"></span>lection, payment o<span class=\"_ _2\"></span>r statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, ar<span class=\"_ _2\"></span>e recor<span class=\"_ _2\"></span>ded as<span class=\"_ _2\"></span> income and co<span class=\"_ _2\"></span>sts in <span class=\"_ _2\"></span>the Cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period. iii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Group c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>panie<span class=\"_ _2\"></span>s </span></span>The resu<span class=\"_ _2\"></span>lts and <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch have a di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> currency f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>Group\u2019<span class=\"_ _2\"></span>s repo<span class=\"_ _2\"></span>rting cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y are transl<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ed into <span class=\"_ _2\"></span>the repo<span class=\"_ _2\"></span>rtin<span class=\"ff1\">g currenc<span class=\"_ _2\"></span>y as </span>fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> each S<span class=\"_ _2\"></span>tatement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion are trans<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ted at th<span class=\"_ _2\"></span>e </span></span>exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated <span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Eq<span class=\"_ _0\"></span>uity balan<span class=\"_ _2\"></span>ces <span class=\"_ _2\"></span>are transl<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e histori<span class=\"_ _2\"></span>cal exchan<span class=\"_ _2\"></span>ge rate;<span class=\"_ _2\"></span> </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>he inco<span class=\"_ _2\"></span>me and <span class=\"_ _2\"></span>expenses di<span class=\"_ _2\"></span>sclosed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Income S<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e converte<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>the </span></span>exchange <span class=\"_ _2\"></span>rate pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>dates of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. When thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble or when benef<span class=\"_ _2\"></span>its do n<span class=\"_ _2\"></span>ot ari<span class=\"_ _2\"></span>se from <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s proc<span class=\"_ _2\"></span>edure,<span class=\"_ _2\"></span> income <span class=\"_ _2\"></span>and expenses ar<span class=\"_ _2\"></span>e translat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the aver<span class=\"_ _2\"></span>age exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod. The exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es resultin<span class=\"_ _2\"></span>g fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>topics i<span class=\"_ _2\"></span>) and i<span class=\"_ _2\"></span>ii<span class=\"_ _2\"></span>) are recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed comprehensi<span class=\"_ _2\"></span>ve in<span class=\"_ _2\"></span>come under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity c<span class=\"_ _2\"></span>aption \u201cCurr<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y transla<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, bei<span class=\"_ _2\"></span>ng transfer<span class=\"_ _2\"></span>red to th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>the dispo<span class=\"_ _2\"></span>sal of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>occu<span class=\"_ _2\"></span>r. Long-term l<span class=\"_ _2\"></span>oans g<span class=\"_ _2\"></span>ranted to <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>function<span class=\"_ _2\"></span>al currency<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e neith<span class=\"_ _2\"></span>er plan<span class=\"_ _2\"></span>ned nor <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>eeable fu<span class=\"_ _2\"></span>ture, ar<span class=\"_ _2\"></span>e treated as <span class=\"_ _2\"></span>a net <span class=\"_ _2\"></span>extens<span class=\"_ _2\"></span>ion of<span class=\"_ _2\"></span> the inv<span class=\"_ _2\"></span>estment <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn su<span class=\"_ _2\"></span>bsidiary. <span class=\"_ _2\"></span>On this b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, exchange rate di<span class=\"_ _2\"></span>fferences <span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ing on thes<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>oans, which<span class=\"_ _2\"></span> have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en eli<span class=\"_ _2\"></span>minated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation, a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed under <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity ca<span class=\"_ _2\"></span>ption \u201cC<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ranslati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, being<span class=\"ff1\"> transf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the </span>inco<span class=\"_ _2\"></span>me statement wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e loans<span class=\"_ _2\"></span> are se<span class=\"_ _2\"></span>ttled, to <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xte<span class=\"_ _2\"></span>nt that <span class=\"_ _2\"></span>such set<span class=\"_ _2\"></span>tlement <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ts an absolute <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary's i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e. iv.<span class=\"ff7\"> <span class=\"_ _92\"> </span></span>Exchan<span class=\"_ _2\"></span>ge rate<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sertling pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 0,85 0,86 0,79% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,89 0,84 -5,55% USD (American dollar)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,05 1,18 10,99% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,07 1,13 5,83% PLN (Polish zloti) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 4,69 4,57 -2,66% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 4,68 4,60 -1,83% SEK (Swedish krona) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,63 10,15 -4,77% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,12 10,25 -8,50% CZK (C<span class=\"_ _0\"></span>zech koruna) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 24,57 25,64 4,19% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 24,12 24,86 2,98% CHF<span class=\"_ _0\"></span> (Swiss f<span class=\"_ _2\"></span>ranc)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,00 1,08 7,08% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,98 1,03 4,68% DKK (Danish krone) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 7,44 7,44 -0,03% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 7,44 7,44 0,00% HUF (H<span class=\"_ _0\"></span>ungarian<span class=\"_ _2\"></span> forint)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 391,43 358,52 -9,18% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 400,87 369,19 -8,58% AUD (Australian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,52 1,57 3,71% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,57 1,56 -0,50% MZM<span class=\"_ _0\"></span> (Mozambican metical) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 67,20 77,75 13,56% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 68,18 78,09 12,69% MAD (Morocc<span class=\"_ _0\"></span>an dirh<span class=\"_ _2\"></span>am)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,69 10,67 -0,12% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,16 10,52 -6,11% NOK (Norway kroner)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,10 10,16 0,59% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 10,51 9,99 -5,26% MXN (M<span class=\"_ _0\"></span>exican peso) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 21,18 23,99 11,70% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 20,86 23,14 9,89% AED <span class=\"_ _2\"></span>(D<span class=\"_ _0\"></span>irham)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 3,87 4,34 10,92% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 3,92 4,16 5,83% CAD (Canadian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,37 1,48 7,64% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the p<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>riod 1,44 1,44 -0,33% ZAR (South African rand)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,21 17,48 1,54% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 18,10 18,06 -0,20% BRL (Brazilian real) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 5,44 6,38 14,74% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 5,64 6,31 10,64% EGP (Egyptian pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 20,18 18,55 -8,81% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 26,31 17,82 -47,63% TRY (Turkish lira)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,42 10,51 -65,68% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 19,96 15,23 -31,06% ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-33-3": {
   "value": "1.4.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Scope of c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation 1.4.3.<span class=\"_ _2\"></span>1. Su<span class=\"_ _2\"></span>bsidiarie<span class=\"_ _2\"></span>s Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver whic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Group has c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>rol, which <span class=\"_ _2\"></span>occurs when <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s exposed o<span class=\"_ _2\"></span>r enti<span class=\"_ _2\"></span>tled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>variable <span class=\"_ _2\"></span>returns <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es and has the c<span class=\"_ _2\"></span>apaci<span class=\"_ _2\"></span>ty to af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>that retu<span class=\"_ _2\"></span>rn throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>exerci<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>of power o<span class=\"_ _2\"></span>ver the en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es, regardles<span class=\"_ _2\"></span>s of the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage th<span class=\"_ _2\"></span>ey hol<span class=\"_ _2\"></span>d over equi<span class=\"_ _2\"></span>ty. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _2\"></span>exerc<span class=\"_ _2\"></span>isable o<span class=\"_ _2\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>whether it h<span class=\"_ _2\"></span>as control<span class=\"_ _2\"></span> over <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>entit<span class=\"_ _2\"></span>y.  Subsidiari<span class=\"_ _2\"></span>es are con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>dated usi<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>ull <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation method wi<span class=\"_ _2\"></span>th eff<span class=\"_ _2\"></span>ect f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e date on which c<span class=\"_ _2\"></span>ontrol i<span class=\"_ _2\"></span>s transfer<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>while they <span class=\"_ _2\"></span>are ex<span class=\"_ _2\"></span>cluded as<span class=\"_ _2\"></span> from th<span class=\"_ _2\"></span>e da<span class=\"_ _2\"></span>te cont<span class=\"_ _2\"></span>rol ceases.<span class=\"_ _2\"></span> These comp<span class=\"_ _2\"></span>anies\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and net p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t corres<span class=\"_ _2\"></span>ponding <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he third<span class=\"ff1\">-party i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>such </span>compani<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d under non<span class=\"_ _2\"></span>-controlli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n (in a <span class=\"_ _2\"></span>separate com<span class=\"_ _2\"></span>ponent of <span class=\"_ _2\"></span>equit<span class=\"_ _2\"></span>y) and <span class=\"_ _2\"></span>in the C<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated income statement<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements are <span class=\"_ _2\"></span>detai<span class=\"_ _2\"></span>led in Note 11.<span class=\"_ _2\"></span> The purc<span class=\"_ _2\"></span>hase metho<span class=\"_ _2\"></span>d is us<span class=\"_ _2\"></span>ed in r<span class=\"_ _2\"></span>ecording <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f subsi<span class=\"_ _2\"></span>diaries. Th<span class=\"_ _2\"></span>e cost o<span class=\"_ _2\"></span>f an acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s measured b<span class=\"_ _2\"></span>y the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ferred, <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty inst<span class=\"_ _2\"></span>ruments issu<span class=\"_ _2\"></span>ed, and liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> incurre<span class=\"_ _2\"></span>d or ass<span class=\"_ _2\"></span>umed o<span class=\"_ _2\"></span>n acquisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate, an<span class=\"_ _2\"></span>d the bes<span class=\"_ _2\"></span>t es<span class=\"_ _2\"></span>timate<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>any agreed co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>t paymen<span class=\"_ _2\"></span>t.  The iden<span class=\"_ _2\"></span>tifiabl<span class=\"_ _2\"></span>e assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties acqui<span class=\"_ _2\"></span>red, and co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ngent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities as<span class=\"_ _2\"></span>sumed in a <span class=\"_ _2\"></span>business combin<span class=\"_ _2\"></span>ation are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly measure<span class=\"_ _2\"></span>d at f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e on th<span class=\"_ _2\"></span>e dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion, irres<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e of the existenc<span class=\"_ _2\"></span>e of n<span class=\"_ _2\"></span>on-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests<span class=\"_ _2\"></span>. The exc<span class=\"_ _2\"></span>ess of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>st over th<span class=\"_ _2\"></span>e fair val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the Group\u2019s<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re of th<span class=\"_ _2\"></span>e identif<span class=\"_ _2\"></span>iable as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities ac<span class=\"_ _2\"></span>quired is <span class=\"_ _2\"></span>recorded <span class=\"_ _2\"></span>as good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span>, as describe<span class=\"_ _2\"></span>d in N<span class=\"_ _2\"></span>ote 3.1<span class=\"_ _2\"></span>.  If the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>ost is <span class=\"_ _2\"></span>less than<span class=\"_ _2\"></span> the fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets of the <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y (negati<span class=\"_ _2\"></span>ve goodwil<span class=\"_ _2\"></span>l), th<span class=\"_ _2\"></span>e differ<span class=\"_ _2\"></span>ence i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised dir<span class=\"_ _2\"></span>ectly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d it tak<span class=\"_ _2\"></span>es place. <span class=\"_ _2\"></span> Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. Intercompan<span class=\"_ _2\"></span>y transac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, balan<span class=\"_ _2\"></span>ces, unr<span class=\"_ _2\"></span>ealised gai<span class=\"_ _2\"></span>ns on <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d divi<span class=\"_ _2\"></span>dends distribut<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>ween grou<span class=\"_ _2\"></span>p companies <span class=\"_ _2\"></span>are el<span class=\"_ _2\"></span>iminate<span class=\"_ _2\"></span>d. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses<span class=\"_ _2\"></span> are also <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated, except wh<span class=\"_ _2\"></span>ere the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion dis<span class=\"_ _2\"></span>plays <span class=\"_ _2\"></span>evidence <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment o<span class=\"_ _2\"></span>f a tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red ass<span class=\"_ _2\"></span>et.  When, at <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>trol, <span class=\"_ _2\"></span>The Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany alr<span class=\"_ _2\"></span>eady hol<span class=\"_ _2\"></span>ds a previousl<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>red int<span class=\"_ _2\"></span>erest i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, its <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>considered i<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e goodwill<span class=\"_ _2\"></span> or nega<span class=\"_ _2\"></span>tive goo<span class=\"_ _2\"></span>dwill. <span class=\"_ _2\"></span> On a ste<span class=\"_ _2\"></span>p acquisi<span class=\"_ _2\"></span>tion proc<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>resulting i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>control, th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of any participa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span>ly held i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed agai<span class=\"_ _2\"></span>nst <span class=\"_ _2\"></span>the inco<span class=\"_ _2\"></span>me stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>Goodwi<span class=\"_ _2\"></span>ll i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ulated. When subse<span class=\"_ _2\"></span>quent trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span> or acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>hares with non<span class=\"_ _2\"></span>-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests with no <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> control t<span class=\"_ _2\"></span>ake <span class=\"_ _2\"></span>place, no <span class=\"_ _2\"></span>gain, l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>r good<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>s determined<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>cost and th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the shar<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d are recognis<span class=\"_ _2\"></span>ed in e<span class=\"_ _2\"></span>quity.<span class=\"_ _2\"></span> Negative <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>each peri<span class=\"_ _2\"></span>od by s<span class=\"_ _2\"></span>ubsidiari<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>with non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interests <span class=\"_ _2\"></span>are all<span class=\"_ _2\"></span>ocated, in th<span class=\"_ _2\"></span>e perc<span class=\"_ _2\"></span>entage h<span class=\"_ _2\"></span>eld, <span class=\"_ _2\"></span>to non-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>sts, r<span class=\"_ _2\"></span>egardless <span class=\"_ _2\"></span>of whe<span class=\"_ _2\"></span>ther the<span class=\"_ _2\"></span>y become ne<span class=\"_ _2\"></span>gative.<span class=\"_ _2\"></span> In the cas<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>interests, <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>a los<span class=\"_ _2\"></span>s of c<span class=\"_ _2\"></span>ontrol over a <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, any remaini<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est is re<span class=\"_ _2\"></span>valued <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>date of sal<span class=\"_ _2\"></span>e, and <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>ain or <span class=\"_ _2\"></span>loss resulti<span class=\"_ _2\"></span>ng from suc<span class=\"_ _2\"></span>h reval<span class=\"_ _2\"></span>uation<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>recorded a<span class=\"_ _2\"></span>gainst i<span class=\"_ _2\"></span>ncome, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the gain<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>ss resul<span class=\"_ _2\"></span>ting from s<span class=\"_ _2\"></span>uch dispos<span class=\"_ _2\"></span>al. The subsidi<span class=\"_ _2\"></span>aries\u2019 ac<span class=\"_ _2\"></span>coun<span class=\"_ _2\"></span>ting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>are adjus<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er necessa<span class=\"_ _2\"></span>ry, so <span class=\"_ _2\"></span>as to ensu<span class=\"ff1\">re <span class=\"_ _2\"></span>that </span>they are <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>ed consi<span class=\"_ _2\"></span>stently b<span class=\"_ _2\"></span>y all<span class=\"_ _2\"></span> the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>.  11.<span class=\"ff7 ls0\"> <span class=\"_ _a7\"> </span><span class=\"ff4\">Group <span class=\"_ _2\"></span>stru<span class=\"_ _2\"></span>ctur<span class=\"_ _2\"></span>e </span></span>11.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Compan<span class=\"_ _2\"></span>ies inc<span class=\"_ _2\"></span>lud<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e consoli<span class=\"_ _2\"></span>dation </span></span>perim<span class=\"_ _2\"></span>eter 11.1.1. <span class=\"_ _a8\"> </span>Navigator <span class=\"_ _2\"></span>Group s<span class=\"_ _2\"></span>ubsid<span class=\"_ _2\"></span>iaries Share <span class=\"_ _0\"></span>equity<span class=\"_ _0\"></span> owned 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> </span>Company Head <span class=\"_ _0\"></span>Off<span class=\"_ _0\"></span>ice Dire<span class=\"ls86\">ct</span> Indire<span class=\"ls87\">ct<span class=\"_ _1\"></span></span> Total Total Main activ<span class=\"_ _0\"></span>ity Parent company:<span class=\"_ _0\"></span> The Navigator Company, S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Sale of paper and pul<span class=\"_ _0\"></span>p<span class=\"fs2\"> </span>Subsidiaries: Navigator Brands <span class=\"_ _0\"></span>, S.A. Acquisi<span class=\"_ _0\"></span>tion, operation, l<span class=\"_ _0\"></span>ease or concession of the us<span class=\"_ _0\"></span>e and Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>dispo<span class=\"_ _0\"></span>sal of trademarks, paten<span class=\"_ _0\"></span>ts and <span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>ther i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> or i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>ll<span class=\"_ _0\"></span>ectual property<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Parques Industriais, S.A.<span class=\"_ _0\"></span> Management of i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> real Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>estate<span class=\"fs2\"> </span>Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Paper producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>E<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>\u00e9<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> -<span class=\"_ _13\"></span> Co<span class=\"_ _a9\"></span>rr<span class=\"_ _a9\"></span>eto<span class=\"_ _13\"></span>re<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span> Se<span class=\"_ _a9\"></span>gu<span class=\"_ _a9\"></span>ro<span class=\"_ _2\"></span>s,<span class=\"_ _a9\"></span> S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>.<span class=\"_ _2\"></span> Insurance medi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n an<span class=\"_ _2\"></span>d Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>advisory services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Empremedia, DAC<span class=\"_ _0\"></span> Irel<span class=\"_ _0\"></span>and<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Management of shar<span class=\"_ _0\"></span>eholdi<span class=\"_ _0\"></span>ngs<span class=\"fs2\"> </span>Empremedia RE, DAC Insurance medi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n an<span class=\"_ _2\"></span>d Irel<span class=\"_ _0\"></span>and<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>advisory services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>RAIZ - Instituto de <span class=\"_ _0\"></span>Investiga\u00e7\u00e3o<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> Appli<span class=\"_ _0\"></span>ed re<span class=\"_ _2\"></span>sear<span class=\"_ _0\"></span>ch in the fi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d of da Floresta e <span class=\"_ _0\"></span>Papel Portugal<span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>pulp and paper indu<span class=\"_ _0\"></span>stry and forestry acti<span class=\"_ _0\"></span>vity<span class=\"fs2\"> </span>About the F<span class=\"_ _0\"></span>uture  , SA * Promotion of busi<span class=\"_ _0\"></span>ness units directly or i<span class=\"_ _0\"></span>ndirectly related to Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>research, develo<span class=\"_ _0\"></span>pment and i<span class=\"_ _0\"></span>nnovat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on activiti<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n th<span class=\"_ _2\"></span>e fi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d of forest-based bi<span class=\"_ _0\"></span>oeconomy<span class=\"fs2\"> </span>Enerpulp <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span>Cogera\u00e7\u00e3o Energ\u00e9tica  Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Energy producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>de Pasta, S.A. Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> Production of cel<span class=\"_ _0\"></span>lulo<span class=\"_ _0\"></span>se pulp and provisio<span class=\"_ _0\"></span>n of adm<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>stration, Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>management and i<span class=\"_ _0\"></span>nternal advisory  services<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Ema Cacia - Engenharia <span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>73.8 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> Ema Set\u00fabal - Engenharia <span class=\"_ _0\"></span> Provisi<span class=\"_ _0\"></span>on of i<span class=\"_ _0\"></span>ndust<span class=\"_ _2\"></span>rial<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>79.7 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> maintenance servi<span class=\"_ _0\"></span>ces<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>Ema Figueira da Foz- Engenharia  Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>80.7 <span class=\"fs2\"> </span>e Manuten\u00e7\u00e3o Industrial, ACE <span class=\"_ _0\"></span> Navigator Pulp Set\u00fabal, S.A. <span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Cell<span class=\"_ _0\"></span>ulose pulp production<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Pulp Aveiro, S.A.  Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Cell<span class=\"_ _0\"></span>ulose pulp production<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Tissue Aveiro, S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Ti<span class=\"_ _0\"></span>ssue pa<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>er producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>Navigator Tissue R\u00f3d\u00e3o , S.A.<span class=\"_ _0\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Navigator Tissue Iberica , S.A. <span class=\"_ _0\"></span> Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of tissue paper <span class=\"_ _0\"></span><span class=\"fs2\"> </span>P<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rtu<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>el<span class=\"_ _13\"></span> Mo<span class=\"_ _2\"></span>\u00e7<span class=\"_ _2\"></span>am<span class=\"_ _13\"></span>bi<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span> - <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _a9\"></span>ed<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>de<span class=\"_ _13\"></span> de<span class=\"_ _a9\"></span> <span class=\"_ _2\"></span>  Mozambi<span class=\"_ _0\"></span>que<span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>90.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>De<span class=\"_ _a9\"></span>se<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>vi<span class=\"_ _a9\"></span>me<span class=\"_ _2\"></span>n<span class=\"_ _a9\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Fl<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ta<span class=\"_ _a9\"></span>l <span class=\"_ _a9\"></span>e I<span class=\"_ _a9\"></span>n<span class=\"_ _2\"></span>du<span class=\"_ _a9\"></span>st<span class=\"_ _2\"></span>ri<span class=\"_ _a9\"></span>al<span class=\"_ _a9\"></span>, <span class=\"_ _2\"></span>Ld<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>  N<span class=\"_ _a9\"></span>av<span class=\"_ _a9\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>to<span class=\"_ _a9\"></span>r <span class=\"_ _a9\"></span>In<span class=\"_ _13\"></span>te<span class=\"_ _a9\"></span>rn<span class=\"_ _a9\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _a9\"></span> H<span class=\"_ _a9\"></span>ol<span class=\"_ _13\"></span>di<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g<span class=\"_ _a9\"></span> S<span class=\"_ _a9\"></span>G<span class=\"_ _2\"></span>PS<span class=\"_ _a9\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S<span class=\"_ _a9\"></span>.A<span class=\"_ _a9\"></span>.*<span class=\"_ _2\"></span> Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Management of shar<span class=\"_ _0\"></span>eholdi<span class=\"_ _0\"></span>ngs<span class=\"fs2\"> </span>Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>EucaliptusLand, S.A. Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Forestry producti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>Sociedade de Vinhos da <span class=\"_ _0\"></span>Herdade de Espirra - <span class=\"_ _0\"></span>Produ\u00e7\u00e3o e Comercializa\u00e7\u00e3o de Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Wi<span class=\"_ _0\"></span>ne produ<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"fs2\"> </span>Vinhos, S.A.      <span class=\"_ _0\"></span>Gavi\u00e3o - Soci<span class=\"_ _2\"></span>edade d<span class=\"_ _0\"></span>e Ca\u00e7a e Management of hun<span class=\"_ _0\"></span>ting Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Turismo, S.A. resources<span class=\"fs2\"> </span>Afocelca - Agrupamento Provisi<span class=\"_ _0\"></span>on of forest fire complementar de <span class=\"_ _0\"></span>empresas para Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>64.8 <span class=\"fs2\"> </span>preventio<span class=\"_ _0\"></span>n and fighting servi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span><span class=\"fs2\"> </span>prote\u00e7\u00e3o contra inc\u00eandios, ACE<span class=\"_ _0\"></span>  Viveiros Alian\u00e7a - Empr<span class=\"_ _0\"></span>esa Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Plant producti<span class=\"_ _0\"></span>on in nurseries<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Produtora de Plantas, S.A.<span class=\"_ _0\"></span>      <span class=\"_ _0\"></span>Atlantic Forests, S.A.* Provisi<span class=\"_ _0\"></span>on of services withi<span class=\"_ _0\"></span>n the Portugal<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>scope of forestry ac<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ties an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> trade in timber<span class=\"_ _0\"></span><span class=\"fs2\"> </span>     Bosques d<span class=\"_ _0\"></span>o Atlantico<span class=\"_ _2\"></span>, SL<span class=\"_ _0\"></span> Trade in woo<span class=\"_ _0\"></span>d and bio<span class=\"_ _0\"></span>mass and Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>l<span class=\"_ _0\"></span>ogging<span class=\"fs2\"> </span>     <span class=\"_ _0\"></span>Navigator Africa, SRL Trade in woo<span class=\"_ _0\"></span>d and bio<span class=\"_ _0\"></span>mass and Italy<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>l<span class=\"_ _0\"></span>ogging<span class=\"fs2\"> </span>Navigator Paper Set\u00fabal , <span class=\"_ _0\"></span>S.A. Portugal<span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Paper and energy p<span class=\"_ _0\"></span>roducti<span class=\"_ _0\"></span>on<span class=\"fs2\"> </span>    Navigator Nort<span class=\"_ _0\"></span>h America Inc. USA<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of paper<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Navigator Afrique du <span class=\"_ _0\"></span>Nord  Provisi<span class=\"_ _0\"></span>on of sales i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>rmedi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n Morocco<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>services<span class=\"fs2\"> </span>Navigator Espa\u00f1a, S.A. Spain<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Netherlands, BV The - <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Netherlands<span class=\"fs2\"> </span>Navigator France, <span class=\"_ _0\"></span>EURL France<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Company UK, <span class=\"_ _0\"></span>Ltd United - <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Kingdom<span class=\"fs2\"> </span>Navigator Italia, SRL<span class=\"_ _0\"></span> Italy<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Deutschland, GmbH<span class=\"_ _0\"></span> Germany<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Austria, GmbH<span class=\"_ _0\"></span> Austria<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Poland SP Z<span class=\"_ _0\"></span> o o Poland<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Eurasia Turkey<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper Mexico  Mexico<span class=\"fs2\"> </span>25.0 <span class=\"fs2\"> </span>75.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Middle East T<span class=\"_ _0\"></span>rading DMC<span class=\"_ _0\"></span>C Dubai<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Egypt, <span class=\"_ _0\"></span><span class=\"ls88\">ELLC</span> Egypt <span class=\"fs2\"> </span>1.0 <span class=\"fs2\"> </span>99.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Idem Navigator Paper  Southern <span class=\"_ _0\"></span>Africa  South Africa<span class=\"_ _0\"></span><span class=\"fs2\"> </span>1.0 <span class=\"fs2\"> </span>99.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Idem Navigator Abastecimento de Madeira, Portugal<span class=\"fs2\"> </span>97.0 <span class=\"fs2\"> </span>3.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>100.0 <span class=\"fs2\"> </span>Sale of timber<span class=\"_ _0\"></span><span class=\"fs2\"> </span>ACE  * Com<span class=\"_ _2\"></span>pani<span class=\"_ _2\"></span>es me<span class=\"_ _2\"></span>rge<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d liqui<span class=\"_ _a9\"></span>date<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> (N<span class=\"_ _2\"></span>ote<span class=\"_ _2\"></span> 11.2)<span class=\"_ _a9\"></span> 11.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Ch<span class=\"_ _2\"></span>anges in t<span class=\"_ _2\"></span>he cons<span class=\"_ _2\"></span>oli<span class=\"_ _2\"></span>da<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion p<span class=\"_ _2\"></span>erimet<span class=\"_ _2\"></span>er </span></span>During the <span class=\"_ _a9\"></span>period en<span class=\"ls18\">310</span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on perimet<span class=\"_ _2\"></span>er was c<span class=\"_ _2\"></span>hanged f<span class=\"_ _2\"></span>rom the previ<span class=\"_ _2\"></span>ous pe<span class=\"_ _2\"></span>riod b<span class=\"_ _2\"></span>y the foll<span class=\"_ _2\"></span>owing co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e reorgani<span class=\"_ _2\"></span>sati<span class=\"_ _2\"></span>on operatio<span class=\"_ _2\"></span>ns: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Liqui<span class=\"_ _2\"></span>dation o<span class=\"_ _2\"></span>f About th<span class=\"_ _2\"></span>e Futur<span class=\"_ _2\"></span>e, S.A<span class=\"_ _2\"></span>. and Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Intern<span class=\"_ _2\"></span>acional<span class=\"_ _2\"></span> Hol<span class=\"_ _2\"></span>ding, SGPS, S<span class=\"_ _2\"></span>.A.<span class=\"_ _0\"></span> </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Merger <span class=\"_ _2\"></span>by incorpor<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of Atlanti<span class=\"_ _2\"></span>c For<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>, S.A. into<span class=\"_ _2\"></span> Navigator Fo<span class=\"_ _2\"></span>rest Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> S.A.<span class=\"_ _2\"></span> </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Incorpora<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Naviga<span class=\"_ _2\"></span>tor Pap<span class=\"_ _2\"></span>er Sou<span class=\"_ _2\"></span>thern Af<span class=\"_ _2\"></span>rica </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-33-5": {
   "value": "1.4.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Scope of c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation 1.4.3.<span class=\"_ _2\"></span>1. Su<span class=\"_ _2\"></span>bsidiarie<span class=\"_ _2\"></span>s Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver whic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Group has c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>rol, which <span class=\"_ _2\"></span>occurs when <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s exposed o<span class=\"_ _2\"></span>r enti<span class=\"_ _2\"></span>tled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>variable <span class=\"_ _2\"></span>returns <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es and has the c<span class=\"_ _2\"></span>apaci<span class=\"_ _2\"></span>ty to af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>that retu<span class=\"_ _2\"></span>rn throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>exerci<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>of power o<span class=\"_ _2\"></span>ver the en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es, regardles<span class=\"_ _2\"></span>s of the <span class=\"_ _2\"></span>perc<span class=\"_ _2\"></span>entage th<span class=\"_ _2\"></span>ey hol<span class=\"_ _2\"></span>d over equi<span class=\"_ _2\"></span>ty. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _2\"></span>exerc<span class=\"_ _2\"></span>isable o<span class=\"_ _2\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>whether it h<span class=\"_ _2\"></span>as control<span class=\"_ _2\"></span> over <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>entit<span class=\"_ _2\"></span>y.  Subsidiari<span class=\"_ _2\"></span>es are con<span class=\"_ _2\"></span>soli<span class=\"_ _2\"></span>dated usi<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>ull <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idation method wi<span class=\"_ _2\"></span>th eff<span class=\"_ _2\"></span>ect f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e date on which c<span class=\"_ _2\"></span>ontrol i<span class=\"_ _2\"></span>s transfer<span class=\"_ _2\"></span>red <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>while they <span class=\"_ _2\"></span>are ex<span class=\"_ _2\"></span>cluded as<span class=\"_ _2\"></span> from th<span class=\"_ _2\"></span>e da<span class=\"_ _2\"></span>te cont<span class=\"_ _2\"></span>rol ceases.<span class=\"_ _2\"></span> These comp<span class=\"_ _2\"></span>anies\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and net p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t corres<span class=\"_ _2\"></span>ponding <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he third<span class=\"ff1\">-party i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>such </span>compani<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d under non<span class=\"_ _2\"></span>-controlli<span class=\"_ _2\"></span>ng inte<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n (in a <span class=\"_ _2\"></span>separate com<span class=\"_ _2\"></span>ponent of <span class=\"_ _2\"></span>equit<span class=\"_ _2\"></span>y) and <span class=\"_ _2\"></span>in the C<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated income statement<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ded in th<span class=\"_ _2\"></span>e conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financi<span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>tatements are <span class=\"_ _2\"></span>detai<span class=\"_ _2\"></span>led in Note 11.<span class=\"_ _2\"></span> The purc<span class=\"_ _2\"></span>hase metho<span class=\"_ _2\"></span>d is us<span class=\"_ _2\"></span>ed in r<span class=\"_ _2\"></span>ecording <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f subsi<span class=\"_ _2\"></span>diaries. Th<span class=\"_ _2\"></span>e cost o<span class=\"_ _2\"></span>f an acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s measured b<span class=\"_ _2\"></span>y the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue of th<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts tr<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>ferred, <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty inst<span class=\"_ _2\"></span>ruments issu<span class=\"_ _2\"></span>ed, and liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> incurre<span class=\"_ _2\"></span>d or ass<span class=\"_ _2\"></span>umed o<span class=\"_ _2\"></span>n acquisi<span class=\"_ _2\"></span>tion d<span class=\"_ _2\"></span>ate, an<span class=\"_ _2\"></span>d the bes<span class=\"_ _2\"></span>t es<span class=\"_ _2\"></span>timate<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>any agreed co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>t paymen<span class=\"_ _2\"></span>t.  The iden<span class=\"_ _2\"></span>tifiabl<span class=\"_ _2\"></span>e assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties acqui<span class=\"_ _2\"></span>red, and co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ngent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities as<span class=\"_ _2\"></span>sumed in a <span class=\"_ _2\"></span>business combin<span class=\"_ _2\"></span>ation are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly measure<span class=\"_ _2\"></span>d at f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e on th<span class=\"_ _2\"></span>e dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion, irres<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e of the existenc<span class=\"_ _2\"></span>e of n<span class=\"_ _2\"></span>on-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests<span class=\"_ _2\"></span>. The exc<span class=\"_ _2\"></span>ess of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>st over th<span class=\"_ _2\"></span>e fair val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the Group\u2019s<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re of th<span class=\"_ _2\"></span>e identif<span class=\"_ _2\"></span>iable as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities ac<span class=\"_ _2\"></span>quired is <span class=\"_ _2\"></span>recorded <span class=\"_ _2\"></span>as good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span>, as describe<span class=\"_ _2\"></span>d in N<span class=\"_ _2\"></span>ote 3.1<span class=\"_ _2\"></span>.  If the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>ost is <span class=\"_ _2\"></span>less than<span class=\"_ _2\"></span> the fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e net ass<span class=\"_ _2\"></span>ets of the <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y (negati<span class=\"_ _2\"></span>ve goodwil<span class=\"_ _2\"></span>l), th<span class=\"_ _2\"></span>e differ<span class=\"_ _2\"></span>ence i<span class=\"_ _2\"></span>s recog<span class=\"_ _2\"></span>nised dir<span class=\"_ _2\"></span>ectly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d it tak<span class=\"_ _2\"></span>es place. <span class=\"_ _2\"></span> Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. Intercompan<span class=\"_ _2\"></span>y transac<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>, balan<span class=\"_ _2\"></span>ces, unr<span class=\"_ _2\"></span>ealised gai<span class=\"_ _2\"></span>ns on <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tions an<span class=\"_ _2\"></span>d divi<span class=\"_ _2\"></span>dends distribut<span class=\"_ _2\"></span>ed bet<span class=\"_ _2\"></span>ween grou<span class=\"_ _2\"></span>p companies <span class=\"_ _2\"></span>are el<span class=\"_ _2\"></span>iminate<span class=\"_ _2\"></span>d. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses<span class=\"_ _2\"></span> are also <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated, except wh<span class=\"_ _2\"></span>ere the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion dis<span class=\"_ _2\"></span>plays <span class=\"_ _2\"></span>evidence <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment o<span class=\"_ _2\"></span>f a tr<span class=\"_ _2\"></span>ansfer<span class=\"_ _2\"></span>red ass<span class=\"_ _2\"></span>et.  When, at <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>trol, <span class=\"_ _2\"></span>The Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany alr<span class=\"_ _2\"></span>eady hol<span class=\"_ _2\"></span>ds a previousl<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>red int<span class=\"_ _2\"></span>erest i<span class=\"_ _2\"></span>n the su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, its <span class=\"_ _2\"></span>fair v<span class=\"_ _2\"></span>alue<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>considered i<span class=\"_ _2\"></span>n determin<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e goodwill<span class=\"_ _2\"></span> or nega<span class=\"_ _2\"></span>tive goo<span class=\"_ _2\"></span>dwill. <span class=\"_ _2\"></span> On a ste<span class=\"_ _2\"></span>p acquisi<span class=\"_ _2\"></span>tion proc<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>resulting i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e acquisi<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>control, th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of any participa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>previous<span class=\"_ _2\"></span>ly held i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed agai<span class=\"_ _2\"></span>nst <span class=\"_ _2\"></span>the inco<span class=\"_ _2\"></span>me stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>Goodwi<span class=\"_ _2\"></span>ll i<span class=\"_ _2\"></span>s calc<span class=\"_ _2\"></span>ulated. When subse<span class=\"_ _2\"></span>quent trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span> or acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>hares with non<span class=\"_ _2\"></span>-controll<span class=\"_ _2\"></span>ing in<span class=\"_ _2\"></span>terests with no <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> control t<span class=\"_ _2\"></span>ake <span class=\"_ _2\"></span>place, no <span class=\"_ _2\"></span>gain, l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>r good<span class=\"_ _2\"></span>will i<span class=\"_ _2\"></span>s determined<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>cost and th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the shar<span class=\"_ _2\"></span>e acquire<span class=\"_ _2\"></span>d are recognis<span class=\"_ _2\"></span>ed in e<span class=\"_ _2\"></span>quity.<span class=\"_ _2\"></span> Negative <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>each peri<span class=\"_ _2\"></span>od by s<span class=\"_ _2\"></span>ubsidiari<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>with non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interests <span class=\"_ _2\"></span>are all<span class=\"_ _2\"></span>ocated, in th<span class=\"_ _2\"></span>e perc<span class=\"_ _2\"></span>entage h<span class=\"_ _2\"></span>eld, <span class=\"_ _2\"></span>to non-control<span class=\"_ _2\"></span>ling i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>sts, r<span class=\"_ _2\"></span>egardless <span class=\"_ _2\"></span>of whe<span class=\"_ _2\"></span>ther the<span class=\"_ _2\"></span>y become ne<span class=\"_ _2\"></span>gative.<span class=\"_ _2\"></span> In the cas<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> disposal<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>interests, <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>a los<span class=\"_ _2\"></span>s of c<span class=\"_ _2\"></span>ontrol over a <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, any remaini<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est is re<span class=\"_ _2\"></span>valued <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket val<span class=\"_ _2\"></span>ue at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>date of sal<span class=\"_ _2\"></span>e, and <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>ain or <span class=\"_ _2\"></span>loss resulti<span class=\"_ _2\"></span>ng from suc<span class=\"_ _2\"></span>h reval<span class=\"_ _2\"></span>uation<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>recorded a<span class=\"_ _2\"></span>gainst i<span class=\"_ _2\"></span>ncome, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the gain<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>ss resul<span class=\"_ _2\"></span>ting from s<span class=\"_ _2\"></span>uch dispos<span class=\"_ _2\"></span>al. The subsidi<span class=\"_ _2\"></span>aries\u2019 ac<span class=\"_ _2\"></span>coun<span class=\"_ _2\"></span>ting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>are adjus<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er necessa<span class=\"_ _2\"></span>ry, so <span class=\"_ _2\"></span>as to ensu<span class=\"ff1\">re <span class=\"_ _2\"></span>that </span>they are <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>ed consi<span class=\"_ _2\"></span>stently b<span class=\"_ _2\"></span>y all<span class=\"_ _2\"></span> the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>anies<span class=\"_ _2\"></span>.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-35-4": {
   "value": "1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-35-5": {
   "value": "1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-35-6": {
   "value": "1.4.3.<span class=\"_ _2\"></span>2 A<span class=\"_ _2\"></span>ssociate<span class=\"_ _2\"></span>s Associ<span class=\"_ _2\"></span>ates are <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up ex<span class=\"_ _2\"></span>ercises<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inf<span class=\"_ _2\"></span>luence but do <span class=\"_ _2\"></span>not ha<span class=\"_ _2\"></span>ve control<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s gen<span class=\"_ _2\"></span>erally th<span class=\"_ _2\"></span>e case wi<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>nvestments r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting between 20% <span class=\"_ _2\"></span>and 50<span class=\"_ _2\"></span>% of the vo<span class=\"_ _2\"></span>ting rights<span class=\"_ _2\"></span>. In<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates <span class=\"_ _2\"></span>are ac<span class=\"_ _2\"></span>counte<span class=\"_ _2\"></span>d under th<span class=\"_ _2\"></span>e equi<span class=\"_ _2\"></span>ty metho<span class=\"_ _2\"></span>d. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at thei<span class=\"_ _2\"></span>r ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cost, ad<span class=\"_ _2\"></span>juste<span class=\"_ _2\"></span>d by the amo<span class=\"_ _2\"></span>unt c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the G<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\"> </span>share o<span class=\"_ _2\"></span>f changes i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e associ<span class=\"_ _2\"></span>ates\u2019 Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty (in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>net i<span class=\"_ _2\"></span>ncome/los<span class=\"_ _2\"></span>s) with a co<span class=\"_ _2\"></span>rrespon<span class=\"_ _2\"></span>ding gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d for the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>n earni<span class=\"_ _2\"></span>ngs or <span class=\"_ _2\"></span>on changes i<span class=\"_ _2\"></span>n ca<span class=\"_ _2\"></span>pital, an<span class=\"_ _2\"></span>d b<span class=\"_ _2\"></span>y dividen<span class=\"_ _2\"></span>ds rec<span class=\"_ _2\"></span>eived. Diff<span class=\"_ _2\"></span>erences bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t and the fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities attribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the af<span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>y on the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date ar<span class=\"_ _2\"></span>e, if <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e, reco<span class=\"_ _2\"></span>gnised as Goodwil<span class=\"_ _2\"></span>l and record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> affil<span class=\"_ _2\"></span>iated compan<span class=\"_ _2\"></span>ies. <span class=\"_ _2\"></span>If negati<span class=\"_ _2\"></span>ve, <span class=\"_ _2\"></span>goodwill<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>rded as i<span class=\"_ _2\"></span>ncome for <span class=\"_ _2\"></span>the pe<span class=\"ff8\">riod <span class=\"_ _2\"></span>under th<span class=\"_ _2\"></span>e captio<span class=\"_ _2\"></span>n \u201cGrou<span class=\"_ _2\"></span>p shar<span class=\"_ _2\"></span>e of (l<span class=\"_ _2\"></span>oss)/gains<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ociates an<span class=\"_ _2\"></span>d joi<span class=\"_ _2\"></span>nt </span>ventures\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Transac<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts direc<span class=\"_ _2\"></span>tly at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>e immediately <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>ed. In the <span class=\"_ _2\"></span>event tha<span class=\"_ _2\"></span>t impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>ndicators ari<span class=\"_ _2\"></span>se on <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments i<span class=\"_ _2\"></span>n assoc<span class=\"_ _2\"></span>iates, <span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>eval<span class=\"_ _2\"></span>uation of the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s made, an<span class=\"_ _2\"></span>d if de<span class=\"_ _2\"></span>emed n<span class=\"_ _2\"></span>ecessary, <span class=\"_ _2\"></span>a l<span class=\"_ _2\"></span>oss i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement. When th<span class=\"_ _2\"></span>e Group\u2019s s<span class=\"_ _2\"></span>hare o<span class=\"_ _2\"></span>f los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ate companies <span class=\"_ _2\"></span>equal<span class=\"_ _2\"></span>s or exc<span class=\"_ _2\"></span>eeds i<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span>vestment in<span class=\"_ _2\"></span> that assoc<span class=\"_ _2\"></span>iate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>ceases <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecognitio<span class=\"_ _2\"></span>n of addi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal l<span class=\"_ _2\"></span>osses, unl<span class=\"_ _2\"></span>ess it <span class=\"_ _2\"></span>has inc<span class=\"_ _2\"></span>urred in li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es or has<span class=\"_ _2\"></span> made payments o<span class=\"_ _2\"></span>n behal<span class=\"_ _2\"></span>f of<span class=\"_ _2\"></span> that as<span class=\"_ _2\"></span>sociat<span class=\"_ _2\"></span>e. Unrealised <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>ns with ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated to <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>tent of <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator Group\u2019s <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent in th<span class=\"_ _2\"></span>e assoc<span class=\"_ _2\"></span>iat<span class=\"ff1\">es. Unr<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed losses <span class=\"_ _2\"></span>are al<span class=\"_ _2\"></span>so el<span class=\"_ _2\"></span>iminated, <span class=\"_ _2\"></span>except w<span class=\"_ _2\"></span>here the </span>transactio<span class=\"_ _2\"></span>n displa<span class=\"_ _2\"></span>ys evi<span class=\"_ _2\"></span>dence of<span class=\"_ _2\"></span> impairmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a trans<span class=\"_ _2\"></span>ferr<span class=\"_ _2\"></span>ed asse<span class=\"_ _2\"></span>t.  The associ<span class=\"_ _2\"></span>ates\u2019<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cies us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e prepara<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>vidual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents are adjus<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>whenever n<span class=\"_ _2\"></span>ecessary, s<span class=\"_ _2\"></span>o as <span class=\"_ _2\"></span>to ensure <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tency with <span class=\"_ _2\"></span>the pol<span class=\"_ _2\"></span>icies<span class=\"_ _2\"></span> adopte<span class=\"_ _2\"></span>d by the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-37-4": {
   "value": "1.4.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Presentatio<span class=\"_ _2\"></span>n curre<span class=\"_ _2\"></span>ncy and f<span class=\"_ _2\"></span>oreign c<span class=\"_ _2\"></span>urrency<span class=\"_ _2\"></span> transa<span class=\"_ _2\"></span>ctions i.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Functio<span class=\"_ _2\"></span>nal an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>porti<span class=\"_ _2\"></span>ng cur<span class=\"_ _2\"></span>rency </span></span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Sta<span class=\"_ _2\"></span>tements o<span class=\"_ _2\"></span>f each o<span class=\"_ _2\"></span>ne o<span class=\"_ _2\"></span>f the Group\u2019<span class=\"_ _2\"></span>s en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span><span class=\"ff1 ls4c\">e </span>measured usi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the economi<span class=\"_ _2\"></span>c en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>t in whi<span class=\"_ _2\"></span>ch the en<span class=\"_ _2\"></span>tity o<span class=\"_ _2\"></span>perates (functi<span class=\"_ _2\"></span>onal cu<span class=\"_ _2\"></span>rrency). These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>are pres<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>d in Euro<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s f<span class=\"_ _2\"></span>unctional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y. ii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Balanc<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d Tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions ex<span class=\"_ _2\"></span>presse<span class=\"_ _2\"></span>d in fo<span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>gn currenc<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span> </span></span>All <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es denominat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>es other th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>reportin<span class=\"_ _2\"></span>g currency ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>been transl<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>using the <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge <span class=\"_ _2\"></span>rates pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on date <span class=\"_ _2\"></span>(Note 8.1.1<span class=\"_ _2\"></span>). Currency a<span class=\"_ _2\"></span>djustm<span class=\"_ _2\"></span>ents, f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e and unfa<span class=\"_ _2\"></span>voura<span class=\"_ _2\"></span>ble, a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>on a<span class=\"_ _2\"></span>nd those a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>date o<span class=\"_ _2\"></span>f col<span class=\"_ _2\"></span>lection, payment o<span class=\"_ _2\"></span>r statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, ar<span class=\"_ _2\"></span>e recor<span class=\"_ _2\"></span>ded as<span class=\"_ _2\"></span> income and co<span class=\"_ _2\"></span>sts in <span class=\"_ _2\"></span>the Cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period. iii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Group c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>panie<span class=\"_ _2\"></span>s </span></span>The resu<span class=\"_ _2\"></span>lts and <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch have a di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> currency f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>Group\u2019<span class=\"_ _2\"></span>s repo<span class=\"_ _2\"></span>rting cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y are transl<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ed into <span class=\"_ _2\"></span>the repo<span class=\"_ _2\"></span>rtin<span class=\"ff1\">g currenc<span class=\"_ _2\"></span>y as </span>fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> each S<span class=\"_ _2\"></span>tatement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion are trans<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ted at th<span class=\"_ _2\"></span>e </span></span>exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated <span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Eq<span class=\"_ _0\"></span>uity balan<span class=\"_ _2\"></span>ces <span class=\"_ _2\"></span>are transl<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e histori<span class=\"_ _2\"></span>cal exchan<span class=\"_ _2\"></span>ge rate;<span class=\"_ _2\"></span> </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>he inco<span class=\"_ _2\"></span>me and <span class=\"_ _2\"></span>expenses di<span class=\"_ _2\"></span>sclosed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Income S<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e converte<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>the </span></span>exchange <span class=\"_ _2\"></span>rate pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>dates of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. When thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble or when benef<span class=\"_ _2\"></span>its do n<span class=\"_ _2\"></span>ot ari<span class=\"_ _2\"></span>se from <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s proc<span class=\"_ _2\"></span>edure,<span class=\"_ _2\"></span> income <span class=\"_ _2\"></span>and expenses ar<span class=\"_ _2\"></span>e translat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the aver<span class=\"_ _2\"></span>age exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod. The exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es resultin<span class=\"_ _2\"></span>g fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>topics i<span class=\"_ _2\"></span>) and i<span class=\"_ _2\"></span>ii<span class=\"_ _2\"></span>) are recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed comprehensi<span class=\"_ _2\"></span>ve in<span class=\"_ _2\"></span>come under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity c<span class=\"_ _2\"></span>aption \u201cCurr<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y transla<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, bei<span class=\"_ _2\"></span>ng transfer<span class=\"_ _2\"></span>red to th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>the dispo<span class=\"_ _2\"></span>sal of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>occu<span class=\"_ _2\"></span>r. Long-term l<span class=\"_ _2\"></span>oans g<span class=\"_ _2\"></span>ranted to <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>function<span class=\"_ _2\"></span>al currency<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e neith<span class=\"_ _2\"></span>er plan<span class=\"_ _2\"></span>ned nor <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>eeable fu<span class=\"_ _2\"></span>ture, ar<span class=\"_ _2\"></span>e treated as <span class=\"_ _2\"></span>a net <span class=\"_ _2\"></span>extens<span class=\"_ _2\"></span>ion of<span class=\"_ _2\"></span> the inv<span class=\"_ _2\"></span>estment <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn su<span class=\"_ _2\"></span>bsidiary. <span class=\"_ _2\"></span>On this b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, exchange rate di<span class=\"_ _2\"></span>fferences <span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ing on thes<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>oans, which<span class=\"_ _2\"></span> have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en eli<span class=\"_ _2\"></span>minated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation, a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed under <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity ca<span class=\"_ _2\"></span>ption \u201cC<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ranslati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, being<span class=\"ff1\"> transf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the </span>inco<span class=\"_ _2\"></span>me statement wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e loans<span class=\"_ _2\"></span> are se<span class=\"_ _2\"></span>ttled, to <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xte<span class=\"_ _2\"></span>nt that <span class=\"_ _2\"></span>such set<span class=\"_ _2\"></span>tlement <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ts an absolute <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary's i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e. iv.<span class=\"ff7\"> <span class=\"_ _92\"> </span></span>Exchan<span class=\"_ _2\"></span>ge rate<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sertling pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 0,85 0,86 0,79% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,89 0,84 -5,55% USD (American dollar)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,05 1,18 10,99% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,07 1,13 5,83% PLN (Polish zloti) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 4,69 4,57 -2,66% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 4,68 4,60 -1,83% SEK (Swedish krona) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,63 10,15 -4,77% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,12 10,25 -8,50% CZK (C<span class=\"_ _0\"></span>zech koruna) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 24,57 25,64 4,19% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 24,12 24,86 2,98% CHF<span class=\"_ _0\"></span> (Swiss f<span class=\"_ _2\"></span>ranc)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,00 1,08 7,08% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,98 1,03 4,68% DKK (Danish krone) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 7,44 7,44 -0,03% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 7,44 7,44 0,00% HUF (H<span class=\"_ _0\"></span>ungarian<span class=\"_ _2\"></span> forint)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 391,43 358,52 -9,18% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 400,87 369,19 -8,58% AUD (Australian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,52 1,57 3,71% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,57 1,56 -0,50% MZM<span class=\"_ _0\"></span> (Mozambican metical) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 67,20 77,75 13,56% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 68,18 78,09 12,69% MAD (Morocc<span class=\"_ _0\"></span>an dirh<span class=\"_ _2\"></span>am)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,69 10,67 -0,12% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,16 10,52 -6,11% NOK (Norway kroner)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,10 10,16 0,59% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 10,51 9,99 -5,26% MXN (M<span class=\"_ _0\"></span>exican peso) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 21,18 23,99 11,70% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 20,86 23,14 9,89% AED <span class=\"_ _2\"></span>(D<span class=\"_ _0\"></span>irham)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 3,87 4,34 10,92% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 3,92 4,16 5,83% CAD (Canadian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,37 1,48 7,64% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the p<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>riod 1,44 1,44 -0,33% ZAR (South African rand)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,21 17,48 1,54% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 18,10 18,06 -0,20% BRL (Brazilian real) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 5,44 6,38 14,74% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 5,64 6,31 10,64% EGP (Egyptian pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 20,18 18,55 -8,81% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 26,31 17,82 -47,63% TRY (Turkish lira)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,42 10,51 -65,68% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 19,96 15,23 -31,06% ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-37-5": {
   "value": "1.4.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Presentatio<span class=\"_ _2\"></span>n curre<span class=\"_ _2\"></span>ncy and f<span class=\"_ _2\"></span>oreign c<span class=\"_ _2\"></span>urrency<span class=\"_ _2\"></span> transa<span class=\"_ _2\"></span>ctions i.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Functio<span class=\"_ _2\"></span>nal an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>porti<span class=\"_ _2\"></span>ng cur<span class=\"_ _2\"></span>rency </span></span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Sta<span class=\"_ _2\"></span>tements o<span class=\"_ _2\"></span>f each o<span class=\"_ _2\"></span>ne o<span class=\"_ _2\"></span>f the Group\u2019<span class=\"_ _2\"></span>s en<span class=\"_ _2\"></span>tities a<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span><span class=\"ff1 ls4c\">e </span>measured usi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the economi<span class=\"_ _2\"></span>c en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>t in whi<span class=\"_ _2\"></span>ch the en<span class=\"_ _2\"></span>tity o<span class=\"_ _2\"></span>perates (functi<span class=\"_ _2\"></span>onal cu<span class=\"_ _2\"></span>rrency). These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>are pres<span class=\"_ _2\"></span>ente<span class=\"_ _2\"></span>d in Euro<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s the G<span class=\"_ _2\"></span>roup\u2019s f<span class=\"_ _2\"></span>unctional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting cur<span class=\"_ _2\"></span>renc<span class=\"_ _2\"></span>y. ii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Balanc<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d Tran<span class=\"_ _2\"></span>sact<span class=\"_ _2\"></span>ions ex<span class=\"_ _2\"></span>presse<span class=\"_ _2\"></span>d in fo<span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>gn currenc<span class=\"_ _2\"></span>ies<span class=\"_ _2\"></span> </span></span>All <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es denominat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>es other th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>reportin<span class=\"_ _2\"></span>g currency ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>been transl<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>using the <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge <span class=\"_ _2\"></span>rates pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on date <span class=\"_ _2\"></span>(Note 8.1.1<span class=\"_ _2\"></span>). Currency a<span class=\"_ _2\"></span>djustm<span class=\"_ _2\"></span>ents, f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e and unfa<span class=\"_ _2\"></span>voura<span class=\"_ _2\"></span>ble, a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>on a<span class=\"_ _2\"></span>nd those a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>date o<span class=\"_ _2\"></span>f col<span class=\"_ _2\"></span>lection, payment o<span class=\"_ _2\"></span>r statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, ar<span class=\"_ _2\"></span>e recor<span class=\"_ _2\"></span>ded as<span class=\"_ _2\"></span> income and co<span class=\"_ _2\"></span>sts in <span class=\"_ _2\"></span>the Cons<span class=\"_ _2\"></span>olidated in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period. iii.<span class=\"ff7 ls0\"> <span class=\"_ _92\"> </span><span class=\"ff4\">Group c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>panie<span class=\"_ _2\"></span>s </span></span>The resu<span class=\"_ _2\"></span>lts and <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group\u2019s <span class=\"_ _2\"></span>entiti<span class=\"_ _2\"></span>es whi<span class=\"_ _2\"></span>ch have a di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> currency f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>Group\u2019<span class=\"_ _2\"></span>s repo<span class=\"_ _2\"></span>rting cu<span class=\"_ _2\"></span>rrenc<span class=\"_ _2\"></span>y are transl<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ed into <span class=\"_ _2\"></span>the repo<span class=\"_ _2\"></span>rtin<span class=\"ff1\">g currenc<span class=\"_ _2\"></span>y as </span>fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> each S<span class=\"_ _2\"></span>tatement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>posi<span class=\"_ _2\"></span>tion are trans<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>ted at th<span class=\"_ _2\"></span>e </span></span>exchange <span class=\"_ _2\"></span>rates pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated <span class=\"_ _2\"></span>statem<span class=\"_ _2\"></span>ent of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Eq<span class=\"_ _0\"></span>uity balan<span class=\"_ _2\"></span>ces <span class=\"_ _2\"></span>are transl<span class=\"_ _2\"></span>ated a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e histori<span class=\"_ _2\"></span>cal exchan<span class=\"_ _2\"></span>ge rate;<span class=\"_ _2\"></span> </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>he inco<span class=\"_ _2\"></span>me and <span class=\"_ _2\"></span>expenses di<span class=\"_ _2\"></span>sclosed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Income S<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e converte<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>the </span></span>exchange <span class=\"_ _2\"></span>rate pr<span class=\"_ _2\"></span>evaili<span class=\"_ _2\"></span>ng at the <span class=\"_ _2\"></span>dates of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>transacti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>. When thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble or when benef<span class=\"_ _2\"></span>its do n<span class=\"_ _2\"></span>ot ari<span class=\"_ _2\"></span>se from <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s proc<span class=\"_ _2\"></span>edure,<span class=\"_ _2\"></span> income <span class=\"_ _2\"></span>and expenses ar<span class=\"_ _2\"></span>e translat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the aver<span class=\"_ _2\"></span>age exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod. The exchan<span class=\"_ _2\"></span>ge dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es resultin<span class=\"_ _2\"></span>g fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>topics i<span class=\"_ _2\"></span>) and i<span class=\"_ _2\"></span>ii<span class=\"_ _2\"></span>) are recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed comprehensi<span class=\"_ _2\"></span>ve in<span class=\"_ _2\"></span>come under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity c<span class=\"_ _2\"></span>aption \u201cCurr<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>y transla<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, bei<span class=\"_ _2\"></span>ng transfer<span class=\"_ _2\"></span>red to th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement when <span class=\"_ _2\"></span>the dispo<span class=\"_ _2\"></span>sal of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>occu<span class=\"_ _2\"></span>r. Long-term l<span class=\"_ _2\"></span>oans g<span class=\"_ _2\"></span>ranted to <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>r than th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>function<span class=\"_ _2\"></span>al currency<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e neith<span class=\"_ _2\"></span>er plan<span class=\"_ _2\"></span>ned nor <span class=\"_ _2\"></span>likely <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>ettle<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>eeable fu<span class=\"_ _2\"></span>ture, ar<span class=\"_ _2\"></span>e treated as <span class=\"_ _2\"></span>a net <span class=\"_ _2\"></span>extens<span class=\"_ _2\"></span>ion of<span class=\"_ _2\"></span> the inv<span class=\"_ _2\"></span>estment <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn su<span class=\"_ _2\"></span>bsidiary. <span class=\"_ _2\"></span>On this b<span class=\"_ _2\"></span>asis<span class=\"_ _2\"></span>, exchange rate di<span class=\"_ _2\"></span>fferences <span class=\"_ _2\"></span>aris<span class=\"_ _2\"></span>ing on thes<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>oans, which<span class=\"_ _2\"></span> have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en eli<span class=\"_ _2\"></span>minated on c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dation, a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed under <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>quity ca<span class=\"_ _2\"></span>ption \u201cC<span class=\"_ _2\"></span>urrency t<span class=\"_ _2\"></span>ranslati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>reserves\u201d<span class=\"_ _2\"></span>, being<span class=\"ff1\"> transf<span class=\"_ _2\"></span>erre<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the </span>inco<span class=\"_ _2\"></span>me statement wh<span class=\"_ _2\"></span>en th<span class=\"_ _2\"></span>e loans<span class=\"_ _2\"></span> are se<span class=\"_ _2\"></span>ttled, to <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>xte<span class=\"_ _2\"></span>nt that <span class=\"_ _2\"></span>such set<span class=\"_ _2\"></span>tlement <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ts an absolute <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary's i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e. iv.<span class=\"ff7\"> <span class=\"_ _92\"> </span></span>Exchan<span class=\"_ _2\"></span>ge rate<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sertling pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 0,85 0,86 0,79% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,89 0,84 -5,55% USD (American dollar)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,05 1,18 10,99% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,07 1,13 5,83% PLN (Polish zloti) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 4,69 4,57 -2,66% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 4,68 4,60 -1,83% SEK (Swedish krona) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,63 10,15 -4,77% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,12 10,25 -8,50% CZK (C<span class=\"_ _0\"></span>zech koruna) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 24,57 25,64 4,19% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 24,12 24,86 2,98% CHF<span class=\"_ _0\"></span> (Swiss f<span class=\"_ _2\"></span>ranc)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,00 1,08 7,08% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 0,98 1,03 4,68% DKK (Danish krone) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 7,44 7,44 -0,03% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 7,44 7,44 0,00% HUF (H<span class=\"_ _0\"></span>ungarian<span class=\"_ _2\"></span> forint)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 391,43 358,52 -9,18% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 400,87 369,19 -8,58% AUD (Australian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,52 1,57 3,71% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 1,57 1,56 -0,50% MZM<span class=\"_ _0\"></span> (Mozambican metical) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 67,20 77,75 13,56% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 68,18 78,09 12,69% MAD (Morocc<span class=\"_ _0\"></span>an dirh<span class=\"_ _2\"></span>am)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,69 10,67 -0,12% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 11,16 10,52 -6,11% NOK (Norway kroner)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 10,10 10,16 0,59% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 10,51 9,99 -5,26% MXN (M<span class=\"_ _0\"></span>exican peso) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 21,18 23,99 11,70% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 20,86 23,14 9,89% AED <span class=\"_ _2\"></span>(D<span class=\"_ _0\"></span>irham)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 3,87 4,34 10,92% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 3,92 4,16 5,83% CAD (Canadian dollar) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 1,37 1,48 7,64% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the p<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>riod 1,44 1,44 -0,33% ZAR (South African rand)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,21 17,48 1,54% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 18,10 18,06 -0,20% BRL (Brazilian real) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 5,44 6,38 14,74% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 5,64 6,31 10,64% EGP (Egyptian pound) Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 20,18 18,55 -8,81% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 26,31 17,82 -47,63% TRY (Turkish lira)<span class=\"_ _0\"></span> Average exchange rate <span class=\"_ _0\"></span>for the per<span class=\"_ _0\"></span>iod 17,42 10,51 -65,68% Closin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span>exchange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>or the period 19,96 15,23 -31,06% ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-40-3": {
   "value": "1.4.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Basis for m<span class=\"_ _2\"></span>easureme<span class=\"_ _2\"></span>nt The accompan<span class=\"_ _2\"></span>ying co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>have<span class=\"_ _2\"></span> been p<span class=\"_ _2\"></span>repared on <span class=\"_ _2\"></span>the goi<span class=\"_ _2\"></span>ng conc<span class=\"_ _2\"></span>ern basis <span class=\"_ _2\"></span>from the acc<span class=\"_ _2\"></span>ountin<span class=\"_ _2\"></span>g books an<span class=\"_ _2\"></span>d recor<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the com<span class=\"_ _2\"></span>pani<span class=\"_ _2\"></span>es inclu<span class=\"_ _2\"></span>ded in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dation (Note 11.1<span class=\"_ _2\"></span>), an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r the histo<span class=\"_ _2\"></span>rical<span class=\"_ _2\"></span> cos<span class=\"_ _2\"></span>t conventi<span class=\"_ _2\"></span>on, exc<span class=\"_ _2\"></span>ept for <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets (Note 3<span class=\"_ _2\"></span>.8)<span class=\"_ _2\"></span>, and for <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments me<span class=\"_ _2\"></span>asured <span class=\"_ _2\"></span>at fair <span class=\"_ _2\"></span>value th<span class=\"_ _2\"></span>rough prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss or <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air value through oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome (Note 8<span class=\"_ _2\"></span>.3), i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>derivative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments <span class=\"_ _2\"></span>are incl<span class=\"_ _2\"></span>uded (Note 8<span class=\"_ _2\"></span>.2). The l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>responsi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>for defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>gnised a<span class=\"_ _2\"></span>t its presen<span class=\"_ _2\"></span>t value <span class=\"_ _2\"></span>deduc<span class=\"_ _2\"></span>ted fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>respectiv<span class=\"_ _2\"></span>e asset<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-42-2": {
   "value": "1.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">New I<span class=\"_ _2\"></span>FRS stand<span class=\"_ _2\"></span>ards ad<span class=\"_ _2\"></span>opte<span class=\"_ _2\"></span>d and to b<span class=\"_ _2\"></span>e </span></span>adopt<span class=\"_ _2\"></span>ed 1.5.1. Ot<span class=\"_ _2\"></span>her st<span class=\"_ _2\"></span>andards, ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>erpretati<span class=\"_ _2\"></span>ons adopt<span class=\"_ _2\"></span>ed or to be ad<span class=\"_ _2\"></span>opted Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> ado<span class=\"_ _2\"></span>pte<span class=\"_ _2\"></span>d in 2022<span class=\"_ _2\"></span> No i<span class=\"_ _2\"></span>mpacts on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion<span class=\"_ _2\"></span> Reference to the Conce<span class=\"_ _0\"></span>ptual In May 2020 the I<span class=\"_ _0\"></span>ASB i<span class=\"_ _0\"></span>ssued Re<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>erence to th<span class=\"_ _0\"></span>e Conceptual<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>Framework, whi<span class=\"_ _0\"></span>ch ma<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>e 1 January 2022<span class=\"_ _0\"></span> Framework (Amendme<span class=\"_ _0\"></span>nts to amendments to IFRS 3<span class=\"_ _0\"></span> Business Combi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ons. IF<span class=\"_ _0\"></span>RS 3) The amendments <span class=\"_ _0\"></span>updated IF<span class=\"_ _0\"></span>RS 3 by repl<span class=\"_ _0\"></span>acing a reference to an ol<span class=\"_ _0\"></span>d version of the Board\u2019s Conceptual<span class=\"_ _0\"></span> Framework for Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> Reporting with a refe<span class=\"_ _0\"></span>rence to th<span class=\"_ _0\"></span>e latest version, whi<span class=\"_ _0\"></span>ch was issued i<span class=\"_ _0\"></span>n March 2018.<span class=\"_ _0\"></span> The Amendments sh<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed to business combinati<span class=\"_ _0\"></span>ons for whi<span class=\"_ _0\"></span>ch the acquisi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date is on or after th<span class=\"_ _0\"></span>e begi<span class=\"_ _0\"></span>nning of the first annual<span class=\"_ _0\"></span> reporting p<span class=\"_ _0\"></span>eriod begi<span class=\"_ _0\"></span>nning on or after 1 January 2022. <span class=\"_ _0\"></span> Property, Plant and Equi<span class=\"_ _0\"></span>pment In May 2020, the IAS<span class=\"_ _0\"></span>B issued Propert<span class=\"_ _0\"></span>y, Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span>Proc<span class=\"_ _0\"></span>eeds before<span class=\"_ _0\"></span> Intended 1 January 2022<span class=\"_ _0\"></span> \u2014<span class=\"ff1\"> Pr<span class=\"_ _2\"></span>oc<span class=\"_ _0\"></span>eeds befo<span class=\"_ _0\"></span>re Intended </span>Use, which made a<span class=\"_ _0\"></span>mendments to IA<span class=\"_ _0\"></span>S 16 Property, <span class=\"_ _0\"></span>Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span> Use (Amendments to I<span class=\"_ _0\"></span>AS 16 The Amendments woul<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>rohibi<span class=\"_ _0\"></span>t deduct<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng from th<span class=\"_ _0\"></span>e cost of an i<span class=\"_ _0\"></span>tem o<span class=\"_ _0\"></span>f property, plant Property, Plant and and equipment any p<span class=\"_ _0\"></span>roceeds from sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng items produced whi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e bringing that asset to Equipment) the lo<span class=\"_ _0\"></span>cation and <span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n nec<span class=\"_ _2\"></span>essar<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>t to be capable of ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>mann<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>nded by ma<span class=\"_ _0\"></span>nagement. Ins<span class=\"_ _0\"></span>tead, a<span class=\"_ _0\"></span>n entity woul<span class=\"_ _0\"></span>d recognise those s<span class=\"_ _0\"></span>ales proceeds i<span class=\"_ _0\"></span>n profit or lo<span class=\"_ _0\"></span>ss. The amendments s<span class=\"_ _0\"></span>hall<span class=\"_ _0\"></span> be app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for annual perio<span class=\"_ _0\"></span>ds beginning on o<span class=\"_ _0\"></span>r after 1 Janua<span class=\"_ _0\"></span>ry 2022. Onerous Contracts <span class=\"ff8\">\u2014</span> <span class=\"_ _0\"></span>Cost of In May 2020, the IAS<span class=\"_ _0\"></span>B issued O<span class=\"_ _0\"></span>nerous Co<span class=\"_ _0\"></span>ntracts <span class=\"ff8\">\u2014</span> Cost<span class=\"_ _0\"></span> of Fulfilli<span class=\"_ _0\"></span>ng a Contract, whi<span class=\"_ _0\"></span>ch 1 January 2022<span class=\"_ _0\"></span> Fulfilli<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>Co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> made amendments to I<span class=\"_ _0\"></span>AS 37 Provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons, Contingent Li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d Co<span class=\"_ _0\"></span>ntingent Assets.<span class=\"_ _1\"></span> The objective of <span class=\"_ _0\"></span>the Amendments i<span class=\"_ _0\"></span>s to clarify the req<span class=\"_ _0\"></span>uirements of I<span class=\"_ _0\"></span>AS 37 on onerous contracts regardi<span class=\"_ _0\"></span>ng the assessm<span class=\"_ _0\"></span>ent of whethe<span class=\"_ _0\"></span>r, i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>con<span class=\"_ _0\"></span>tract, the un<span class=\"_ _0\"></span>avoi<span class=\"_ _0\"></span>dable costs of meeting the obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gations under the contract exceed <span class=\"_ _0\"></span>the economic be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts expected to be rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved under<span class=\"_ _0\"></span> it. The ame<span class=\"_ _0\"></span>ndments shal<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> be a<span class=\"_ _2\"></span>ppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual perio<span class=\"_ _0\"></span>ds beginning on<span class=\"_ _0\"></span> or after 1 January 2022.<span class=\"_ _0\"></span> Annual I<span class=\"_ _0\"></span>mprovements to IFRS On 14 May 2020, t<span class=\"_ _0\"></span>he IASB i<span class=\"_ _0\"></span>ssued Annual I<span class=\"_ _0\"></span>mprovements to IFRS Sta<span class=\"_ _0\"></span>ndards 2018<span class=\"_ _1\"></span><span class=\"ff8\">\u2013</span>2020 1 January 2022<span class=\"_ _0\"></span> Standards 2018-2<span class=\"_ _0\"></span>020 containing the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owing amendments to IFRSs:<span class=\"_ _1\"></span> (a) permi<span class=\"_ _0\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> entity that i<span class=\"_ _0\"></span>s a subsidi<span class=\"_ _0\"></span>ary, associate or joi<span class=\"_ _0\"></span>nt venture, <span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ho becomes <span class=\"_ _0\"></span>a first-time adopter l<span class=\"_ _0\"></span>ater than its parent and el<span class=\"_ _0\"></span>ects to appl<span class=\"_ _0\"></span>y paragraph <span class=\"_ _0\"></span>D16(a) of IFRS 1 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>rst-time Adoptio<span class=\"_ _0\"></span>n of Internatio<span class=\"_ _0\"></span>nal Fi<span class=\"_ _0\"></span>nancial Reporting Standards, <span class=\"_ _0\"></span>to measure t<span class=\"_ _0\"></span>he cumul<span class=\"_ _0\"></span>ative translation di<span class=\"_ _0\"></span>fferences using the amo<span class=\"_ _0\"></span>unts reporte<span class=\"_ _0\"></span>d by the pa<span class=\"_ _0\"></span><span class=\"ff8\">rent, ba<span class=\"_ _0\"></span>sed on the parent\u2019s<span class=\"_ _0\"></span> </span>date of transiti<span class=\"_ _0\"></span>on to IFRS;<span class=\"_ _0\"></span> (b) clarify that <span class=\"_ _0\"></span>the reference to fees i<span class=\"_ _0\"></span>n the 10 per cent<span class=\"_ _0\"></span> test incl<span class=\"_ _0\"></span>udes o<span class=\"_ _0\"></span>nly fees pai<span class=\"_ _0\"></span>d or rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved betw<span class=\"_ _0\"></span>een the borrower<span class=\"_ _0\"></span> and the l<span class=\"_ _0\"></span>ender, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng fees<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>aid or recei<span class=\"_ _0\"></span>ved by either the borrower or lend<span class=\"_ _0\"></span>er <span class=\"ff8\">on the o<span class=\"_ _0\"></span>ther\u2019s behal<span class=\"_ _0\"></span>f (IFRS 9);<span class=\"_ _0\"></span></span> (c) remove the po<span class=\"_ _0\"></span>tential<span class=\"_ _0\"></span> confusion regarding the t<span class=\"_ _0\"></span>reatment of leas<span class=\"_ _0\"></span>e incenti<span class=\"_ _0\"></span>ves applyi<span class=\"_ _0\"></span>ng IF<span class=\"_ _0\"></span>RS 16<span class=\"_ _2\"></span> Leas<span class=\"_ _0\"></span>es as was i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ustra<span class=\"_ _2\"></span>ted i<span class=\"_ _0\"></span>n Ill<span class=\"_ _0\"></span>ustrative Example <span class=\"_ _0\"></span>13 accompanyi<span class=\"_ _0\"></span>ng IFRS 16; and<span class=\"_ _1\"></span> (d) remove the req<span class=\"_ _0\"></span>uirement in par<span class=\"_ _0\"></span>agraph 22 of IA<span class=\"_ _0\"></span>S 41 Ag<span class=\"_ _0\"></span>ricul<span class=\"_ _0\"></span>ture for entities to excl<span class=\"_ _0\"></span>ude cash flow<span class=\"_ _0\"></span>s for taxation when measuri<span class=\"_ _0\"></span>ng fai<span class=\"_ _0\"></span>r value applyi<span class=\"_ _0\"></span>ng IAS<span class=\"_ _0\"></span> 41<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> The amendments wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual peri<span class=\"_ _0\"></span>ods beginning on or<span class=\"_ _0\"></span> after 1 January 2022. Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> to be a<span class=\"_ _2\"></span>dopte<span class=\"_ _2\"></span>d in s<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent period<span class=\"_ _2\"></span>s Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d not t<span class=\"_ _2\"></span>o ap<span class=\"_ _2\"></span>ply in a<span class=\"_ _2\"></span>dvanc<span class=\"_ _2\"></span>e Discl<span class=\"_ _0\"></span>osure of Accounting Follo<span class=\"_ _0\"></span>wing feedback that more guida<span class=\"_ _0\"></span>nce was needed <span class=\"_ _0\"></span>to hel<span class=\"_ _0\"></span>p companies deci<span class=\"_ _0\"></span>de what 1 January 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span> poli<span class=\"_ _0\"></span>cies (Amen<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>ments to accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nformatio<span class=\"_ _0\"></span>n should be discl<span class=\"_ _0\"></span>osed, the IASB<span class=\"_ _0\"></span> issued on 12 February IAS<span class=\"_ _0\"></span> 1 P<span class=\"_ _2\"></span>rese<span class=\"_ _0\"></span>ntation of 2021 amendments to I<span class=\"_ _0\"></span>AS 1 Presentati<span class=\"_ _0\"></span>on of Fi<span class=\"_ _0\"></span>nancial St<span class=\"_ _0\"></span>atements a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>FRS Pra<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tice Fi<span class=\"_ _0\"></span>nancial Statements and Statement 2 Maki<span class=\"_ _0\"></span>ng Material<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty Ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _0\"></span>ts. <span class=\"_ _0\"></span> IF<span class=\"_ _0\"></span>RS Pr<span class=\"_ _2\"></span>acti<span class=\"_ _0\"></span>ce Statement 2)<span class=\"_ _0\"></span> The key amendmen<span class=\"_ _0\"></span>ts to IAS 1 i<span class=\"_ _0\"></span>nclude: i) requi<span class=\"_ _0\"></span>ring compani<span class=\"_ _0\"></span>es to discl<span class=\"_ _0\"></span>ose their material accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies rather than thei<span class=\"_ _0\"></span>r signifi<span class=\"_ _0\"></span>cant accounting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies; ii) clari<span class=\"_ _0\"></span>fying that a<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>counti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies related to immaterial<span class=\"_ _0\"></span> transactions, other events or<span class=\"_ _0\"></span> conditi<span class=\"_ _0\"></span>ons are themselves i<span class=\"_ _0\"></span>mmaterial<span class=\"_ _0\"></span> and as such need not be di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed;<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) clari<span class=\"_ _0\"></span>fying that not all<span class=\"_ _0\"></span> account<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es that relate to material<span class=\"_ _0\"></span> transactions, are themselves mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> to a <span class=\"ff8\">company\u2019s fi<span class=\"_ _0\"></span>nancial statements. <span class=\"_ _0\"></span></span> The IASB also<span class=\"_ _0\"></span> amended IFRS Practice S<span class=\"_ _0\"></span>tatement <span class=\"_ _0\"></span>2 to include gui<span class=\"_ _0\"></span>dance and two<span class=\"_ _0\"></span> additi<span class=\"_ _0\"></span>onal examples on the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of ma<span class=\"_ _2\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty t<span class=\"_ _2\"></span>o acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy di<span class=\"_ _0\"></span>sc<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>osures. The amendments <span class=\"_ _0\"></span>are consistent wi<span class=\"_ _0\"></span>th the refined defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tion <span class=\"_ _0\"></span>of material<span class=\"_ _0\"></span>:  \u201cAccounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy informa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>on is mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> if, when considered togeth<span class=\"_ _0\"></span>er with othe<span class=\"_ _0\"></span>r i<span class=\"_ _0\"></span>nforma<span class=\"_ _2\"></span>tio<span class=\"_ _0\"></span>n incl<span class=\"_ _0\"></span>uded in an entity\u2019s fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> statements, i<span class=\"_ _0\"></span>t ca<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> reasonabl<span class=\"_ _0\"></span>y be expected to infl<span class=\"_ _0\"></span>uence<span class=\"_ _2\"></span> d<span class=\"_ _0\"></span>ecisi<span class=\"_ _0\"></span>ons that the primary user<span class=\"_ _0\"></span>s of general<span class=\"_ _0\"></span>-pu<span class=\"_ _0\"></span>rpose fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al statements make on the basi<span class=\"_ _0\"></span>s of those financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> stat<span class=\"_ _2\"></span>eme<span class=\"_ _0\"></span>nts\u201d.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>1 January <span class=\"_ _0\"></span>2023 but may be <span class=\"_ _0\"></span>applied earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er. Amendments to IA<span class=\"_ _0\"></span>S 8 The IASB has i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 8 Accoun<span class=\"_ _0\"></span>ting Pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es, Changes in 1 January 2023<span class=\"_ _0\"></span> Accounting poli<span class=\"_ _0\"></span>cies, Accounting Estima<span class=\"_ _0\"></span>tes and Errors to <span class=\"_ _0\"></span>clari<span class=\"_ _0\"></span>fy how companies sho<span class=\"_ _0\"></span>uld di<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nguish changes Changes in Accounti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n ac<span class=\"_ _2\"></span>counti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es from c<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates, wi<span class=\"_ _0\"></span>th a<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mary <span class=\"_ _0\"></span>focus on Estimates and Errors<span class=\"_ _0\"></span>: the definiti<span class=\"_ _0\"></span>on of and cl<span class=\"_ _0\"></span>arifi<span class=\"_ _0\"></span>cations on accounting estimates.<span class=\"_ _0\"></span> Definiti<span class=\"_ _0\"></span>on of Accounting The amendments i<span class=\"_ _0\"></span>ntroduce a new defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for a<span class=\"_ _2\"></span>ccounti<span class=\"_ _0\"></span>ng estimates<span class=\"_ _0\"></span>: clari<span class=\"_ _0\"></span>fying that Estimates they are monetary amou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the financial<span class=\"_ _0\"></span> statements that <span class=\"_ _0\"></span>are subject to measurement unce<span class=\"_ _0\"></span>rtainty. Th<span class=\"ls0\">e amendments al<span class=\"_ _0\"></span>so cl<span class=\"_ _0\"></span>arify the relationship betw<span class=\"_ _0\"></span>een accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies an<span class=\"_ _2\"></span>d </span>accounting esti<span class=\"_ _0\"></span>mates by speci<span class=\"_ _0\"></span>fying that a company d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>ps an accounting estima<span class=\"_ _0\"></span>te to achieve the objecti<span class=\"_ _0\"></span>ve set out by <span class=\"_ _0\"></span>an accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy. The effects of changes i<span class=\"_ _0\"></span>n such inputs or m<span class=\"_ _0\"></span>easurement tech<span class=\"_ _0\"></span>niques are ch<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for periods begi<span class=\"_ _0\"></span>nning on or after <span class=\"_ _0\"></span>1 January 2023, wi<span class=\"_ _0\"></span>th ear<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted, and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> apply prospectively to changes <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n acc<span class=\"_ _2\"></span>oun<span class=\"_ _0\"></span>ting estimates and changes i<span class=\"_ _0\"></span>n accoun<span class=\"_ _0\"></span>ting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies occurr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng on or afte<span class=\"_ _0\"></span>r the beginni<span class=\"_ _0\"></span>ng of the first annual<span class=\"_ _0\"></span> reporting perio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch the company appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>amendme<span class=\"_ _0\"></span>nts.<span class=\"_ _0\"></span> Amendments to IA<span class=\"_ _0\"></span>S 12: The IASB i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 12 Income Taxes o<span class=\"_ _0\"></span>n 7 May 202<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span> 1 January 2023<span class=\"_ _0\"></span> deferred tax relat<span class=\"_ _0\"></span>ed to The amendments requi<span class=\"_ _0\"></span>re comp<span class=\"_ _0\"></span>anies to recogni<span class=\"_ _0\"></span>se deferred tax on <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons that, assets and l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties arisi<span class=\"_ _0\"></span>ng on ini<span class=\"_ _0\"></span>tial recogniti<span class=\"_ _0\"></span>on, give rise to equal amo<span class=\"_ _0\"></span>unts of taxabl<span class=\"_ _0\"></span>e and deducti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e te<span class=\"_ _2\"></span>mpor<span class=\"_ _0\"></span>ary from a singl<span class=\"_ _0\"></span>e transacti<span class=\"_ _0\"></span>on differences. <span class=\"_ _0\"></span> In specifi<span class=\"_ _0\"></span>ed circumstances, comp<span class=\"_ _0\"></span>anies are exemp<span class=\"_ _0\"></span>t from recogni<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng def<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>rred tax when they recogni<span class=\"_ _0\"></span>se assets or l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities for the first time. <span class=\"_ _0\"></span>Previo<span class=\"_ _0\"></span>usly, there had been some uncertai<span class=\"_ _0\"></span>nty about whether the exem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to transactio<span class=\"_ _0\"></span>ns such as leases and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oning obli<span class=\"_ _0\"></span>gations<span class=\"ff8\">\u2014</span>transactio<span class=\"_ _0\"></span>ns for which compani<span class=\"_ _0\"></span>es recogni<span class=\"_ _0\"></span>se both an asset and a li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty. The amendments cl<span class=\"_ _0\"></span>arify that the exempti<span class=\"_ _0\"></span>on do<span class=\"_ _0\"></span>es not apply and that compani<span class=\"_ _0\"></span>es are requi<span class=\"_ _0\"></span>red to recogni<span class=\"_ _0\"></span>se deferred tax on such tr<span class=\"_ _0\"></span>ansactio<span class=\"_ _0\"></span>ns. The aim of the amendm<span class=\"_ _0\"></span>ents i<span class=\"_ _0\"></span>s to reduce diversity<span class=\"_ _0\"></span> in the reporting of <span class=\"_ _0\"></span>defe<span class=\"_ _0\"></span>rred tax on l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>s and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>ng obli<span class=\"_ _0\"></span>gations. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for annual reporting p<span class=\"_ _0\"></span>eriods begi<span class=\"_ _0\"></span>nning o<span class=\"_ _0\"></span>n or after 1 January 2023. Earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation is permitte<span class=\"_ _2\"></span>d.<span class=\"_ _1\"></span> IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> <span class=\"ff8\">\u2014</span> Ins<span class=\"_ _0\"></span>urance The IASB i<span class=\"_ _0\"></span>ssued on 18 May 2017 a st<span class=\"_ _0\"></span>andard that s<span class=\"_ _0\"></span>uperseded IFRS 4 and co<span class=\"_ _0\"></span>mpletely 1 January 2023<span class=\"_ _0\"></span> Contracts reformed the treatmen<span class=\"_ _0\"></span>t of insurance con<span class=\"_ _0\"></span>tracts. The st<span class=\"_ _0\"></span>andard i<span class=\"_ _0\"></span>ntroduces signifi<span class=\"_ _0\"></span>cant changes to the way<span class=\"_ _0\"></span> in whi<span class=\"_ _0\"></span>ch the performance of i<span class=\"_ _0\"></span>nsurance contrac<span class=\"_ _0\"></span>ts is mea<span class=\"_ _0\"></span>sured<span class=\"_ _0\"></span> and presented with va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us impacts also at the l<span class=\"_ _0\"></span>evel of the financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion. The standard expected to be effec<span class=\"_ _0\"></span>tive for annual<span class=\"_ _0\"></span> periods begi<span class=\"_ _0\"></span>nning on or afte<span class=\"_ _0\"></span>r 1 January 2023.<span class=\"_ _0\"></span> Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Amendments to IF<span class=\"_ _0\"></span>RS 17 - The IASB has i<span class=\"_ _0\"></span>ssued an amendment<span class=\"_ _0\"></span> to the scope of t<span class=\"_ _0\"></span>he transiti<span class=\"_ _0\"></span>onal requirements of 1 January 2023<span class=\"_ _0\"></span> Insurance Contr<span class=\"_ _0\"></span>acts: First-IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> - Ins<span class=\"_ _0\"></span>urance Contrac<span class=\"_ _0\"></span>ts, which provides i<span class=\"_ _0\"></span>nsurers wi<span class=\"_ _0\"></span>th an opti<span class=\"_ _0\"></span>on to improve<span class=\"_ _0\"></span> the time Adopti<span class=\"_ _0\"></span>on of IFRS 17 usefulness of infor<span class=\"_ _0\"></span>matio<span class=\"_ _0\"></span>n to investors on fi<span class=\"_ _0\"></span>rst-time adopti<span class=\"_ _0\"></span>on of the n<span class=\"_ _0\"></span>ew standard.<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>I<span class=\"_ _0\"></span>FRS 9 - <span class=\"_ _0\"></span>Comparati<span class=\"_ _0\"></span>ve IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>uding this amendment, i<span class=\"_ _0\"></span>s effective for annu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds begi<span class=\"_ _0\"></span>nning on or Information<span class=\"_ _0\"></span> after 1 January 2023.<span class=\"_ _0\"></span> Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> not yet<span class=\"_ _2\"></span> endo<span class=\"_ _2\"></span>rsed<span class=\"_ _2\"></span> by the <span class=\"_ _2\"></span>Eur<span class=\"_ _2\"></span>opean U<span class=\"_ _2\"></span>nion<span class=\"fc17\"> </span>Clari<span class=\"_ _0\"></span>fication of requirement<span class=\"_ _0\"></span>s The IASB i<span class=\"_ _0\"></span>ssued on 23 January <span class=\"_ _0\"></span>2020 an amendment to I<span class=\"_ _0\"></span>AS 1 Presentation of Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> 1 January 2024<span class=\"_ _0\"></span> for classifyi<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abilities as Statements to cl<span class=\"_ _0\"></span>arify how to classi<span class=\"_ _0\"></span>fy debt and<span class=\"_ _0\"></span> other li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es as<span class=\"_ _2\"></span> current a<span class=\"_ _0\"></span>nd non-current or non-curre<span class=\"_ _0\"></span>nt current. (amendments to I<span class=\"_ _0\"></span>AS 1 - The amendments cl<span class=\"_ _0\"></span>arify an IAS 1 cri<span class=\"_ _0\"></span>teria for cl<span class=\"_ _0\"></span>assifyi<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non-cu<span class=\"_ _0\"></span>rrent: th<span class=\"_ _0\"></span>e Presentatio<span class=\"_ _0\"></span>n of Financial<span class=\"_ _0\"></span> requ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rement fo<span class=\"_ _0\"></span>r an entity to h<span class=\"_ _0\"></span>ave the ri<span class=\"_ _0\"></span>ght to defer the l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ability\u2019s sett<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ement at l<span class=\"_ _0\"></span>east Statements)<span class=\"_ _0\"></span> 12 months after t<span class=\"_ _0\"></span>he reporting pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. The amendments <span class=\"_ _0\"></span>aim to:<span class=\"_ _0\"></span> a.<span class=\"ls0\"> <span class=\"_ _94\"> </span>specify that an entity's <span class=\"_ _0\"></span>right to de<span class=\"_ _0\"></span>fer settlement mus<span class=\"_ _0\"></span>t exist at <span class=\"_ _0\"></span>the end of </span>the reporting peri<span class=\"_ _0\"></span>od; b.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>at <span class=\"_ _0\"></span>the classi<span class=\"_ _0\"></span>ficati<span class=\"_ _0\"></span>on is not affected by the Board's i<span class=\"_ _0\"></span>ntentions <span class=\"_ _0\"></span>or </span>expectatio<span class=\"_ _0\"></span>ns as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to whether t<span class=\"_ _0\"></span>he entity will<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>exercise its righ<span class=\"_ _0\"></span>t to postpo<span class=\"_ _0\"></span>ne settl<span class=\"_ _0\"></span>ement; c.<span class=\"ls0\"> <span class=\"_ _51\"> </span>clarify how l<span class=\"_ _0\"></span>oan conditio<span class=\"_ _0\"></span>ns af<span class=\"_ _2\"></span>fect cl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>cation; and<span class=\"_ _0\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>e req<span class=\"_ _0\"></span>uirements to <span class=\"_ _0\"></span>classi<span class=\"_ _0\"></span>fy the li<span class=\"_ _0\"></span>abilities that an enti<span class=\"_ _0\"></span>ty will settle, </span>or may settle, by i<span class=\"_ _0\"></span>ssuing its own <span class=\"_ _0\"></span>equity instru<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span> This amendment i<span class=\"_ _0\"></span>s effecti<span class=\"_ _0\"></span>ve for peri<span class=\"_ _0\"></span>ods starting on 1 Janua<span class=\"_ _0\"></span>ry 2024.<span class=\"_ _0\"></span> Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es in sale and The IA<span class=\"_ _0\"></span>SB i<span class=\"_ _0\"></span>ssued amendm<span class=\"_ _0\"></span>ents to <span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>FRS 16 <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Leas<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n Septembe<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>022 that i<span class=\"_ _0\"></span>ntroduc<span class=\"_ _0\"></span>e 1 January 2024<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>ns a <span class=\"_ _1\"></span>new <span class=\"_ _1\"></span>accou<span class=\"_ _0\"></span>nting <span class=\"_ _1\"></span>model<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>for <span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ariabl<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>payments <span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack <span class=\"_ _1\"></span>trans<span class=\"_ _0\"></span>action. (amendments to I<span class=\"_ _0\"></span>FRS 16 - The amendments con<span class=\"_ _0\"></span>firm that:<span class=\"_ _0\"></span> Leases) - <span class=\"_ _96\"> </span><span class=\"ff1\">On <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _2\"></span>ecogniti<span class=\"_ _0\"></span>on, <span class=\"_\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_\"> </span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee<span class=\"_ _2\"></span> <span class=\"_\"> </span>includes <span class=\"_ _97\"> </span>vari<span class=\"_ _0\"></span>able <span class=\"_ _97\"> </span>l<span class=\"_ _0\"></span>ease <span class=\"_\"> </span>payments <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>n </span>measuring a l<span class=\"_ _0\"></span>ease li<span class=\"_ _0\"></span>ability ar<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng from a sale and l<span class=\"_ _0\"></span>easeback transacti<span class=\"_ _0\"></span>on;<span class=\"_ _0\"></span> - <span class=\"_ _96\"> </span><span class=\"ff1\">After <span class=\"_ _38\"></span>ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span> <span class=\"_ _38\"> </span>recogniti<span class=\"_ _0\"></span>on, <span class=\"_ _38\"> </span>the <span class=\"_ _38\"></span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_ _38\"></span>appli<span class=\"_ _0\"></span>es <span class=\"_ _38\"></span>the <span class=\"_ _38\"></span>general<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>requir<span class=\"_ _0\"></span>ements <span class=\"_ _38\"> </span>for<span class=\"_ _0\"></span> </span>subsequent <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>for <span class=\"_ _38\"></span>the <span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ease <span class=\"_ _38\"></span>li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty <span class=\"_ _1\"></span>so<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>tha<span class=\"_ _2\"></span>t <span class=\"_ _38\"></span>it <span class=\"_ _38\"></span>does <span class=\"_ _1\"></span>not <span class=\"_ _38\"></span>rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>se <span class=\"_ _38\"></span>an<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> gain or lo<span class=\"_ _0\"></span>ss relating to the right o<span class=\"_ _0\"></span>f use it retai<span class=\"_ _0\"></span>ns.<span class=\"_ _0\"></span> A <span class=\"_ _2\"></span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-lessee <span class=\"_ _2\"></span>may <span class=\"_ _2\"></span>use different <span class=\"_ _2\"></span>approa<span class=\"_ _0\"></span>ches t<span class=\"_ _2\"></span>o compl<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>wi<span class=\"_ _0\"></span>th <span class=\"_ _2\"></span>the new re<span class=\"_ _2\"></span>quire<span class=\"_ _0\"></span>ments for subsequent measure<span class=\"_ _0\"></span>ment.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>Amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>appli<span class=\"_ _0\"></span>ed <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>annual <span class=\"_ _2\"></span>peri<span class=\"_ _0\"></span>ods <span class=\"_ _2\"></span>beginni<span class=\"_ _0\"></span>ng <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>or a<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>ter <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _2\"></span>20<span class=\"_ _0\"></span>24, wi<span class=\"_ _0\"></span>th ea<span class=\"_ _2\"></span>rli<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted.<span class=\"_ _0\"></span> In accordance wi<span class=\"_ _0\"></span>th IA<span class=\"_ _0\"></span>S 8 - Acco<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span> Poli<span class=\"_ _0\"></span>cies, Changes i<span class=\"_ _0\"></span>n Accounti<span class=\"_ _0\"></span>ng Esti<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ates and Err<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>s, <span class=\"_ _98\"> </span>a <span class=\"_ _98\"> </span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_\"> </span>shall<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>apply <span class=\"_\"> </span>the <span class=\"_ _99\"> </span>amendments <span class=\"_ _98\"> </span>retrosp<span class=\"_ _0\"></span>ectively <span class=\"_ _98\"> </span>to <span class=\"_\"> </span>sal<span class=\"_ _0\"></span>e <span class=\"_ _98\"> </span>and<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back <span class=\"_ _1\"></span>transacti<span class=\"_ _0\"></span>ons <span class=\"_ _0\"></span>enter<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nto <span class=\"_ _0\"></span>on <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>afte<span class=\"_ _0\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _0\"></span>cation <span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>f <span class=\"_ _0\"></span>IFRS 16. <span class=\"_\"> </span>T<span class=\"_ _0\"></span>his <span class=\"_ _98\"> </span>means <span class=\"_ _98\"> </span>th<span class=\"_ _0\"></span>at <span class=\"_\"> </span>i<span class=\"_ _0\"></span>t <span class=\"_\"> </span>w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> <span class=\"_\"> </span>have <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>fy <span class=\"_\"> </span>and<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _0\"></span>eassess <span class=\"_ _98\"> </span>sale<span class=\"_ _0\"></span> <span class=\"_\"> </span>a<span class=\"_ _0\"></span>nd <span class=\"_\"> </span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack transactions e<span class=\"_ _2\"></span>nte<span class=\"_ _0\"></span>red <span class=\"_ _2\"></span>into since <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mplementation of <span class=\"_ _2\"></span>IFRS 16<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>2019, <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>potential<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>y restate those tha<span class=\"_ _0\"></span>t include vari<span class=\"_ _0\"></span>able l<span class=\"_ _0\"></span>ease <span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>ayments.<span class=\"_ _0\"></span> With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>bove stand<span class=\"_ _2\"></span>ards, <span class=\"_ _2\"></span>which ar<span class=\"_ _2\"></span>e not y<span class=\"_ _2\"></span>et mandator<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p has not <span class=\"_ _2\"></span>yet completed <span class=\"_ _2\"></span>the calcu<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>of all<span class=\"_ _2\"></span> impacts <span class=\"_ _2\"></span>arisin<span class=\"_ _2\"></span>g from t<span class=\"_ _2\"></span>heir <span class=\"_ _2\"></span>applicati<span class=\"_ _2\"></span>on and has<span class=\"_ _2\"></span> therefo<span class=\"_ _2\"></span>re el<span class=\"_ _2\"></span>ected to apply <span class=\"_ _2\"></span>them e<span class=\"_ _2\"></span>arly, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>these impac<span class=\"_ _2\"></span>ts are n<span class=\"_ _2\"></span>ot e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>to be ma<span class=\"_ _2\"></span>terial. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-42-3": {
   "value": "1.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">New I<span class=\"_ _2\"></span>FRS stand<span class=\"_ _2\"></span>ards ad<span class=\"_ _2\"></span>opte<span class=\"_ _2\"></span>d and to b<span class=\"_ _2\"></span>e </span></span>adopt<span class=\"_ _2\"></span>ed 1.5.1. Ot<span class=\"_ _2\"></span>her st<span class=\"_ _2\"></span>andards, ame<span class=\"_ _2\"></span>ndment<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>int<span class=\"_ _2\"></span>erpretati<span class=\"_ _2\"></span>ons adopt<span class=\"_ _2\"></span>ed or to be ad<span class=\"_ _2\"></span>opted Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> ado<span class=\"_ _2\"></span>pte<span class=\"_ _2\"></span>d in 2022<span class=\"_ _2\"></span> No i<span class=\"_ _2\"></span>mpacts on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion<span class=\"_ _2\"></span> Reference to the Conce<span class=\"_ _0\"></span>ptual In May 2020 the I<span class=\"_ _0\"></span>ASB i<span class=\"_ _0\"></span>ssued Re<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>erence to th<span class=\"_ _0\"></span>e Conceptual<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>Framework, whi<span class=\"_ _0\"></span>ch ma<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>e 1 January 2022<span class=\"_ _0\"></span> Framework (Amendme<span class=\"_ _0\"></span>nts to amendments to IFRS 3<span class=\"_ _0\"></span> Business Combi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ons. IF<span class=\"_ _0\"></span>RS 3) The amendments <span class=\"_ _0\"></span>updated IF<span class=\"_ _0\"></span>RS 3 by repl<span class=\"_ _0\"></span>acing a reference to an ol<span class=\"_ _0\"></span>d version of the Board\u2019s Conceptual<span class=\"_ _0\"></span> Framework for Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> Reporting with a refe<span class=\"_ _0\"></span>rence to th<span class=\"_ _0\"></span>e latest version, whi<span class=\"_ _0\"></span>ch was issued i<span class=\"_ _0\"></span>n March 2018.<span class=\"_ _0\"></span> The Amendments sh<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed to business combinati<span class=\"_ _0\"></span>ons for whi<span class=\"_ _0\"></span>ch the acquisi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date is on or after th<span class=\"_ _0\"></span>e begi<span class=\"_ _0\"></span>nning of the first annual<span class=\"_ _0\"></span> reporting p<span class=\"_ _0\"></span>eriod begi<span class=\"_ _0\"></span>nning on or after 1 January 2022. <span class=\"_ _0\"></span> Property, Plant and Equi<span class=\"_ _0\"></span>pment In May 2020, the IAS<span class=\"_ _0\"></span>B issued Propert<span class=\"_ _0\"></span>y, Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span>Proc<span class=\"_ _0\"></span>eeds before<span class=\"_ _0\"></span> Intended 1 January 2022<span class=\"_ _0\"></span> \u2014<span class=\"ff1\"> Pr<span class=\"_ _2\"></span>oc<span class=\"_ _0\"></span>eeds befo<span class=\"_ _0\"></span>re Intended </span>Use, which made a<span class=\"_ _0\"></span>mendments to IA<span class=\"_ _0\"></span>S 16 Property, <span class=\"_ _0\"></span>Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span> Use (Amendments to I<span class=\"_ _0\"></span>AS 16 The Amendments woul<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>rohibi<span class=\"_ _0\"></span>t deduct<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng from th<span class=\"_ _0\"></span>e cost of an i<span class=\"_ _0\"></span>tem o<span class=\"_ _0\"></span>f property, plant Property, Plant and and equipment any p<span class=\"_ _0\"></span>roceeds from sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng items produced whi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e bringing that asset to Equipment) the lo<span class=\"_ _0\"></span>cation and <span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n nec<span class=\"_ _2\"></span>essar<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>t to be capable of ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>mann<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>nded by ma<span class=\"_ _0\"></span>nagement. Ins<span class=\"_ _0\"></span>tead, a<span class=\"_ _0\"></span>n entity woul<span class=\"_ _0\"></span>d recognise those s<span class=\"_ _0\"></span>ales proceeds i<span class=\"_ _0\"></span>n profit or lo<span class=\"_ _0\"></span>ss. The amendments s<span class=\"_ _0\"></span>hall<span class=\"_ _0\"></span> be app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for annual perio<span class=\"_ _0\"></span>ds beginning on o<span class=\"_ _0\"></span>r after 1 Janua<span class=\"_ _0\"></span>ry 2022. Onerous Contracts <span class=\"ff8\">\u2014</span> <span class=\"_ _0\"></span>Cost of In May 2020, the IAS<span class=\"_ _0\"></span>B issued O<span class=\"_ _0\"></span>nerous Co<span class=\"_ _0\"></span>ntracts <span class=\"ff8\">\u2014</span> Cost<span class=\"_ _0\"></span> of Fulfilli<span class=\"_ _0\"></span>ng a Contract, whi<span class=\"_ _0\"></span>ch 1 January 2022<span class=\"_ _0\"></span> Fulfilli<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>Co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> made amendments to I<span class=\"_ _0\"></span>AS 37 Provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons, Contingent Li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d Co<span class=\"_ _0\"></span>ntingent Assets.<span class=\"_ _1\"></span> The objective of <span class=\"_ _0\"></span>the Amendments i<span class=\"_ _0\"></span>s to clarify the req<span class=\"_ _0\"></span>uirements of I<span class=\"_ _0\"></span>AS 37 on onerous contracts regardi<span class=\"_ _0\"></span>ng the assessm<span class=\"_ _0\"></span>ent of whethe<span class=\"_ _0\"></span>r, i<span class=\"_ _0\"></span>n a <span class=\"_ _2\"></span>con<span class=\"_ _0\"></span>tract, the un<span class=\"_ _0\"></span>avoi<span class=\"_ _0\"></span>dable costs of meeting the obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gations under the contract exceed <span class=\"_ _0\"></span>the economic be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts expected to be rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved under<span class=\"_ _0\"></span> it. The ame<span class=\"_ _0\"></span>ndments shal<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> be a<span class=\"_ _2\"></span>ppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual perio<span class=\"_ _0\"></span>ds beginning on<span class=\"_ _0\"></span> or after 1 January 2022.<span class=\"_ _0\"></span> Annual I<span class=\"_ _0\"></span>mprovements to IFRS On 14 May 2020, t<span class=\"_ _0\"></span>he IASB i<span class=\"_ _0\"></span>ssued Annual I<span class=\"_ _0\"></span>mprovements to IFRS Sta<span class=\"_ _0\"></span>ndards 2018<span class=\"_ _1\"></span><span class=\"ff8\">\u2013</span>2020 1 January 2022<span class=\"_ _0\"></span> Standards 2018-2<span class=\"_ _0\"></span>020 containing the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owing amendments to IFRSs:<span class=\"_ _1\"></span> (a) permi<span class=\"_ _0\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> entity that i<span class=\"_ _0\"></span>s a subsidi<span class=\"_ _0\"></span>ary, associate or joi<span class=\"_ _0\"></span>nt venture, <span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ho becomes <span class=\"_ _0\"></span>a first-time adopter l<span class=\"_ _0\"></span>ater than its parent and el<span class=\"_ _0\"></span>ects to appl<span class=\"_ _0\"></span>y paragraph <span class=\"_ _0\"></span>D16(a) of IFRS 1 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>rst-time Adoptio<span class=\"_ _0\"></span>n of Internatio<span class=\"_ _0\"></span>nal Fi<span class=\"_ _0\"></span>nancial Reporting Standards, <span class=\"_ _0\"></span>to measure t<span class=\"_ _0\"></span>he cumul<span class=\"_ _0\"></span>ative translation di<span class=\"_ _0\"></span>fferences using the amo<span class=\"_ _0\"></span>unts reporte<span class=\"_ _0\"></span>d by the pa<span class=\"_ _0\"></span><span class=\"ff8\">rent, ba<span class=\"_ _0\"></span>sed on the parent\u2019s<span class=\"_ _0\"></span> </span>date of transiti<span class=\"_ _0\"></span>on to IFRS;<span class=\"_ _0\"></span> (b) clarify that <span class=\"_ _0\"></span>the reference to fees i<span class=\"_ _0\"></span>n the 10 per cent<span class=\"_ _0\"></span> test incl<span class=\"_ _0\"></span>udes o<span class=\"_ _0\"></span>nly fees pai<span class=\"_ _0\"></span>d or rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved betw<span class=\"_ _0\"></span>een the borrower<span class=\"_ _0\"></span> and the l<span class=\"_ _0\"></span>ender, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng fees<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>aid or recei<span class=\"_ _0\"></span>ved by either the borrower or lend<span class=\"_ _0\"></span>er <span class=\"ff8\">on the o<span class=\"_ _0\"></span>ther\u2019s behal<span class=\"_ _0\"></span>f (IFRS 9);<span class=\"_ _0\"></span></span> (c) remove the po<span class=\"_ _0\"></span>tential<span class=\"_ _0\"></span> confusion regarding the t<span class=\"_ _0\"></span>reatment of leas<span class=\"_ _0\"></span>e incenti<span class=\"_ _0\"></span>ves applyi<span class=\"_ _0\"></span>ng IF<span class=\"_ _0\"></span>RS 16<span class=\"_ _2\"></span> Leas<span class=\"_ _0\"></span>es as was i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ustra<span class=\"_ _2\"></span>ted i<span class=\"_ _0\"></span>n Ill<span class=\"_ _0\"></span>ustrative Example <span class=\"_ _0\"></span>13 accompanyi<span class=\"_ _0\"></span>ng IFRS 16; and<span class=\"_ _1\"></span> (d) remove the req<span class=\"_ _0\"></span>uirement in par<span class=\"_ _0\"></span>agraph 22 of IA<span class=\"_ _0\"></span>S 41 Ag<span class=\"_ _0\"></span>ricul<span class=\"_ _0\"></span>ture for entities to excl<span class=\"_ _0\"></span>ude cash flow<span class=\"_ _0\"></span>s for taxation when measuri<span class=\"_ _0\"></span>ng fai<span class=\"_ _0\"></span>r value applyi<span class=\"_ _0\"></span>ng IAS<span class=\"_ _0\"></span> 41<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> The amendments wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual peri<span class=\"_ _0\"></span>ods beginning on or<span class=\"_ _0\"></span> after 1 January 2022. Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> to be a<span class=\"_ _2\"></span>dopte<span class=\"_ _2\"></span>d in s<span class=\"_ _2\"></span>ubse<span class=\"_ _2\"></span>quent period<span class=\"_ _2\"></span>s Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> endor<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Europ<span class=\"_ _2\"></span>ean U<span class=\"_ _2\"></span>nion w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d not t<span class=\"_ _2\"></span>o ap<span class=\"_ _2\"></span>ply in a<span class=\"_ _2\"></span>dvanc<span class=\"_ _2\"></span>e Discl<span class=\"_ _0\"></span>osure of Accounting Follo<span class=\"_ _0\"></span>wing feedback that more guida<span class=\"_ _0\"></span>nce was needed <span class=\"_ _0\"></span>to hel<span class=\"_ _0\"></span>p companies deci<span class=\"_ _0\"></span>de what 1 January 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span> poli<span class=\"_ _0\"></span>cies (Amen<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>ments to accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nformatio<span class=\"_ _0\"></span>n should be discl<span class=\"_ _0\"></span>osed, the IASB<span class=\"_ _0\"></span> issued on 12 February IAS<span class=\"_ _0\"></span> 1 P<span class=\"_ _2\"></span>rese<span class=\"_ _0\"></span>ntation of 2021 amendments to I<span class=\"_ _0\"></span>AS 1 Presentati<span class=\"_ _0\"></span>on of Fi<span class=\"_ _0\"></span>nancial St<span class=\"_ _0\"></span>atements a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>FRS Pra<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tice Fi<span class=\"_ _0\"></span>nancial Statements and Statement 2 Maki<span class=\"_ _0\"></span>ng Material<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty Ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _0\"></span>ts. <span class=\"_ _0\"></span> IF<span class=\"_ _0\"></span>RS Pr<span class=\"_ _2\"></span>acti<span class=\"_ _0\"></span>ce Statement 2)<span class=\"_ _0\"></span> The key amendmen<span class=\"_ _0\"></span>ts to IAS 1 i<span class=\"_ _0\"></span>nclude: i) requi<span class=\"_ _0\"></span>ring compani<span class=\"_ _0\"></span>es to discl<span class=\"_ _0\"></span>ose their material accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies rather than thei<span class=\"_ _0\"></span>r signifi<span class=\"_ _0\"></span>cant accounting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies; ii) clari<span class=\"_ _0\"></span>fying that a<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>counti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies related to immaterial<span class=\"_ _0\"></span> transactions, other events or<span class=\"_ _0\"></span> conditi<span class=\"_ _0\"></span>ons are themselves i<span class=\"_ _0\"></span>mmaterial<span class=\"_ _0\"></span> and as such need not be di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed;<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) clari<span class=\"_ _0\"></span>fying that not all<span class=\"_ _0\"></span> account<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es that relate to material<span class=\"_ _0\"></span> transactions, are themselves mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> to a <span class=\"ff8\">company\u2019s fi<span class=\"_ _0\"></span>nancial statements. <span class=\"_ _0\"></span></span> The IASB also<span class=\"_ _0\"></span> amended IFRS Practice S<span class=\"_ _0\"></span>tatement <span class=\"_ _0\"></span>2 to include gui<span class=\"_ _0\"></span>dance and two<span class=\"_ _0\"></span> additi<span class=\"_ _0\"></span>onal examples on the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of ma<span class=\"_ _2\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty t<span class=\"_ _2\"></span>o acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy di<span class=\"_ _0\"></span>sc<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>osures. The amendments <span class=\"_ _0\"></span>are consistent wi<span class=\"_ _0\"></span>th the refined defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tion <span class=\"_ _0\"></span>of material<span class=\"_ _0\"></span>:  \u201cAccounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy informa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>on is mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> if, when considered togeth<span class=\"_ _0\"></span>er with othe<span class=\"_ _0\"></span>r i<span class=\"_ _0\"></span>nforma<span class=\"_ _2\"></span>tio<span class=\"_ _0\"></span>n incl<span class=\"_ _0\"></span>uded in an entity\u2019s fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> statements, i<span class=\"_ _0\"></span>t ca<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> reasonabl<span class=\"_ _0\"></span>y be expected to infl<span class=\"_ _0\"></span>uence<span class=\"_ _2\"></span> d<span class=\"_ _0\"></span>ecisi<span class=\"_ _0\"></span>ons that the primary user<span class=\"_ _0\"></span>s of general<span class=\"_ _0\"></span>-pu<span class=\"_ _0\"></span>rpose fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al statements make on the basi<span class=\"_ _0\"></span>s of those financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> stat<span class=\"_ _2\"></span>eme<span class=\"_ _0\"></span>nts\u201d.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>1 January <span class=\"_ _0\"></span>2023 but may be <span class=\"_ _0\"></span>applied earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er. Amendments to IA<span class=\"_ _0\"></span>S 8 The IASB has i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 8 Accoun<span class=\"_ _0\"></span>ting Pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es, Changes in 1 January 2023<span class=\"_ _0\"></span> Accounting poli<span class=\"_ _0\"></span>cies, Accounting Estima<span class=\"_ _0\"></span>tes and Errors to <span class=\"_ _0\"></span>clari<span class=\"_ _0\"></span>fy how companies sho<span class=\"_ _0\"></span>uld di<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nguish changes Changes in Accounti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n ac<span class=\"_ _2\"></span>counti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es from c<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates, wi<span class=\"_ _0\"></span>th a<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mary <span class=\"_ _0\"></span>focus on Estimates and Errors<span class=\"_ _0\"></span>: the definiti<span class=\"_ _0\"></span>on of and cl<span class=\"_ _0\"></span>arifi<span class=\"_ _0\"></span>cations on accounting estimates.<span class=\"_ _0\"></span> Definiti<span class=\"_ _0\"></span>on of Accounting The amendments i<span class=\"_ _0\"></span>ntroduce a new defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for a<span class=\"_ _2\"></span>ccounti<span class=\"_ _0\"></span>ng estimates<span class=\"_ _0\"></span>: clari<span class=\"_ _0\"></span>fying that Estimates they are monetary amou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the financial<span class=\"_ _0\"></span> statements that <span class=\"_ _0\"></span>are subject to measurement unce<span class=\"_ _0\"></span>rtainty. Th<span class=\"ls0\">e amendments al<span class=\"_ _0\"></span>so cl<span class=\"_ _0\"></span>arify the relationship betw<span class=\"_ _0\"></span>een accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies an<span class=\"_ _2\"></span>d </span>accounting esti<span class=\"_ _0\"></span>mates by speci<span class=\"_ _0\"></span>fying that a company d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>ps an accounting estima<span class=\"_ _0\"></span>te to achieve the objecti<span class=\"_ _0\"></span>ve set out by <span class=\"_ _0\"></span>an accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy. The effects of changes i<span class=\"_ _0\"></span>n such inputs or m<span class=\"_ _0\"></span>easurement tech<span class=\"_ _0\"></span>niques are ch<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for periods begi<span class=\"_ _0\"></span>nning on or after <span class=\"_ _0\"></span>1 January 2023, wi<span class=\"_ _0\"></span>th ear<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted, and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> apply prospectively to changes <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n acc<span class=\"_ _2\"></span>oun<span class=\"_ _0\"></span>ting estimates and changes i<span class=\"_ _0\"></span>n accoun<span class=\"_ _0\"></span>ting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies occurr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng on or afte<span class=\"_ _0\"></span>r the beginni<span class=\"_ _0\"></span>ng of the first annual<span class=\"_ _0\"></span> reporting perio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch the company appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>amendme<span class=\"_ _0\"></span>nts.<span class=\"_ _0\"></span> Amendments to IA<span class=\"_ _0\"></span>S 12: The IASB i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 12 Income Taxes o<span class=\"_ _0\"></span>n 7 May 202<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span> 1 January 2023<span class=\"_ _0\"></span> deferred tax relat<span class=\"_ _0\"></span>ed to The amendments requi<span class=\"_ _0\"></span>re comp<span class=\"_ _0\"></span>anies to recogni<span class=\"_ _0\"></span>se deferred tax on <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons that, assets and l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties arisi<span class=\"_ _0\"></span>ng on ini<span class=\"_ _0\"></span>tial recogniti<span class=\"_ _0\"></span>on, give rise to equal amo<span class=\"_ _0\"></span>unts of taxabl<span class=\"_ _0\"></span>e and deducti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e te<span class=\"_ _2\"></span>mpor<span class=\"_ _0\"></span>ary from a singl<span class=\"_ _0\"></span>e transacti<span class=\"_ _0\"></span>on differences. <span class=\"_ _0\"></span> In specifi<span class=\"_ _0\"></span>ed circumstances, comp<span class=\"_ _0\"></span>anies are exemp<span class=\"_ _0\"></span>t from recogni<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng def<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>rred tax when they recogni<span class=\"_ _0\"></span>se assets or l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities for the first time. <span class=\"_ _0\"></span>Previo<span class=\"_ _0\"></span>usly, there had been some uncertai<span class=\"_ _0\"></span>nty about whether the exem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to transactio<span class=\"_ _0\"></span>ns such as leases and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oning obli<span class=\"_ _0\"></span>gations<span class=\"ff8\">\u2014</span>transactio<span class=\"_ _0\"></span>ns for which compani<span class=\"_ _0\"></span>es recogni<span class=\"_ _0\"></span>se both an asset and a li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty. The amendments cl<span class=\"_ _0\"></span>arify that the exempti<span class=\"_ _0\"></span>on do<span class=\"_ _0\"></span>es not apply and that compani<span class=\"_ _0\"></span>es are requi<span class=\"_ _0\"></span>red to recogni<span class=\"_ _0\"></span>se deferred tax on such tr<span class=\"_ _0\"></span>ansactio<span class=\"_ _0\"></span>ns. The aim of the amendm<span class=\"_ _0\"></span>ents i<span class=\"_ _0\"></span>s to reduce diversity<span class=\"_ _0\"></span> in the reporting of <span class=\"_ _0\"></span>defe<span class=\"_ _0\"></span>rred tax on l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>s and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>ng obli<span class=\"_ _0\"></span>gations. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for annual reporting p<span class=\"_ _0\"></span>eriods begi<span class=\"_ _0\"></span>nning o<span class=\"_ _0\"></span>n or after 1 January 2023. Earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation is permitte<span class=\"_ _2\"></span>d.<span class=\"_ _1\"></span> IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> <span class=\"ff8\">\u2014</span> Ins<span class=\"_ _0\"></span>urance The IASB i<span class=\"_ _0\"></span>ssued on 18 May 2017 a st<span class=\"_ _0\"></span>andard that s<span class=\"_ _0\"></span>uperseded IFRS 4 and co<span class=\"_ _0\"></span>mpletely 1 January 2023<span class=\"_ _0\"></span> Contracts reformed the treatmen<span class=\"_ _0\"></span>t of insurance con<span class=\"_ _0\"></span>tracts. The st<span class=\"_ _0\"></span>andard i<span class=\"_ _0\"></span>ntroduces signifi<span class=\"_ _0\"></span>cant changes to the way<span class=\"_ _0\"></span> in whi<span class=\"_ _0\"></span>ch the performance of i<span class=\"_ _0\"></span>nsurance contrac<span class=\"_ _0\"></span>ts is mea<span class=\"_ _0\"></span>sured<span class=\"_ _0\"></span> and presented with va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us impacts also at the l<span class=\"_ _0\"></span>evel of the financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion. The standard expected to be effec<span class=\"_ _0\"></span>tive for annual<span class=\"_ _0\"></span> periods begi<span class=\"_ _0\"></span>nning on or afte<span class=\"_ _0\"></span>r 1 January 2023.<span class=\"_ _0\"></span> Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Amendments to IF<span class=\"_ _0\"></span>RS 17 - The IASB has i<span class=\"_ _0\"></span>ssued an amendment<span class=\"_ _0\"></span> to the scope of t<span class=\"_ _0\"></span>he transiti<span class=\"_ _0\"></span>onal requirements of 1 January 2023<span class=\"_ _0\"></span> Insurance Contr<span class=\"_ _0\"></span>acts: First-IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> - Ins<span class=\"_ _0\"></span>urance Contrac<span class=\"_ _0\"></span>ts, which provides i<span class=\"_ _0\"></span>nsurers wi<span class=\"_ _0\"></span>th an opti<span class=\"_ _0\"></span>on to improve<span class=\"_ _0\"></span> the time Adopti<span class=\"_ _0\"></span>on of IFRS 17 usefulness of infor<span class=\"_ _0\"></span>matio<span class=\"_ _0\"></span>n to investors on fi<span class=\"_ _0\"></span>rst-time adopti<span class=\"_ _0\"></span>on of the n<span class=\"_ _0\"></span>ew standard.<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>I<span class=\"_ _0\"></span>FRS 9 - <span class=\"_ _0\"></span>Comparati<span class=\"_ _0\"></span>ve IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>uding this amendment, i<span class=\"_ _0\"></span>s effective for annu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds begi<span class=\"_ _0\"></span>nning on or Information<span class=\"_ _0\"></span> after 1 January 2023.<span class=\"_ _0\"></span> Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> not yet<span class=\"_ _2\"></span> endo<span class=\"_ _2\"></span>rsed<span class=\"_ _2\"></span> by the <span class=\"_ _2\"></span>Eur<span class=\"_ _2\"></span>opean U<span class=\"_ _2\"></span>nion<span class=\"fc17\"> </span>Clari<span class=\"_ _0\"></span>fication of requirement<span class=\"_ _0\"></span>s The IASB i<span class=\"_ _0\"></span>ssued on 23 January <span class=\"_ _0\"></span>2020 an amendment to I<span class=\"_ _0\"></span>AS 1 Presentation of Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> 1 January 2024<span class=\"_ _0\"></span> for classifyi<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abilities as Statements to cl<span class=\"_ _0\"></span>arify how to classi<span class=\"_ _0\"></span>fy debt and<span class=\"_ _0\"></span> other li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es as<span class=\"_ _2\"></span> current a<span class=\"_ _0\"></span>nd non-current or non-curre<span class=\"_ _0\"></span>nt current. (amendments to I<span class=\"_ _0\"></span>AS 1 - The amendments cl<span class=\"_ _0\"></span>arify an IAS 1 cri<span class=\"_ _0\"></span>teria for cl<span class=\"_ _0\"></span>assifyi<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non-cu<span class=\"_ _0\"></span>rrent: th<span class=\"_ _0\"></span>e Presentatio<span class=\"_ _0\"></span>n of Financial<span class=\"_ _0\"></span> requ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rement fo<span class=\"_ _0\"></span>r an entity to h<span class=\"_ _0\"></span>ave the ri<span class=\"_ _0\"></span>ght to defer the l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ability\u2019s sett<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ement at l<span class=\"_ _0\"></span>east Statements)<span class=\"_ _0\"></span> 12 months after t<span class=\"_ _0\"></span>he reporting pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. The amendments <span class=\"_ _0\"></span>aim to:<span class=\"_ _0\"></span> a.<span class=\"ls0\"> <span class=\"_ _94\"> </span>specify that an entity's <span class=\"_ _0\"></span>right to de<span class=\"_ _0\"></span>fer settlement mus<span class=\"_ _0\"></span>t exist at <span class=\"_ _0\"></span>the end of </span>the reporting peri<span class=\"_ _0\"></span>od; b.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>at <span class=\"_ _0\"></span>the classi<span class=\"_ _0\"></span>ficati<span class=\"_ _0\"></span>on is not affected by the Board's i<span class=\"_ _0\"></span>ntentions <span class=\"_ _0\"></span>or </span>expectatio<span class=\"_ _0\"></span>ns as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to whether t<span class=\"_ _0\"></span>he entity will<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>exercise its righ<span class=\"_ _0\"></span>t to postpo<span class=\"_ _0\"></span>ne settl<span class=\"_ _0\"></span>ement; c.<span class=\"ls0\"> <span class=\"_ _51\"> </span>clarify how l<span class=\"_ _0\"></span>oan conditio<span class=\"_ _0\"></span>ns af<span class=\"_ _2\"></span>fect cl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>cation; and<span class=\"_ _0\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>e req<span class=\"_ _0\"></span>uirements to <span class=\"_ _0\"></span>classi<span class=\"_ _0\"></span>fy the li<span class=\"_ _0\"></span>abilities that an enti<span class=\"_ _0\"></span>ty will settle, </span>or may settle, by i<span class=\"_ _0\"></span>ssuing its own <span class=\"_ _0\"></span>equity instru<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span> This amendment i<span class=\"_ _0\"></span>s effecti<span class=\"_ _0\"></span>ve for peri<span class=\"_ _0\"></span>ods starting on 1 Janua<span class=\"_ _0\"></span>ry 2024.<span class=\"_ _0\"></span> Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es in sale and The IA<span class=\"_ _0\"></span>SB i<span class=\"_ _0\"></span>ssued amendm<span class=\"_ _0\"></span>ents to <span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>FRS 16 <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Leas<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n Septembe<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>022 that i<span class=\"_ _0\"></span>ntroduc<span class=\"_ _0\"></span>e 1 January 2024<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>ns a <span class=\"_ _1\"></span>new <span class=\"_ _1\"></span>accou<span class=\"_ _0\"></span>nting <span class=\"_ _1\"></span>model<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>for <span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ariabl<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>payments <span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack <span class=\"_ _1\"></span>trans<span class=\"_ _0\"></span>action. (amendments to I<span class=\"_ _0\"></span>FRS 16 - The amendments con<span class=\"_ _0\"></span>firm that:<span class=\"_ _0\"></span> Leases) - <span class=\"_ _96\"> </span><span class=\"ff1\">On <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _2\"></span>ecogniti<span class=\"_ _0\"></span>on, <span class=\"_\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_\"> </span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee<span class=\"_ _2\"></span> <span class=\"_\"> </span>includes <span class=\"_ _97\"> </span>vari<span class=\"_ _0\"></span>able <span class=\"_ _97\"> </span>l<span class=\"_ _0\"></span>ease <span class=\"_\"> </span>payments <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>n </span>measuring a l<span class=\"_ _0\"></span>ease li<span class=\"_ _0\"></span>ability ar<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng from a sale and l<span class=\"_ _0\"></span>easeback transacti<span class=\"_ _0\"></span>on;<span class=\"_ _0\"></span> - <span class=\"_ _96\"> </span><span class=\"ff1\">After <span class=\"_ _38\"></span>ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span> <span class=\"_ _38\"> </span>recogniti<span class=\"_ _0\"></span>on, <span class=\"_ _38\"> </span>the <span class=\"_ _38\"></span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_ _38\"></span>appli<span class=\"_ _0\"></span>es <span class=\"_ _38\"></span>the <span class=\"_ _38\"></span>general<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>requir<span class=\"_ _0\"></span>ements <span class=\"_ _38\"> </span>for<span class=\"_ _0\"></span> </span>subsequent <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>for <span class=\"_ _38\"></span>the <span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ease <span class=\"_ _38\"></span>li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty <span class=\"_ _1\"></span>so<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>tha<span class=\"_ _2\"></span>t <span class=\"_ _38\"></span>it <span class=\"_ _38\"></span>does <span class=\"_ _1\"></span>not <span class=\"_ _38\"></span>rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>se <span class=\"_ _38\"></span>an<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> gain or lo<span class=\"_ _0\"></span>ss relating to the right o<span class=\"_ _0\"></span>f use it retai<span class=\"_ _0\"></span>ns.<span class=\"_ _0\"></span> A <span class=\"_ _2\"></span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-lessee <span class=\"_ _2\"></span>may <span class=\"_ _2\"></span>use different <span class=\"_ _2\"></span>approa<span class=\"_ _0\"></span>ches t<span class=\"_ _2\"></span>o compl<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>wi<span class=\"_ _0\"></span>th <span class=\"_ _2\"></span>the new re<span class=\"_ _2\"></span>quire<span class=\"_ _0\"></span>ments for subsequent measure<span class=\"_ _0\"></span>ment.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>Amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>appli<span class=\"_ _0\"></span>ed <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>annual <span class=\"_ _2\"></span>peri<span class=\"_ _0\"></span>ods <span class=\"_ _2\"></span>beginni<span class=\"_ _0\"></span>ng <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>or a<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>ter <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _2\"></span>20<span class=\"_ _0\"></span>24, wi<span class=\"_ _0\"></span>th ea<span class=\"_ _2\"></span>rli<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted.<span class=\"_ _0\"></span> In accordance wi<span class=\"_ _0\"></span>th IA<span class=\"_ _0\"></span>S 8 - Acco<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span> Poli<span class=\"_ _0\"></span>cies, Changes i<span class=\"_ _0\"></span>n Accounti<span class=\"_ _0\"></span>ng Esti<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ates and Err<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>s, <span class=\"_ _98\"> </span>a <span class=\"_ _98\"> </span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_\"> </span>shall<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>apply <span class=\"_\"> </span>the <span class=\"_ _99\"> </span>amendments <span class=\"_ _98\"> </span>retrosp<span class=\"_ _0\"></span>ectively <span class=\"_ _98\"> </span>to <span class=\"_\"> </span>sal<span class=\"_ _0\"></span>e <span class=\"_ _98\"> </span>and<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back <span class=\"_ _1\"></span>transacti<span class=\"_ _0\"></span>ons <span class=\"_ _0\"></span>enter<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nto <span class=\"_ _0\"></span>on <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>afte<span class=\"_ _0\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _0\"></span>cation <span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>f <span class=\"_ _0\"></span>IFRS 16. <span class=\"_\"> </span>T<span class=\"_ _0\"></span>his <span class=\"_ _98\"> </span>means <span class=\"_ _98\"> </span>th<span class=\"_ _0\"></span>at <span class=\"_\"> </span>i<span class=\"_ _0\"></span>t <span class=\"_\"> </span>w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> <span class=\"_\"> </span>have <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>fy <span class=\"_\"> </span>and<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _0\"></span>eassess <span class=\"_ _98\"> </span>sale<span class=\"_ _0\"></span> <span class=\"_\"> </span>a<span class=\"_ _0\"></span>nd <span class=\"_\"> </span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack transactions e<span class=\"_ _2\"></span>nte<span class=\"_ _0\"></span>red <span class=\"_ _2\"></span>into since <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mplementation of <span class=\"_ _2\"></span>IFRS 16<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>2019, <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>potential<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>y restate those tha<span class=\"_ _0\"></span>t include vari<span class=\"_ _0\"></span>able l<span class=\"_ _0\"></span>ease <span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>ayments.<span class=\"_ _0\"></span> With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>bove stand<span class=\"_ _2\"></span>ards, <span class=\"_ _2\"></span>which ar<span class=\"_ _2\"></span>e not y<span class=\"_ _2\"></span>et mandator<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p has not <span class=\"_ _2\"></span>yet completed <span class=\"_ _2\"></span>the calcu<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>of all<span class=\"_ _2\"></span> impacts <span class=\"_ _2\"></span>arisin<span class=\"_ _2\"></span>g from t<span class=\"_ _2\"></span>heir <span class=\"_ _2\"></span>applicati<span class=\"_ _2\"></span>on and has<span class=\"_ _2\"></span> therefo<span class=\"_ _2\"></span>re el<span class=\"_ _2\"></span>ected to apply <span class=\"_ _2\"></span>them e<span class=\"_ _2\"></span>arly, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>these impac<span class=\"_ _2\"></span>ts are n<span class=\"_ _2\"></span>ot e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>to be ma<span class=\"_ _2\"></span>terial. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-45-2": {
   "value": "1.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Signif<span class=\"_ _2\"></span>icant acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing estim<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s and </span></span>judgments<span class=\"_ _2\"></span> The prepa<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tat<span class=\"_ _0\"></span><span class=\"ff8\">ements <span class=\"_ _2\"></span>requi<span class=\"_ _2\"></span>res tha<span class=\"_ _2\"></span>t the G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f </span>Directors <span class=\"_ _2\"></span>make ju<span class=\"_ _2\"></span>dgements <span class=\"_ _2\"></span>and esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>that aff<span class=\"_ _2\"></span>ect the <span class=\"_ _2\"></span>amou<span class=\"_ _2\"></span>nt of rev<span class=\"_ _2\"></span>enue, co<span class=\"_ _2\"></span>sts, <span class=\"_ _2\"></span>assets, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and disc<span class=\"_ _2\"></span>losures <span class=\"_ _2\"></span>at the dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idated s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>atement of<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n. To that effect<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup\u2019s Bo<span class=\"_ _2\"></span>a<span class=\"ff1\">rd of <span class=\"_ _2\"></span>Directors <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>based on<span class=\"_ _2\"></span>:  </span>i)<span class=\"ffb ls0\"> <span class=\"_ _58\"> </span><span class=\"ff1\">the best i<span class=\"_ _2\"></span>nformatio<span class=\"_ _2\"></span>n and <span class=\"_ _2\"></span>knowledge o<span class=\"_ _2\"></span>f cur<span class=\"_ _2\"></span>rent ev<span class=\"_ _2\"></span>ents and<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>certain cases<span class=\"_ _2\"></span> on th<span class=\"_ _2\"></span>e </span></span>reports <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>dependent <span class=\"_ _2\"></span>experts; <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span> ii)<span class=\"ffb ls0\"> <span class=\"_ _9a\"> </span><span class=\"ff1\">the actio<span class=\"_ _2\"></span>ns th<span class=\"_ _2\"></span>at the G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>t may h<span class=\"_ _2\"></span>ave to <span class=\"_ _2\"></span>take i<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>uture.  </span></span>On the <span class=\"_ _2\"></span>date on <span class=\"_ _2\"></span>which the o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions are r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed, the ou<span class=\"_ _2\"></span>tc<span class=\"_ _2\"></span>ome coul<span class=\"_ _2\"></span>d differ <span class=\"_ _2\"></span>from thos<span class=\"_ _2\"></span>e estimates<span class=\"_ _2\"></span>. More signi<span class=\"_ _2\"></span>ficant es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed bel<span class=\"_ _2\"></span>ow: Estimate<span class=\"_ _2\"></span>s and judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s Notes<span class=\"_ _2\"></span> Recoverabili<span class=\"_ _0\"></span>ty of Goodwi<span class=\"_ _0\"></span>ll 3.1 <span class=\"ff8\">\u2013</span> Goodwi<span class=\"_ _0\"></span>ll 6.1 - Income tax<span class=\"_ _0\"></span> for the peri<span class=\"_ _0\"></span>od Uncertainty over Incom<span class=\"_ _0\"></span>e Tax Trea<span class=\"_ _0\"></span>tments<span class=\"_ _0\"></span> 6.2 - Deferred taxes <span class=\"_ _0\"></span> Actuarial<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> 7.2 - Employee Ben<span class=\"_ _0\"></span>efits Fair value of bio<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ogical Assets 3.8 <span class=\"ff8\">\u2013</span> Biol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asse<span class=\"_ _2\"></span>ts<span class=\"_ _0\"></span> Recogniti<span class=\"_ _0\"></span>on of provisi<span class=\"_ _0\"></span>ons 10.1 - Provisi<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns Recoverabili<span class=\"_ _0\"></span>ty, useful li<span class=\"_ _0\"></span>fe and depreciati<span class=\"_ _0\"></span>on 3.3 <span class=\"ff8\">\u2013</span> Property, plan<span class=\"_ _0\"></span>t and equipme<span class=\"_ _0\"></span>nt  of property, pl<span class=\"_ _0\"></span>ant and equi<span class=\"_ _0\"></span>pment Goodwil<span class=\"_ _2\"></span>l recoverab<span class=\"_ _2\"></span>ility<span class=\"_ _2\"></span> analysis<span class=\"_ _2\"></span> Every yea<span class=\"_ _2\"></span>r, the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup cal<span class=\"_ _2\"></span>culates <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>each busines<span class=\"_ _2\"></span>s, bas<span class=\"_ _2\"></span>ed on value-<span class=\"ls6a\">in</span>-use cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>ns, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the Di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed Cash <span class=\"_ _2\"></span>Flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> are based <span class=\"_ _2\"></span>on past <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rmance and <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> expec<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>ons with the <span class=\"_ _2\"></span>actual<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>structur<span class=\"_ _2\"></span>e, usi<span class=\"_ _2\"></span>ng the bu<span class=\"_ _2\"></span>dget f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ye<span class=\"_ _2\"></span>ar and pro<span class=\"_ _2\"></span>jected cas<span class=\"_ _2\"></span>h flows <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the fol<span class=\"_ _2\"></span>lowing 4 <span class=\"_ _2\"></span>years. As <span class=\"_ _2\"></span>a result of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the calcul<span class=\"_ _2\"></span>ations, up <span class=\"_ _2\"></span>to thi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> date no impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>relati<span class=\"_ _2\"></span>ng to Goodwil<span class=\"_ _2\"></span>l have b<span class=\"_ _2\"></span>een iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed. The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r the a<span class=\"_ _2\"></span>bove-mentione<span class=\"_ _2\"></span>d calcul<span class=\"_ _2\"></span>ation were as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Assum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s on the<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>sis of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>busine<span class=\"_ _2\"></span>ss pla<span class=\"_ _2\"></span>n 2022 <span class=\"fc7 sc0\"> </span>2021  Assumptio<span class=\"_ _0\"></span>ns (CAGR 2<span class=\"_ _0\"></span>023-<span class=\"_ _0\"></span>2027)<span class=\"_ _0\"></span> (CAGR 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>026)<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt of sales (kt)<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> (0.1%) 0.7% Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> 0.3% 0.4% Average price of <span class=\"_ _0\"></span>sale ML/t<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (1.8%) (1.2%)<span class=\"_ _0\"></span> Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (2.1%) 0.0% Perpetuity growth r<span class=\"_ _0\"></span>ate - UWF P<span class=\"_ _0\"></span>aper<span class=\"_ _0\"></span> (1.0%) (1.0%)<span class=\"_ _0\"></span> Perpetuity growth r<span class=\"_ _0\"></span>ate - Tis<span class=\"_ _0\"></span>sue Paper<span class=\"_ _0\"></span> 2.03% 1.56% Macroeconomi<span class=\"_ _2\"></span>c assump<span class=\"_ _2\"></span>tions The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons co<span class=\"_ _2\"></span>nsidered a<span class=\"_ _2\"></span>t the mac<span class=\"_ _2\"></span>roeconomi<span class=\"_ _2\"></span>c level ar<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> of GDP <span class=\"_ _2\"></span>growth rate an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal. <span class=\"_ _2\"></span>The sou<span class=\"_ _2\"></span>rces o<span class=\"_ _2\"></span>f forecas<span class=\"_ _2\"></span>ts are<span class=\"_ _2\"></span> the I<span class=\"_ _2\"></span>MF and Ban<span class=\"_ _2\"></span>co de Por<span class=\"_ _2\"></span>tugal<span class=\"_ _2\"></span>.  2022 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2023  2024  2025 <span class=\"fc7 sc0\"> </span>2026  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 0.65% 2.40% 2.15% 1.90% Infl<span class=\"_ _0\"></span>ation EUR 4.67% 2.55% 2.30% 2.06% 2021 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2022  2023  2024 <span class=\"fc7 sc0\"> </span>2025  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 5.60% 2.40% 2.30% 1.80% Infl<span class=\"_ _0\"></span>ation EUR 0.90% 1.00% 1.40% 1.47% The perp<span class=\"_ _2\"></span>etuity gro<span class=\"_ _2\"></span>wth r<span class=\"_ _2\"></span>ate refl<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rds of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>' <span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span> of the medi<span class=\"_ _2\"></span>um and lo<span class=\"_ _2\"></span>ng term for the di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent Cash G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>ting Units <span class=\"_ _2\"></span>(CG<span class=\"_ _2\"></span>Us), bea<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>mind the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns. Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sumptions 2022 2021  Risk-free  Perpetuity  <span class=\"fc7 sc0\"> </span> Risk-free  WACC  Perpetuity  <span class=\"fc7 sc0\"> </span>interest  WACC growth rate interest rate growth rate  Tax Fi<span class=\"_ _0\"></span>nancial assumptio<span class=\"_ _0\"></span>ns rate*  rate EUR  EUR E<span class=\"_ _0\"></span>UR   Tax rate  rate*  EUR  EUR E<span class=\"_ _0\"></span>UR  rate  UWF Paper<span class=\"_ _0\"></span> Expli<span class=\"_ _0\"></span>cit planning period<span class=\"_ _0\"></span> 2.94% 6.76% 0.00% 27.50% 0.30% 4.46% 0.00% 27.50% Perpetuity<span class=\"_ _0\"></span> 2.94% 6.76% (1.0%) 27.50% 2.31% 6.34% (1.0%) 27.50% * Includes Coun<span class=\"_ _0\"></span>try Risk Premium<span class=\"_ _0\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>tests <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment annuall<span class=\"_ _2\"></span>y, reco<span class=\"_ _2\"></span>rded i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Statement of <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Pos<span class=\"_ _2\"></span>ition. For i<span class=\"_ _2\"></span>mpairment <span class=\"_ _2\"></span>tests of C<span class=\"_ _2\"></span>GUs, th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verabl<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>determined b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the value <span class=\"_ _2\"></span>in use, acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>discounte<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The re<span class=\"_ _2\"></span>coverabl<span class=\"_ _2\"></span>e amount of CGUs <span class=\"_ _2\"></span>derives from as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty, nam<span class=\"_ _2\"></span>ely, sales <span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>lumes, <span class=\"_ _2\"></span>average <span class=\"_ _2\"></span>sales pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d variable c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>that in <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>rojection <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t from a <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>mbination <span class=\"_ _2\"></span>of econo<span class=\"_ _2\"></span>mic fo<span class=\"_ _2\"></span>recasts for the regi<span class=\"_ _2\"></span>ons and mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>where th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes,<span class=\"_ _0\"></span> indus<span class=\"_ _2\"></span>try for<span class=\"_ _2\"></span>ecasts<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding chan<span class=\"_ _2\"></span>ges in markets <span class=\"_ _2\"></span>derived f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ed capaci<span class=\"_ _2\"></span>ty f<span class=\"_ _2\"></span>or eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>y, in<span class=\"_ _2\"></span>ternal managemen<span class=\"_ _2\"></span>t projecti<span class=\"_ _2\"></span>ons and hi<span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>rical <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> require <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> estimates<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>mpact of <span class=\"_ _2\"></span>climate c<span class=\"_ _2\"></span>hange has <span class=\"_ _2\"></span>also b<span class=\"_ _2\"></span>een co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>of futu<span class=\"_ _2\"></span>re cash f<span class=\"_ _2\"></span>lows, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot materi<span class=\"_ _2\"></span>al. The <span class=\"_ _2\"></span>risks <span class=\"_ _2\"></span>and oppor<span class=\"_ _2\"></span>tunities <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to cl<span class=\"_ _2\"></span>imate change i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>ied in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommen<span class=\"_ _2\"></span>dations are <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>closed i<span class=\"_ _2\"></span>n the not<span class=\"_ _2\"></span>es to the Managem<span class=\"_ _2\"></span>ent Re<span class=\"_ _2\"></span>port. <span class=\"_ _2\"></span> Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _2\"></span>.5% in<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease in<span class=\"_ _2\"></span> the asses<span class=\"_ _2\"></span>sment i<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>mount of<span class=\"_ _2\"></span> Euro 26<span class=\"_ _2\"></span>9,081,488 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t. With <span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>rd to <span class=\"_ _2\"></span>the Goo<span class=\"_ _2\"></span>dwill <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to Navi<span class=\"_ _2\"></span>gator Tis<span class=\"_ _2\"></span>sue R\u00f3d\u00e3o, gi<span class=\"_ _2\"></span>ven the i<span class=\"_ _2\"></span>mmaterial<span class=\"_ _2\"></span>ity of i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>any impac<span class=\"_ _2\"></span>ts wo<span class=\"_ _2\"></span>uld not be ma<span class=\"_ _2\"></span>terial<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>evant. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Property<span class=\"_ _2\"></span>, plant<span class=\"_ _2\"></span> and eq<span class=\"_ _2\"></span>uipment The reco<span class=\"_ _2\"></span>verabil<span class=\"_ _2\"></span>ity of p<span class=\"_ _2\"></span>roperty<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>requires <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>to use estimates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns, namely<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er appl<span class=\"_ _2\"></span>icable,<span class=\"_ _2\"></span> regardi<span class=\"_ _2\"></span>ng the de<span class=\"_ _2\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the value i<span class=\"_ _2\"></span>n use fo<span class=\"_ _2\"></span>r impairmen<span class=\"_ _2\"></span>t tes<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> cash-gen<span class=\"_ _2\"></span>erating uni<span class=\"_ _2\"></span>ts. <span class=\"_ _2\"></span> Useful <span class=\"_ _2\"></span>life and<span class=\"_ _2\"></span> depr<span class=\"_ _2\"></span>eciation  Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>present th<span class=\"_ _2\"></span>e most s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t component o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's total assets. <span class=\"_ _2\"></span>These <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n for the <span class=\"_ _2\"></span>period tha<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s determin<span class=\"_ _2\"></span>ed to be their <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe. The <span class=\"_ _2\"></span>determinatio<span class=\"_ _2\"></span>n of as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves and the <span class=\"_ _2\"></span>depreci<span class=\"_ _2\"></span>ation method to <span class=\"_ _2\"></span>be a<span class=\"_ _2\"></span>pplied is<span class=\"_ _2\"></span> essen<span class=\"_ _2\"></span>tial to <span class=\"_ _2\"></span>determine <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>ation to <span class=\"_ _2\"></span>be reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of each <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>d. These <span class=\"_ _2\"></span>two parame<span class=\"_ _2\"></span>ters are <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ned accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the bes<span class=\"_ _2\"></span>t ju<span class=\"_ _2\"></span>dgement of <span class=\"_ _2\"></span>the Board <span class=\"_ _2\"></span>of Dir<span class=\"_ _2\"></span>ectors for the as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and bus<span class=\"_ _2\"></span>inesses <span class=\"_ _2\"></span>in ques<span class=\"_ _2\"></span>tion, al<span class=\"_ _2\"></span>so con<span class=\"_ _2\"></span>sidering<span class=\"_ _2\"></span> the pr<span class=\"_ _2\"></span>actices ado<span class=\"_ _2\"></span>pted <span class=\"_ _2\"></span>by compani<span class=\"_ _2\"></span>es of the <span class=\"_ _2\"></span>sector <span class=\"_ _2\"></span>at the i<span class=\"_ _2\"></span>nternati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel and th<span class=\"_ _2\"></span>e evoluti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>which the Group oper<span class=\"_ _2\"></span>ates. <span class=\"_ _2\"></span> Under IFRS<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of as<span class=\"_ _2\"></span>sets shou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>review<span class=\"_ _2\"></span>ed if ex<span class=\"_ _2\"></span>pectatio<span class=\"_ _2\"></span>ns regardin<span class=\"_ _2\"></span>g the ex<span class=\"_ _2\"></span>pected eco<span class=\"_ _2\"></span>nomic b<span class=\"_ _2\"></span>enefits <span class=\"_ _2\"></span>as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>the techn<span class=\"_ _2\"></span>ical <span class=\"_ _2\"></span>use planned f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>asset<span class=\"ls25\">s </span>differ <span class=\"_ _2\"></span>from pr<span class=\"_ _2\"></span>evious esti<span class=\"_ _2\"></span>mates<span class=\"_ _2\"></span>. Changes <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>depre<span class=\"_ _2\"></span>ciation <span class=\"_ _2\"></span>charges for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod ar<span class=\"_ _2\"></span>e accoun<span class=\"_ _2\"></span>ted for <span class=\"_ _2\"></span>prospecti<span class=\"_ _2\"></span>vely. Given the i<span class=\"_ _2\"></span>mportanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>estimate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>uses, <span class=\"_ _2\"></span>with s<span class=\"_ _2\"></span>ome regul<span class=\"_ _2\"></span>arity, e<span class=\"_ _2\"></span>xternal<span class=\"_ _2\"></span> and independ<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>erts to <span class=\"_ _2\"></span>assess th<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>equacy of the es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes used <span class=\"_ _2\"></span>havin<span class=\"_ _2\"></span>g the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>eport be<span class=\"_ _2\"></span>en completed <span class=\"_ _2\"></span>during <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d half o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e to 1<span class=\"_ _2\"></span> Januar<span class=\"_ _2\"></span>y 2022. In <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>sense, in 2022 <span class=\"_ _2\"></span>the Group re<span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of<span class=\"_ _2\"></span> a set of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts rel<span class=\"_ _2\"></span>ated to p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n acti<span class=\"_ _2\"></span>vity, whi<span class=\"_ _2\"></span>ch resulted<span class=\"_ _2\"></span>, on avera<span class=\"_ _2\"></span>ge, in <span class=\"_ _2\"></span>a reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife and <span class=\"_ _2\"></span>thus <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in dep<span class=\"_ _2\"></span>reciation <span class=\"_ _2\"></span>(see Note 3.7)<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Assumption<span class=\"_ _2\"></span>s Assumptio<span class=\"_ _2\"></span>ns corres<span class=\"_ _2\"></span>ponding to <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>bein<span class=\"_ _2\"></span>g valued <span class=\"_ _2\"></span>were cons<span class=\"_ _2\"></span>idered: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Productivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts; </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es price <span class=\"_ _2\"></span>(when <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s an acti<span class=\"_ _2\"></span>ve mark<span class=\"_ _2\"></span>et) l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e cost of<span class=\"_ _2\"></span> harvesti<span class=\"_ _2\"></span>ng, ren<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r </span></span>own, r<span class=\"_ _2\"></span>ented and l<span class=\"_ _2\"></span>eased l<span class=\"_ _2\"></span>and, re<span class=\"_ _2\"></span>planting <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>, planting <span class=\"_ _2\"></span>and maint<span class=\"_ _2\"></span>enance cos<span class=\"_ _2\"></span>ts, the cost <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent in l<span class=\"_ _2\"></span>easing fo<span class=\"_ _2\"></span>rest l<span class=\"_ _2\"></span>and; <span class=\"fsc\">t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span> by<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>% </span>com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.<span class=\"fsb\"> </span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Disco<span class=\"_ _2\"></span>unt rate, 2<span class=\"_ _2\"></span>022: 5.17% <span class=\"_ _2\"></span>(202<span class=\"_ _2\"></span>1: 2.99%)<span class=\"_ _2\"></span>. It sho<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>ted that <span class=\"_ _2\"></span>the Group </span></span>inco<span class=\"_ _2\"></span>rporates the f<span class=\"_ _2\"></span>ire <span class=\"_ _2\"></span>risk i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>model's <span class=\"_ _2\"></span>cash flows. <span class=\"_ _2\"></span>If thi<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>risk were <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span>to the disco<span class=\"_ _2\"></span>unt rate<span class=\"_ _2\"></span>, it woul<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>be of 7%<span class=\"_ _2\"></span>. (2021: 4<span class=\"_ _2\"></span>.61%) Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis  The Group <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt <span class=\"_ _2\"></span>the discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>rtugal and <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>ward pric<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>wood as the mo<span class=\"_ _2\"></span>st signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>variables<span class=\"_ _2\"></span>. Changes i<span class=\"_ _2\"></span>n the ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns may impl<span class=\"_ _2\"></span>y the ap<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion/d<span class=\"_ _2\"></span>eprecia<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these ass<span class=\"_ _2\"></span>ets: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>1) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Po<span class=\"_ _0\"></span>rtug<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 5,422,029  7,896,515  Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 2) Decrease of 3<span class=\"_ _0\"></span>% in forwar<span class=\"_ _0\"></span>d price<span class=\"_ _0\"></span> 10,848,174 <span class=\"_ _0\"></span> 11,731,495 <span class=\"_ _0\"></span> Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 3) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Mo<span class=\"_ _0\"></span>zam<span class=\"_ _0\"></span>bique<span class=\"_ _0\"></span> 503,338  273,043  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> 4) Decrease of 3<span class=\"_ _0\"></span>% in forward p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span> 761,695  718,666  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Commer<span class=\"_ _2\"></span>cial paper<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral commerc<span class=\"_ _2\"></span>ial pa<span class=\"_ _2\"></span>per pro<span class=\"_ _2\"></span>grams n<span class=\"_ _2\"></span>egotiated<span class=\"_ _2\"></span>, of agr<span class=\"_ _2\"></span>eements <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>which it <span class=\"_ _2\"></span>is frequen<span class=\"_ _2\"></span>t to car<span class=\"_ _2\"></span>ry ou<span class=\"_ _2\"></span>t emissi<span class=\"_ _2\"></span>ons with c<span class=\"_ _2\"></span>ontractual<span class=\"_ _2\"></span> matu<span class=\"_ _2\"></span>rity <span class=\"_ _2\"></span>of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year bu<span class=\"_ _2\"></span>t with revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expects <span class=\"_ _2\"></span>to ro<span class=\"_ _2\"></span>ll o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>ese loan<span class=\"_ _2\"></span>s, it p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>them as<span class=\"_ _2\"></span> non<span class=\"_ _0\"></span>-current li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>for ad<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> tax ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ents tha<span class=\"_ _2\"></span>t may res<span class=\"_ _2\"></span>ult from <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>ws by the ta<span class=\"_ _2\"></span>x authori<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>differen<span class=\"_ _2\"></span>t countries<span class=\"_ _2\"></span> wher<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p operates<span class=\"_ _2\"></span>. When <span class=\"_ _2\"></span>the final<span class=\"_ _2\"></span> result o<span class=\"_ _2\"></span>f these si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns is <span class=\"_ _2\"></span>different f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tially <span class=\"_ _2\"></span>recorded<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ences w<span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span> have an impact o<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me tax in <span class=\"_ _2\"></span>the peri<span class=\"_ _2\"></span>od in <span class=\"_ _2\"></span>which the<span class=\"_ _2\"></span>y occur. In Portu<span class=\"_ _2\"></span>gal, annual<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>revi<span class=\"_ _2\"></span>ew and poss<span class=\"_ _2\"></span>ible adjus<span class=\"_ _2\"></span>tment <span class=\"_ _2\"></span>by the tax au<span class=\"_ _2\"></span>thorities f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 4 y<span class=\"_ _2\"></span>ears. H<span class=\"_ _2\"></span>owever, i<span class=\"_ _2\"></span>f tax lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>they ma<span class=\"_ _2\"></span>y be subject <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>view by th<span class=\"_ _2\"></span>e tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r a peri<span class=\"_ _2\"></span>od of 6<span class=\"_ _2\"></span> years. <span class=\"_ _2\"></span>In othe<span class=\"_ _2\"></span>r countri<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the Group oper<span class=\"_ _2\"></span>ates, th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>eriods ar<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>ferent, us<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly highe<span class=\"_ _2\"></span>r. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>considers <span class=\"_ _2\"></span>that an<span class=\"_ _2\"></span>y corr<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> to th<span class=\"_ _2\"></span>ose stat<span class=\"_ _2\"></span>ements as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of reviews/i<span class=\"_ _2\"></span>nspecti<span class=\"_ _2\"></span>ons by th<span class=\"_ _2\"></span>e tax au<span class=\"_ _2\"></span>thori<span class=\"_ _2\"></span>ties will<span class=\"_ _2\"></span> not hav<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> the conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements as<span class=\"_ _2\"></span> at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2020, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the <span class=\"ff9\">period </span>s<span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>and incl<span class=\"_ _2\"></span>uding 201<span class=\"_ _2\"></span>8 have alre<span class=\"_ _2\"></span>ady been <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>wed. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, if<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>effec<span class=\"_ _2\"></span>tive tax <span class=\"_ _2\"></span>rate corres<span class=\"_ _2\"></span>ponded to <span class=\"_ _2\"></span>the nomi<span class=\"_ _2\"></span>nal rat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>27.5%, there wou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>an increas<span class=\"_ _2\"></span>e in e<span class=\"_ _2\"></span>xpenses <span class=\"_ _2\"></span>with inco<span class=\"_ _2\"></span>me taxes<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 18<span class=\"_ _2\"></span>,093<span class=\"_ _2\"></span>,292 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 17<span class=\"_ _2\"></span>,865,8<span class=\"_ _2\"></span>09). Uncertain ta<span class=\"_ _2\"></span>x pos<span class=\"_ _2\"></span>itions<span class=\"_ _2\"></span> The amount of<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es recorded <span class=\"_ _2\"></span>for t<span class=\"_ _2\"></span>ax proce<span class=\"_ _2\"></span>edings ari<span class=\"_ _2\"></span>ses from <span class=\"_ _2\"></span>an ass<span class=\"_ _2\"></span>essment made by the <span class=\"_ _2\"></span>Group, <span class=\"_ _2\"></span>as to<span class=\"_ _2\"></span> the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n, regarding potenti<span class=\"_ _2\"></span>al dif<span class=\"_ _2\"></span>ferences of<span class=\"_ _2\"></span> unders<span class=\"_ _2\"></span>tanding wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ties, considering <span class=\"_ _2\"></span>the d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents in tax mat<span class=\"_ _2\"></span>ters<span class=\"_ _2\"></span>.  The Group<span class=\"_ _2\"></span>, in rela<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n to the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of unc<span class=\"_ _2\"></span>ertain <span class=\"_ _2\"></span>tax posi<span class=\"_ _2\"></span>tions, c<span class=\"_ _2\"></span>onsiders <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns of IFR<span class=\"_ _2\"></span>IC 23 - \"Unce<span class=\"_ _2\"></span>rtain<span class=\"_ _2\"></span>ty over <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax Trea<span class=\"_ _2\"></span>tments<span class=\"_ _2\"></span>\", namel<span class=\"_ _2\"></span>y the meas<span class=\"_ _2\"></span>urement of<span class=\"_ _2\"></span> risks <span class=\"_ _2\"></span>and uncertainti<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the defini<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e best es<span class=\"_ _2\"></span>timate o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e expense <span class=\"_ _2\"></span>requir<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gation, by <span class=\"_ _2\"></span>weighing <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the possibl<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ed by them an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>eir ass<span class=\"_ _2\"></span>ociated probabili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty Benefits For<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span> Decree Law no 187/2<span class=\"_ _0\"></span>007 of 10 May<span class=\"_ _0\"></span> Disabili<span class=\"_ _0\"></span>ty table   EKV 80  EKV 80  Mortali<span class=\"_ _0\"></span>ty table TV 88-<span class=\"ls78\">90</span> TV 88-<span class=\"ls78\">90</span> Discount rate<span class=\"_ _0\"></span> 3.50% 1.25% Wage growth rate<span class=\"_ _0\"></span> 2.00% 1.00% Return rate on plan as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span> 3.50% 1.25% Pensio<span class=\"_ _0\"></span>ns gr<span class=\"_ _2\"></span>ow<span class=\"_ _0\"></span>th rate 1.5% or 2.00% 1.00% Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>0.5% decrease in the di<span class=\"_ _0\"></span>scount <span class=\"_ _0\"></span>rate Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 10,585,975 <span class=\"_ _0\"></span> 0.5% increase in the di<span class=\"_ _0\"></span>scount r<span class=\"_ _0\"></span>ate Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (9,619,544) 0.5% decrease in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (2,067,884) 0.5% increase in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 2,174,018  0.5% decrease in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (7,796,773) 0.5% increase in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,963,146  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>0.25% decrease in<span class=\"_ _0\"></span> the discoun<span class=\"_ _0\"></span>t rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,293,802  0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the discou<span class=\"_ _0\"></span>nt rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (6,901,576) 0.25% decrease in<span class=\"_ _0\"></span> the wage growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (1,643,123) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the wag<span class=\"_ _0\"></span>e growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 1,687,898  0.25% decrease in<span class=\"_ _0\"></span> the pensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _1\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (5,167,727) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the p<span class=\"_ _0\"></span>ensions growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 5,375,162  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis The Group us<span class=\"_ _2\"></span>es the s<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty analysis <span class=\"_ _2\"></span>techni<span class=\"_ _2\"></span>que to m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>re impacts on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t and equit<span class=\"_ _2\"></span>y of i<span class=\"_ _2\"></span>ncrease o<span class=\"_ _2\"></span>r decr<span class=\"_ _2\"></span>ease on i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>tes maint<span class=\"_ _2\"></span>ainin<span class=\"_ _2\"></span>g the other <span class=\"_ _2\"></span>variabl<span class=\"_ _2\"></span>es constan<span class=\"_ _2\"></span>t. This i<span class=\"_ _2\"></span>s an i<span class=\"_ _2\"></span>llus<span class=\"_ _2\"></span>trative analysis<span class=\"_ _2\"></span> only s<span class=\"_ _2\"></span>ince chang<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> marke<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>rarely o<span class=\"_ _2\"></span>ccur se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y. The sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> based on th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowing <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons: i) C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market in<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>rates af<span class=\"_ _2\"></span>fect int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t income <span class=\"_ _2\"></span>and ex<span class=\"_ _2\"></span>penses a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng from varia<span class=\"_ _2\"></span>ble finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments;<span class=\"_ _2\"></span> ii<span class=\"_ _2\"></span>) Changes i<span class=\"_ _2\"></span>n market i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>tes aff<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrumen<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets o<span class=\"_ _2\"></span>r l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties; ii<span class=\"_ _2\"></span>i) Changes <span class=\"_ _2\"></span>in fai<span class=\"_ _2\"></span>r value o<span class=\"_ _2\"></span>f deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>and other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are measure<span class=\"_ _2\"></span>d using <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>scounted cash f<span class=\"_ _2\"></span>lows m<span class=\"_ _2\"></span>ethod, <span class=\"_ _2\"></span>with marke<span class=\"_ _2\"></span>t inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rates at year end.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>A 0.50% i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes on <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>nterest on <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ans are cal<span class=\"_ _2\"></span>culate<span class=\"_ _2\"></span>d would ha<span class=\"_ _2\"></span>ve an impact o<span class=\"_ _2\"></span>n its earni<span class=\"_ _2\"></span>ngs <span class=\"_ _2\"></span>before <span class=\"_ _2\"></span>taxes, fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31<span class=\"_ _2\"></span> December 2022 <span class=\"_ _2\"></span>by ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tely Euro 23<span class=\"_ _2\"></span>3,333 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro<span class=\"_ _2\"></span> 106,250<span class=\"ff9 ls19\">).<span class=\"ls0\"> </span></span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>in deriva<span class=\"_ _2\"></span>tive <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed on the <span class=\"_ _2\"></span>basi<span class=\"_ _2\"></span>s of quo<span class=\"_ _2\"></span>ted instruments<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ves is <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d throu<span class=\"_ _2\"></span>gh the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _2\"></span>valuati<span class=\"_ _2\"></span>on models, <span class=\"_ _2\"></span>in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>fixed-inter<span class=\"_ _2\"></span>est inter<span class=\"_ _2\"></span>est-bea<span class=\"_ _2\"></span>ring liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th th<span class=\"_ _2\"></span>e charact<span class=\"_ _2\"></span>eristic<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>each financin<span class=\"_ _2\"></span>g, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. 3On 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, a 10% i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e in the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>per m of <span class=\"_ _2\"></span>eucalyptus <span class=\"_ _2\"></span>wood cons<span class=\"_ _2\"></span>umed in BEKP pul<span class=\"_ _2\"></span>p producti<span class=\"_ _2\"></span>on woul<span class=\"_ _2\"></span>d have had a <span class=\"_ _2\"></span>nega<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n the Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p\u2019s o<span class=\"_ _2\"></span>perating results <span class=\"_ _2\"></span>of app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y Euro 41,00<span class=\"_ _2\"></span>0,00<span class=\"_ _2\"></span>0 (31 Decem<span class=\"_ _2\"></span>ber 2<span class=\"_ _2\"></span>021: E<span class=\"_ _2\"></span>uro 31,400,000).<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a 1<span class=\"_ _2\"></span>0% worseni<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> chemic<span class=\"_ _2\"></span>al products woul<span class=\"_ _2\"></span>d h<span class=\"_ _2\"></span>ave represent<span class=\"_ _2\"></span>ed a ne<span class=\"_ _2\"></span>gative i<span class=\"_ _2\"></span>mpact on <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>operating <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ts of aro<span class=\"_ _2\"></span>und Euro 25<span class=\"_ _2\"></span>,200<span class=\"_ _2\"></span>,000 (31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 11,300,000<span class=\"_ _2\"></span>).<span class=\"_ _2\"></span> On 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, a 10% <span class=\"_ _2\"></span>drop in th<span class=\"_ _2\"></span>e price <span class=\"_ _2\"></span>per <span class=\"_ _2\"></span>ton of<span class=\"_ _2\"></span> BEKP pul<span class=\"_ _2\"></span>p and of 5<span class=\"_ _2\"></span>% in the <span class=\"_ _2\"></span>price p<span class=\"_ _2\"></span>er ton of<span class=\"_ _2\"></span> UWF pape<span class=\"_ _2\"></span>r and <span class=\"_ _2\"></span>tissue pap<span class=\"_ _2\"></span>er sold <span class=\"_ _2\"></span>by the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor <span class=\"_ _2\"></span>Group in <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d, would <span class=\"_ _2\"></span>have represent<span class=\"_ _2\"></span>ed an impac<span class=\"_ _2\"></span>t on<span class=\"_ _2\"></span> its ope<span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>results <span class=\"_ _2\"></span>of ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y Euro 20<span class=\"_ _2\"></span>,900,00<span class=\"_ _2\"></span>0 and Euro 101,400<span class=\"_ _2\"></span>,000, res<span class=\"_ _2\"></span>pectivel<span class=\"_ _2\"></span>y (31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>17,0<span class=\"_ _2\"></span>00,000 and <span class=\"_ _2\"></span>Euro 65,40<span class=\"_ _2\"></span>0,000<span class=\"_ _2\"></span>, respecti<span class=\"_ _2\"></span>vely). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a 1<span class=\"_ _2\"></span>0% worseni<span class=\"_ _2\"></span>ng i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> electric<span class=\"_ _2\"></span>ity, witho<span class=\"_ _2\"></span>ut co<span class=\"_ _2\"></span>mpensati<span class=\"_ _2\"></span>on in the contr<span class=\"_ _2\"></span>actual <span class=\"_ _2\"></span>tarif<span class=\"_ _2\"></span>f, would ha<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>ted a n<span class=\"_ _2\"></span>egative i<span class=\"_ _2\"></span>mpact o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Group's o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g results <span class=\"_ _2\"></span>of around E<span class=\"_ _2\"></span>uro <span class=\"_ _2\"></span>17,300,000<span class=\"_ _2\"></span> (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: E<span class=\"_ _2\"></span>uro 10<span class=\"_ _2\"></span>,800,000). Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Lega<span class=\"_ _2\"></span>l and tax<span class=\"_ _2\"></span> proceeding<span class=\"_ _2\"></span>s These <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> were mad<span class=\"_ _2\"></span>e in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e risk a<span class=\"_ _2\"></span>ssessments<span class=\"_ _2\"></span> carri<span class=\"_ _2\"></span>ed out in<span class=\"_ _2\"></span>ternall<span class=\"_ _2\"></span>y by the Group <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e suppo<span class=\"_ _2\"></span>rt of i<span class=\"_ _2\"></span>ts legal <span class=\"_ _2\"></span>advis<span class=\"_ _2\"></span>ers, bas<span class=\"_ _2\"></span>ed on <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the decisi<span class=\"_ _2\"></span>on being favourable <span class=\"_ _2\"></span>or u<span class=\"_ _2\"></span>nfavoura<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-45-3": {
   "value": "1.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Signif<span class=\"_ _2\"></span>icant acc<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span>ing estim<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s and </span></span>judgments<span class=\"_ _2\"></span> The prepa<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tat<span class=\"_ _0\"></span><span class=\"ff8\">ements <span class=\"_ _2\"></span>requi<span class=\"_ _2\"></span>res tha<span class=\"_ _2\"></span>t the G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f </span>Directors <span class=\"_ _2\"></span>make ju<span class=\"_ _2\"></span>dgements <span class=\"_ _2\"></span>and esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>that aff<span class=\"_ _2\"></span>ect the <span class=\"_ _2\"></span>amou<span class=\"_ _2\"></span>nt of rev<span class=\"_ _2\"></span>enue, co<span class=\"_ _2\"></span>sts, <span class=\"_ _2\"></span>assets, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and disc<span class=\"_ _2\"></span>losures <span class=\"_ _2\"></span>at the dat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idated s<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>atement of<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n. To that effect<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup\u2019s Bo<span class=\"_ _2\"></span>a<span class=\"ff1\">rd of <span class=\"_ _2\"></span>Directors <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>based on<span class=\"_ _2\"></span>:  </span>i)<span class=\"ffb ls0\"> <span class=\"_ _58\"> </span><span class=\"ff1\">the best i<span class=\"_ _2\"></span>nformatio<span class=\"_ _2\"></span>n and <span class=\"_ _2\"></span>knowledge o<span class=\"_ _2\"></span>f cur<span class=\"_ _2\"></span>rent ev<span class=\"_ _2\"></span>ents and<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>certain cases<span class=\"_ _2\"></span> on th<span class=\"_ _2\"></span>e </span></span>reports <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>dependent <span class=\"_ _2\"></span>experts; <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span> ii)<span class=\"ffb ls0\"> <span class=\"_ _9a\"> </span><span class=\"ff1\">the actio<span class=\"_ _2\"></span>ns th<span class=\"_ _2\"></span>at the G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>t may h<span class=\"_ _2\"></span>ave to <span class=\"_ _2\"></span>take i<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>uture.  </span></span>On the <span class=\"_ _2\"></span>date on <span class=\"_ _2\"></span>which the o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions are r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>ed, the ou<span class=\"_ _2\"></span>tc<span class=\"_ _2\"></span>ome coul<span class=\"_ _2\"></span>d differ <span class=\"_ _2\"></span>from thos<span class=\"_ _2\"></span>e estimates<span class=\"_ _2\"></span>. More signi<span class=\"_ _2\"></span>ficant es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and ju<span class=\"_ _2\"></span>dgemen<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed bel<span class=\"_ _2\"></span>ow: Estimate<span class=\"_ _2\"></span>s and judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s Notes<span class=\"_ _2\"></span> Recoverabili<span class=\"_ _0\"></span>ty of Goodwi<span class=\"_ _0\"></span>ll 3.1 <span class=\"ff8\">\u2013</span> Goodwi<span class=\"_ _0\"></span>ll 6.1 - Income tax<span class=\"_ _0\"></span> for the peri<span class=\"_ _0\"></span>od Uncertainty over Incom<span class=\"_ _0\"></span>e Tax Trea<span class=\"_ _0\"></span>tments<span class=\"_ _0\"></span> 6.2 - Deferred taxes <span class=\"_ _0\"></span> Actuarial<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> 7.2 - Employee Ben<span class=\"_ _0\"></span>efits Fair value of bio<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ogical Assets 3.8 <span class=\"ff8\">\u2013</span> Biol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asse<span class=\"_ _2\"></span>ts<span class=\"_ _0\"></span> Recogniti<span class=\"_ _0\"></span>on of provisi<span class=\"_ _0\"></span>ons 10.1 - Provisi<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns Recoverabili<span class=\"_ _0\"></span>ty, useful li<span class=\"_ _0\"></span>fe and depreciati<span class=\"_ _0\"></span>on 3.3 <span class=\"ff8\">\u2013</span> Property, plan<span class=\"_ _0\"></span>t and equipme<span class=\"_ _0\"></span>nt  of property, pl<span class=\"_ _0\"></span>ant and equi<span class=\"_ _0\"></span>pment ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-47-2": {
   "value": "2.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l per<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e </span></span>2.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _5a\"> </span><span class=\"ff4\">Revenue an<span class=\"_ _2\"></span>d segm<span class=\"_ _2\"></span>ent rep<span class=\"_ _2\"></span>orting </span></span>Financia<span class=\"_ _2\"></span>l inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>by o<span class=\"_ _2\"></span>perating<span class=\"_ _2\"></span> seg<span class=\"_ _2\"></span>ment in<span class=\"_ _2\"></span> 2022 a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>2021<span class=\"_ _2\"></span> 2022 Market Pulp<span class=\"_ _0\"></span> UWF Pape<span class=\"_ _0\"></span>r Tissue pape<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> Energy Support Cancellati<span class=\"_ _0\"></span>ons* Total<span class=\"_ _0\"></span> REVENUE   <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - exter<span class=\"_ _0\"></span>nal </span>197,416,774  1,810,953,114  197,729,182  258,525,621  -  -  2,464,624,691    <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - intersegment </span>3,525,438  -  -  66,682,677  -  (70,208,115) -    <span class=\"ls0\">Total revenue<span class=\"_ _0\"></span> </span>200,942,212  1,810,953,114  197,729,182  325,208,298  -  (70,208,115) 2,464,624,691  PROFIT/ (LOSS) (1)  <span class=\"ls0\">Operating incom<span class=\"_ _0\"></span>e </span>50,369,048  533,756,142  31,317,216  17,749,903  (59,732,556) -  573,459,753    <span class=\"ls0\">Net financi<span class=\"_ _2\"></span>al results <span class=\"_ _1\"></span> </span>-  -  -  -  (56,983,010) -  (56,983,010)   <span class=\"ls0\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _0\"></span>ax </span>-  -  -  -  (123,937<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>812) -  (123,937<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>812)   <span class=\"ls0\">Net profit for the period<span class=\"_ _0\"></span> </span>392,538,931    <span class=\"ls0\">Non-co<span class=\"_ _2\"></span>ntrolling inter<span class=\"_ _0\"></span>ests </span>-  -  -  -  (1,861) -  (1,861)   <span class=\"ls0\">Profit/ (loss) attributable to equi<span class=\"_ _0\"></span>ty holders<span class=\"_ _0\"></span> </span>-  -  -  -  -  -  392,537,070  OTHER INFORMATION <span class=\"_ _0\"></span> Capital expenditure 30,490,503  72,553,878  4,781,955  2,653,157  1,580,813  -  112,060,306  Depreciation and impairment<span class=\"_ _0\"></span> (19,691,188) (109,728<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>670) (10,109,208) (20,798,940) (949,573) -  (161,277<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>579) Provisions ((increases) / reversal)<span class=\"_ _0\"></span> (199,913) 2,740,699  (732,719) -  (3,429,514) -  (1,621,447) OTHER INFORMATION <span class=\"_ _0\"></span> SEGMENT ASSETS Goodwill -  376,756,383  583,083  -  -  -  377,339,466  Property, <span class=\"_ _0\"></span>plant and equipment 137,589,814  591,118,464  144,510,785  221,718,245  4,752,099  -  1,099,689,407  Right-<span class=\"ls6f\">of</span>-use assets<span class=\"_ _0\"></span> 11,682,440  43,832,667  -  -  2,419,733  -  57,934,840  Biological assets 30,624,969  91,874,905  -  -  -  -  122,499,874  Non-cu<span class=\"_ _2\"></span>rr<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>eceivables 775,481  7,537,867  2,208,419  -  14,761,092  -  25,282,859  Inventories 41,478,773  223,828,498  28,611,744  739,390  4,070,812  -  298,729,217  Trade <span class=\"_ _0\"></span>receivables 18,940,061  240,428,617  44,400,815  23,459,074  14,372,891  -  341,601,458  Other cur<span class=\"_ _0\"></span>rent receivables 15,411,876  35,500,037  2,653,086  747,233  103,229,718  -  157,541,950  Other assets 4,172,745  62,146,799  3,833,977  -  361,255,503  -  431,409,024  Total Assets 260,676,159  1,673,024,237  226,801,909  246,663,942  504,861,848  -  2,912,028,095  SEGMENT LIABILITIES<span class=\"_ _0\"></span> Interest-bearing liabilities<span class=\"_ _0\"></span> -  415,573  36,778,931  -  688,107,218  -  725,301,722  Lease liabilities<span class=\"_ _0\"></span> 12,573,057  46,522,331  -  -  2,545,661  -  61,641,049  Other payables 74,580,924  233,992,271  18,861,370  7,001,916  241,031,208  -  575,467,689  Other liabilities 9,438,619  106,261,045  12,639,180  8,029,934  153,541,343  -  289,910,121  Total Liabilities 96,592,600  387,191,220  68,279,481  15,031,850  1,085,225,430  -  1,652,320,581  * Canc<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f int<span class=\"_ _2\"></span>erse<span class=\"_ _2\"></span>gment<span class=\"_ _2\"></span> ope<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tions.<span class=\"_ _2\"></span> Con<span class=\"_ _2\"></span>solida<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> adju<span class=\"_ _2\"></span>stmen<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> rela<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> with<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rsegm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span> are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>red not<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>t. (1) I<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>des <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fects<span class=\"_ _2\"></span> of he<span class=\"_ _2\"></span>dgi<span class=\"_ _2\"></span>ng de<span class=\"_ _2\"></span>riva<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f Euro<span class=\"_ _2\"></span> 11,7<span class=\"_ _2\"></span>05,<span class=\"_ _2\"></span>047<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Mar<span class=\"_ _2\"></span>ket Pu<span class=\"_ _2\"></span>lp s<span class=\"_ _2\"></span>egmen<span class=\"_ _2\"></span>t, E<span class=\"_ _2\"></span>uro <span class=\"_ _2\"></span>18,<span class=\"_ _2\"></span>316,95<span class=\"_ _2\"></span>1 in<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e U<span class=\"_ _2\"></span>WF Paper<span class=\"_ _2\"></span> segm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> Euro<span class=\"_ _2\"></span> 2,3<span class=\"_ _2\"></span>88,49<span class=\"_ _2\"></span>8 i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> Ene<span class=\"_ _2\"></span>rgy <span class=\"_ _2\"></span>segmen<span class=\"_ _2\"></span>t. <span class=\"_ _2\"></span>The<span class=\"_ _2\"></span> Ener<span class=\"_ _2\"></span>gy segm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t also i<span class=\"_ _2\"></span>nclu<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> reven<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span> asso<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>ted wi<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> guara<span class=\"_ _2\"></span>ntee<span class=\"_ _2\"></span>s of<span class=\"_ _2\"></span> ori<span class=\"_ _2\"></span>gin<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> Euro<span class=\"_ _2\"></span> 4,809<span class=\"_ _2\"></span>,757<span class=\"_ _2\"></span>. In 2022<span class=\"_ _2\"></span>, The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany rec<span class=\"_ _2\"></span>orded <span class=\"_ _2\"></span>turnover <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>Euro 2,464<span class=\"_ _2\"></span>,624,691<span class=\"_ _2\"></span>, exceedin<span class=\"_ _2\"></span>g the two <span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> euro mark for <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>irst <span class=\"_ _2\"></span>time in<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's hi<span class=\"_ _2\"></span>story, wi<span class=\"_ _2\"></span>th pap<span class=\"_ _2\"></span>er sales accoun<span class=\"_ _2\"></span>ting for ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tely 73% of<span class=\"_ _2\"></span> turno<span class=\"_ _2\"></span>ver (vs<span class=\"_ _2\"></span>.72%), <span class=\"_ _2\"></span>pulp s<span class=\"_ _2\"></span>ales 8% (vs<span class=\"_ _2\"></span>.11%), tissue <span class=\"_ _2\"></span>sales 8% (vs.9<span class=\"_ _2\"></span>%) and ener<span class=\"_ _2\"></span>gy sales <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>10% (vs.8<span class=\"_ _2\"></span>%).  The peri<span class=\"_ _2\"></span>od was ma<span class=\"_ _2\"></span>rked b<span class=\"_ _2\"></span>y a highl<span class=\"_ _2\"></span>y uncertai<span class=\"_ _2\"></span>n geo<span class=\"_ _2\"></span>politic<span class=\"_ _2\"></span>al and mac<span class=\"_ _2\"></span>roeconomic<span class=\"_ _2\"></span> environm<span class=\"_ _2\"></span>ent arisi<span class=\"_ _2\"></span>ng from the i<span class=\"_ _2\"></span>nvasion <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>kraine <span class=\"_ _2\"></span>by Russia, <span class=\"_ _2\"></span>refl<span class=\"_ _2\"></span>ected i<span class=\"_ _2\"></span>n the gen<span class=\"_ _2\"></span>eral inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n energy<span class=\"_ _2\"></span>, logi<span class=\"_ _2\"></span>stics and <span class=\"_ _2\"></span>raw material<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span>. Con<span class=\"_ _2\"></span>straints i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>supply <span class=\"_ _2\"></span>and logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>hains, tog<span class=\"_ _2\"></span>ether wi<span class=\"_ _2\"></span>th the stri<span class=\"_ _2\"></span>ke in <span class=\"_ _2\"></span>Northern <span class=\"_ _2\"></span>Europe, af<span class=\"_ _2\"></span>fecte<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e supply of <span class=\"_ _2\"></span>both <span class=\"_ _2\"></span>pulp <span class=\"_ _2\"></span>and paper <span class=\"_ _2\"></span>to the m<span class=\"_ _2\"></span>arket<span class=\"_ _2\"></span>, contributi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>histori<span class=\"_ _2\"></span>cally h<span class=\"_ _2\"></span>igh pro<span class=\"_ _2\"></span>ducer or<span class=\"_ _2\"></span>der books <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>delivery ti<span class=\"_ _2\"></span>mes an<span class=\"_ _2\"></span>d a g<span class=\"_ _0\"></span>eneral<span class=\"_ _2\"></span> increas<span class=\"_ _2\"></span>e in pri<span class=\"_ _2\"></span>ces. In <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d half<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>, fears of <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mic s<span class=\"_ _2\"></span>lowdown led to a <span class=\"_ _2\"></span>sudden <span class=\"_ _2\"></span>drop i<span class=\"_ _2\"></span>n demand a<span class=\"_ _2\"></span>t a time <span class=\"_ _2\"></span>when stoc<span class=\"_ _2\"></span>ks were <span class=\"_ _2\"></span>high an<span class=\"_ _2\"></span>d logi<span class=\"_ _2\"></span>stics <span class=\"_ _2\"></span>chains <span class=\"_ _2\"></span>were<span class=\"_ _0\"></span> r<span class=\"_ _2\"></span>elativel<span class=\"_ _2\"></span>y well o<span class=\"_ _2\"></span>rganise<span class=\"_ _2\"></span>d.<span class=\"_ _0\"></span> During 2<span class=\"_ _2\"></span>022, the<span class=\"_ _2\"></span>re was, <span class=\"_ _2\"></span>therefo<span class=\"_ _2\"></span>re, a <span class=\"_ _2\"></span>growth in<span class=\"_ _2\"></span> paper sale<span class=\"_ _2\"></span>s vol<span class=\"_ _2\"></span>umes, with suc<span class=\"_ _2\"></span>cess<span class=\"_ _2\"></span>ive pri<span class=\"_ _2\"></span>ce increases<span class=\"_ _2\"></span> for U<span class=\"_ _2\"></span>WF, pul<span class=\"_ _2\"></span>p and ti<span class=\"_ _2\"></span>ssue, alo<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th signif<span class=\"_ _2\"></span>icant <span class=\"_ _2\"></span>optimi<span class=\"_ _2\"></span>zation <span class=\"_ _2\"></span>of the sal<span class=\"_ _2\"></span>es mix<span class=\"_ _2\"></span>. The commi<span class=\"_ _2\"></span>tment to th<span class=\"_ _2\"></span>e pac<span class=\"_ _2\"></span>kaging <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> continu<span class=\"_ _2\"></span>es to c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idate, wi<span class=\"_ _2\"></span>th the G<span class=\"_ _2\"></span>roup achievi<span class=\"_ _2\"></span>ng sales <span class=\"_ _2\"></span>of over Euro<span class=\"_ _2\"></span> 90 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>the packaging <span class=\"_ _2\"></span>sector, <span class=\"_ _2\"></span>doubl<span class=\"_ _2\"></span>ing the fi<span class=\"_ _2\"></span>gure f<span class=\"_ _2\"></span>or 2021. <span class=\"_ _2\"></span>This ne<span class=\"_ _2\"></span>w business<span class=\"_ _2\"></span> area, i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t stage of<span class=\"_ _2\"></span> develo<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, is i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>UWF Pape<span class=\"_ _2\"></span>r segment, inso<span class=\"_ _2\"></span>far as, co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>IFRS 8, <span class=\"_ _2\"></span>the quan<span class=\"_ _2\"></span>tita<span class=\"_ _2\"></span>tive le<span class=\"_ _2\"></span>vels hav<span class=\"_ _2\"></span>e not ye<span class=\"_ _2\"></span>t been e<span class=\"_ _2\"></span>xceeded<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>due to the fact <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>this busi<span class=\"_ _2\"></span>ness l<span class=\"_ _2\"></span>ine have a <span class=\"_ _2\"></span>simil<span class=\"_ _2\"></span>ar na<span class=\"_ _2\"></span>ture to <span class=\"_ _2\"></span>UWF Pape<span class=\"_ _2\"></span>r and sha<span class=\"_ _2\"></span>re a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant se<span class=\"_ _2\"></span>t of production <span class=\"_ _2\"></span>and comm<span class=\"_ _2\"></span>ercial<span class=\"_ _2\"></span> process<span class=\"_ _2\"></span>es. Total ene<span class=\"_ _2\"></span>rgy sal<span class=\"_ _2\"></span>es amounte<span class=\"_ _2\"></span>d to Euro <span class=\"_ _2\"></span>258<span class=\"_ _2\"></span>,525,621 <span class=\"_ _2\"></span>compared wi<span class=\"_ _2\"></span>th Eu<span class=\"_ _2\"></span>ro 135,17<span class=\"_ _2\"></span>3,674 i<span class=\"_ _2\"></span>n 2021, of whi<span class=\"_ _2\"></span>ch more than <span class=\"_ _2\"></span>70% cam<span class=\"_ _2\"></span>e from ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e sources<span class=\"_ _2\"></span>, contributin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the coun<span class=\"_ _2\"></span>try's<span class=\"_ _2\"></span> decarbonisa<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> objec<span class=\"_ _2\"></span>tives. This<span class=\"_ _2\"></span> result i<span class=\"_ _2\"></span>s main<span class=\"_ _2\"></span>ly du<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the fac<span class=\"_ _2\"></span>t that ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e cogen<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n plants s<span class=\"_ _2\"></span>old all<span class=\"_ _2\"></span> their pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n on the m<span class=\"_ _2\"></span>ark<span class=\"_ _2\"></span>et. In a<span class=\"_ _2\"></span>ddition,<span class=\"_ _2\"></span> the natu<span class=\"_ _2\"></span>ral gas <span class=\"_ _2\"></span>combine<span class=\"_ _2\"></span>d cycle <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>t in Set\u00fabal<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h had alre<span class=\"_ _2\"></span>ady been s<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span>ing part of<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>elect<span class=\"_ _2\"></span>rici<span class=\"_ _2\"></span>ty, start<span class=\"_ _2\"></span>ed to s<span class=\"_ _2\"></span>ell i<span class=\"_ _2\"></span>ts entire production <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e market <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e y<span class=\"_ _2\"></span>ear.  The fixe<span class=\"_ _2\"></span>d capital <span class=\"_ _2\"></span>exp<span class=\"_ _2\"></span>enditure i<span class=\"_ _2\"></span>n 202<span class=\"_ _2\"></span>2 stood at E<span class=\"_ _2\"></span>uro 112<span class=\"_ _2\"></span>,0<span class=\"_ _2\"></span>60,306, c<span class=\"_ _2\"></span>ompared with <span class=\"_ _2\"></span>Euro 80,033,5<span class=\"_ _2\"></span>73 in <span class=\"_ _2\"></span>the previou<span class=\"_ _2\"></span>s year. <span class=\"_ _2\"></span>This amo<span class=\"_ _2\"></span>unt inc<span class=\"_ _2\"></span>ludes ma<span class=\"_ _2\"></span>inl<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> investmen<span class=\"_ _2\"></span>ts aimed a<span class=\"_ _2\"></span>t maintai<span class=\"_ _2\"></span>ning produc<span class=\"_ _2\"></span>tive cap<span class=\"_ _2\"></span>acity<span class=\"_ _2\"></span>, moderni<span class=\"_ _2\"></span>sing equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>and improvi<span class=\"_ _2\"></span>ng ef<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ency. Approxi<span class=\"_ _2\"></span>mately 35% of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>was of<span class=\"_ _2\"></span> an en<span class=\"_ _2\"></span>vironmental <span class=\"_ _2\"></span>nature<span class=\"_ _2\"></span>, inc<span class=\"_ _2\"></span>luding structur<span class=\"_ _2\"></span>al, en<span class=\"_ _2\"></span>vironmental <span class=\"_ _2\"></span>and deca<span class=\"_ _2\"></span>rboni<span class=\"_ _2\"></span>sation p<span class=\"_ _2\"></span>rojects<span class=\"_ _2\"></span>, su<span class=\"_ _2\"></span>ch as the <span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>ew wood p<span class=\"_ _2\"></span>ark in <span class=\"_ _2\"></span>Figu<span class=\"_ _2\"></span>eira da Foz, <span class=\"_ _2\"></span>the new <span class=\"_ _2\"></span>evaporati<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>ne in Avei<span class=\"_ _2\"></span>ro an<span class=\"_ _2\"></span>d the repl<span class=\"_ _2\"></span>ace<span class=\"_ _2\"></span>ment of <span class=\"_ _2\"></span>fuel oi<span class=\"_ _2\"></span>l boi<span class=\"_ _2\"></span>lers i<span class=\"_ _2\"></span>n Set\u00fabal<span class=\"_ _2\"></span>. 2021 Market Pulp<span class=\"_ _0\"></span><span class=\"fs12\"> </span>UWF Pape<span class=\"_ _0\"></span>r<span class=\"fs12\"> </span>Tissue pap<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span><span class=\"fs12\"> </span>Energy<span class=\"fs12\"> </span>Support<span class=\"fs12\"> </span>Cancellati<span class=\"_ _0\"></span>ons*<span class=\"fs12\"> </span>Total<span class=\"_ _0\"></span><span class=\"fs12\"> </span>REVENUE   <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - exter<span class=\"_ _0\"></span>nal </span>161,241,425  1,153,642,635  145,812,710  135,173,675  -  -  1,595,870,445    <span class=\"ls0\">Sale<span class=\"_ _2\"></span>s and <span class=\"_ _0\"></span>services - intersegment </span>2,428,613  -  -  36,257,669  -  (38,686,282) -    <span class=\"ls0\">Total revenue<span class=\"_ _0\"></span> </span>163,670,038  1,153,642,635  145,812,710  171,431,344  -  (38,686,282) 1,595,870,445  PROFIT/ (LOSS)   <span class=\"ls0\">Operating incom<span class=\"_ _0\"></span>e </span>40,791,295  206,643,550  18,996,161  8,312,210  (45,169,175) -  229,574,041    <span class=\"ls0\">Net financi<span class=\"_ _2\"></span>al results <span class=\"_ _1\"></span> </span>-  -  -  -  (17,777,209) -  (17,777,209)   <span class=\"ls0\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _0\"></span>ax </span>-  -  -  -  (40,378,319) -  (40,378,319)   <span class=\"ls0\">Net profit for the period<span class=\"_ _0\"></span> </span>171,418,513    <span class=\"ls0\">Non-co<span class=\"_ _2\"></span>ntrolling inter<span class=\"_ _0\"></span>ests </span>-  -  -  -  (7,058) -  (7,058)   <span class=\"ls0\">Profit/ (loss) attributable to equi<span class=\"_ _0\"></span>ty holders<span class=\"_ _0\"></span> </span>-  -  -  -  -  -  171,411,455  OTHER INFORMATION <span class=\"_ _0\"></span> Capital expenditure 17,547,329  49,476,764  4,574,712  6,547,053  1,887,715  -  80,033,573  Depreciation and impairment<span class=\"_ _0\"></span> (10,819,597) (74,302,895) (10,114,964) (25,860,263) (901,626) -  (121,999<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span>345) Provisions ((increases) / reversal)<span class=\"_ _0\"></span> (12,000) (2,839,925) -  (36,000) (255,019) -  (3,142,944) OTHER INFORMATION <span class=\"_ _0\"></span> SEGMENT ASSETS Goodwill -  376,756,383  583,083  -  -  -  377,339,466  Property, <span class=\"_ _0\"></span>plant and equipment 133,660,639  630,275,868  150,555,169  226,611,114  4,141,717  -  1,145,244,507  Right-<span class=\"ls6f\">of</span>-use assets<span class=\"_ _0\"></span> 10,318,973  37,985,826  -  -  2,888,159  -  51,192,959  Biological assets 36,885,846  110,438,215  -  -  -  -  147,324,061  Non-cu<span class=\"_ _2\"></span>rr<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>eceivables 74,861  530,535  91,076  -  7,908,076  -  8,604,547  Inventories 12,607,349  151,206,224  21,445,680  498,296  793,109  -  186,550,658  Trade <span class=\"_ _0\"></span>receivables 27,516,273  144,048,402  31,270,504  791,242  7,162,662  -  210,789,083  Other cur<span class=\"_ _0\"></span>rent receivables 3,812,894  23,355,908  3,106,937  2,021,281  74,796,656  -  107,093,677  Other assets 1,053,682  48,859,236  1,347,605  38,500  241,873,570  -  293,172,593  Total Assets 225,930,518  1,523,456,596  208,400,055  229,960,433  339,563,949  -  2,527,311,551  Interest-bearing liabilities<span class=\"_ _0\"></span> -  554,367  35,647,751  -  797,741,932  -  833,944,049  Lease liabilities<span class=\"_ _0\"></span> 10,792,437  39,443,439  -  -  3,005,049  -  53,240,925  Other payables 35,865,521  214,109,691  14,194,351  1,942,885  127,049,446  -  393,161,894  Other liabilities 12,841,723  103,296,985  12,832,704  9,596,076  63,283,115  -  201,850,603  Total Liabilities 59,499,681  357,404,481  62,674,806  11,538,961  991,079,541  -  1,482,197,471  * <span class=\"ls0\">Canc<span class=\"_ _2\"></span>ella<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nte<span class=\"_ _2\"></span>rsegmen<span class=\"_ _2\"></span>t o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. Con<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>idatio<span class=\"_ _2\"></span>n a<span class=\"_ _2\"></span>dju<span class=\"_ _2\"></span>stmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d wi<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rsegm<span class=\"_ _2\"></span>ental<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>transa<span class=\"_ _2\"></span>ctio<span class=\"_ _2\"></span>ns a<span class=\"_ _2\"></span>re co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered<span class=\"_ _2\"></span> not signi<span class=\"_ _2\"></span>fic<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>t. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-46-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Navigator G<span class=\"_ _2\"></span>roup busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>reas The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> and sale <span class=\"_ _2\"></span>of writing <span class=\"_ _2\"></span>and<span class=\"ff1\"> prin<span class=\"_ _2\"></span>ting thin<span class=\"_ _2\"></span> </span>paper (U<span class=\"_ _2\"></span>WF) and <span class=\"_ _2\"></span>domesti<span class=\"_ _2\"></span>c consu<span class=\"_ _2\"></span>mption pap<span class=\"_ _2\"></span>er (Tiss<span class=\"_ _2\"></span>ue), a<span class=\"_ _2\"></span>nd it i<span class=\"_ _2\"></span>s presen<span class=\"_ _2\"></span>t in the <span class=\"_ _2\"></span>whol<span class=\"_ _2\"></span>e value added ch<span class=\"_ _2\"></span>ain, from <span class=\"_ _2\"></span>research <span class=\"_ _2\"></span>and de<span class=\"_ _2\"></span>velopm<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>nd agricultural<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span>, to th<span class=\"_ _2\"></span>e purchase an<span class=\"_ _2\"></span>d sal<span class=\"_ _2\"></span>e of wood <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and sale of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>bleached eucal<span class=\"_ _2\"></span>yptus kraf<span class=\"_ _2\"></span>t pulp <span class=\"ff8\">\u2013</span> BEKP and <span class=\"_ _2\"></span>electri<span class=\"_ _2\"></span>c and th<span class=\"_ _2\"></span>ermal ene<span class=\"_ _2\"></span>rgy, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as i<span class=\"_ _2\"></span>ts commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>our indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>. BEKP, e<span class=\"_ _2\"></span>nergy an<span class=\"_ _2\"></span>d UWF <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duced in two plants l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted in Fi<span class=\"_ _2\"></span>gueir<span class=\"_ _2\"></span>a da Foz <span class=\"_ _2\"></span>and Set\u00fa<span class=\"_ _2\"></span>bal. BEKP <span class=\"_ _2\"></span>energy and ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>paper ar<span class=\"_ _2\"></span>e als<span class=\"_ _2\"></span>o produce<span class=\"_ _2\"></span>d in a pl<span class=\"_ _2\"></span>ant loc<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>Aveiro <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>fourth <span class=\"_ _2\"></span>plant<span class=\"_ _2\"></span>, l<span class=\"_ _2\"></span>ocated in Vi<span class=\"_ _2\"></span>la Vel<span class=\"_ _2\"></span>ha de R\u00f3d\u00e3o<span class=\"_ _2\"></span>, onl<span class=\"_ _2\"></span>y produces <span class=\"_ _2\"></span>tissu<span class=\"_ _2\"></span>e paper<span class=\"_ _2\"></span>.  Wood is<span class=\"_ _2\"></span> produced f<span class=\"_ _2\"></span>rom woo<span class=\"_ _2\"></span>dlands owne<span class=\"_ _2\"></span>d or l<span class=\"_ _2\"></span>eased b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Group in <span class=\"_ _2\"></span>Portugal an<span class=\"_ _2\"></span>d Spain<span class=\"_ _2\"></span>, and also<span class=\"_ _2\"></span> form grante<span class=\"_ _2\"></span>d lands i<span class=\"_ _2\"></span>n Mozambiqu<span class=\"_ _2\"></span>e. <span class=\"_ _2\"></span>The produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of cork an<span class=\"_ _2\"></span>d pine <span class=\"_ _2\"></span>wood are <span class=\"_ _2\"></span>sold to <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>rd parties <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>the eucal<span class=\"_ _2\"></span>yptus woo<span class=\"_ _2\"></span>d is mai<span class=\"_ _2\"></span>nly con<span class=\"_ _2\"></span>sumed in t<span class=\"_ _2\"></span>he produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of BEKP. A signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t portion of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup\u2019s o<span class=\"_ _2\"></span>wn BEKP <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> consumed <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>WF and tiss<span class=\"_ _2\"></span>ue paper<span class=\"_ _2\"></span>. Sales o<span class=\"_ _2\"></span>f BEKP<span class=\"_ _2\"></span>, UWF an<span class=\"_ _2\"></span>d tis<span class=\"_ _2\"></span>sue paper <span class=\"_ _2\"></span>are made <span class=\"_ _2\"></span>to more <span class=\"_ _2\"></span>than 1<span class=\"_ _2\"></span>30 coun<span class=\"_ _2\"></span>tries around th<span class=\"_ _2\"></span>e world<span class=\"_ _2\"></span>. With re<span class=\"_ _2\"></span>gard to en<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on, the <span class=\"_ _2\"></span>Group has <span class=\"_ _2\"></span>thre<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>generation<span class=\"_ _2\"></span> plants<span class=\"_ _2\"></span>, inte<span class=\"_ _2\"></span>grated in <span class=\"_ _2\"></span>the production <span class=\"_ _2\"></span>of pulp<span class=\"_ _2\"></span>. Hea<span class=\"_ _2\"></span>t produc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s used fo<span class=\"_ _2\"></span>r inte<span class=\"_ _2\"></span>rnal co<span class=\"_ _2\"></span>nsumption whil<span class=\"_ _2\"></span>e elect<span class=\"_ _2\"></span>ricity i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>The Navigato<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>Group al<span class=\"_ _2\"></span>so owns an<span class=\"_ _2\"></span>other t<span class=\"_ _2\"></span>wo cogenera<span class=\"_ _2\"></span>tion uni<span class=\"_ _2\"></span>ts usi<span class=\"_ _2\"></span>ng natural<span class=\"_ _2\"></span> gas, in<span class=\"_ _2\"></span>tegrate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of pape<span class=\"_ _2\"></span>r in F<span class=\"_ _2\"></span>igueira da F<span class=\"_ _2\"></span>oz and in <span class=\"_ _2\"></span>Set\u00fabal, an<span class=\"_ _2\"></span>d two se<span class=\"_ _2\"></span>para<span class=\"_ _2\"></span>te units us<span class=\"_ _2\"></span>ing bi<span class=\"_ _2\"></span>ofuel, th<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of which<span class=\"_ _2\"></span> is mo<span class=\"_ _2\"></span>stly sol<span class=\"_ _2\"></span>d to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>It also has<span class=\"_ _2\"></span> thre<span class=\"_ _2\"></span>e photovol<span class=\"_ _2\"></span>taic<span class=\"_ _2\"></span> unitss <span class=\"_ _2\"></span>for sel<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>-consumpti<span class=\"_ _2\"></span>on, two <span class=\"_ _2\"></span>in Set\u00fa<span class=\"_ _2\"></span>bal and on<span class=\"_ _2\"></span>e in Fi<span class=\"_ _2\"></span>gueira <span class=\"_ _2\"></span>da Foz. Segment re<span class=\"_ _2\"></span>porting<span class=\"_ _2\"></span> In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>8, the <span class=\"_ _2\"></span>Group consid<span class=\"_ _2\"></span>ers an <span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>ting segmen<span class=\"_ _2\"></span>t as a c<span class=\"_ _2\"></span>omponen<span class=\"_ _2\"></span>t of the group th<span class=\"_ _2\"></span>at develops <span class=\"_ _2\"></span>busi<span class=\"_ _2\"></span>ness acti<span class=\"_ _2\"></span>viti<span class=\"_ _2\"></span>es from <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t can o<span class=\"_ _2\"></span>btain re<span class=\"_ _2\"></span>venue an<span class=\"_ _2\"></span>d incur <span class=\"_ _2\"></span>expens<span class=\"_ _2\"></span>es, whose ope<span class=\"_ _2\"></span>rating r<span class=\"_ _2\"></span>esults ar<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>gularly r<span class=\"_ _2\"></span>eviewed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Executi<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e, whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> primaril<span class=\"_ _2\"></span>y responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>the th<span class=\"_ _2\"></span>e Group's o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>al d<span class=\"_ _2\"></span>ecisio<span class=\"_ _2\"></span>n-making f<span class=\"_ _2\"></span>or all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of resourc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>to the segment <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>assessmen<span class=\"_ _2\"></span>t of i<span class=\"_ _2\"></span>ts perf<span class=\"_ _2\"></span>ormance an<span class=\"_ _2\"></span>d for <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> separate f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>formation <span class=\"_ _2\"></span>is availabl<span class=\"_ _2\"></span>e. Each repor<span class=\"_ _2\"></span>table s<span class=\"_ _2\"></span>egment <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to<span class=\"_ _2\"></span> the val<span class=\"_ _2\"></span>ue chain<span class=\"_ _2\"></span> of the i<span class=\"_ _2\"></span>ntegrat<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>producti<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rocess associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> each busi<span class=\"_ _2\"></span>ness se<span class=\"_ _2\"></span>gment, (<span class=\"_ _2\"></span>Marke<span class=\"_ _2\"></span>t Pulp, <span class=\"_ _2\"></span>UWF pape<span class=\"_ _2\"></span>r, Tiss<span class=\"_ _2\"></span>ue Paper and Energ<span class=\"_ _2\"></span>y) consid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>e sal<span class=\"_ _2\"></span>es activi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the res<span class=\"_ _2\"></span>pectiv<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts on the ma<span class=\"_ _2\"></span>rket, i<span class=\"_ _2\"></span>n a manner co<span class=\"_ _2\"></span>nsisten<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>the inf<span class=\"_ _2\"></span>ormation us<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the E<span class=\"_ _2\"></span>xec<span class=\"_ _0\"></span>uti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e for o<span class=\"_ _2\"></span>perational<span class=\"_ _2\"></span> monito<span class=\"_ _2\"></span>ring of <span class=\"_ _2\"></span>its busi<span class=\"_ _2\"></span>nesses. Accordin<span class=\"_ _2\"></span>gly, in<span class=\"_ _2\"></span>tra-segmen<span class=\"_ _2\"></span>tal sal<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>those <span class=\"_ _2\"></span>that occur <span class=\"_ _2\"></span>within<span class=\"_ _2\"></span> the same manuf<span class=\"_ _2\"></span>acturi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>plant and whose p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts are us<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>that segment<span class=\"_ _2\"></span>.  In <span class=\"_ _2\"></span>this wa<span class=\"_ _2\"></span>y, the values <span class=\"_ _2\"></span>repo<span class=\"_ _2\"></span>rted fo<span class=\"_ _2\"></span>r each o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng segment r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t fro<span class=\"_ _2\"></span>m the aggre<span class=\"_ _2\"></span>gation o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> units <span class=\"_ _2\"></span>and subsidi<span class=\"_ _2\"></span>aries d<span class=\"_ _2\"></span>efined i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perimete<span class=\"_ _2\"></span>r of eac<span class=\"_ _2\"></span>h segment, as<span class=\"_ _2\"></span> wel<span class=\"_ _2\"></span>l as the <span class=\"_ _2\"></span>canc<span class=\"_ _2\"></span>ellatio<span class=\"_ _2\"></span>n of intra-se<span class=\"_ _2\"></span>gment trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons.  Intra-segm<span class=\"_ _2\"></span>ental sal<span class=\"_ _2\"></span>es cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to sal<span class=\"_ _2\"></span>es betw<span class=\"_ _2\"></span>ee<span class=\"_ _0\"></span>n busin<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>segments or <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>there are transactio<span class=\"_ _2\"></span>ns bet<span class=\"_ _2\"></span>ween manuf<span class=\"_ _2\"></span>acturing <span class=\"_ _2\"></span>plants<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h are <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>nated for con<span class=\"_ _2\"></span>solidati<span class=\"_ _2\"></span>on pu<span class=\"_ _2\"></span>rposes<span class=\"_ _2\"></span>, being this<span class=\"_ _2\"></span> effec<span class=\"_ _2\"></span>t repo<span class=\"_ _2\"></span>rted in <span class=\"_ _2\"></span>the \u201cC<span class=\"_ _2\"></span>ancelatio<span class=\"_ _2\"></span>ns\u201d. <span class=\"_ _2\"></span>When agg<span class=\"_ _2\"></span>regating <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's ope<span class=\"_ _2\"></span>rating segments<span class=\"_ _2\"></span>, Managem<span class=\"_ _2\"></span>ent defi<span class=\"_ _2\"></span>ned as <span class=\"_ _2\"></span>reportable s<span class=\"_ _2\"></span>egments <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e that cor<span class=\"_ _2\"></span>respond <span class=\"_ _2\"></span>to each of<span class=\"_ _2\"></span> the business<span class=\"_ _2\"></span> areas d<span class=\"_ _2\"></span>eveloped <span class=\"_ _2\"></span>by th<span class=\"_ _2\"></span>e Group, <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:  i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Market <span class=\"_ _2\"></span>pulp <span class=\"ff8\">\u2013</span> bleac<span class=\"_ _2\"></span>hed eucal<span class=\"_ _2\"></span>yptus <span class=\"_ _2\"></span>BEKP for <span class=\"_ _2\"></span>sale i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t; </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">U<span class=\"_ _0\"></span>WF paper <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d sale of<span class=\"_ _2\"></span> UWF un<span class=\"_ _2\"></span>coated w<span class=\"_ _2\"></span>riting<span class=\"_ _2\"></span> and prin<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>thin pap<span class=\"_ _2\"></span>er; </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>issue Pa<span class=\"_ _2\"></span>per <span class=\"ff8\">\u2013</span> pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n and sal<span class=\"_ _2\"></span>e of dom<span class=\"_ _2\"></span>estic <span class=\"_ _2\"></span>consumpti<span class=\"_ _2\"></span>on paper<span class=\"_ _2\"></span>;  </span></span>iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Bi<span class=\"_ _2\"></span>omass renewa<span class=\"_ _2\"></span>ble ene<span class=\"_ _2\"></span>rgy <span class=\"ff8\">\u2013</span> whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>udes the cog<span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n units <span class=\"_ _2\"></span>and the two independ<span class=\"_ _2\"></span>ent thermo<span class=\"_ _2\"></span>electric<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>wer plants; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Suppor<span class=\"_ _2\"></span>t - se<span class=\"_ _2\"></span>gment that i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>e cen<span class=\"_ _2\"></span>tre (mi<span class=\"_ _2\"></span>xed hol<span class=\"_ _2\"></span>ding). </span></span>Regarding <span class=\"_ _2\"></span>the all<span class=\"_ _2\"></span>ocation <span class=\"_ _2\"></span>of ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>to busines<span class=\"_ _2\"></span>s s<span class=\"_ _2\"></span>egments, i<span class=\"_ _2\"></span>t should <span class=\"_ _2\"></span>be note<span class=\"_ _2\"></span>d tha<span class=\"_ _2\"></span>t:<span class=\"_ _0\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">All <span class=\"_ _2\"></span>the equipmen<span class=\"_ _2\"></span>t allo<span class=\"_ _2\"></span>cated to th<span class=\"_ _2\"></span>e U<span class=\"_ _2\"></span>WF pulp and P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on are in<span class=\"_ _2\"></span>cluded in </span></span>Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment of <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espec<span class=\"_ _2\"></span>tive segments.<span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The Group's <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>erty asse<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocat<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>pria<span class=\"_ _2\"></span>te business <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>. </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The asse<span class=\"_ _2\"></span>ts rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts are all<span class=\"_ _2\"></span>ocated to<span class=\"_ _2\"></span> the pul<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d UWF pa<span class=\"_ _2\"></span>per segmen<span class=\"_ _2\"></span>ts, </span></span>accordi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the producti<span class=\"_ _2\"></span>on capaci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> each s<span class=\"_ _2\"></span>egment. \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The majori<span class=\"_ _2\"></span>ty of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to each <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>segments<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the </span></span>exceptio<span class=\"_ _2\"></span>n of recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span>, is l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal.  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cing pol<span class=\"_ _2\"></span>icy, <span class=\"_ _2\"></span>all l<span class=\"_ _2\"></span>oans are c<span class=\"_ _2\"></span>ontracted b<span class=\"_ _2\"></span>y the </span></span>Group's <span class=\"_ _2\"></span>holdin<span class=\"_ _2\"></span>g company, Th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Co<span class=\"_ _2\"></span>mpany, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s responsi<span class=\"_ _2\"></span>ble for <span class=\"_ _2\"></span>bearing all<span class=\"_ _2\"></span> debt and relat<span class=\"_ _2\"></span>ed char<span class=\"_ _2\"></span>ges. Ac<span class=\"_ _2\"></span>cordingl<span class=\"_ _2\"></span>y, int<span class=\"_ _2\"></span>erest-beari<span class=\"_ _2\"></span>ng l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>(Note 5.7) ar<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"Suppor<span class=\"_ _2\"></span>t\" segm<span class=\"_ _2\"></span>ent, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes th<span class=\"_ _2\"></span>e Gr<span class=\"_ _2\"></span>oup's co<span class=\"_ _2\"></span>rporate cen<span class=\"_ _2\"></span>tre (Holdi<span class=\"_ _2\"></span>ng), with <span class=\"_ _2\"></span>the exce<span class=\"_ _2\"></span>ption o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e repaya<span class=\"_ _2\"></span>ble gran<span class=\"_ _2\"></span>t relate<span class=\"_ _2\"></span>d to the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the new tissue pl<span class=\"_ _2\"></span>ant, al<span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>Tissue Pap<span class=\"_ _2\"></span>er\" se<span class=\"_ _2\"></span>gment <span class=\"_ _2\"></span>and a por<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the \"<span class=\"_ _2\"></span>Inpactus<span class=\"_ _2\"></span>\" grant all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the \"<span class=\"_ _2\"></span>UWF Pa<span class=\"_ _2\"></span>per\u201d segmen<span class=\"_ _2\"></span>t.<span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-49-3": {
   "value": "Revenue <span class=\"_ _2\"></span> Revenue is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>by opera<span class=\"_ _2\"></span>ting segm<span class=\"_ _2\"></span>ent and <span class=\"_ _2\"></span>by geogr<span class=\"_ _2\"></span>aphic area<span class=\"_ _2\"></span>, base<span class=\"_ _2\"></span>d on the co<span class=\"_ _2\"></span>untry of<span class=\"_ _2\"></span> destinatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e goods <span class=\"_ _2\"></span>and ser<span class=\"_ _2\"></span>vices s<span class=\"_ _2\"></span>old by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. Commerci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntracts with Cu<span class=\"_ _2\"></span>stomers <span class=\"_ _2\"></span>refer <span class=\"_ _2\"></span>essenti<span class=\"_ _2\"></span>ally to <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he sale <span class=\"_ _2\"></span>of goods <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, pulp, tissue <span class=\"_ _2\"></span>and energ<span class=\"_ _2\"></span>y, an<span class=\"_ _2\"></span>d to an e<span class=\"_ _2\"></span>xtent<span class=\"_ _2\"></span>, to the <span class=\"_ _2\"></span>transpor<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nherent to <span class=\"_ _2\"></span>those goo<span class=\"_ _2\"></span>ds, <span class=\"_ _2\"></span>when applicabl<span class=\"_ _2\"></span>e.  Revenue <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n in eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g segmen<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>describ<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Market pul<span class=\"_ _0\"></span>p Pulp revenue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es to internatio<span class=\"_ _0\"></span>nal paper and decor <span class=\"_ _0\"></span>producers. Rev<span class=\"_ _0\"></span>enue is recogni<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, by the amount of the pe<span class=\"_ _0\"></span>rformance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfi<span class=\"_ _0\"></span>ed, the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>rice of the t<span class=\"_ _0\"></span>ransactio<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>rresponding to <span class=\"_ _0\"></span>a fixed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced on the basis of qu<span class=\"_ _0\"></span>antiti<span class=\"_ _0\"></span>es sol<span class=\"_ _0\"></span>d, less cas<span class=\"_ _2\"></span>h di<span class=\"_ _0\"></span>scounts a<span class=\"_ _0\"></span>nd quantity disco<span class=\"_ _0\"></span>unts, which are rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ably determ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nabl<span class=\"_ _0\"></span>e. On the export side, the transf<span class=\"_ _0\"></span>er of control<span class=\"_ _0\"></span> of the products o<span class=\"_ _0\"></span>ccurs in gene<span class=\"_ _0\"></span>ral when there i<span class=\"_ _0\"></span>s a transfer of <span class=\"_ _0\"></span>cont<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span> to the Customer, according to the Incot<span class=\"_ _0\"></span>erms negoti<span class=\"_ _0\"></span>ated.  UWF Paper revenue refers to s<span class=\"_ _0\"></span>ales made th<span class=\"_ _0\"></span>rough Commer<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> Di<span class=\"_ _0\"></span>stributors (B2B) which i<span class=\"_ _0\"></span>nclude l<span class=\"_ _0\"></span>arge<span class=\"_ _2\"></span> di<span class=\"_ _0\"></span>stributors, whol<span class=\"_ _0\"></span>esal<span class=\"_ _0\"></span>ers or commercial<span class=\"_ _0\"></span> operators. Revenue<span class=\"_ _0\"></span> is recognised <span class=\"_ _0\"></span>at a specifi<span class=\"_ _0\"></span>c time, <span class=\"_ _0\"></span>on the dat<span class=\"_ _0\"></span>e of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Cus<span class=\"_ _0\"></span>tomer when the transfer of co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span> occurs, by the amount of<span class=\"_ _0\"></span> the performan<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfied, and the price of the transaction correspon<span class=\"_ _0\"></span>ds to a fixed amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced a<span class=\"_ _2\"></span>ccordi<span class=\"_ _0\"></span>ng to the quanti<span class=\"_ _0\"></span>ties sol<span class=\"_ _0\"></span>d, les<span class=\"_ _0\"></span>s cash di<span class=\"_ _0\"></span>scounts and qu<span class=\"_ _0\"></span>antity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determinable. <span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue Ti<span class=\"_ _0\"></span>ssue r<span class=\"_ _2\"></span>even<span class=\"_ _0\"></span>ue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es of t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ssue paper produ<span class=\"_ _0\"></span>ced for <span class=\"_ _0\"></span>the private label<span class=\"_ _0\"></span> of modern nati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nternatio<span class=\"_ _0\"></span>nal retail<span class=\"_ _0\"></span> chains. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c moment, by <span class=\"_ _0\"></span>the am<span class=\"_ _0\"></span>ount of the perfo<span class=\"_ _0\"></span>rmance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation sa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>sfied, and t<span class=\"_ _0\"></span>he price of the transac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n corre<span class=\"_ _2\"></span>spo<span class=\"_ _0\"></span>nds to a fi<span class=\"_ _0\"></span>xed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced ac<span class=\"_ _2\"></span>cor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng to quantiti<span class=\"_ _0\"></span>es sold,<span class=\"_ _0\"></span> less ca<span class=\"_ _2\"></span>sh di<span class=\"_ _0\"></span>scounts and quantity discounts, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determined. Revenue i<span class=\"_ _0\"></span>s recogn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sed aga<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nst the del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very of the product, at whi<span class=\"_ _0\"></span>ch time the transfer of con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span> over the product is deeme<span class=\"_ _0\"></span>d to take place.<span class=\"_ _1\"></span> Energy The energy revenue <span class=\"_ _0\"></span>results from t<span class=\"_ _0\"></span>he valuati<span class=\"_ _0\"></span>on of the energy del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vered t<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he National<span class=\"_ _0\"></span> Energy Network or sol<span class=\"_ _0\"></span>d on the market, as metered, val<span class=\"_ _0\"></span>ued at the<span class=\"_ _0\"></span> tariff defi<span class=\"_ _0\"></span>ned in the agreemen<span class=\"_ _0\"></span>t for an ongoi<span class=\"_ _0\"></span>ng 25-ye<span class=\"_ _0\"></span>ar peri<span class=\"_ _0\"></span>od i<span class=\"_ _0\"></span>n the<span class=\"_ _2\"></span> fi<span class=\"_ _0\"></span>rst case or at the market pri<span class=\"_ _0\"></span>ce in the second cas<span class=\"_ _0\"></span>e. From November 2021<span class=\"_ _0\"></span> onwards, the su<span class=\"_ _0\"></span>rplus el<span class=\"_ _0\"></span>ectr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ty fr<span class=\"_ _2\"></span>om<span class=\"_ _0\"></span> the na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span> gas combined cycl<span class=\"_ _0\"></span>e plant at the Set<span class=\"_ _0\"></span>\u00fabal<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>ndustrial<span class=\"_ _0\"></span> compl<span class=\"_ _0\"></span>ex ha<span class=\"_ _2\"></span>s be<span class=\"_ _0\"></span>en sol<span class=\"_ _0\"></span>d at market prices ra<span class=\"_ _0\"></span>ther than the regul<span class=\"_ _0\"></span>ated tar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ff. In 2022, the same happened wi<span class=\"_ _0\"></span>th the surplus productio<span class=\"_ _0\"></span>n of other plants of the Group.<span class=\"_ _1\"></span> Support The revenue from <span class=\"_ _0\"></span>the sale of othe<span class=\"_ _0\"></span>r pr<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span>ucts s<span class=\"_ _0\"></span>uch as was<span class=\"_ _0\"></span>te, or servic<span class=\"_ _0\"></span>es (brok<span class=\"_ _0\"></span>erage,<span class=\"_ _0\"></span> for exampl<span class=\"_ _0\"></span>e) is recognised on t<span class=\"_ _0\"></span>he date of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the Custom<span class=\"_ _0\"></span>er by the amo<span class=\"_ _0\"></span>unt of the perform<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed. The income related to this seg<span class=\"_ _0\"></span>ment is recl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>ed to other operating income<span class=\"_ _0\"></span> or to l<span class=\"_ _0\"></span>ess costs.<span class=\"_ _0\"></span> The Navig<span class=\"_ _2\"></span>ator Gro<span class=\"_ _2\"></span>up consi<span class=\"_ _2\"></span>ders the f<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>and circu<span class=\"_ _2\"></span>mstance<span class=\"_ _2\"></span>s when an<span class=\"_ _2\"></span>alysing <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms of <span class=\"_ _2\"></span>each Customer <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t and its u<span class=\"_ _2\"></span>sual<span class=\"_ _2\"></span> busines<span class=\"_ _2\"></span>s prac<span class=\"_ _2\"></span>tices i<span class=\"_ _2\"></span>n dete<span class=\"_ _2\"></span>rminin<span class=\"_ _2\"></span>g the trans<span class=\"_ _2\"></span>action p<span class=\"_ _2\"></span>rice. <span class=\"_ _2\"></span>In this<span class=\"_ _2\"></span> sense, i<span class=\"_ _2\"></span>n terms <span class=\"_ _2\"></span>of sal<span class=\"_ _2\"></span>es tax, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>essment <span class=\"_ _2\"></span>performed by N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor, <span class=\"_ _2\"></span>there ar<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> no situati<span class=\"_ _2\"></span>ons that co<span class=\"_ _2\"></span>uld <span class=\"_ _2\"></span>be incl<span class=\"_ _2\"></span>uded in th<span class=\"_ _2\"></span>e tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>price. <span class=\"_ _2\"></span>Regarding <span class=\"_ _2\"></span>speci<span class=\"_ _2\"></span>fical<span class=\"_ _2\"></span>ly to the <span class=\"_ _2\"></span>anti-dumping ta<span class=\"_ _2\"></span>x, thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> a tax for <span class=\"_ _2\"></span>the en<span class=\"_ _2\"></span>try of<span class=\"_ _2\"></span> goods i<span class=\"_ _2\"></span>nto <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>untry (in <span class=\"_ _2\"></span>the case o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the USA) an<span class=\"_ _2\"></span>d is<span class=\"_ _2\"></span> not a ta<span class=\"_ _2\"></span>x determi<span class=\"_ _2\"></span>ned a <span class=\"_ _2\"></span>priori bu<span class=\"_ _2\"></span>t depen<span class=\"_ _2\"></span>ds on<span class=\"_ _2\"></span> the anal<span class=\"_ _2\"></span>ysis of <span class=\"_ _2\"></span>the Departm<span class=\"_ _2\"></span>ent of C<span class=\"_ _2\"></span>ommerce <span class=\"ff9 lsa\">a </span>posterior<span class=\"_ _2\"></span>i<span class=\"ff1\">. The<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e, it r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts a dec<span class=\"_ _2\"></span>rease <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>gross <span class=\"_ _2\"></span>margin obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>United Sta<span class=\"_ _2\"></span>tes </span>of Ameri<span class=\"_ _2\"></span>ca and not <span class=\"_ _2\"></span>an adju<span class=\"_ _2\"></span>stment <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion pri<span class=\"_ _2\"></span>ce. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-53-2": {
   "value": "Revenue<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>by geog<span class=\"_ _2\"></span>raphic a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span> and b<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nitio<span class=\"_ _2\"></span>n pattern<span class=\"_ _2\"></span> 2022 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 4,043,366  86,390,348 <span class=\"_ _0\"></span> 79,660,327 <span class=\"_ _0\"></span> 258,525,621  428,619,662  17.39% Rest of Europe 162,456,528  1,020,781,574  114,092,613  -  1,297,330,715  52.64% North America<span class=\"_ _0\"></span> -  228,451,463  -  -  228,451,463  9.27% Latin America<span class=\"_ _0\"></span> 2,739,729  80,547,403 <span class=\"_ _0\"></span> 427,816  -  83,714,948 <span class=\"_ _0\"></span> 3.40% Africa 17,461,936 <span class=\"_ _0\"></span> 264,736,272  3,365,618  -  285,563,826  11.59% Asi<span class=\"_ _0\"></span>a 10,715,215 <span class=\"_ _0\"></span> 129,936,639  182,808  -  140,834,662  5.71% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  109,415  -  -  109,415  0.00% 197<span class=\"_ _0\"></span>,416,774<span class=\"_ _0\"></span>  1,810,95<span class=\"_ _0\"></span>3,114  197<span class=\"_ _0\"></span>,729,182<span class=\"_ _0\"></span>  258<span class=\"_ _0\"></span>,525,621<span class=\"_ _0\"></span>  2,464,62<span class=\"_ _0\"></span>4,691  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 197,416,774  1,810,953,114  197,729,182  258,525,621  2,464,624,691  100% Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% 2021 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 2,857,768  61,336,753 <span class=\"_ _0\"></span> 55,941,695 <span class=\"_ _0\"></span> 135,173,674  255,309,890  16.00% Rest of Europe 125,606,144  586,522,363  83,886,052 <span class=\"_ _0\"></span> -  796,014,559  49.88% North America<span class=\"_ _0\"></span> 1,800,302  128,791,201  231,616  -  130,823,119  8.20% Latin America<span class=\"_ _0\"></span> -  69,778,306 <span class=\"_ _0\"></span> 2,020,481  -  71,798,787 <span class=\"_ _0\"></span> 4.50% Africa 13,336,229 <span class=\"_ _0\"></span> 193,679,141  3,706,845  -  210,722,215  13.20% Asi<span class=\"_ _0\"></span>a 17,640,982 <span class=\"_ _0\"></span> 111,852,939  26,022  -  129,519,943  8.12% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  1,681,932  -  -  1,681,932  0.11% 161<span class=\"_ _0\"></span>,241,425<span class=\"_ _0\"></span>  1,153,64<span class=\"_ _0\"></span>2,635  145<span class=\"_ _0\"></span>,812,711<span class=\"_ _0\"></span>  135<span class=\"_ _0\"></span>,173,674<span class=\"_ _0\"></span>  1,595,87<span class=\"_ _0\"></span>0,445  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 161,241,425  1,153,642,635  145,812,711  135,173,674  1,595,87<span class=\"_ _0\"></span>0,445  100 % Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% Group<span class=\"_ _2\"></span>'s re<span class=\"_ _2\"></span>venue <span class=\"_ _2\"></span>distri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>n by ge<span class=\"_ _2\"></span>ogra<span class=\"_ _2\"></span>phic ar<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span> \u20acM 141\u20acM <span class=\"ff1 ls4a\">130</span>\u20acM <span class=\"ff1 ls4a\">429</span>\u20acM <span class=\"ff1 ls4a\">255</span>\u20acM 28<span class=\"_ _2\"></span>5\u20acM <span class=\"ff1 ls4a\">211</span>\u20acM 84\u20acM <span class=\"ff1 ls4a\">72</span>20222021\u20acM 228\u20acM <span class=\"ff1 ls4a\">131</span>\u20acM <span class=\"ff1 ls4a\">796</span>\u20acM <span class=\"ff1\">1,297</span>Portugal<span class=\"_ _9f\"> </span>Rest of Europe<span class=\"_ _4a\"> </span>N<span class=\"_ _0\"></span>orth AmericaPortugal<span class=\"_ _a0\"> </span>Rest of Europe<span class=\"_ _96\"> </span>North AmericaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _3a\"> </span>Africa<span class=\"_ _34\"> </span>AsiaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _a1\"> </span>Africa<span class=\"_ _a2\"> </span>AsiaOceaniaOceaniaIn 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, no si<span class=\"_ _2\"></span>ngle Cus<span class=\"_ _2\"></span>tomer accoun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r 10%<span class=\"_ _2\"></span> or mo<span class=\"_ _2\"></span>re of the G<span class=\"_ _2\"></span>roup's to<span class=\"_ _2\"></span>tal revenues.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-53-3": {
   "value": "Revenue<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>segment<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>by geog<span class=\"_ _2\"></span>raphic a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span> and b<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nitio<span class=\"_ _2\"></span>n pattern<span class=\"_ _2\"></span> 2022 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 4,043,366  86,390,348 <span class=\"_ _0\"></span> 79,660,327 <span class=\"_ _0\"></span> 258,525,621  428,619,662  17.39% Rest of Europe 162,456,528  1,020,781,574  114,092,613  -  1,297,330,715  52.64% North America<span class=\"_ _0\"></span> -  228,451,463  -  -  228,451,463  9.27% Latin America<span class=\"_ _0\"></span> 2,739,729  80,547,403 <span class=\"_ _0\"></span> 427,816  -  83,714,948 <span class=\"_ _0\"></span> 3.40% Africa 17,461,936 <span class=\"_ _0\"></span> 264,736,272  3,365,618  -  285,563,826  11.59% Asi<span class=\"_ _0\"></span>a 10,715,215 <span class=\"_ _0\"></span> 129,936,639  182,808  -  140,834,662  5.71% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  109,415  -  -  109,415  0.00% 197<span class=\"_ _0\"></span>,416,774<span class=\"_ _0\"></span>  1,810,95<span class=\"_ _0\"></span>3,114  197<span class=\"_ _0\"></span>,729,182<span class=\"_ _0\"></span>  258<span class=\"_ _0\"></span>,525,621<span class=\"_ _0\"></span>  2,464,62<span class=\"_ _0\"></span>4,691  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 197,416,774  1,810,953,114  197,729,182  258,525,621  2,464,624,691  100% Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% 2021 Total <span class=\"_ _0\"></span> Total Amoun<span class=\"_ _2\"></span>ts in Euro<span class=\"_ _2\"></span> Pulp UWF Paper<span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt % Portugal 2,857,768  61,336,753 <span class=\"_ _0\"></span> 55,941,695 <span class=\"_ _0\"></span> 135,173,674  255,309,890  16.00% Rest of Europe 125,606,144  586,522,363  83,886,052 <span class=\"_ _0\"></span> -  796,014,559  49.88% North America<span class=\"_ _0\"></span> 1,800,302  128,791,201  231,616  -  130,823,119  8.20% Latin America<span class=\"_ _0\"></span> -  69,778,306 <span class=\"_ _0\"></span> 2,020,481  -  71,798,787 <span class=\"_ _0\"></span> 4.50% Africa 13,336,229 <span class=\"_ _0\"></span> 193,679,141  3,706,845  -  210,722,215  13.20% Asi<span class=\"_ _0\"></span>a 17,640,982 <span class=\"_ _0\"></span> 111,852,939  26,022  -  129,519,943  8.12% Ocean<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> -  1,681,932  -  -  1,681,932  0.11% 161<span class=\"_ _0\"></span>,241,425<span class=\"_ _0\"></span>  1,153,64<span class=\"_ _0\"></span>2,635  145<span class=\"_ _0\"></span>,812,711<span class=\"_ _0\"></span>  135<span class=\"_ _0\"></span>,173,674<span class=\"_ _0\"></span>  1,595,87<span class=\"_ _0\"></span>0,445  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Reco<span class=\"_ _2\"></span>gnition <span class=\"_ _2\"></span>patte<span class=\"_ _2\"></span>rn At a certain moment i<span class=\"_ _0\"></span>n time<span class=\"_ _0\"></span> 161,241,425  1,153,642,635  145,812,711  135,173,674  1,595,87<span class=\"_ _0\"></span>0,445  100 % Over time<span class=\"_ _0\"></span> -  -  -  -  -  0.00% Group<span class=\"_ _2\"></span>'s re<span class=\"_ _2\"></span>venue <span class=\"_ _2\"></span>distri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>n by ge<span class=\"_ _2\"></span>ogra<span class=\"_ _2\"></span>phic ar<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span> \u20acM 141\u20acM <span class=\"ff1 ls4a\">130</span>\u20acM <span class=\"ff1 ls4a\">429</span>\u20acM <span class=\"ff1 ls4a\">255</span>\u20acM 28<span class=\"_ _2\"></span>5\u20acM <span class=\"ff1 ls4a\">211</span>\u20acM 84\u20acM <span class=\"ff1 ls4a\">72</span>20222021\u20acM 228\u20acM <span class=\"ff1 ls4a\">131</span>\u20acM <span class=\"ff1 ls4a\">796</span>\u20acM <span class=\"ff1\">1,297</span>Portugal<span class=\"_ _9f\"> </span>Rest of Europe<span class=\"_ _4a\"> </span>N<span class=\"_ _0\"></span>orth AmericaPortugal<span class=\"_ _a0\"> </span>Rest of Europe<span class=\"_ _96\"> </span>North AmericaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _3a\"> </span>Africa<span class=\"_ _34\"> </span>AsiaLatin Ame<span class=\"_ _0\"></span>rica<span class=\"_ _a1\"> </span>Africa<span class=\"_ _a2\"> </span>AsiaOceaniaOceaniaIn 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, no si<span class=\"_ _2\"></span>ngle Cus<span class=\"_ _2\"></span>tomer accoun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r 10%<span class=\"_ _2\"></span> or mo<span class=\"_ _2\"></span>re of the G<span class=\"_ _2\"></span>roup's to<span class=\"_ _2\"></span>tal revenues.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-55-2": {
   "value": "2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g incom<span class=\"_ _2\"></span>e </span></span>For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Gains on di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f non-current assets<span class=\"_ _0\"></span> 370,613  2,785,295  Grants - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances<span class=\"_ _2\"></span> (Note 3.2)<span class=\"_ _0\"></span> 37,338,833 <span class=\"_ _0\"></span> 14,915,653 <span class=\"_ _0\"></span> Supplementary gai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 1,693,664  1,169,398  Operating grants<span class=\"_ _0\"></span> 13,847,828 <span class=\"_ _0\"></span> 2,703,017  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables (Note <span class=\"_ _0\"></span>8.1.4)<span class=\"_ _0\"></span> 102,806  77,603 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (No<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>1.4) 813,732  866,224  Gains on invento<span class=\"_ _0\"></span>ries 2,942,650  1,029,340  Own work capi<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>sed 881,087  824,120  Compensati<span class=\"_ _0\"></span>ons 547,519  418,549  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 12,619,800 <span class=\"_ _0\"></span> 6,591,035  71,158<span class=\"_ _0\"></span>,532  31,380<span class=\"_ _0\"></span>,233  Gains<span class=\"_ _2\"></span> on dis<span class=\"_ _2\"></span>posal of<span class=\"_ _2\"></span> non-current ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>ncluded<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>21, <span class=\"_ _2\"></span>the sale of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>wood an<span class=\"_ _2\"></span>d biomass park in Al<span class=\"_ _2\"></span>berga<span class=\"_ _2\"></span>ria-a-Vel<span class=\"_ _2\"></span>ha that <span class=\"_ _2\"></span>was inac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>, which gen<span class=\"_ _2\"></span>erated a <span class=\"_ _2\"></span>gain <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>2,458,230<span class=\"_ _2\"></span>. The remainder <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>es to th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f land <span class=\"_ _2\"></span>with reduc<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>estr<span class=\"_ _2\"></span>y su<span class=\"_ _2\"></span>itabili<span class=\"_ _2\"></span>ty. Gains<span class=\"_ _2\"></span> on CO2 all<span class=\"_ _2\"></span>owances co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of free al<span class=\"_ _2\"></span>locati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>allowanc<span class=\"_ _2\"></span>es for 444,457<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge pri<span class=\"_ _2\"></span>ce of E<span class=\"_ _2\"></span>uro 84.01 <span class=\"_ _2\"></span>(442<span class=\"_ _2\"></span>,732 tons <span class=\"_ _2\"></span>of CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge price of<span class=\"_ _2\"></span> Euro 33<span class=\"_ _2\"></span>.69 as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21) (No<span class=\"_ _2\"></span>te 3.2)<span class=\"_ _2\"></span>.  Operating <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude Eu<span class=\"_ _2\"></span>ro 9<span class=\"_ _2\"></span>,951,051 r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>ceipt of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>rect c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>aid measur<span class=\"_ _2\"></span>e for i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ations c<span class=\"_ _2\"></span>overed by <span class=\"_ _2\"></span>the Euro<span class=\"_ _2\"></span>pean Emissi<span class=\"_ _2\"></span>ons Tr<span class=\"_ _2\"></span>adin<span class=\"_ _2\"></span>g Scheme (E<span class=\"_ _2\"></span>U ETS)<span class=\"_ _2\"></span>, under <span class=\"_ _2\"></span>Decree-Law 12/2<span class=\"_ _2\"></span>020 of<span class=\"_ _2\"></span> 6 April<span class=\"_ _2\"></span>, as well <span class=\"_ _2\"></span>as th<span class=\"_ _2\"></span>e incenti<span class=\"_ _2\"></span>ve relat<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to the Apoiar G<span class=\"_ _2\"></span>\u00e1s <span class=\"_ _2\"></span>programme of<span class=\"_ _2\"></span> Euro 2,103,43<span class=\"_ _2\"></span>7. Thi<span class=\"_ _2\"></span>s caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes gran<span class=\"_ _2\"></span>ts gran<span class=\"_ _2\"></span>ted f<span class=\"_ _2\"></span>or r<span class=\"_ _2\"></span>esearch an<span class=\"_ _2\"></span>d developmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects carried ou<span class=\"_ _2\"></span>t by RA<span class=\"_ _2\"></span>IZ, such <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>the INPAC<span class=\"_ _2\"></span>TUS projec<span class=\"_ _2\"></span>t (Euro<span class=\"_ _2\"></span> 7<span class=\"_ _2\"></span>12,216), I<span class=\"_ _2\"></span>dTecFor (Euro<span class=\"_ _2\"></span> 609<span class=\"_ _2\"></span>,934), Replant (Eu<span class=\"_ _2\"></span>ro 171<span class=\"_ _2\"></span>,781), BL<span class=\"_ _2\"></span>2F (Eu<span class=\"_ _2\"></span>ro 57,51<span class=\"_ _2\"></span>5), B2<span class=\"_ _2\"></span>Solution<span class=\"_ _2\"></span>s (Euro 40<span class=\"_ _2\"></span>,057), <span class=\"_ _2\"></span>Bio4Portugal<span class=\"_ _2\"></span> (Eu<span class=\"_ _2\"></span>ro 45,899), IN<span class=\"_ _2\"></span>OV C+ (<span class=\"_ _2\"></span>Euro 30<span class=\"_ _2\"></span>,694) an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>rs (Euro 12<span class=\"_ _2\"></span>5,24<span class=\"_ _2\"></span>4). In 2022, <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>378,850 <span class=\"_ _2\"></span>were als<span class=\"_ _2\"></span>o receive<span class=\"_ _2\"></span>d regar<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>IEFP's A<span class=\"_ _2\"></span>TIVAR <span class=\"_ _2\"></span>Programme, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes professi<span class=\"_ _2\"></span>onal trai<span class=\"_ _2\"></span>ning<span class=\"_ _2\"></span>, professi<span class=\"_ _2\"></span>onal i<span class=\"_ _2\"></span>nternships <span class=\"_ _2\"></span>and rei<span class=\"_ _2\"></span>nforce<span class=\"_ _2\"></span>d suppo<span class=\"_ _2\"></span>rt to hiri<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>nd entr<span class=\"_ _2\"></span>epreneurshi<span class=\"_ _2\"></span>p, whic<span class=\"_ _2\"></span>h were consi<span class=\"_ _2\"></span>dered as a <span class=\"_ _2\"></span>deducti<span class=\"_ _2\"></span>on to Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. Other ope<span class=\"_ _2\"></span>rating i<span class=\"_ _2\"></span>ncome in<span class=\"_ _2\"></span>cludes Euro<span class=\"_ _2\"></span> 10<span class=\"_ _2\"></span>,997,793 <span class=\"_ _2\"></span>relatin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F pa<span class=\"_ _2\"></span>per and ti<span class=\"_ _2\"></span>ssue waste.<span class=\"_ _2\"></span> 2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  Throughou<span class=\"_ _2\"></span>t the 2022<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>re was a <span class=\"_ _2\"></span>generali<span class=\"_ _2\"></span>zed wors<span class=\"_ _2\"></span>ening <span class=\"_ _2\"></span>of c<span class=\"_ _2\"></span>osts. In En<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>there was <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in elec<span class=\"_ _2\"></span>tricit<span class=\"_ _2\"></span>y and na<span class=\"_ _2\"></span>tural gas <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> costs was <span class=\"_ _2\"></span>partial<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by the <span class=\"_ _2\"></span>sale of<span class=\"_ _2\"></span> energy <span class=\"_ _2\"></span>produce<span class=\"_ _2\"></span>d at mark<span class=\"_ _2\"></span>et pri<span class=\"_ _2\"></span>ces, as o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed to th<span class=\"_ _2\"></span>e regul<span class=\"_ _2\"></span>ated sal<span class=\"_ _2\"></span>es tari<span class=\"_ _2\"></span>ff. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts show a <span class=\"_ _2\"></span>negative e<span class=\"_ _2\"></span>voluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>was abl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>operate a<span class=\"_ _2\"></span>t 100% without an<span class=\"_ _2\"></span>y disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in su<span class=\"_ _2\"></span>pplies. 14The expens<span class=\"_ _2\"></span>es with C<span class=\"_ _2\"></span>O2 cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 574,750<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2 (31 <span class=\"_ _2\"></span>December 2021<span class=\"ls0\">: 561,61<span class=\"_ _2\"></span>3 tonnes), <span class=\"_ _2\"></span>achi<span class=\"_ _2\"></span>eving a 19.8<span class=\"_ _2\"></span>% re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons compared <span class=\"_ _2\"></span>to 20<span class=\"_ _2\"></span>20, the base y<span class=\"_ _2\"></span>ear used <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e validatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>rgets b<span class=\"_ _2\"></span>y the Sci<span class=\"_ _2\"></span>ence Bas<span class=\"_ _2\"></span>ed Ta<span class=\"_ _2\"></span>rgets Ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ve (574,750<span class=\"_ _2\"></span> tonnes vs<span class=\"_ _2\"></span>. 717,12<span class=\"_ _2\"></span>1 tonn<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>CO2 in <span class=\"_ _2\"></span>2020)<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n this c<span class=\"_ _2\"></span>aption is <span class=\"_ _2\"></span>mainly due to the ris<span class=\"_ _2\"></span>e of uni<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>CO2 all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n inventor<span class=\"_ _2\"></span>y impairmen<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>cludes ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>7,931,309 <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>and Tissue i<span class=\"_ _2\"></span>nventori<span class=\"_ _2\"></span>es, fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>cation o<span class=\"_ _2\"></span>f items <span class=\"_ _2\"></span>with l<span class=\"_ _2\"></span>ower turno<span class=\"_ _2\"></span>ver and f<span class=\"_ _2\"></span>uture s<span class=\"_ _2\"></span>ales prospec<span class=\"_ _2\"></span>ts, based on<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's sal<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>performan<span class=\"_ _2\"></span>ce and s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>les mix. Fu<span class=\"_ _2\"></span>rthermor<span class=\"_ _2\"></span>e, taki<span class=\"_ _2\"></span>ng into accoun<span class=\"_ _2\"></span>t the fu<span class=\"_ _2\"></span>ture inv<span class=\"_ _2\"></span>estment ou<span class=\"_ _2\"></span>tlook an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the industri<span class=\"_ _2\"></span>al equipm<span class=\"_ _2\"></span>ent, the Group <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>spare pa<span class=\"_ _2\"></span>rts r<span class=\"_ _2\"></span>equired <span class=\"_ _2\"></span>until the <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>the life <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> e<span class=\"_ _0\"></span>quipm<span class=\"_ _2\"></span>ent, afte<span class=\"_ _2\"></span>r having reco<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d an impai<span class=\"_ _2\"></span>rment of<span class=\"_ _2\"></span> Euro 5,30<span class=\"_ _2\"></span>9,900 f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>surpl<span class=\"_ _2\"></span>us spare <span class=\"_ _2\"></span>parts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventories<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-55-3": {
   "value": "2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g incom<span class=\"_ _2\"></span>e </span></span>For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Gains on di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f non-current assets<span class=\"_ _0\"></span> 370,613  2,785,295  Grants - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances<span class=\"_ _2\"></span> (Note 3.2)<span class=\"_ _0\"></span> 37,338,833 <span class=\"_ _0\"></span> 14,915,653 <span class=\"_ _0\"></span> Supplementary gai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 1,693,664  1,169,398  Operating grants<span class=\"_ _0\"></span> 13,847,828 <span class=\"_ _0\"></span> 2,703,017  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables (Note <span class=\"_ _0\"></span>8.1.4)<span class=\"_ _0\"></span> 102,806  77,603 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (No<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>1.4) 813,732  866,224  Gains on invento<span class=\"_ _0\"></span>ries 2,942,650  1,029,340  Own work capi<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>sed 881,087  824,120  Compensati<span class=\"_ _0\"></span>ons 547,519  418,549  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 12,619,800 <span class=\"_ _0\"></span> 6,591,035  71,158<span class=\"_ _0\"></span>,532  31,380<span class=\"_ _0\"></span>,233  Gains<span class=\"_ _2\"></span> on dis<span class=\"_ _2\"></span>posal of<span class=\"_ _2\"></span> non-current ass<span class=\"_ _2\"></span>ets i<span class=\"_ _2\"></span>ncluded<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>21, <span class=\"_ _2\"></span>the sale of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>wood an<span class=\"_ _2\"></span>d biomass park in Al<span class=\"_ _2\"></span>berga<span class=\"_ _2\"></span>ria-a-Vel<span class=\"_ _2\"></span>ha that <span class=\"_ _2\"></span>was inac<span class=\"_ _2\"></span>tive<span class=\"_ _2\"></span>, which gen<span class=\"_ _2\"></span>erated a <span class=\"_ _2\"></span>gain <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>2,458,230<span class=\"_ _2\"></span>. The remainder <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>es to th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f land <span class=\"_ _2\"></span>with reduc<span class=\"_ _2\"></span>ed for<span class=\"_ _2\"></span>estr<span class=\"_ _2\"></span>y su<span class=\"_ _2\"></span>itabili<span class=\"_ _2\"></span>ty. Gains<span class=\"_ _2\"></span> on CO2 all<span class=\"_ _2\"></span>owances co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of free al<span class=\"_ _2\"></span>locati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>allowanc<span class=\"_ _2\"></span>es for 444,457<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge pri<span class=\"_ _2\"></span>ce of E<span class=\"_ _2\"></span>uro 84.01 <span class=\"_ _2\"></span>(442<span class=\"_ _2\"></span>,732 tons <span class=\"_ _2\"></span>of CO2, at <span class=\"_ _2\"></span>the avera<span class=\"_ _2\"></span>ge price of<span class=\"_ _2\"></span> Euro 33<span class=\"_ _2\"></span>.69 as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21) (No<span class=\"_ _2\"></span>te 3.2)<span class=\"_ _2\"></span>.  Operating <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude Eu<span class=\"_ _2\"></span>ro 9<span class=\"_ _2\"></span>,951,051 r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>ceipt of<span class=\"_ _2\"></span> the indi<span class=\"_ _2\"></span>rect c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>aid measur<span class=\"_ _2\"></span>e for i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ations c<span class=\"_ _2\"></span>overed by <span class=\"_ _2\"></span>the Euro<span class=\"_ _2\"></span>pean Emissi<span class=\"_ _2\"></span>ons Tr<span class=\"_ _2\"></span>adin<span class=\"_ _2\"></span>g Scheme (E<span class=\"_ _2\"></span>U ETS)<span class=\"_ _2\"></span>, under <span class=\"_ _2\"></span>Decree-Law 12/2<span class=\"_ _2\"></span>020 of<span class=\"_ _2\"></span> 6 April<span class=\"_ _2\"></span>, as well <span class=\"_ _2\"></span>as th<span class=\"_ _2\"></span>e incenti<span class=\"_ _2\"></span>ve relat<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to the Apoiar G<span class=\"_ _2\"></span>\u00e1s <span class=\"_ _2\"></span>programme of<span class=\"_ _2\"></span> Euro 2,103,43<span class=\"_ _2\"></span>7. Thi<span class=\"_ _2\"></span>s caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes gran<span class=\"_ _2\"></span>ts gran<span class=\"_ _2\"></span>ted f<span class=\"_ _2\"></span>or r<span class=\"_ _2\"></span>esearch an<span class=\"_ _2\"></span>d developmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects carried ou<span class=\"_ _2\"></span>t by RA<span class=\"_ _2\"></span>IZ, such <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>the INPAC<span class=\"_ _2\"></span>TUS projec<span class=\"_ _2\"></span>t (Euro<span class=\"_ _2\"></span> 7<span class=\"_ _2\"></span>12,216), I<span class=\"_ _2\"></span>dTecFor (Euro<span class=\"_ _2\"></span> 609<span class=\"_ _2\"></span>,934), Replant (Eu<span class=\"_ _2\"></span>ro 171<span class=\"_ _2\"></span>,781), BL<span class=\"_ _2\"></span>2F (Eu<span class=\"_ _2\"></span>ro 57,51<span class=\"_ _2\"></span>5), B2<span class=\"_ _2\"></span>Solution<span class=\"_ _2\"></span>s (Euro 40<span class=\"_ _2\"></span>,057), <span class=\"_ _2\"></span>Bio4Portugal<span class=\"_ _2\"></span> (Eu<span class=\"_ _2\"></span>ro 45,899), IN<span class=\"_ _2\"></span>OV C+ (<span class=\"_ _2\"></span>Euro 30<span class=\"_ _2\"></span>,694) an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>rs (Euro 12<span class=\"_ _2\"></span>5,24<span class=\"_ _2\"></span>4). In 2022, <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>378,850 <span class=\"_ _2\"></span>were als<span class=\"_ _2\"></span>o receive<span class=\"_ _2\"></span>d regar<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>IEFP's A<span class=\"_ _2\"></span>TIVAR <span class=\"_ _2\"></span>Programme, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes professi<span class=\"_ _2\"></span>onal trai<span class=\"_ _2\"></span>ning<span class=\"_ _2\"></span>, professi<span class=\"_ _2\"></span>onal i<span class=\"_ _2\"></span>nternships <span class=\"_ _2\"></span>and rei<span class=\"_ _2\"></span>nforce<span class=\"_ _2\"></span>d suppo<span class=\"_ _2\"></span>rt to hiri<span class=\"_ _2\"></span>ng a<span class=\"_ _2\"></span>nd entr<span class=\"_ _2\"></span>epreneurshi<span class=\"_ _2\"></span>p, whic<span class=\"_ _2\"></span>h were consi<span class=\"_ _2\"></span>dered as a <span class=\"_ _2\"></span>deducti<span class=\"_ _2\"></span>on to Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. Other ope<span class=\"_ _2\"></span>rating i<span class=\"_ _2\"></span>ncome in<span class=\"_ _2\"></span>cludes Euro<span class=\"_ _2\"></span> 10<span class=\"_ _2\"></span>,997,793 <span class=\"_ _2\"></span>relatin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F pa<span class=\"_ _2\"></span>per and ti<span class=\"_ _2\"></span>ssue waste.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-55-4": {
   "value": "2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g incom<span class=\"_ _2\"></span>e </span></span>For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Gains on di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f non-current assets<span class=\"_ _0\"></span> 370,613  2,785,295  Grants - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances<span class=\"_ _2\"></span> (Note 3.2)<span class=\"_ _0\"></span> 37,338,833 <span class=\"_ _0\"></span> 14,915,653 <span class=\"_ _0\"></span> Supplementary gai<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 1,693,664  1,169,398  Operating grants<span class=\"_ _0\"></span> 13,847,828 <span class=\"_ _0\"></span> 2,703,017  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables (Note <span class=\"_ _0\"></span>8.1.4)<span class=\"_ _0\"></span> 102,806  77,603 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (No<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>1.4) 813,732  866,224  Gains on invento<span class=\"_ _0\"></span>ries 2,942,650  1,029,340  Own work capi<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>sed 881,087  824,120  Compensati<span class=\"_ _0\"></span>ons 547,519  418,549  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 12,619,800 <span class=\"_ _0\"></span> 6,591,035  71,158<span class=\"_ _0\"></span>,532  31,380<span class=\"_ _0\"></span>,233  2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  8.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Credit ri<span class=\"_ _2\"></span>sk Credit<span class=\"_ _2\"></span> risk m<span class=\"_ _2\"></span>anagement pol<span class=\"_ _2\"></span>icy The Group<span class=\"_ _0\"></span> is exp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed to cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span> risk on<span class=\"_ _0\"></span> ba<span class=\"_ _0\"></span>lance<span class=\"_ _0\"></span>s receiv<span class=\"_ _0\"></span>able<span class=\"_ _0\"></span> from Tr<span class=\"_ _0\"></span>ade re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> ot<span class=\"_ _0\"></span>her de<span class=\"_ _0\"></span>btor<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>has adopted <span class=\"_ _0\"></span>a pol<span class=\"_ _0\"></span>icy of <span class=\"_ _0\"></span>manag<span class=\"_ _0\"></span>ing ri<span class=\"_ _0\"></span>sk <span class=\"_ _0\"></span>coverage<span class=\"_ _0\"></span> w<span class=\"_ _0\"></span>ithin cert<span class=\"_ _0\"></span>ain <span class=\"_ _0\"></span>levels t<span class=\"_ _0\"></span>hrough<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce with<span class=\"_ _0\"></span> a spe<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span>ised independe<span class=\"_ _0\"></span>nt c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any. <span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ha<span class=\"_ _0\"></span>s adopte<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> a po<span class=\"_ _0\"></span>licy of<span class=\"_ _0\"></span> credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>urance <span class=\"_ _0\"></span>for th<span class=\"_ _0\"></span>e major<span class=\"_ _0\"></span>ity <span class=\"_ _0\"></span>of Trade r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les, wit<span class=\"_ _0\"></span>h a 5<span class=\"_ _0\"></span>% ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ible. A<span class=\"_ _0\"></span>s such, <span class=\"_ _0\"></span>its expo<span class=\"_ _0\"></span>sure to<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it risk <span class=\"_ _0\"></span>is c<span class=\"_ _0\"></span>onside<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>o have be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>itigated<span class=\"_ _0\"></span> up<span class=\"_ _0\"></span> to ac<span class=\"_ _0\"></span>ceptab<span class=\"_ _0\"></span>le leve<span class=\"_ _0\"></span>ls,<span class=\"_ _0\"></span> when <span class=\"_ _0\"></span>compare<span class=\"_ _0\"></span>d w<span class=\"_ _0\"></span>ith its sale<span class=\"_ _0\"></span>s. Mo<span class=\"_ _0\"></span>st sales t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> are not<span class=\"_ _0\"></span> cove<span class=\"_ _0\"></span>red <span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>y credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce are <span class=\"_ _0\"></span>covered<span class=\"_ _0\"></span> by<span class=\"_ _0\"></span> bank<span class=\"_ _0\"></span> guarantee<span class=\"_ _0\"></span>s, <span class=\"_ _0\"></span>letters<span class=\"_ _0\"></span> of cred<span class=\"_ _0\"></span>it, document<span class=\"_ _0\"></span>ary <span class=\"_ _0\"></span>cred<span class=\"_ _0\"></span>its or ret<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ion of<span class=\"_ _0\"></span> title ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ents,<span class=\"_ _0\"></span> and any<span class=\"_ _0\"></span> unhedg<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> expo<span class=\"_ _0\"></span>sure is w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in lim<span class=\"_ _0\"></span>its pre<span class=\"_ _0\"></span>viou<span class=\"_ _0\"></span>sly approved<span class=\"_ _0\"></span> by the<span class=\"_ _0\"></span> Exe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Com<span class=\"_ _0\"></span>mittee.<span class=\"_ _1\"></span> However,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> wor<span class=\"_ _0\"></span>sening<span class=\"_ _0\"></span> of glob<span class=\"_ _0\"></span>al ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span> cond<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ions or<span class=\"_ _0\"></span> advers<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span> affecti<span class=\"_ _0\"></span>ng <span class=\"_ _0\"></span>only e<span class=\"_ _0\"></span>conomie<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span> a loca<span class=\"_ _0\"></span>l sc<span class=\"_ _0\"></span>ale ma<span class=\"_ _0\"></span>y lead to d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on in the<span class=\"_ _0\"></span> ab<span class=\"_ _0\"></span>ility o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>Navig<span class=\"_ _0\"></span>ator Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s Custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s to me<span class=\"_ _0\"></span>et the<span class=\"_ _0\"></span>ir ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions, lead<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>ies providi<span class=\"_ _0\"></span>ng cred<span class=\"_ _0\"></span>it <span class=\"_ _0\"></span>insura<span class=\"_ _0\"></span>nce to<span class=\"_ _0\"></span> sign<span class=\"_ _0\"></span>ificant<span class=\"_ _0\"></span>ly decrea<span class=\"_ _0\"></span>se t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>amou<span class=\"_ _0\"></span>nt of<span class=\"_ _1\"></span> cred<span class=\"_ _0\"></span>it faci<span class=\"_ _0\"></span>lities t<span class=\"_ _0\"></span>hat are<span class=\"_ _0\"></span> ava<span class=\"_ _0\"></span>ilable<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span> Custome<span class=\"_ _0\"></span>rs. T<span class=\"_ _0\"></span>his sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>io may<span class=\"_ _0\"></span> resu<span class=\"_ _0\"></span>lt in l<span class=\"_ _0\"></span>imitat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ounts t<span class=\"_ _0\"></span>hat <span class=\"_ _0\"></span>can be<span class=\"_ _0\"></span> sold<span class=\"_ _0\"></span> to s<span class=\"_ _0\"></span>ome Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> Cust<span class=\"_ _0\"></span>omers without d<span class=\"_ _0\"></span>irectly<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>incurr<span class=\"_ _0\"></span>ing cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk leve<span class=\"_ _0\"></span>ls that<span class=\"_ _0\"></span> are<span class=\"_ _0\"></span> not c<span class=\"_ _0\"></span>ompatib<span class=\"_ _0\"></span>le w<span class=\"_ _0\"></span>ith the<span class=\"_ _0\"></span> risk p<span class=\"_ _0\"></span>olicy <span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>is are<span class=\"_ _1\"></span><span class=\"lsa\">a.<span class=\"_ _0\"></span></span> Cash e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>alents<span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ad<span class=\"_ _0\"></span>opts str<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icies in <span class=\"_ _0\"></span>approv<span class=\"_ _0\"></span>ing <span class=\"_ _0\"></span>its f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l counterp<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ies, <span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>iting<span class=\"_ _0\"></span> its exp<span class=\"_ _0\"></span>osure <span class=\"_ _0\"></span>in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith <span class=\"_ _0\"></span>an indiv<span class=\"_ _0\"></span>idual ri<span class=\"_ _0\"></span>sk ana<span class=\"_ _0\"></span>lysis<span class=\"_ _0\"></span> and w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in prev<span class=\"_ _0\"></span>ious<span class=\"_ _0\"></span>ly approve<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> limit<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> Maximum<span class=\"_ _2\"></span> ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span> to c<span class=\"_ _2\"></span>redit <span class=\"_ _2\"></span>ri<span class=\"ls82\">sk<span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>The Group's <span class=\"_ _2\"></span>maximu<span class=\"_ _2\"></span>m exposu<span class=\"_ _2\"></span>re to the <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>eir ne<span class=\"_ _2\"></span>t amount, as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 25,282,858 <span class=\"_ _0\"></span> 8,604,547  Current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 499,143,408  317,882,760  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> 343,083,788  239,171,252  867<span class=\"_ _0\"></span>,510,055<span class=\"_ _0\"></span>  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>  Agein<span class=\"_ _2\"></span>g str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les bala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Trad<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>eivables sho<span class=\"_ _2\"></span>wed <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ageing st<span class=\"_ _2\"></span>ructur<span class=\"_ _2\"></span>e, consi<span class=\"_ _2\"></span>dering th<span class=\"_ _2\"></span>e due <span class=\"_ _2\"></span>dates fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g before <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts not due<span class=\"_ _0\"></span> 300,633,239  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> 40,593,683 <span class=\"_ _0\"></span> 2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> 339,640  199,088  from 181 to 360 days<span class=\"_ _0\"></span> 22,940  83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> 2,224  -  from 541 to 720 days<span class=\"_ _0\"></span> 8,507  -  more than 721 days<span class=\"_ _0\"></span> 1,226  -  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Balances consi<span class=\"_ _0\"></span>dered impai<span class=\"_ _0\"></span>red 6,621,084  2,173,128  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> (6,621,084) (2,173,128) Net balance of trade <span class=\"_ _0\"></span>receivables (N<span class=\"_ _0\"></span>ote 4.2)<span class=\"_ _0\"></span> 341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Trade receivabl<span class=\"_ _0\"></span>es covered by credit i<span class=\"_ _0\"></span>nsurance<span class=\"_ _0\"></span> 314,114,794  191,731,227  Trade receivabl<span class=\"_ _0\"></span>es covered by bank g<span class=\"_ _0\"></span>uarantees<span class=\"_ _0\"></span> 3,133,247  2,761,574  Trade receivabl<span class=\"_ _0\"></span>es covered by ti<span class=\"_ _0\"></span>tle reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n agr<span class=\"_ _2\"></span>eem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> 12,271,335 <span class=\"_ _0\"></span> 5,464,991  Trade receivabl<span class=\"_ _0\"></span>es covered by let<span class=\"_ _0\"></span>ters of credit / docum<span class=\"_ _0\"></span>entary remi<span class=\"_ _0\"></span>ttances<span class=\"_ _0\"></span> 9,310,135  5,765,396  Covered receivables<span class=\"_ _0\"></span> 338<span class=\"_ _0\"></span>,829,511<span class=\"_ _0\"></span>  205<span class=\"_ _0\"></span>,723,188<span class=\"_ _0\"></span>  Credit facili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ava<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>e and unused 459,495,787  353,731,395  Credit hedging fa<span class=\"_ _0\"></span>cilities contr<span class=\"_ _0\"></span>acted<span class=\"_ _0\"></span> 798<span class=\"_ _0\"></span>,325,298<span class=\"_ _0\"></span>  559<span class=\"_ _0\"></span>,454,583<span class=\"_ _0\"></span>  The amounts s<span class=\"_ _2\"></span>hown <span class=\"_ _2\"></span>above co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>amounts <span class=\"_ _2\"></span>outs<span class=\"_ _2\"></span>tanding accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d due da<span class=\"_ _2\"></span>tes.  The amounts n<span class=\"_ _2\"></span>ot c<span class=\"_ _2\"></span>overed <span class=\"_ _2\"></span>relate <span class=\"_ _2\"></span>to amounts <span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>viously ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the E<span class=\"_ _2\"></span>xecuti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p (Euro 2<span class=\"_ _2\"></span>,771,947).<span class=\"_ _2\"></span> Despite some <span class=\"_ _2\"></span>delays <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f those amo<span class=\"_ _2\"></span>unts<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>hat does no<span class=\"_ _2\"></span>t resul<span class=\"_ _2\"></span>t, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with the a<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation<span class=\"_ _2\"></span>, in the i<span class=\"_ _2\"></span>denti<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of i<span class=\"_ _2\"></span>mpairment l<span class=\"_ _2\"></span>osses othe<span class=\"_ _2\"></span>r than <span class=\"_ _2\"></span>the ones consi<span class=\"_ _2\"></span>dered through <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espective l<span class=\"_ _2\"></span>osses<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e are c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nforma<span class=\"_ _2\"></span>tion periodical<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>llected on <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al beha<span class=\"_ _2\"></span>viour of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up\u2019s C<span class=\"_ _2\"></span>ustomers, <span class=\"_ _2\"></span>which al<span class=\"_ _2\"></span>low, in conjunc<span class=\"_ _2\"></span>tion with <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>perienc<span class=\"_ _2\"></span>e obtaine<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>lient <span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>foli<span class=\"_ _2\"></span>o analysi<span class=\"_ _2\"></span>s and with <span class=\"_ _2\"></span>the histor<span class=\"_ _2\"></span>y of credit d<span class=\"_ _2\"></span>efaults<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the part no<span class=\"_ _2\"></span>t at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the insuran<span class=\"_ _2\"></span>ce c<span class=\"_ _2\"></span>ompany, to <span class=\"_ _2\"></span>defin<span class=\"_ _2\"></span>e the amo<span class=\"_ _2\"></span>unt of loss<span class=\"_ _2\"></span>es to be reco<span class=\"_ _2\"></span>gnised <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees in pl<span class=\"_ _2\"></span>ace f<span class=\"_ _2\"></span>or a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f outstanding <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>ong-term <span class=\"_ _2\"></span>balances, <span class=\"_ _2\"></span>justi<span class=\"_ _2\"></span>fy <span class=\"_ _2\"></span>the fact <span class=\"_ _2\"></span>that n<span class=\"_ _2\"></span>o impai<span class=\"_ _2\"></span>rment loss <span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>as been <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded for tho<span class=\"_ _2\"></span>se balances<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>The rules d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t risk in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce polic<span class=\"_ _2\"></span>y appli<span class=\"_ _2\"></span>ed by the Navigator G<span class=\"_ _2\"></span>roup, <span class=\"_ _2\"></span>ensure <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t coverage o<span class=\"_ _2\"></span>f all<span class=\"_ _2\"></span> outst<span class=\"_ _2\"></span>anding balanc<span class=\"_ _2\"></span>es. The analysi<span class=\"_ _2\"></span>s of th<span class=\"_ _2\"></span>e open <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es, by busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>, is as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:<span class=\"_ _0\"></span> 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 18,354,214 <span class=\"_ _0\"></span> 205,260,083  41,107,860 <span class=\"_ _0\"></span> 23,335,066 <span class=\"_ _0\"></span> 12,576,016 <span class=\"_ _0\"></span> 300,633,239  from 1 to 90 days<span class=\"_ _0\"></span> 578,572  35,168,534 <span class=\"_ _0\"></span> 3,229,499  124,008  1,493,070  40,593,683 <span class=\"_ _0\"></span> from 91 to 180 days<span class=\"_ _0\"></span> 7,275  -  42,050 <span class=\"_ _0\"></span> -  290,315  339,640  from 181 to 360 days<span class=\"_ _0\"></span> -  -  9,449  -  13,490 <span class=\"_ _0\"></span> 22,939 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  2,224  -  -  2,224  from 541 to 720 days<span class=\"_ _0\"></span> -  -  8,507  -  -  8,507  more than 721 days<span class=\"_ _0\"></span> -  -  1,226  -  -  1,226  18,940<span class=\"_ _0\"></span>,061  240<span class=\"_ _0\"></span>,428,617<span class=\"_ _0\"></span>  44,400<span class=\"_ _0\"></span>,815  23,459<span class=\"_ _0\"></span>,074  14,372<span class=\"_ _0\"></span>,891  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 27,781,181 <span class=\"_ _0\"></span> 145,229,659  29,844,012 <span class=\"_ _0\"></span> 791,242  4,405,378  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> -  -  1,127,754  -  1,327,312  2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> -  -  96,945 <span class=\"_ _0\"></span> -  102,143  199,088  from 181 to 360 days<span class=\"_ _0\"></span> -  -  45,744 <span class=\"_ _0\"></span> -  37,713 <span class=\"_ _0\"></span> 83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  -  -  -  -  from 541 to 720 days<span class=\"_ _0\"></span> -  -  -  -  -  -  more than 721 days<span class=\"_ _0\"></span> -  -  -  -  -  -  27,781<span class=\"_ _0\"></span>,181  145<span class=\"_ _0\"></span>,229,659<span class=\"_ _0\"></span>  31,114<span class=\"_ _0\"></span>,455  791<span class=\"_ _0\"></span>,242  5,872,54<span class=\"_ _0\"></span>6  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  The tabl<span class=\"_ _2\"></span>e belo<span class=\"_ _2\"></span>w represen<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>e quality of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>oup\u2019s <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk, as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 2022 <span class=\"_ _2\"></span>and 31 Decembe<span class=\"_ _2\"></span>r 202<span class=\"_ _2\"></span>1, for fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>(cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equivalen<span class=\"_ _2\"></span>ts), (Hi<span class=\"_ _2\"></span>ghest <span class=\"_ _2\"></span>credit rating b<span class=\"_ _2\"></span>y one of <span class=\"_ _2\"></span>the thr<span class=\"_ _2\"></span>ee ra<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>encies, <span class=\"ff10\">Stand<span class=\"_ _2\"></span>ard &amp; <span class=\"_ _2\"></span>Poo<span class=\"_ _2\"></span>r\u2019s, Fitc<span class=\"_ _2\"></span>h<span class=\"ff9\"> </span>or <span class=\"_ _2\"></span>Moody\u2019s<span class=\"ff1 ls79\">): <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span></span>Financial<span class=\"_ _2\"></span> Institut<span class=\"_ _2\"></span>ions  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Rating AA<span class=\"ls0\"> </span>6,231,679  9,801,253  AA<span class=\"ls0\">- </span>74,995,499 <span class=\"_ _0\"></span> -  A+<span class=\"ls0\"> </span>122,316,040  84,976,652 <span class=\"_ _0\"></span> A 476,414  6,609,078  A- 83,063,488 <span class=\"_ _0\"></span> 61,586,886 <span class=\"_ _0\"></span> BBB+<span class=\"ls0\"> </span>-  -  BBB<span class=\"ls0\"> </span>51,917,908 <span class=\"_ _0\"></span> 73,253,991 <span class=\"_ _0\"></span> BBB<span class=\"ls0\">- </span>-  -  BB+<span class=\"ls0\"> </span>186,584  60,468 <span class=\"_ _0\"></span> BB   -  108,006  BB<span class=\"ls0\">- </span>899,601  -  B+<span class=\"ls0\"> </span>-  -  B -  179,662  B- -  -  Other 2,996,574  2,595,255  343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  \"Other\" amo<span class=\"_ _2\"></span>unts inc<span class=\"_ _2\"></span>lude <span class=\"_ _2\"></span>bank deposi<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>with banks <span class=\"_ _2\"></span>or en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es with no<span class=\"_ _2\"></span> rating<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>namel<span class=\"_ _2\"></span>y local<span class=\"_ _2\"></span> banks in <span class=\"_ _2\"></span>Mozambiqu<span class=\"_ _2\"></span>e and o<span class=\"_ _2\"></span>ther for<span class=\"_ _2\"></span>eign br<span class=\"_ _2\"></span>anches. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup ado<span class=\"_ _2\"></span>pts stri<span class=\"_ _2\"></span>ct poli<span class=\"_ _2\"></span>cies i<span class=\"_ _2\"></span>n approvi<span class=\"_ _2\"></span>ng its<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> counterpar<span class=\"_ _2\"></span>ties, li<span class=\"_ _2\"></span>miting i<span class=\"_ _2\"></span>ts exposur<span class=\"_ _2\"></span>e in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with an i<span class=\"_ _2\"></span>ndividu<span class=\"_ _2\"></span>al ris<span class=\"_ _2\"></span>k analysis<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d within pr<span class=\"_ _2\"></span>eviousl<span class=\"_ _2\"></span>y approv<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts. Impairm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> of tra<span class=\"_ _2\"></span>de an<span class=\"_ _2\"></span>d ot<span class=\"_ _2\"></span>her rec<span class=\"_ _2\"></span>eiva<span class=\"_ _2\"></span>bles Impa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t Amounts in Euro<span class=\"_ _0\"></span> Trade re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les <span class=\"_ _0\"></span> Other debto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span> Total <span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (1,984<span class=\"_ _0\"></span>,970) (231<span class=\"_ _0\"></span>,262) (2,216<span class=\"_ _0\"></span>,232) Increase - I<span class=\"_ _0\"></span>FRS 9 impact on res<span class=\"_ _0\"></span>ults for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 123,146  -  123,146  Increases (Note 2.3)<span class=\"_ _0\"></span> (404,476) (3,762) (408,238) Reversals<span class=\"_ _0\"></span> 77,603 <span class=\"_ _0\"></span> -  77,603 <span class=\"_ _0\"></span> Charge-off<span class=\"_ _0\"></span> 15,568 <span class=\"_ _0\"></span> 15,568 <span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (2,173<span class=\"_ _0\"></span>,129) (235<span class=\"_ _0\"></span>,024) (2,408<span class=\"_ _0\"></span>,153) Increase - I<span class=\"_ _0\"></span>FRS 9 impact on res<span class=\"_ _0\"></span>ults for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> (1,171,788) -  (1,171,788) Increases (Note 2.3)<span class=\"_ _0\"></span> (3,277,947) (45<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>16)<span class=\"_ _0\"></span> (3,323,063) Reversals<span class=\"_ _0\"></span> 101,523  1,283  102,806  Charge-off<span class=\"_ _0\"></span> (99<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>43)<span class=\"_ _0\"></span> (4,885) (104,628) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (6,621<span class=\"_ _0\"></span>,084) (283<span class=\"_ _0\"></span>,742) (6,904<span class=\"_ _0\"></span>,826) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-57-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Operating <span class=\"_ _2\"></span>grants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>are on<span class=\"_ _2\"></span>ly reco<span class=\"_ _2\"></span>gnised wh<span class=\"_ _2\"></span>en there <span class=\"_ _2\"></span>is a reas<span class=\"_ _2\"></span>onable ass<span class=\"_ _2\"></span>urance <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>grant will<span class=\"_ _2\"></span> be receiv<span class=\"_ _2\"></span>ed, and th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l compl<span class=\"_ _2\"></span>y with all<span class=\"_ _2\"></span> require<span class=\"_ _2\"></span>d conditio<span class=\"_ _2\"></span>ns. Oper<span class=\"_ _2\"></span>ating g<span class=\"_ _2\"></span>rants, receive<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the purpose <span class=\"_ _2\"></span>of comp<span class=\"_ _2\"></span>ensating <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up f<span class=\"_ _2\"></span>or c<span class=\"_ _2\"></span>osts i<span class=\"_ _2\"></span>ncurred, ar<span class=\"_ _2\"></span>e syst<span class=\"_ _2\"></span>ematicall<span class=\"_ _2\"></span>y record<span class=\"_ _2\"></span>ed in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>ods in <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h the costs<span class=\"_ _2\"></span> that tho<span class=\"_ _2\"></span>se gran<span class=\"_ _2\"></span>ts are intende<span class=\"_ _2\"></span>d to compens<span class=\"_ _2\"></span>ate a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded. Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets (No<span class=\"_ _2\"></span>te 3.8) <span class=\"_ _2\"></span>carrie<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r value, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with IAS <span class=\"_ _2\"></span>41, are reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the inc<span class=\"_ _2\"></span>ome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>when the <span class=\"_ _2\"></span>terms a<span class=\"_ _2\"></span>nd co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>of the g<span class=\"_ _2\"></span>rant a<span class=\"_ _2\"></span>re met. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Government g<span class=\"_ _2\"></span>rants Governmen<span class=\"_ _2\"></span>t grants <span class=\"_ _2\"></span>receive<span class=\"_ _2\"></span>d to co<span class=\"_ _2\"></span>mpensate <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p for <span class=\"_ _2\"></span>investmen<span class=\"_ _2\"></span>ts made in <span class=\"_ _2\"></span>Proper<span class=\"_ _2\"></span>ty, plant and equipm<span class=\"_ _2\"></span>ent, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng those a<span class=\"_ _2\"></span>ttribu<span class=\"_ _2\"></span>ted as ta<span class=\"_ _2\"></span>x cre<span class=\"_ _2\"></span>dits, <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified as<span class=\"_ _2\"></span> Defe<span class=\"_ _2\"></span>rred in<span class=\"_ _2\"></span>come (Note 4.3 <span class=\"_ _2\"></span>- Paya<span class=\"_ _2\"></span>bles) an<span class=\"_ _2\"></span>d are <span class=\"_ _2\"></span>recognised i<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>ome ov<span class=\"_ _2\"></span>er the esti<span class=\"_ _2\"></span>mated us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the respecti<span class=\"_ _2\"></span>ve subsi<span class=\"_ _2\"></span>dised ass<span class=\"_ _2\"></span>ets, an<span class=\"_ _2\"></span>d are as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>depreciati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d (No<span class=\"_ _2\"></span>te 3.7), for presen<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>tion purposes<span class=\"_ _2\"></span>. Government g<span class=\"_ _2\"></span>rants ref<span class=\"_ _2\"></span>undab<span class=\"_ _2\"></span>le Governmen<span class=\"_ _2\"></span>t grants<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> loans<span class=\"_ _2\"></span> refun<span class=\"_ _2\"></span>dable a<span class=\"_ _2\"></span>t a s<span class=\"_ _2\"></span>ubsidis<span class=\"_ _2\"></span>ed rate, <span class=\"_ _2\"></span>are di<span class=\"_ _2\"></span>scounted on <span class=\"_ _2\"></span>the date of i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t inter<span class=\"_ _2\"></span>est rat<span class=\"_ _2\"></span>e at th<span class=\"_ _2\"></span>e date o<span class=\"_ _2\"></span>f gran<span class=\"_ _2\"></span>t, the <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> the disco<span class=\"_ _2\"></span>unt consti<span class=\"_ _2\"></span>tutin<span class=\"_ _2\"></span>g the val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f the g<span class=\"_ _2\"></span>rant to <span class=\"_ _2\"></span>be amo<span class=\"_ _2\"></span>rtised ov<span class=\"_ _2\"></span>er the p<span class=\"_ _2\"></span>eriod of<span class=\"_ _2\"></span> the loan<span class=\"_ _2\"></span> or asset whos<span class=\"_ _2\"></span>e acqui<span class=\"_ _2\"></span>sition<span class=\"_ _2\"></span> it is<span class=\"_ _2\"></span> intende<span class=\"_ _2\"></span>d to fin<span class=\"_ _2\"></span>ance, de<span class=\"_ _2\"></span>pendin<span class=\"_ _2\"></span>g on the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties fi<span class=\"_ _2\"></span>nanced. Th<span class=\"_ _2\"></span>ese li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are inc<span class=\"_ _2\"></span>luded in the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interes<span class=\"_ _2\"></span>t-bearing l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (No<span class=\"_ _2\"></span>te 5.7)<span class=\"_ _2\"></span>. Grants <span class=\"_ _2\"></span>receiv<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>re clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as a fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>activity in <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-58-3": {
   "value": "Grants - <span class=\"lsd\">CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances Grants rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to CO2 emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>(Note 3<span class=\"_ _2\"></span>.2) are <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed as <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ome and are sys<span class=\"_ _2\"></span>tematic<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>rded in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>durin<span class=\"_ _2\"></span>g the p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>n which<span class=\"_ _2\"></span> the ex<span class=\"_ _2\"></span>penses that <span class=\"_ _2\"></span>those gran<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>inten<span class=\"_ _2\"></span>ded to co<span class=\"_ _2\"></span>mpensate ar<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>rded. CO2 Emission<span class=\"_ _2\"></span> Rights CO2 emissi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances att<span class=\"_ _2\"></span>ributed to<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup wi<span class=\"_ _2\"></span>thin th<span class=\"_ _2\"></span>e European <span class=\"_ _2\"></span>Union <span class=\"_ _2\"></span>Emissi<span class=\"_ _2\"></span>ons Trading Scheme (E<span class=\"_ _2\"></span>U ETS) f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>assignmen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>CO2 emissi<span class=\"_ _2\"></span>on al<span class=\"_ _2\"></span>lowances at <span class=\"_ _2\"></span>no cos<span class=\"_ _2\"></span>t, gi<span class=\"_ _2\"></span>ves rise <span class=\"_ _2\"></span>to an<span class=\"_ _2\"></span> intangibl<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t for th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>owances, a Go<span class=\"_ _2\"></span>vernm<span class=\"_ _2\"></span>ent grant <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nd a l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ty for the o<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>ga<span class=\"_ _0\"></span>tion to deliver al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>equal <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns tha<span class=\"_ _2\"></span>t have be<span class=\"_ _2\"></span>en made durin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Emiss<span class=\"_ _2\"></span>ion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>are only recor<span class=\"_ _2\"></span>ded as i<span class=\"_ _2\"></span>ntangi<span class=\"_ _2\"></span>ble asse<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>when the G<span class=\"_ _2\"></span>roup is abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to exerci<span class=\"_ _2\"></span>se control<span class=\"_ _2\"></span> and ar<span class=\"_ _2\"></span>e measur<span class=\"_ _2\"></span>ed at fai<span class=\"_ _2\"></span>r value (l<span class=\"_ _2\"></span>evel <span class=\"_ _2\"></span>1) a<span class=\"_ _2\"></span>t the dat<span class=\"_ _2\"></span>e of ini<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition. When <span class=\"_ _2\"></span>the market val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the emis<span class=\"_ _2\"></span>sion al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>falls<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y below its <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d such decreas<span class=\"_ _2\"></span>e is co<span class=\"_ _2\"></span>nsidere<span class=\"_ _2\"></span>d permanent<span class=\"_ _2\"></span>, an impai<span class=\"_ _2\"></span>rment c<span class=\"_ _2\"></span>harge <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>booked for al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the group will<span class=\"_ _2\"></span> not us<span class=\"_ _2\"></span>e int<span class=\"_ _2\"></span>ernally. The liabi<span class=\"_ _2\"></span>lity to d<span class=\"_ _2\"></span>eliver al<span class=\"_ _2\"></span>lowanc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>s recognis<span class=\"_ _2\"></span>ed base<span class=\"_ _2\"></span>d on a<span class=\"_ _2\"></span>ctual <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons. This <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity will<span class=\"_ _2\"></span> be settle<span class=\"_ _2\"></span>d using al<span class=\"_ _2\"></span>lowances <span class=\"_ _2\"></span>on hand<span class=\"_ _2\"></span>, measu<span class=\"_ _2\"></span>red at th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>those all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. Any additional<span class=\"_ _2\"></span> emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>are valued <span class=\"_ _2\"></span>at marke<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue as at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>. FIFO i<span class=\"_ _2\"></span>s used in the costi<span class=\"_ _2\"></span>ng of i<span class=\"_ _2\"></span>ntangible ass<span class=\"_ _2\"></span>et dec<span class=\"_ _2\"></span>reases <span class=\"_ _2\"></span>by the r<span class=\"_ _2\"></span>efund to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Li<span class=\"_ _2\"></span>censing <span class=\"_ _2\"></span>Coordinati<span class=\"_ _2\"></span>ng Entity<span class=\"_ _2\"></span>. In the Co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated Income <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expens<span class=\"_ _2\"></span>es, unde<span class=\"_ _2\"></span>r Other o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng expens<span class=\"_ _2\"></span>es, actual <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns at fai<span class=\"_ _2\"></span>r value a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e grant da<span class=\"_ _2\"></span>te, <span class=\"_ _2\"></span>except fo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> acquired allowances<span class=\"_ _2\"></span>, wh<span class=\"_ _2\"></span>ere the expense i<span class=\"_ _2\"></span>s measure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>their pu<span class=\"_ _2\"></span>rchase p<span class=\"_ _2\"></span>rice. Such exp<span class=\"_ _2\"></span>enses wil<span class=\"_ _2\"></span>l off<span class=\"_ _2\"></span>set oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g i<span class=\"_ _2\"></span>ncome resul<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>from the reco<span class=\"_ _2\"></span>gniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the original<span class=\"_ _2\"></span> Governmen<span class=\"_ _2\"></span>t grant (al<span class=\"_ _2\"></span>so r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e at g<span class=\"_ _2\"></span>rant d<span class=\"_ _2\"></span>ate) as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as any dis<span class=\"_ _2\"></span>posal<span class=\"_ _2\"></span> o<span class=\"_ _0\"></span>f excess all<span class=\"_ _2\"></span>owances. The effec<span class=\"_ _2\"></span>t on th<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>come stat<span class=\"_ _2\"></span>ement wil<span class=\"_ _2\"></span>l, the<span class=\"_ _2\"></span>refore, b<span class=\"_ _2\"></span>e neu<span class=\"_ _2\"></span>tral re<span class=\"_ _2\"></span>garding <span class=\"_ _2\"></span>the consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of granted al<span class=\"_ _2\"></span>lowances<span class=\"_ _2\"></span>. Any n<span class=\"_ _2\"></span>et eff<span class=\"_ _2\"></span>ect on <span class=\"_ _2\"></span>the Incom<span class=\"_ _2\"></span>e Sta<span class=\"_ _2\"></span>tement wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t from <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rchase of<span class=\"_ _2\"></span> additional<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span>owances to c<span class=\"_ _2\"></span>over e<span class=\"_ _2\"></span>xcess emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>, from the <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>e of eff<span class=\"_ _2\"></span>ective consu<span class=\"_ _2\"></span>mption<span class=\"_ _2\"></span> or from impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>booked <span class=\"_ _2\"></span>to al<span class=\"_ _2\"></span>lowances tha<span class=\"_ _2\"></span>t ar<span class=\"_ _2\"></span>e not use<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>at operati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-59-4": {
   "value": "2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  Throughou<span class=\"_ _2\"></span>t the 2022<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>re was a <span class=\"_ _2\"></span>generali<span class=\"_ _2\"></span>zed wors<span class=\"_ _2\"></span>ening <span class=\"_ _2\"></span>of c<span class=\"_ _2\"></span>osts. In En<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>there was <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in elec<span class=\"_ _2\"></span>tricit<span class=\"_ _2\"></span>y and na<span class=\"_ _2\"></span>tural gas <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> costs was <span class=\"_ _2\"></span>partial<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by the <span class=\"_ _2\"></span>sale of<span class=\"_ _2\"></span> energy <span class=\"_ _2\"></span>produce<span class=\"_ _2\"></span>d at mark<span class=\"_ _2\"></span>et pri<span class=\"_ _2\"></span>ces, as o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed to th<span class=\"_ _2\"></span>e regul<span class=\"_ _2\"></span>ated sal<span class=\"_ _2\"></span>es tari<span class=\"_ _2\"></span>ff. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts show a <span class=\"_ _2\"></span>negative e<span class=\"_ _2\"></span>voluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>was abl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>operate a<span class=\"_ _2\"></span>t 100% without an<span class=\"_ _2\"></span>y disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in su<span class=\"_ _2\"></span>pplies. 14The expens<span class=\"_ _2\"></span>es with C<span class=\"_ _2\"></span>O2 cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 574,750<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2 (31 <span class=\"_ _2\"></span>December 2021<span class=\"ls0\">: 561,61<span class=\"_ _2\"></span>3 tonnes), <span class=\"_ _2\"></span>achi<span class=\"_ _2\"></span>eving a 19.8<span class=\"_ _2\"></span>% re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons compared <span class=\"_ _2\"></span>to 20<span class=\"_ _2\"></span>20, the base y<span class=\"_ _2\"></span>ear used <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e validatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>rgets b<span class=\"_ _2\"></span>y the Sci<span class=\"_ _2\"></span>ence Bas<span class=\"_ _2\"></span>ed Ta<span class=\"_ _2\"></span>rgets Ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ve (574,750<span class=\"_ _2\"></span> tonnes vs<span class=\"_ _2\"></span>. 717,12<span class=\"_ _2\"></span>1 tonn<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>CO2 in <span class=\"_ _2\"></span>2020)<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n this c<span class=\"_ _2\"></span>aption is <span class=\"_ _2\"></span>mainly due to the ris<span class=\"_ _2\"></span>e of uni<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>CO2 all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n inventor<span class=\"_ _2\"></span>y impairmen<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>cludes ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>7,931,309 <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>and Tissue i<span class=\"_ _2\"></span>nventori<span class=\"_ _2\"></span>es, fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>cation o<span class=\"_ _2\"></span>f items <span class=\"_ _2\"></span>with l<span class=\"_ _2\"></span>ower turno<span class=\"_ _2\"></span>ver and f<span class=\"_ _2\"></span>uture s<span class=\"_ _2\"></span>ales prospec<span class=\"_ _2\"></span>ts, based on<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's sal<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>performan<span class=\"_ _2\"></span>ce and s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>les mix. Fu<span class=\"_ _2\"></span>rthermor<span class=\"_ _2\"></span>e, taki<span class=\"_ _2\"></span>ng into accoun<span class=\"_ _2\"></span>t the fu<span class=\"_ _2\"></span>ture inv<span class=\"_ _2\"></span>estment ou<span class=\"_ _2\"></span>tlook an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the industri<span class=\"_ _2\"></span>al equipm<span class=\"_ _2\"></span>ent, the Group <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>spare pa<span class=\"_ _2\"></span>rts r<span class=\"_ _2\"></span>equired <span class=\"_ _2\"></span>until the <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>the life <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> e<span class=\"_ _0\"></span>quipm<span class=\"_ _2\"></span>ent, afte<span class=\"_ _2\"></span>r having reco<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d an impai<span class=\"_ _2\"></span>rment of<span class=\"_ _2\"></span> Euro 5,30<span class=\"_ _2\"></span>9,900 f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>surpl<span class=\"_ _2\"></span>us spare <span class=\"_ _2\"></span>parts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventories<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-59-5": {
   "value": "2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  Throughou<span class=\"_ _2\"></span>t the 2022<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>re was a <span class=\"_ _2\"></span>generali<span class=\"_ _2\"></span>zed wors<span class=\"_ _2\"></span>ening <span class=\"_ _2\"></span>of c<span class=\"_ _2\"></span>osts. In En<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>there was <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in elec<span class=\"_ _2\"></span>tricit<span class=\"_ _2\"></span>y and na<span class=\"_ _2\"></span>tural gas <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> costs was <span class=\"_ _2\"></span>partial<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by the <span class=\"_ _2\"></span>sale of<span class=\"_ _2\"></span> energy <span class=\"_ _2\"></span>produce<span class=\"_ _2\"></span>d at mark<span class=\"_ _2\"></span>et pri<span class=\"_ _2\"></span>ces, as o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed to th<span class=\"_ _2\"></span>e regul<span class=\"_ _2\"></span>ated sal<span class=\"_ _2\"></span>es tari<span class=\"_ _2\"></span>ff. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts show a <span class=\"_ _2\"></span>negative e<span class=\"_ _2\"></span>voluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>was abl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>operate a<span class=\"_ _2\"></span>t 100% without an<span class=\"_ _2\"></span>y disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in su<span class=\"_ _2\"></span>pplies. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, exte<span class=\"_ _2\"></span>rnal services<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d suppli<span class=\"_ _2\"></span>es costs <span class=\"_ _2\"></span>incurred fo<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span>vestigati<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>esearch activiti<span class=\"_ _2\"></span>es amount<span class=\"_ _2\"></span>ed to Eu<span class=\"_ _2\"></span>ro 6,03<span class=\"_ _2\"></span>7,912 an<span class=\"_ _2\"></span>d Euro 4<span class=\"_ _2\"></span>,475,30<span class=\"_ _2\"></span>4, resp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y. The Grou<span class=\"_ _2\"></span>p plans<span class=\"_ _2\"></span> to apply for <span class=\"_ _2\"></span>SIFI<span class=\"_ _2\"></span>DE approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 13 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on (Euro <span class=\"_ _2\"></span>12.3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n in 2021) <span class=\"_ _2\"></span>relating to res<span class=\"_ _2\"></span>earch 14The expens<span class=\"_ _2\"></span>es with C<span class=\"_ _2\"></span>O2 cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 574,750<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2 (31 <span class=\"_ _2\"></span>December 2021<span class=\"ls0\">: 561,61<span class=\"_ _2\"></span>3 tonnes), <span class=\"_ _2\"></span>achi<span class=\"_ _2\"></span>eving a 19.8<span class=\"_ _2\"></span>% re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons compared <span class=\"_ _2\"></span>to 20<span class=\"_ _2\"></span>20, the base y<span class=\"_ _2\"></span>ear used <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e validatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>rgets b<span class=\"_ _2\"></span>y the Sci<span class=\"_ _2\"></span>ence Bas<span class=\"_ _2\"></span>ed Ta<span class=\"_ _2\"></span>rgets Ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ve (574,750<span class=\"_ _2\"></span> tonnes vs<span class=\"_ _2\"></span>. 717,12<span class=\"_ _2\"></span>1 tonn<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>CO2 in <span class=\"_ _2\"></span>2020)<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n this c<span class=\"_ _2\"></span>aption is <span class=\"_ _2\"></span>mainly due to the ris<span class=\"_ _2\"></span>e of uni<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>CO2 all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n inventor<span class=\"_ _2\"></span>y impairmen<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>cludes ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>7,931,309 <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>and Tissue i<span class=\"_ _2\"></span>nventori<span class=\"_ _2\"></span>es, fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>cation o<span class=\"_ _2\"></span>f items <span class=\"_ _2\"></span>with l<span class=\"_ _2\"></span>ower turno<span class=\"_ _2\"></span>ver and f<span class=\"_ _2\"></span>uture s<span class=\"_ _2\"></span>ales prospec<span class=\"_ _2\"></span>ts, based on<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's sal<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>performan<span class=\"_ _2\"></span>ce and s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>les mix. Fu<span class=\"_ _2\"></span>rthermor<span class=\"_ _2\"></span>e, taki<span class=\"_ _2\"></span>ng into accoun<span class=\"_ _2\"></span>t the fu<span class=\"_ _2\"></span>ture inv<span class=\"_ _2\"></span>estment ou<span class=\"_ _2\"></span>tlook an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the industri<span class=\"_ _2\"></span>al equipm<span class=\"_ _2\"></span>ent, the Group <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>spare pa<span class=\"_ _2\"></span>rts r<span class=\"_ _2\"></span>equired <span class=\"_ _2\"></span>until the <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>the life <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> e<span class=\"_ _0\"></span>quipm<span class=\"_ _2\"></span>ent, afte<span class=\"_ _2\"></span>r having reco<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d an impai<span class=\"_ _2\"></span>rment of<span class=\"_ _2\"></span> Euro 5,30<span class=\"_ _2\"></span>9,900 f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>surpl<span class=\"_ _2\"></span>us spare <span class=\"_ _2\"></span>parts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventories<span class=\"_ _2\"></span>. and devel<span class=\"_ _2\"></span>opment ex<span class=\"_ _2\"></span>penditure <span class=\"_ _2\"></span>(which <span class=\"_ _2\"></span>also i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>eligibl<span class=\"_ _2\"></span>e payrol<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>ts). This<span class=\"_ _2\"></span> expen<span class=\"_ _2\"></span>ditur<span class=\"_ _2\"></span>e will make it pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to secu<span class=\"_ _2\"></span>re gran<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>around Eu<span class=\"_ _2\"></span>ro 4.9 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion (20<span class=\"_ _2\"></span>21: Euro 4<span class=\"_ _2\"></span>.7 mil<span class=\"_ _2\"></span>lion). 3.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Depreciat<span class=\"_ _2\"></span>ion,<span class=\"_ _2\"></span> amortisat<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment </span></span>losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 156,458,558  118,371,406  Government grants cha<span class=\"_ _0\"></span>rged-off <span class=\"_ _0\"></span>(Note 3.5)<span class=\"_ _0\"></span> (3,398,204) (4,102,577) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants c<span class=\"_ _0\"></span>harged<span class=\"_ _0\"></span>-off<span class=\"_ _0\"></span> 153<span class=\"_ _0\"></span>,060,354<span class=\"_ _0\"></span>  114<span class=\"_ _0\"></span>,268,829<span class=\"_ _0\"></span>  Amortisation of intangibl<span class=\"_ _0\"></span>e assets fo<span class=\"_ _0\"></span>r the perio<span class=\"_ _0\"></span>d (Note 3.2)<span class=\"_ _1\"></span> 20,579<span class=\"_ _0\"></span>  11,864<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.6)<span class=\"_ _0\"></span> 8,194,99<span class=\"_ _0\"></span>9  7,717,00<span class=\"_ _0\"></span>5  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t o<span class=\"_ _0\"></span>f investment<span class=\"_ _0\"></span> properties (Note <span class=\"_ _0\"></span>3.4)<span class=\"_ _0\"></span> 1,646  1,646  161<span class=\"_ _0\"></span>,277,579<span class=\"_ _0\"></span>  121<span class=\"_ _0\"></span>,999,345<span class=\"_ _0\"></span>  The Group <span class=\"_ _2\"></span>regula<span class=\"_ _2\"></span>rly uses <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> and in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent exper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s to asses<span class=\"_ _2\"></span>s its i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial as<span class=\"_ _2\"></span>sets, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> to assess<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>adequacy of<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>ed in te<span class=\"_ _2\"></span>rms of the <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>lives o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>ese assets. <span class=\"_ _2\"></span> During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>equested an <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its as<span class=\"_ _2\"></span>sets by an<span class=\"_ _2\"></span> indep<span class=\"_ _2\"></span>endent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. <span class=\"_ _2\"></span>The stu<span class=\"_ _2\"></span>dy too<span class=\"_ _2\"></span>k into acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t techni<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>information on<span class=\"_ _2\"></span> the assets all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion cen<span class=\"_ _2\"></span>tres<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding the <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span>, physical<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal dura<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the <span class=\"_ _2\"></span>equipment<span class=\"_ _2\"></span>.  Based on th<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the stu<span class=\"_ _2\"></span>dies c<span class=\"_ _2\"></span>arried <span class=\"_ _2\"></span>out, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's i<span class=\"_ _2\"></span>nternal<span class=\"_ _2\"></span> inves<span class=\"_ _2\"></span>tment outloo<span class=\"_ _2\"></span>k for the <span class=\"_ _2\"></span>period <span class=\"ls18\">2023</span>-<span class=\"ls18\">2027</span><span class=\"ff8\">\u2014</span>which <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto accou<span class=\"_ _2\"></span>nt the c<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>under the Decarbonis<span class=\"_ _2\"></span>ation Pl<span class=\"_ _2\"></span>an and <span class=\"_ _2\"></span>the inv<span class=\"_ _2\"></span>estment pro<span class=\"_ _2\"></span>jects u<span class=\"_ _2\"></span>nder <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Recovery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), and c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>at und<span class=\"_ _2\"></span>er IAS 8 <span class=\"_ _2\"></span>changes i<span class=\"_ _2\"></span>n es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are a<span class=\"_ _2\"></span>djusted prospec<span class=\"_ _2\"></span>tively<span class=\"ff8\">\u2014</span>Navi<span class=\"_ _2\"></span>gator re<span class=\"_ _2\"></span>viewed th<span class=\"_ _2\"></span>e usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of i<span class=\"_ _2\"></span>ts a<span class=\"_ _2\"></span>ssets with <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence <span class=\"_ _2\"></span>to 1 Januar<span class=\"_ _2\"></span>y 2022, <span class=\"_ _2\"></span>which resul<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> an inc<span class=\"_ _2\"></span>rease in de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span> year of Euro<span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.8 mil<span class=\"_ _2\"></span>lion, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of an<span class=\"_ _2\"></span> average r<span class=\"_ _2\"></span>eduction i<span class=\"_ _2\"></span>n usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>approximatel<span class=\"_ _2\"></span>y 7 <span class=\"_ _2\"></span>years. <span class=\"_ _2\"></span>The impac<span class=\"_ _2\"></span>t of this c<span class=\"_ _2\"></span>hange on depreci<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>and expecte<span class=\"_ _2\"></span>d for fu<span class=\"_ _2\"></span>ture p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>s as <span class=\"_ _2\"></span>fol<span class=\"_ _2\"></span>lows: 2027 Amounts in Euro<span class=\"_ _0\"></span> 2022 2023 2024 2025 2026 onwards<span class=\"_ _2\"></span> Increase / (decrease) i<span class=\"_ _0\"></span>n (36<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>14,312)<span class=\"_ _0\"></span> (6,310,865) (4,041,086) (2,453,235) 1,911,861  47,707,636 <span class=\"_ _0\"></span> depreciati<span class=\"_ _0\"></span>on and amortisatio<span class=\"_ _0\"></span>n ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-59-6": {
   "value": "2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  Throughou<span class=\"_ _2\"></span>t the 2022<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span>re was a <span class=\"_ _2\"></span>generali<span class=\"_ _2\"></span>zed wors<span class=\"_ _2\"></span>ening <span class=\"_ _2\"></span>of c<span class=\"_ _2\"></span>osts. In En<span class=\"_ _2\"></span>ergy, <span class=\"_ _2\"></span>there was <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in elec<span class=\"_ _2\"></span>tricit<span class=\"_ _2\"></span>y and na<span class=\"_ _2\"></span>tural gas <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> costs was <span class=\"_ _2\"></span>partial<span class=\"_ _2\"></span>ly off<span class=\"_ _2\"></span>set by the <span class=\"_ _2\"></span>sale of<span class=\"_ _2\"></span> energy <span class=\"_ _2\"></span>produce<span class=\"_ _2\"></span>d at mark<span class=\"_ _2\"></span>et pri<span class=\"_ _2\"></span>ces, as o<span class=\"_ _2\"></span>ppos<span class=\"_ _2\"></span>ed to th<span class=\"_ _2\"></span>e regul<span class=\"_ _2\"></span>ated sal<span class=\"_ _2\"></span>es tari<span class=\"_ _2\"></span>ff. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts show a <span class=\"_ _2\"></span>negative e<span class=\"_ _2\"></span>voluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts tha<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>was abl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>operate a<span class=\"_ _2\"></span>t 100% without an<span class=\"_ _2\"></span>y disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in su<span class=\"_ _2\"></span>pplies. 14The expens<span class=\"_ _2\"></span>es with C<span class=\"_ _2\"></span>O2 cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 574,750<span class=\"_ _2\"></span> tons of<span class=\"_ _2\"></span> CO2 (31 <span class=\"_ _2\"></span>December 2021<span class=\"ls0\">: 561,61<span class=\"_ _2\"></span>3 tonnes), <span class=\"_ _2\"></span>achi<span class=\"_ _2\"></span>eving a 19.8<span class=\"_ _2\"></span>% re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n CO</span>2 <span class=\"_ _2\"></span>emissi<span class=\"_ _2\"></span>ons compared <span class=\"_ _2\"></span>to 20<span class=\"_ _2\"></span>20, the base y<span class=\"_ _2\"></span>ear used <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e validatio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>rgets b<span class=\"_ _2\"></span>y the Sci<span class=\"_ _2\"></span>ence Bas<span class=\"_ _2\"></span>ed Ta<span class=\"_ _2\"></span>rgets Ini<span class=\"_ _2\"></span>tiati<span class=\"_ _2\"></span>ve (574,750<span class=\"_ _2\"></span> tonnes vs<span class=\"_ _2\"></span>. 717,12<span class=\"_ _2\"></span>1 tonn<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>CO2 in <span class=\"_ _2\"></span>2020)<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n this c<span class=\"_ _2\"></span>aption is <span class=\"_ _2\"></span>mainly due to the ris<span class=\"_ _2\"></span>e of uni<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>CO2 all<span class=\"_ _2\"></span>owances<span class=\"_ _2\"></span>. The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n inventor<span class=\"_ _2\"></span>y impairmen<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span>cludes ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>7,931,309 <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>and Tissue i<span class=\"_ _2\"></span>nventori<span class=\"_ _2\"></span>es, fol<span class=\"_ _2\"></span>lowing th<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>cation o<span class=\"_ _2\"></span>f items <span class=\"_ _2\"></span>with l<span class=\"_ _2\"></span>ower turno<span class=\"_ _2\"></span>ver and f<span class=\"_ _2\"></span>uture s<span class=\"_ _2\"></span>ales prospec<span class=\"_ _2\"></span>ts, based on<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's sal<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>performan<span class=\"_ _2\"></span>ce and s<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>les mix. Fu<span class=\"_ _2\"></span>rthermor<span class=\"_ _2\"></span>e, taki<span class=\"_ _2\"></span>ng into accoun<span class=\"_ _2\"></span>t the fu<span class=\"_ _2\"></span>ture inv<span class=\"_ _2\"></span>estment ou<span class=\"_ _2\"></span>tlook an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> the industri<span class=\"_ _2\"></span>al equipm<span class=\"_ _2\"></span>ent, the Group <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>spare pa<span class=\"_ _2\"></span>rts r<span class=\"_ _2\"></span>equired <span class=\"_ _2\"></span>until the <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>the life <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> e<span class=\"_ _0\"></span>quipm<span class=\"_ _2\"></span>ent, afte<span class=\"_ _2\"></span>r having reco<span class=\"_ _2\"></span>rde<span class=\"_ _2\"></span>d an impai<span class=\"_ _2\"></span>rment of<span class=\"_ _2\"></span> Euro 5,30<span class=\"_ _2\"></span>9,900 f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>surpl<span class=\"_ _2\"></span>us spare <span class=\"_ _2\"></span>parts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventories<span class=\"_ _2\"></span>. 3.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Depreciat<span class=\"_ _2\"></span>ion,<span class=\"_ _2\"></span> amortisat<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment </span></span>losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 156,458,558  118,371,406  Government grants cha<span class=\"_ _0\"></span>rged-off <span class=\"_ _0\"></span>(Note 3.5)<span class=\"_ _0\"></span> (3,398,204) (4,102,577) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants c<span class=\"_ _0\"></span>harged<span class=\"_ _0\"></span>-off<span class=\"_ _0\"></span> 153<span class=\"_ _0\"></span>,060,354<span class=\"_ _0\"></span>  114<span class=\"_ _0\"></span>,268,829<span class=\"_ _0\"></span>  Amortisation of intangibl<span class=\"_ _0\"></span>e assets fo<span class=\"_ _0\"></span>r the perio<span class=\"_ _0\"></span>d (Note 3.2)<span class=\"_ _1\"></span> 20,579<span class=\"_ _0\"></span>  11,864<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.6)<span class=\"_ _0\"></span> 8,194,99<span class=\"_ _0\"></span>9  7,717,00<span class=\"_ _0\"></span>5  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t o<span class=\"_ _0\"></span>f investment<span class=\"_ _0\"></span> properties (Note <span class=\"_ _0\"></span>3.4)<span class=\"_ _0\"></span> 1,646  1,646  161<span class=\"_ _0\"></span>,277,579<span class=\"_ _0\"></span>  121<span class=\"_ _0\"></span>,999,345<span class=\"_ _0\"></span>  The Group <span class=\"_ _2\"></span>regula<span class=\"_ _2\"></span>rly uses <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> and in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent exper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s to asses<span class=\"_ _2\"></span>s its i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial as<span class=\"_ _2\"></span>sets, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> to assess<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>adequacy of<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>ed in te<span class=\"_ _2\"></span>rms of the <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>lives o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>ese assets. <span class=\"_ _2\"></span> During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>equested an <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its as<span class=\"_ _2\"></span>sets by an<span class=\"_ _2\"></span> indep<span class=\"_ _2\"></span>endent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. <span class=\"_ _2\"></span>The stu<span class=\"_ _2\"></span>dy too<span class=\"_ _2\"></span>k into acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t techni<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>information on<span class=\"_ _2\"></span> the assets all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion cen<span class=\"_ _2\"></span>tres<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding the <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span>, physical<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal dura<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the <span class=\"_ _2\"></span>equipment<span class=\"_ _2\"></span>.  Based on th<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the stu<span class=\"_ _2\"></span>dies c<span class=\"_ _2\"></span>arried <span class=\"_ _2\"></span>out, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's i<span class=\"_ _2\"></span>nternal<span class=\"_ _2\"></span> inves<span class=\"_ _2\"></span>tment outloo<span class=\"_ _2\"></span>k for the <span class=\"_ _2\"></span>period <span class=\"ls18\">2023</span>-<span class=\"ls18\">2027</span><span class=\"ff8\">\u2014</span>which <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto accou<span class=\"_ _2\"></span>nt the c<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>under the Decarbonis<span class=\"_ _2\"></span>ation Pl<span class=\"_ _2\"></span>an and <span class=\"_ _2\"></span>the inv<span class=\"_ _2\"></span>estment pro<span class=\"_ _2\"></span>jects u<span class=\"_ _2\"></span>nder <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Recovery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), and c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>at und<span class=\"_ _2\"></span>er IAS 8 <span class=\"_ _2\"></span>changes i<span class=\"_ _2\"></span>n es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are a<span class=\"_ _2\"></span>djusted prospec<span class=\"_ _2\"></span>tively<span class=\"ff8\">\u2014</span>Navi<span class=\"_ _2\"></span>gator re<span class=\"_ _2\"></span>viewed th<span class=\"_ _2\"></span>e usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of i<span class=\"_ _2\"></span>ts a<span class=\"_ _2\"></span>ssets with <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence <span class=\"_ _2\"></span>to 1 Januar<span class=\"_ _2\"></span>y 2022, <span class=\"_ _2\"></span>which resul<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> an inc<span class=\"_ _2\"></span>rease in de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span> year of Euro<span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.8 mil<span class=\"_ _2\"></span>lion, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of an<span class=\"_ _2\"></span> average r<span class=\"_ _2\"></span>eduction i<span class=\"_ _2\"></span>n usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>approximatel<span class=\"_ _2\"></span>y 7 <span class=\"_ _2\"></span>years. <span class=\"_ _2\"></span>The impac<span class=\"_ _2\"></span>t of this c<span class=\"_ _2\"></span>hange on depreci<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>and expecte<span class=\"_ _2\"></span>d for fu<span class=\"_ _2\"></span>ture p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>s as <span class=\"_ _2\"></span>fol<span class=\"_ _2\"></span>lows: 2027 Amounts in Euro<span class=\"_ _0\"></span> 2022 2023 2024 2025 2026 onwards<span class=\"_ _2\"></span> Increase / (decrease) i<span class=\"_ _0\"></span>n (36<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>14,312)<span class=\"_ _0\"></span> (6,310,865) (4,041,086) (2,453,235) 1,911,861  47,707,636 <span class=\"_ _0\"></span> depreciati<span class=\"_ _0\"></span>on and amortisatio<span class=\"_ _0\"></span>n ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-59-7": {
   "value": "2.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Oth<span class=\"_ _2\"></span>er operatin<span class=\"_ _2\"></span>g ex<span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _2\"></span>es </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Energy and flui<span class=\"_ _0\"></span>ds 216,276,682  134,874,499  Transportation of goods<span class=\"_ _0\"></span> 213,001,707  152,168,311  Speciali<span class=\"_ _0\"></span>sed work 105,588,546  83,265,324 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 36,058,136 <span class=\"_ _0\"></span> 29,676,463 <span class=\"_ _0\"></span> Rentals 7,568,844  8,216,430  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 10,977,857 <span class=\"_ _0\"></span> 9,754,042  Insurance 8,513,884  7,865,892  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 4,249,314  2,624,556  Fees 4,410,417  5,008,210  Subcontracts 2,331,111  2,086,188  Materials 4,426,180  2,737,852  Communi<span class=\"_ _0\"></span>cations 1,276,693  1,469,281  Other 11,479,362 <span class=\"_ _0\"></span> 9,655,313  626,158,733  449,402,361  Variation in production<span class=\"_ _0\"></span> (Note 4.1.3)<span class=\"_ _1\"></span> (80,48<span class=\"_ _0\"></span>4,007) (1,612<span class=\"_ _0\"></span>,980) Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> CO2 Emissi<span class=\"_ _0\"></span>on Expenses<span class=\"_ _0\"></span> 44,071,034 <span class=\"_ _0\"></span> 24,788,284 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,323,063  408,238  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.4)<span class=\"_ _0\"></span> 13,241,209 <span class=\"_ _0\"></span> 2,643,558  Other inventory l<span class=\"_ _0\"></span>osses 4,986,967  1,555,909  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes and fees<span class=\"_ _0\"></span> 3,091,167  1,663,855  Water resources fe<span class=\"_ _0\"></span>e 1,439,298  1,689,769  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 3,684,354  5,924,423  73,837<span class=\"_ _0\"></span>,092  38,674<span class=\"_ _0\"></span>,036  Net provisions (N<span class=\"_ _0\"></span>ote 10.1)<span class=\"_ _0\"></span> 1,621,44<span class=\"_ _0\"></span>7  3,142,94<span class=\"_ _0\"></span>4  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 1,774,60<span class=\"_ _0\"></span>0,258  1,271,27<span class=\"_ _0\"></span>3,957  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-61-3": {
   "value": "In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, exte<span class=\"_ _2\"></span>rnal services<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d suppli<span class=\"_ _2\"></span>es costs <span class=\"_ _2\"></span>incurred fo<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span>vestigati<span class=\"_ _2\"></span>on and r<span class=\"_ _2\"></span>esearch activiti<span class=\"_ _2\"></span>es amount<span class=\"_ _2\"></span>ed to Eu<span class=\"_ _2\"></span>ro 6,03<span class=\"_ _2\"></span>7,912 an<span class=\"_ _2\"></span>d Euro 4<span class=\"_ _2\"></span>,475,30<span class=\"_ _2\"></span>4, resp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y. The Grou<span class=\"_ _2\"></span>p plans<span class=\"_ _2\"></span> to apply for <span class=\"_ _2\"></span>SIFI<span class=\"_ _2\"></span>DE approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 13 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on (Euro <span class=\"_ _2\"></span>12.3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n in 2021) <span class=\"_ _2\"></span>relating to res<span class=\"_ _2\"></span>earch and devel<span class=\"_ _2\"></span>opment ex<span class=\"_ _2\"></span>penditure <span class=\"_ _2\"></span>(which <span class=\"_ _2\"></span>also i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>eligibl<span class=\"_ _2\"></span>e payrol<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>ts). This<span class=\"_ _2\"></span> expen<span class=\"_ _2\"></span>ditur<span class=\"_ _2\"></span>e will make it pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to secu<span class=\"_ _2\"></span>re gran<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>around Eu<span class=\"_ _2\"></span>ro 4.9 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion (20<span class=\"_ _2\"></span>21: Euro 4<span class=\"_ _2\"></span>.7 mil<span class=\"_ _2\"></span>lion). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-64-2": {
   "value": "Audit f<span class=\"_ _2\"></span>ees Other entitie<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>longing <span class=\"_ _0\"></span>to Amounts in Euro<span class=\"_ _0\"></span> KPMG <span class=\"_ _0\"></span>&amp; Associados S<span class=\"_ _0\"></span>RO<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span> the same <span class=\"_ _0\"></span>network<span class=\"_ _1\"></span> The Navigator Comp<span class=\"_ _0\"></span>any, S.A.<span class=\"_ _0\"></span> Audit fees 130,762  -  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 53,500  -  Other services <span class=\"_ _0\"></span> 114,250  -  298<span class=\"_ _0\"></span>,512  -  To entities belonging to N<span class=\"_ _0\"></span>avigator Group<span class=\"_ _1\"></span> Audit fees 368,463  44,593 <span class=\"_ _0\"></span> Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 94,500  -  Other services <span class=\"_ _0\"></span> 1,500  -  464<span class=\"_ _0\"></span>,463  44,593<span class=\"_ _0\"></span>  762<span class=\"_ _0\"></span>,975  44,593<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span>, the s<span class=\"_ _2\"></span>ervices o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than audi<span class=\"_ _2\"></span>ting ser<span class=\"_ _2\"></span>vices i<span class=\"_ _2\"></span>nvoiced<span class=\"_ _2\"></span> to the co<span class=\"_ _2\"></span>mpany o<span class=\"_ _2\"></span>r to <span class=\"_ _2\"></span>entities i<span class=\"_ _2\"></span>n a parent-subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>p with it <span class=\"_ _2\"></span>by th<span class=\"_ _2\"></span>e External <span class=\"_ _2\"></span>Audi<span class=\"_ _2\"></span>tor and <span class=\"_ _2\"></span>Statuto<span class=\"_ _2\"></span>ry Audi<span class=\"_ _2\"></span>tor, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g entities <span class=\"_ _2\"></span>in a h<span class=\"_ _2\"></span>olding rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nship with i<span class=\"_ _2\"></span>t or <span class=\"_ _2\"></span>that a<span class=\"_ _2\"></span>re part of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>ame netwo<span class=\"_ _2\"></span>rk, re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d 32.6% (202<span class=\"_ _2\"></span>1: 41%) of<span class=\"_ _2\"></span> the to<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>servic<span class=\"_ _2\"></span>es rendere<span class=\"_ _2\"></span>d. 2022 2021 Expens<span class=\"_ _0\"></span>es in Fees Expens<span class=\"_ _0\"></span>es in Fees the period<span class=\"_ _0\"></span> invoiced<span class=\"_ _0\"></span> the period<span class=\"_ _0\"></span> invoiced<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> KPM<span class=\"_ _2\"></span>G (<span class=\"_ _0\"></span>SRO<span class=\"_ _0\"></span>C) and other entiti<span class=\"_ _0\"></span>es belonging to <span class=\"_ _1\"></span>the same net<span class=\"_ _0\"></span>work<span class=\"_ _0\"></span> Audit fees 368,104  543,818  367,450  229,716  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 97,878 <span class=\"_ _0\"></span> 148,000  87,875 <span class=\"_ _0\"></span> 87,875 <span class=\"_ _0\"></span> Other services <span class=\"_ _0\"></span> 129,748  115,750  74,250 <span class=\"_ _0\"></span> 74,250 <span class=\"_ _0\"></span> 595<span class=\"_ _0\"></span>,730  807<span class=\"_ _0\"></span>,568  529<span class=\"_ _0\"></span>,575  391<span class=\"_ _0\"></span>,841  The servi<span class=\"_ _2\"></span>ces in<span class=\"_ _2\"></span>dicated as <span class=\"_ _2\"></span>\"Other <span class=\"_ _2\"></span>assuranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices\" rel<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>ng of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al info<span class=\"_ _2\"></span>rmation, in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>verificati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>informati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>urposes of<span class=\"_ _2\"></span> appl<span class=\"_ _2\"></span>ying for th<span class=\"_ _2\"></span>e Reco<span class=\"_ _2\"></span>very and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan, ve<span class=\"_ _2\"></span>rific<span class=\"_ _2\"></span>ation servic<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the Sus<span class=\"_ _2\"></span>tainabi<span class=\"_ _2\"></span>lity and En<span class=\"_ _2\"></span>viron<span class=\"_ _2\"></span>ment Info<span class=\"_ _2\"></span>rmatio<span class=\"_ _2\"></span>n a<span class=\"_ _0\"></span>nd li<span class=\"_ _2\"></span>mited reviews <span class=\"_ _2\"></span>to int<span class=\"_ _2\"></span>erim fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> inf<span class=\"_ _2\"></span>ormation. Oth<span class=\"_ _2\"></span>er serv<span class=\"_ _2\"></span>ices <span class=\"_ _2\"></span>refer to <span class=\"_ _2\"></span>a finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements\u2019 due dil<span class=\"_ _2\"></span>igence assi<span class=\"_ _2\"></span>gnment<span class=\"_ _2\"></span>. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>belie<span class=\"_ _2\"></span>ves there a<span class=\"_ _2\"></span>re ad<span class=\"_ _2\"></span>equate p<span class=\"_ _2\"></span>rocedu<span class=\"_ _2\"></span>res safegua<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>the inde<span class=\"_ _2\"></span>pendence of au<span class=\"_ _2\"></span>ditors, <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the Super<span class=\"_ _2\"></span>visory Boa<span class=\"_ _2\"></span>rd proc<span class=\"_ _2\"></span>ess anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> of the work <span class=\"_ _2\"></span>propos<span class=\"_ _2\"></span>ed and ca<span class=\"_ _2\"></span>reful defini<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>to be p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d by the au<span class=\"_ _2\"></span>ditors<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-66-2": {
   "value": "3.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _97\"></span><span class=\"ff4\">Goo<span class=\"_ _2\"></span>dwill </span></span>Goodwil<span class=\"_ _2\"></span>l <span class=\"ffa\">\u2013</span> net am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> attributed to <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> cash gene<span class=\"_ _2\"></span>rating uni<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> (CG<span class=\"_ _2\"></span>U\u2019s), as fol<span class=\"_ _2\"></span>lows:<span class=\"ff1\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>CGU of UWF pape<span class=\"_ _0\"></span>r producti<span class=\"_ _0\"></span>on on Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z site <span class=\"_ _1\"></span> 376,756,383  376,756,383  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng fr<span class=\"_ _2\"></span>om t<span class=\"_ _0\"></span>he acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tion of Navigator Brands, S.A.<span class=\"_ _0\"></span>) CGU of Tissue paper p<span class=\"_ _0\"></span>roducti<span class=\"_ _0\"></span>on on Vi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Velha de <span class=\"_ _2\"></span>R\u00f3d\u00e3o si<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 583,083  583,083  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng from the acquisi<span class=\"_ _0\"></span>tion of Navi<span class=\"_ _0\"></span>gator <span class=\"_ _2\"></span>Ti<span class=\"_ _0\"></span>ssue R\u00f3d\u00e3o, S.<span class=\"_ _1\"></span>A.)<span class=\"_ _0\"></span> 377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> Br<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>S.<span class=\"_ _2\"></span>A.<span class=\"_ _2\"></span> / N<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Pa<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>gue<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>a, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Foll<span class=\"_ _2\"></span>owing the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of 1<span class=\"_ _2\"></span>00% of the <span class=\"_ _2\"></span>former <span class=\"_ _2\"></span>Soporc<span class=\"_ _2\"></span>el - So<span class=\"_ _2\"></span>ciedade Po<span class=\"_ _2\"></span>rtuguesa <span class=\"_ _2\"></span>de Papel<span class=\"_ _2\"></span>, S.A<span class=\"_ _2\"></span>. (now Naviga<span class=\"_ _2\"></span>tor B<span class=\"_ _2\"></span>rands, <span class=\"_ _2\"></span>S.A.), f<span class=\"_ _2\"></span>or Euro 1<span class=\"_ _2\"></span>,154<span class=\"_ _2\"></span>,842,000, Go<span class=\"_ _2\"></span>odwil<span class=\"_ _2\"></span>l amoun<span class=\"_ _2\"></span>ting to Euro 428,132<span class=\"_ _2\"></span>,254 was de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d.  The Goodwil<span class=\"_ _2\"></span>l gen<span class=\"_ _2\"></span>erated on t<span class=\"_ _2\"></span>he acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of Navi<span class=\"_ _2\"></span>gator Pa<span class=\"_ _2\"></span>per Figueir<span class=\"_ _2\"></span>a was d<span class=\"_ _2\"></span>eemed to <span class=\"_ _2\"></span>be all<span class=\"_ _2\"></span>ocable to the <span class=\"_ _2\"></span>integra<span class=\"_ _2\"></span>ted pap<span class=\"_ _2\"></span>er pro<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra da<span class=\"_ _2\"></span> Foz<span class=\"_ _2\"></span> Industrial <span class=\"_ _2\"></span>Complex c<span class=\"_ _2\"></span>ash generati<span class=\"_ _2\"></span>ng unit<span class=\"_ _2\"></span>. The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>amounts to Eu<span class=\"_ _2\"></span>ro 376,756<span class=\"_ _2\"></span>,383 <span class=\"_ _2\"></span>for havi<span class=\"_ _2\"></span>ng been s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to annu<span class=\"_ _2\"></span>al amortisati<span class=\"_ _2\"></span>ons unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 200<span class=\"_ _2\"></span>3 (date <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>IFRS: 1 Janua<span class=\"_ _2\"></span>ry 200<span class=\"_ _2\"></span>4), and amortisati<span class=\"_ _2\"></span>on as f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>at date<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>accumulate<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>which was Eu<span class=\"_ _2\"></span>ro 51,375,8<span class=\"_ _2\"></span>71, <span class=\"_ _2\"></span>has ceased<span class=\"_ _2\"></span>. From tha<span class=\"_ _2\"></span>t date o<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion ceas<span class=\"_ _2\"></span>ed and was <span class=\"_ _2\"></span>replac<span class=\"_ _2\"></span>ed by annual<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment t<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>. If this<span class=\"_ _2\"></span> amortisa<span class=\"_ _2\"></span>tion h<span class=\"_ _2\"></span>ad not b<span class=\"_ _2\"></span>een int<span class=\"_ _2\"></span>errupte<span class=\"_ _2\"></span>d, the ne<span class=\"_ _2\"></span>t boo<span class=\"_ _2\"></span>k value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> as at 31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2022 woul<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>51,375,857<span class=\"_ _2\"></span> (31 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ember 2021: Euro<span class=\"_ _2\"></span> 68<span class=\"_ _2\"></span>,501,149)<span class=\"_ _2\"></span>. Navi<span class=\"_ _2\"></span>gator Ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>R\u00f3d\u00e3o<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. On 6 Febru<span class=\"_ _2\"></span>ary 2015 <span class=\"_ _2\"></span>the proc<span class=\"_ _2\"></span>edur<span class=\"_ _2\"></span>es and ag<span class=\"_ _2\"></span>reements f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of AMS-BR <span class=\"_ _2\"></span>Star Pape<span class=\"_ _2\"></span>r, S.A. (l<span class=\"_ _2\"></span>ater mer<span class=\"_ _2\"></span>ged into Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Tissue R\u00f3<span class=\"_ _2\"></span>d\u00e3o, S<span class=\"_ _2\"></span>.A.) w<span class=\"_ _2\"></span>ere c<span class=\"_ _2\"></span>oncluded, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e autho<span class=\"_ _2\"></span>rizatio<span class=\"_ _2\"></span>n to concl<span class=\"_ _2\"></span>ude this trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on being f<span class=\"_ _2\"></span>ormaliz<span class=\"_ _2\"></span>ed on 17 <span class=\"_ _2\"></span>April<span class=\"_ _2\"></span> 2015<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> To the i<span class=\"ff8\">ni<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on dif<span class=\"_ _2\"></span>ference, o<span class=\"_ _2\"></span>f Euro 2<span class=\"_ _2\"></span>1,33<span class=\"_ _2\"></span>7,916, <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>deducted <span class=\"_ _2\"></span>the AICE<span class=\"_ _2\"></span>P\u2019s i<span class=\"_ _2\"></span>nvestment </span>grant an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the acquir<span class=\"_ _2\"></span>ed p<span class=\"_ _2\"></span>roperty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment, <span class=\"_ _2\"></span>with a goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> amountin<span class=\"_ _2\"></span>g to Euro 58<span class=\"_ _2\"></span>3,083<span class=\"_ _2\"></span>. Goodwil<span class=\"_ _2\"></span>l recoverab<span class=\"_ _2\"></span>ility<span class=\"_ _2\"></span> analysis<span class=\"_ _2\"></span> Every yea<span class=\"_ _2\"></span>r, the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup cal<span class=\"_ _2\"></span>culates <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>each busines<span class=\"_ _2\"></span>s, bas<span class=\"_ _2\"></span>ed on value-<span class=\"ls6a\">in</span>-use cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>ns, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the Di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed Cash <span class=\"_ _2\"></span>Flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> are based <span class=\"_ _2\"></span>on past <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rmance and <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> expec<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>ons with the <span class=\"_ _2\"></span>actual<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>structur<span class=\"_ _2\"></span>e, usi<span class=\"_ _2\"></span>ng the bu<span class=\"_ _2\"></span>dget f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ye<span class=\"_ _2\"></span>ar and pro<span class=\"_ _2\"></span>jected cas<span class=\"_ _2\"></span>h flows <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the fol<span class=\"_ _2\"></span>lowing 4 <span class=\"_ _2\"></span>years. As <span class=\"_ _2\"></span>a result of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the calcul<span class=\"_ _2\"></span>ations, up <span class=\"_ _2\"></span>to thi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> date no impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>relati<span class=\"_ _2\"></span>ng to Goodwil<span class=\"_ _2\"></span>l have b<span class=\"_ _2\"></span>een iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed. The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r the a<span class=\"_ _2\"></span>bove-mentione<span class=\"_ _2\"></span>d calcul<span class=\"_ _2\"></span>ation were as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Assum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s on the<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>sis of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>busine<span class=\"_ _2\"></span>ss pla<span class=\"_ _2\"></span>n 2022 <span class=\"fc7 sc0\"> </span>2021  Assumptio<span class=\"_ _0\"></span>ns (CAGR 2<span class=\"_ _0\"></span>023-<span class=\"_ _0\"></span>2027)<span class=\"_ _0\"></span> (CAGR 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>026)<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt of sales (kt)<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> (0.1%) 0.7% Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> 0.3% 0.4% Average price of <span class=\"_ _0\"></span>sale ML/t<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (1.8%) (1.2%)<span class=\"_ _0\"></span> Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (2.1%) 0.0% Perpetuity growth r<span class=\"_ _0\"></span>ate - UWF P<span class=\"_ _0\"></span>aper<span class=\"_ _0\"></span> (1.0%) (1.0%)<span class=\"_ _0\"></span> Perpetuity growth r<span class=\"_ _0\"></span>ate - Tis<span class=\"_ _0\"></span>sue Paper<span class=\"_ _0\"></span> 2.03% 1.56% Macroeconomi<span class=\"_ _2\"></span>c assump<span class=\"_ _2\"></span>tions The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons co<span class=\"_ _2\"></span>nsidered a<span class=\"_ _2\"></span>t the mac<span class=\"_ _2\"></span>roeconomi<span class=\"_ _2\"></span>c level ar<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> of GDP <span class=\"_ _2\"></span>growth rate an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal. <span class=\"_ _2\"></span>The sou<span class=\"_ _2\"></span>rces o<span class=\"_ _2\"></span>f forecas<span class=\"_ _2\"></span>ts are<span class=\"_ _2\"></span> the I<span class=\"_ _2\"></span>MF and Ban<span class=\"_ _2\"></span>co de Por<span class=\"_ _2\"></span>tugal<span class=\"_ _2\"></span>.  2022 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2023  2024  2025 <span class=\"fc7 sc0\"> </span>2026  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 0.65% 2.40% 2.15% 1.90% Infl<span class=\"_ _0\"></span>ation EUR 4.67% 2.55% 2.30% 2.06% 2021 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2022  2023  2024 <span class=\"fc7 sc0\"> </span>2025  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 5.60% 2.40% 2.30% 1.80% Infl<span class=\"_ _0\"></span>ation EUR 0.90% 1.00% 1.40% 1.47% The perp<span class=\"_ _2\"></span>etuity gro<span class=\"_ _2\"></span>wth r<span class=\"_ _2\"></span>ate refl<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rds of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>' <span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span> of the medi<span class=\"_ _2\"></span>um and lo<span class=\"_ _2\"></span>ng term for the di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent Cash G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>ting Units <span class=\"_ _2\"></span>(CG<span class=\"_ _2\"></span>Us), bea<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>mind the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns. Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sumptions 2022 2021  Risk-free  Perpetuity  <span class=\"fc7 sc0\"> </span> Risk-free  WACC  Perpetuity  <span class=\"fc7 sc0\"> </span>interest  WACC growth rate interest rate growth rate  Tax Fi<span class=\"_ _0\"></span>nancial assumptio<span class=\"_ _0\"></span>ns rate*  rate EUR  EUR E<span class=\"_ _0\"></span>UR   Tax rate  rate*  EUR  EUR E<span class=\"_ _0\"></span>UR  rate  UWF Paper<span class=\"_ _0\"></span> Expli<span class=\"_ _0\"></span>cit planning period<span class=\"_ _0\"></span> 2.94% 6.76% 0.00% 27.50% 0.30% 4.46% 0.00% 27.50% Perpetuity<span class=\"_ _0\"></span> 2.94% 6.76% (1.0%) 27.50% 2.31% 6.34% (1.0%) 27.50% * Includes Coun<span class=\"_ _0\"></span>try Risk Premium<span class=\"_ _0\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>tests <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment annuall<span class=\"_ _2\"></span>y, reco<span class=\"_ _2\"></span>rded i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Statement of <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Pos<span class=\"_ _2\"></span>ition. For i<span class=\"_ _2\"></span>mpairment <span class=\"_ _2\"></span>tests of C<span class=\"_ _2\"></span>GUs, th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verabl<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>determined b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the value <span class=\"_ _2\"></span>in use, acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>discounte<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The re<span class=\"_ _2\"></span>coverabl<span class=\"_ _2\"></span>e amount of CGUs <span class=\"_ _2\"></span>derives from as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty, nam<span class=\"_ _2\"></span>ely, sales <span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>lumes, <span class=\"_ _2\"></span>average <span class=\"_ _2\"></span>sales pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d variable c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>that in <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>rojection <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t from a <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>mbination <span class=\"_ _2\"></span>of econo<span class=\"_ _2\"></span>mic fo<span class=\"_ _2\"></span>recasts for the regi<span class=\"_ _2\"></span>ons and mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>where th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes,<span class=\"_ _0\"></span> indus<span class=\"_ _2\"></span>try for<span class=\"_ _2\"></span>ecasts<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding chan<span class=\"_ _2\"></span>ges in markets <span class=\"_ _2\"></span>derived f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ed capaci<span class=\"_ _2\"></span>ty f<span class=\"_ _2\"></span>or eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>y, in<span class=\"_ _2\"></span>ternal managemen<span class=\"_ _2\"></span>t projecti<span class=\"_ _2\"></span>ons and hi<span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>rical <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> require <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> estimates<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>mpact of <span class=\"_ _2\"></span>climate c<span class=\"_ _2\"></span>hange has <span class=\"_ _2\"></span>also b<span class=\"_ _2\"></span>een co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>of futu<span class=\"_ _2\"></span>re cash f<span class=\"_ _2\"></span>lows, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot materi<span class=\"_ _2\"></span>al. The <span class=\"_ _2\"></span>risks <span class=\"_ _2\"></span>and oppor<span class=\"_ _2\"></span>tunities <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to cl<span class=\"_ _2\"></span>imate change i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>ied in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommen<span class=\"_ _2\"></span>dations are <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>closed i<span class=\"_ _2\"></span>n the not<span class=\"_ _2\"></span>es to the Managem<span class=\"_ _2\"></span>ent Re<span class=\"_ _2\"></span>port. <span class=\"_ _2\"></span> Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _2\"></span>.5% in<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease in<span class=\"_ _2\"></span> the asses<span class=\"_ _2\"></span>sment i<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>mount of<span class=\"_ _2\"></span> Euro 26<span class=\"_ _2\"></span>9,081,488 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t. With <span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>rd to <span class=\"_ _2\"></span>the Goo<span class=\"_ _2\"></span>dwill <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to Navi<span class=\"_ _2\"></span>gator Tis<span class=\"_ _2\"></span>sue R\u00f3d\u00e3o, gi<span class=\"_ _2\"></span>ven the i<span class=\"_ _2\"></span>mmaterial<span class=\"_ _2\"></span>ity of i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>any impac<span class=\"_ _2\"></span>ts wo<span class=\"_ _2\"></span>uld not be ma<span class=\"_ _2\"></span>terial<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>evant. 3.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble as<span class=\"_ _2\"></span>sets Indus<span class=\"_ _0\"></span>trial propert<span class=\"_ _0\"></span>y CO2Other and other<span class=\"_ _0\"></span> emission<span class=\"_ _0\"></span> intangib<span class=\"_ _0\"></span>le Work in Amounts in Euro<span class=\"_ _0\"></span> rights<span class=\"_ _0\"></span> allowances<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> progress<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 16,664<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,919<span class=\"_ _0\"></span>,284  Granting -  14,915,653 <span class=\"_ _0\"></span> -  -  14,915,653 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  22,706,518 <span class=\"_ _0\"></span> -  17,823 <span class=\"_ _0\"></span> 22,724,341 <span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 17,823  (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> -  (17<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>23)<span class=\"_ _0\"></span> (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 34,487<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,770<span class=\"_ _0\"></span>,994  Granting -  37,338,833 <span class=\"_ _0\"></span> -  -  37,338,833 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  3,251,520  -  36,496 <span class=\"_ _0\"></span> 3,288,016  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 36,496  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> -  (36<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>96)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> Balance as at 31 Dece<span class=\"_ _0\"></span>mber 2022<span class=\"_ _0\"></span> 70,983<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,852<span class=\"_ _0\"></span>,134  Accumu<span class=\"_ _0\"></span>lated a<span class=\"_ _2\"></span>mo<span class=\"_ _0\"></span>rtisation and im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent losses<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (6,600<span class=\"_ _0\"></span>) -  -  -  (6,600<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> -  -  -  (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (18,46<span class=\"_ _0\"></span>4) -  -  -  (18,46<span class=\"_ _0\"></span>4) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> -  -  -  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (39,04<span class=\"_ _0\"></span>3) -  -  -  (39,04<span class=\"_ _0\"></span>3) Net book value a<span class=\"_ _0\"></span>s at 1 Janu<span class=\"_ _0\"></span>ary 2021<span class=\"_ _0\"></span> 10,064<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,912<span class=\"_ _0\"></span>,684  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 16,023<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,752<span class=\"_ _0\"></span>,529  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 31,940<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,813<span class=\"_ _0\"></span>,091  CO2 Allowa<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>CO2 emissi<span class=\"_ _0\"></span>on allo<span class=\"_ _0\"></span>wances<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>units)<span class=\"_ _0\"></span> 574,122  620,805  Average unit val<span class=\"_ _0\"></span>ue (Euro) 77.99  39.85  Market quotati<span class=\"_ _0\"></span>on (Euro)<span class=\"_ _0\"></span> 81.49  80.65  CO2 a<span class=\"_ _2\"></span>llowa<span class=\"_ _2\"></span>nces <span class=\"ffa\">\u2013</span> m<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in t<span class=\"_ _2\"></span>he per<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>d  2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Opening balance<span class=\"_ _0\"></span> 620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507 <span class=\"fc7 sc0\"> </span>516<span class=\"_ _0\"></span>,319  11,902<span class=\"_ _0\"></span>,620  CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s awarded f<span class=\"_ _0\"></span>ree of charge (Note <span class=\"_ _0\"></span>2.2)<span class=\"_ _0\"></span> 444,457  37,338,833 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>442,732  14,915,653 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s acqui<span class=\"_ _0\"></span>red 48,000 <span class=\"_ _0\"></span> 3,251,520 <span class=\"fc7 sc0\"> </span>368,598  22,706,518 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s returned to th<span class=\"_ _0\"></span>e Licensing Co<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng Entity <span class=\"_ _0\"></span> (539,140) (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> (706,844) (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> 574<span class=\"_ _0\"></span>,122  44,781<span class=\"_ _0\"></span>,151 <span class=\"fc7 sc0\"> </span>620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-66-3": {
   "value": "3.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _97\"></span><span class=\"ff4\">Goo<span class=\"_ _2\"></span>dwill </span></span>Goodwil<span class=\"_ _2\"></span>l <span class=\"ffa\">\u2013</span> net am<span class=\"_ _2\"></span>ount<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> attributed to <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> cash gene<span class=\"_ _2\"></span>rating uni<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> (CG<span class=\"_ _2\"></span>U\u2019s), as fol<span class=\"_ _2\"></span>lows:<span class=\"ff1\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>CGU of UWF pape<span class=\"_ _0\"></span>r producti<span class=\"_ _0\"></span>on on Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z site <span class=\"_ _1\"></span> 376,756,383  376,756,383  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng fr<span class=\"_ _2\"></span>om t<span class=\"_ _0\"></span>he acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tion of Navigator Brands, S.A.<span class=\"_ _0\"></span>) CGU of Tissue paper p<span class=\"_ _0\"></span>roducti<span class=\"_ _0\"></span>on on Vi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Velha de <span class=\"_ _2\"></span>R\u00f3d\u00e3o si<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 583,083  583,083  (goodwill<span class=\"_ _0\"></span> resulti<span class=\"_ _0\"></span>ng from the acquisi<span class=\"_ _0\"></span>tion of Navi<span class=\"_ _0\"></span>gator <span class=\"_ _2\"></span>Ti<span class=\"_ _0\"></span>ssue R\u00f3d\u00e3o, S.<span class=\"_ _1\"></span>A.)<span class=\"_ _0\"></span> 377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  377<span class=\"_ _0\"></span>,339,466<span class=\"_ _0\"></span>  Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> Br<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ds<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>S.<span class=\"_ _2\"></span>A.<span class=\"_ _2\"></span> / N<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>Pa<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>Fi<span class=\"_ _2\"></span>gue<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>a, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Foll<span class=\"_ _2\"></span>owing the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of 1<span class=\"_ _2\"></span>00% of the <span class=\"_ _2\"></span>former <span class=\"_ _2\"></span>Soporc<span class=\"_ _2\"></span>el - So<span class=\"_ _2\"></span>ciedade Po<span class=\"_ _2\"></span>rtuguesa <span class=\"_ _2\"></span>de Papel<span class=\"_ _2\"></span>, S.A<span class=\"_ _2\"></span>. (now Naviga<span class=\"_ _2\"></span>tor B<span class=\"_ _2\"></span>rands, <span class=\"_ _2\"></span>S.A.), f<span class=\"_ _2\"></span>or Euro 1<span class=\"_ _2\"></span>,154<span class=\"_ _2\"></span>,842,000, Go<span class=\"_ _2\"></span>odwil<span class=\"_ _2\"></span>l amoun<span class=\"_ _2\"></span>ting to Euro 428,132<span class=\"_ _2\"></span>,254 was de<span class=\"_ _2\"></span>termine<span class=\"_ _2\"></span>d.  The Goodwil<span class=\"_ _2\"></span>l gen<span class=\"_ _2\"></span>erated on t<span class=\"_ _2\"></span>he acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of Navi<span class=\"_ _2\"></span>gator Pa<span class=\"_ _2\"></span>per Figueir<span class=\"_ _2\"></span>a was d<span class=\"_ _2\"></span>eemed to <span class=\"_ _2\"></span>be all<span class=\"_ _2\"></span>ocable to the <span class=\"_ _2\"></span>integra<span class=\"_ _2\"></span>ted pap<span class=\"_ _2\"></span>er pro<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra da<span class=\"_ _2\"></span> Foz<span class=\"_ _2\"></span> Industrial <span class=\"_ _2\"></span>Complex c<span class=\"_ _2\"></span>ash generati<span class=\"_ _2\"></span>ng unit<span class=\"_ _2\"></span>. The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>amounts to Eu<span class=\"_ _2\"></span>ro 376,756<span class=\"_ _2\"></span>,383 <span class=\"_ _2\"></span>for havi<span class=\"_ _2\"></span>ng been s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to annu<span class=\"_ _2\"></span>al amortisati<span class=\"_ _2\"></span>ons unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 200<span class=\"_ _2\"></span>3 (date <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>ransitio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>IFRS: 1 Janua<span class=\"_ _2\"></span>ry 200<span class=\"_ _2\"></span>4), and amortisati<span class=\"_ _2\"></span>on as f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>at date<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>accumulate<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>which was Eu<span class=\"_ _2\"></span>ro 51,375,8<span class=\"_ _2\"></span>71, <span class=\"_ _2\"></span>has ceased<span class=\"_ _2\"></span>. From tha<span class=\"_ _2\"></span>t date o<span class=\"_ _2\"></span>n, de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion ceas<span class=\"_ _2\"></span>ed and was <span class=\"_ _2\"></span>replac<span class=\"_ _2\"></span>ed by annual<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment t<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>. If this<span class=\"_ _2\"></span> amortisa<span class=\"_ _2\"></span>tion h<span class=\"_ _2\"></span>ad not b<span class=\"_ _2\"></span>een int<span class=\"_ _2\"></span>errupte<span class=\"_ _2\"></span>d, the ne<span class=\"_ _2\"></span>t boo<span class=\"_ _2\"></span>k value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> as at 31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2022 woul<span class=\"_ _2\"></span>d amount <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>51,375,857<span class=\"_ _2\"></span> (31 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ember 2021: Euro<span class=\"_ _2\"></span> 68<span class=\"_ _2\"></span>,501,149)<span class=\"_ _2\"></span>. Navi<span class=\"_ _2\"></span>gator Ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>R\u00f3d\u00e3o<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. On 6 Febru<span class=\"_ _2\"></span>ary 2015 <span class=\"_ _2\"></span>the proc<span class=\"_ _2\"></span>edur<span class=\"_ _2\"></span>es and ag<span class=\"_ _2\"></span>reements f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n of AMS-BR <span class=\"_ _2\"></span>Star Pape<span class=\"_ _2\"></span>r, S.A. (l<span class=\"_ _2\"></span>ater mer<span class=\"_ _2\"></span>ged into Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Tissue R\u00f3<span class=\"_ _2\"></span>d\u00e3o, S<span class=\"_ _2\"></span>.A.) w<span class=\"_ _2\"></span>ere c<span class=\"_ _2\"></span>oncluded, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e autho<span class=\"_ _2\"></span>rizatio<span class=\"_ _2\"></span>n to concl<span class=\"_ _2\"></span>ude this trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on being f<span class=\"_ _2\"></span>ormaliz<span class=\"_ _2\"></span>ed on 17 <span class=\"_ _2\"></span>April<span class=\"_ _2\"></span> 2015<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> To the i<span class=\"ff8\">ni<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>acquisiti<span class=\"_ _2\"></span>on dif<span class=\"_ _2\"></span>ference, o<span class=\"_ _2\"></span>f Euro 2<span class=\"_ _2\"></span>1,33<span class=\"_ _2\"></span>7,916, <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>deducted <span class=\"_ _2\"></span>the AICE<span class=\"_ _2\"></span>P\u2019s i<span class=\"_ _2\"></span>nvestment </span>grant an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the acquir<span class=\"_ _2\"></span>ed p<span class=\"_ _2\"></span>roperty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment, <span class=\"_ _2\"></span>with a goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> amountin<span class=\"_ _2\"></span>g to Euro 58<span class=\"_ _2\"></span>3,083<span class=\"_ _2\"></span>. Goodwil<span class=\"_ _2\"></span>l recoverab<span class=\"_ _2\"></span>ility<span class=\"_ _2\"></span> analysis<span class=\"_ _2\"></span> Every yea<span class=\"_ _2\"></span>r, the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup cal<span class=\"_ _2\"></span>culates <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>each busines<span class=\"_ _2\"></span>s, bas<span class=\"_ _2\"></span>ed on value-<span class=\"ls6a\">in</span>-use cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>ns, i<span class=\"_ _2\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _2\"></span>th the Di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed Cash <span class=\"_ _2\"></span>Flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> are based <span class=\"_ _2\"></span>on past <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rmance and <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> expec<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>ons with the <span class=\"_ _2\"></span>actual<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>structur<span class=\"_ _2\"></span>e, usi<span class=\"_ _2\"></span>ng the bu<span class=\"_ _2\"></span>dget f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ye<span class=\"_ _2\"></span>ar and pro<span class=\"_ _2\"></span>jected cas<span class=\"_ _2\"></span>h flows <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the fol<span class=\"_ _2\"></span>lowing 4 <span class=\"_ _2\"></span>years. As <span class=\"_ _2\"></span>a result of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the calcul<span class=\"_ _2\"></span>ations, up <span class=\"_ _2\"></span>to thi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> date no impai<span class=\"_ _2\"></span>rment l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>relati<span class=\"_ _2\"></span>ng to Goodwil<span class=\"_ _2\"></span>l have b<span class=\"_ _2\"></span>een iden<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed. The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r the a<span class=\"_ _2\"></span>bove-mentione<span class=\"_ _2\"></span>d calcul<span class=\"_ _2\"></span>ation were as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Assum<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span>s on the<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>sis of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>busine<span class=\"_ _2\"></span>ss pla<span class=\"_ _2\"></span>n 2022 <span class=\"fc7 sc0\"> </span>2021  Assumptio<span class=\"_ _0\"></span>ns (CAGR 2<span class=\"_ _0\"></span>023-<span class=\"_ _0\"></span>2027)<span class=\"_ _0\"></span> (CAGR 2<span class=\"_ _0\"></span>022-2<span class=\"_ _0\"></span>026)<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt of sales (kt)<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> (0.1%) 0.7% Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR amount of s<span class=\"_ _0\"></span>ales (kt)<span class=\"_ _0\"></span> 0.3% 0.4% Average price of <span class=\"_ _0\"></span>sale ML/t<span class=\"_ _0\"></span> Reference UWF Paper UWF Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (1.8%) (1.2%)<span class=\"_ _0\"></span> Reference Ti<span class=\"_ _0\"></span>ssue Paper Ti<span class=\"_ _0\"></span>ssue Paper CAGR average pri<span class=\"_ _0\"></span>ce of sal<span class=\"_ _0\"></span>e ML<span class=\"_ _2\"></span>/<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (2.1%) 0.0% Perpetuity growth r<span class=\"_ _0\"></span>ate - UWF P<span class=\"_ _0\"></span>aper<span class=\"_ _0\"></span> (1.0%) (1.0%)<span class=\"_ _0\"></span> Perpetuity growth r<span class=\"_ _0\"></span>ate - Tis<span class=\"_ _0\"></span>sue Paper<span class=\"_ _0\"></span> 2.03% 1.56% Macroeconomi<span class=\"_ _2\"></span>c assump<span class=\"_ _2\"></span>tions The main as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons co<span class=\"_ _2\"></span>nsidered a<span class=\"_ _2\"></span>t the mac<span class=\"_ _2\"></span>roeconomi<span class=\"_ _2\"></span>c level ar<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> of GDP <span class=\"_ _2\"></span>growth rate an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal. <span class=\"_ _2\"></span>The sou<span class=\"_ _2\"></span>rces o<span class=\"_ _2\"></span>f forecas<span class=\"_ _2\"></span>ts are<span class=\"_ _2\"></span> the I<span class=\"_ _2\"></span>MF and Ban<span class=\"_ _2\"></span>co de Por<span class=\"_ _2\"></span>tugal<span class=\"_ _2\"></span>.  2022 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2023  2024  2025 <span class=\"fc7 sc0\"> </span>2026  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 0.65% 2.40% 2.15% 1.90% Infl<span class=\"_ _0\"></span>ation EUR 4.67% 2.55% 2.30% 2.06% 2021 Macroeconomic assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns 2022  2023  2024 <span class=\"fc7 sc0\"> </span>2025  Real GDP growth r<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> 5.60% 2.40% 2.30% 1.80% Infl<span class=\"_ _0\"></span>ation EUR 0.90% 1.00% 1.40% 1.47% The perp<span class=\"_ _2\"></span>etuity gro<span class=\"_ _2\"></span>wth r<span class=\"_ _2\"></span>ate refl<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rds of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>' <span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span> of the medi<span class=\"_ _2\"></span>um and lo<span class=\"_ _2\"></span>ng term for the di<span class=\"_ _2\"></span>ffe<span class=\"_ _2\"></span>rent Cash G<span class=\"_ _2\"></span>enera<span class=\"_ _2\"></span>ting Units <span class=\"_ _2\"></span>(CG<span class=\"_ _2\"></span>Us), bea<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>mind the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns. Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sumptions 2022 2021  Risk-free  Perpetuity  <span class=\"fc7 sc0\"> </span> Risk-free  WACC  Perpetuity  <span class=\"fc7 sc0\"> </span>interest  WACC growth rate interest rate growth rate  Tax Fi<span class=\"_ _0\"></span>nancial assumptio<span class=\"_ _0\"></span>ns rate*  rate EUR  EUR E<span class=\"_ _0\"></span>UR   Tax rate  rate*  EUR  EUR E<span class=\"_ _0\"></span>UR  rate  UWF Paper<span class=\"_ _0\"></span> Expli<span class=\"_ _0\"></span>cit planning period<span class=\"_ _0\"></span> 2.94% 6.76% 0.00% 27.50% 0.30% 4.46% 0.00% 27.50% Perpetuity<span class=\"_ _0\"></span> 2.94% 6.76% (1.0%) 27.50% 2.31% 6.34% (1.0%) 27.50% * Includes Coun<span class=\"_ _0\"></span>try Risk Premium<span class=\"_ _0\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Group <span class=\"_ _2\"></span>tests <span class=\"_ _2\"></span>Goodwill<span class=\"_ _2\"></span> impai<span class=\"_ _2\"></span>rment annuall<span class=\"_ _2\"></span>y, reco<span class=\"_ _2\"></span>rded i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Statement of <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Pos<span class=\"_ _2\"></span>ition. For i<span class=\"_ _2\"></span>mpairment <span class=\"_ _2\"></span>tests of C<span class=\"_ _2\"></span>GUs, th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verabl<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>determined b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the value <span class=\"_ _2\"></span>in use, acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>discounte<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>flow metho<span class=\"_ _2\"></span>d. <span class=\"_ _2\"></span>The re<span class=\"_ _2\"></span>coverabl<span class=\"_ _2\"></span>e amount of CGUs <span class=\"_ _2\"></span>derives from as<span class=\"_ _2\"></span>sumptions <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty, nam<span class=\"_ _2\"></span>ely, sales <span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>lumes, <span class=\"_ _2\"></span>average <span class=\"_ _2\"></span>sales pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d variable c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>that in <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>rojection <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t from a <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>mbination <span class=\"_ _2\"></span>of econo<span class=\"_ _2\"></span>mic fo<span class=\"_ _2\"></span>recasts for the regi<span class=\"_ _2\"></span>ons and mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>where th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes,<span class=\"_ _0\"></span> indus<span class=\"_ _2\"></span>try for<span class=\"_ _2\"></span>ecasts<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding chan<span class=\"_ _2\"></span>ges in markets <span class=\"_ _2\"></span>derived f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ed capaci<span class=\"_ _2\"></span>ty f<span class=\"_ _2\"></span>or eac<span class=\"_ _2\"></span>h operatin<span class=\"_ _2\"></span>g activit<span class=\"_ _2\"></span>y, in<span class=\"_ _2\"></span>ternal managemen<span class=\"_ _2\"></span>t projecti<span class=\"_ _2\"></span>ons and hi<span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span>rical <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e. Thes<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulations<span class=\"_ _2\"></span> require <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> estimates<span class=\"_ _2\"></span>. The i<span class=\"_ _2\"></span>mpact of <span class=\"_ _2\"></span>climate c<span class=\"_ _2\"></span>hange has <span class=\"_ _2\"></span>also b<span class=\"_ _2\"></span>een co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the esti<span class=\"_ _2\"></span>mates <span class=\"_ _2\"></span>of futu<span class=\"_ _2\"></span>re cash f<span class=\"_ _2\"></span>lows, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot materi<span class=\"_ _2\"></span>al. The <span class=\"_ _2\"></span>risks <span class=\"_ _2\"></span>and oppor<span class=\"_ _2\"></span>tunities <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to cl<span class=\"_ _2\"></span>imate change i<span class=\"_ _2\"></span>dentif<span class=\"_ _2\"></span>ied in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommen<span class=\"_ _2\"></span>dations are <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>closed i<span class=\"_ _2\"></span>n the not<span class=\"_ _2\"></span>es to the Managem<span class=\"_ _2\"></span>ent Re<span class=\"_ _2\"></span>port. <span class=\"_ _2\"></span> Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _2\"></span>.5% in<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease in<span class=\"_ _2\"></span> the asses<span class=\"_ _2\"></span>sment i<span class=\"_ _2\"></span>n the a<span class=\"_ _2\"></span>mount of<span class=\"_ _2\"></span> Euro 26<span class=\"_ _2\"></span>9,081,488 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t. With <span class=\"_ _2\"></span>rega<span class=\"_ _2\"></span>rd to <span class=\"_ _2\"></span>the Goo<span class=\"_ _2\"></span>dwill <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to Navi<span class=\"_ _2\"></span>gator Tis<span class=\"_ _2\"></span>sue R\u00f3d\u00e3o, gi<span class=\"_ _2\"></span>ven the i<span class=\"_ _2\"></span>mmaterial<span class=\"_ _2\"></span>ity of i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>any impac<span class=\"_ _2\"></span>ts wo<span class=\"_ _2\"></span>uld not be ma<span class=\"_ _2\"></span>terial<span class=\"_ _2\"></span>ly rel<span class=\"_ _2\"></span>evant. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-71-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goodw<span class=\"_ _2\"></span>ill Goodwil<span class=\"_ _2\"></span>l repres<span class=\"_ _2\"></span>ents the <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the cost of<span class=\"_ _2\"></span> acquisi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>able asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and con<span class=\"_ _2\"></span>tingent li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of the su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidatio<span class=\"_ _2\"></span>n on the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sition <span class=\"_ _2\"></span>date and i<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>ocated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>each CGU or <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>group of CGUs to <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t belongs<span class=\"_ _2\"></span>. Amortisati<span class=\"_ _2\"></span>on and i<span class=\"_ _2\"></span>mpairment<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed. The Grou<span class=\"_ _2\"></span>p annual<span class=\"_ _2\"></span>ly car<span class=\"_ _2\"></span>ries o<span class=\"_ _2\"></span>ut impai<span class=\"_ _2\"></span>rment tests <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>goodwil<span class=\"_ _2\"></span>l, or where ther<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>e signs <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment. Th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verable am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts are determin<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>the highe<span class=\"_ _2\"></span>r of val<span class=\"_ _2\"></span>ue in us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e les<span class=\"_ _2\"></span>s cos<span class=\"_ _2\"></span>t of sal<span class=\"_ _2\"></span>e. Impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>on goodwill<span class=\"_ _2\"></span> cannot be <span class=\"_ _2\"></span>rev<span class=\"_ _2\"></span>ersed. Disposal<span class=\"_ _2\"></span> and l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> control Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span> of co<span class=\"_ _2\"></span>ntrol ove<span class=\"_ _2\"></span>r an entit<span class=\"_ _2\"></span>y or busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>to whic<span class=\"_ _2\"></span>h Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> allo<span class=\"_ _2\"></span>cated incl<span class=\"_ _2\"></span>ude the amount of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>corres<span class=\"_ _2\"></span>pondi<span class=\"_ _2\"></span>ng goodwill<span class=\"_ _2\"></span>. Tax deduc<span class=\"_ _2\"></span>tibil<span class=\"_ _2\"></span>ity Derived <span class=\"_ _2\"></span>from the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in Portu<span class=\"_ _2\"></span>gal, i<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot exp<span class=\"_ _2\"></span>ected th<span class=\"_ _2\"></span>at Good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> generated or to be <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed wi<span class=\"_ _2\"></span>ll be ta<span class=\"_ _2\"></span>x deduc<span class=\"_ _2\"></span>tible<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-71-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goodw<span class=\"_ _2\"></span>ill Goodwil<span class=\"_ _2\"></span>l repres<span class=\"_ _2\"></span>ents the <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the cost of<span class=\"_ _2\"></span> acquisi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>able asse<span class=\"_ _2\"></span>ts, li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es and con<span class=\"_ _2\"></span>tingent li<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of the su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidatio<span class=\"_ _2\"></span>n on the ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>sition <span class=\"_ _2\"></span>date and i<span class=\"_ _2\"></span>s all<span class=\"_ _2\"></span>ocated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>each CGU or <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>group of CGUs to <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t belongs<span class=\"_ _2\"></span>. Amortisati<span class=\"_ _2\"></span>on and i<span class=\"_ _2\"></span>mpairment<span class=\"_ _2\"></span> Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed. The Grou<span class=\"_ _2\"></span>p annual<span class=\"_ _2\"></span>ly car<span class=\"_ _2\"></span>ries o<span class=\"_ _2\"></span>ut impai<span class=\"_ _2\"></span>rment tests <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>goodwil<span class=\"_ _2\"></span>l, or where ther<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>e signs <span class=\"_ _2\"></span>of impai<span class=\"_ _2\"></span>rment. Th<span class=\"_ _2\"></span>e reco<span class=\"_ _2\"></span>verable am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts are determin<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>the highe<span class=\"_ _2\"></span>r of val<span class=\"_ _2\"></span>ue in us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e les<span class=\"_ _2\"></span>s cos<span class=\"_ _2\"></span>t of sal<span class=\"_ _2\"></span>e. Impairment <span class=\"_ _2\"></span>losses <span class=\"_ _2\"></span>on goodwill<span class=\"_ _2\"></span> cannot be <span class=\"_ _2\"></span>rev<span class=\"_ _2\"></span>ersed. Disposal<span class=\"_ _2\"></span> and l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> control Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span> of co<span class=\"_ _2\"></span>ntrol ove<span class=\"_ _2\"></span>r an entit<span class=\"_ _2\"></span>y or busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>to whic<span class=\"_ _2\"></span>h Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> allo<span class=\"_ _2\"></span>cated incl<span class=\"_ _2\"></span>ude the amount of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>corres<span class=\"_ _2\"></span>pondi<span class=\"_ _2\"></span>ng goodwill<span class=\"_ _2\"></span>. Tax deduc<span class=\"_ _2\"></span>tibil<span class=\"_ _2\"></span>ity Derived <span class=\"_ _2\"></span>from the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in Portu<span class=\"_ _2\"></span>gal, i<span class=\"_ _2\"></span>t is n<span class=\"_ _2\"></span>ot exp<span class=\"_ _2\"></span>ected th<span class=\"_ _2\"></span>at Good<span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> generated or to be <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed wi<span class=\"_ _2\"></span>ll be ta<span class=\"_ _2\"></span>x deduc<span class=\"_ _2\"></span>tible<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-73-3": {
   "value": "3.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Intang<span class=\"_ _2\"></span>ible ass<span class=\"_ _2\"></span>ets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in intan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ble as<span class=\"_ _2\"></span>sets Indus<span class=\"_ _0\"></span>trial propert<span class=\"_ _0\"></span>y CO2Other and other<span class=\"_ _0\"></span> emission<span class=\"_ _0\"></span> intangib<span class=\"_ _0\"></span>le Work in Amounts in Euro<span class=\"_ _0\"></span> rights<span class=\"_ _0\"></span> allowances<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> progress<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 16,664<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,919<span class=\"_ _0\"></span>,284  Granting -  14,915,653 <span class=\"_ _0\"></span> -  -  14,915,653 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  22,706,518 <span class=\"_ _0\"></span> -  17,823 <span class=\"_ _0\"></span> 22,724,341 <span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 17,823  (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> -  (17<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>23)<span class=\"_ _0\"></span> (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 34,487<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,770<span class=\"_ _0\"></span>,994  Granting -  37,338,833 <span class=\"_ _0\"></span> -  -  37,338,833 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tions -  3,251,520  -  36,496 <span class=\"_ _0\"></span> 3,288,016  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 36,496  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> -  (36<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>96)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> Balance as at 31 Dece<span class=\"_ _0\"></span>mber 2022<span class=\"_ _0\"></span> 70,983<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,852<span class=\"_ _0\"></span>,134  Accumu<span class=\"_ _0\"></span>lated a<span class=\"_ _2\"></span>mo<span class=\"_ _0\"></span>rtisation and im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent losses<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (6,600<span class=\"_ _0\"></span>) -  -  -  (6,600<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> -  -  -  (11<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>64)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (18,46<span class=\"_ _0\"></span>4) -  -  -  (18,46<span class=\"_ _0\"></span>4) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> -  -  -  (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (39,04<span class=\"_ _0\"></span>3) -  -  -  (39,04<span class=\"_ _0\"></span>3) Net book value a<span class=\"_ _0\"></span>s at 1 Janu<span class=\"_ _0\"></span>ary 2021<span class=\"_ _0\"></span> 10,064<span class=\"_ _0\"></span>  11,902<span class=\"_ _0\"></span>,620  -  -  11,912<span class=\"_ _0\"></span>,684  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 16,023<span class=\"_ _0\"></span>  24,736<span class=\"_ _0\"></span>,507  -  -  24,752<span class=\"_ _0\"></span>,529  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 31,940<span class=\"_ _0\"></span>  44,781<span class=\"_ _0\"></span>,151  -  -  44,813<span class=\"_ _0\"></span>,091  CO2 Allowa<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>CO2 emissi<span class=\"_ _0\"></span>on allo<span class=\"_ _0\"></span>wances<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>units)<span class=\"_ _0\"></span> 574,122  620,805  Average unit val<span class=\"_ _0\"></span>ue (Euro) 77.99  39.85  Market quotati<span class=\"_ _0\"></span>on (Euro)<span class=\"_ _0\"></span> 81.49  80.65  CO2 a<span class=\"_ _2\"></span>llowa<span class=\"_ _2\"></span>nces <span class=\"ffa\">\u2013</span> m<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in t<span class=\"_ _2\"></span>he per<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>d  2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Ton<span class=\"_ _0\"></span>s Amou<span class=\"_ _0\"></span>nt Opening balance<span class=\"_ _0\"></span> 620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507 <span class=\"fc7 sc0\"> </span>516<span class=\"_ _0\"></span>,319  11,902<span class=\"_ _0\"></span>,620  CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s awarded f<span class=\"_ _0\"></span>ree of charge (Note <span class=\"_ _0\"></span>2.2)<span class=\"_ _0\"></span> 444,457  37,338,833 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>442,732  14,915,653 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s acqui<span class=\"_ _0\"></span>red 48,000 <span class=\"_ _0\"></span> 3,251,520 <span class=\"fc7 sc0\"> </span>368,598  22,706,518 <span class=\"_ _0\"></span> CO2 all<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ance<span class=\"_ _2\"></span>s returned to th<span class=\"_ _0\"></span>e Licensing Co<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng Entity <span class=\"_ _0\"></span> (539,140) (20<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45,709)<span class=\"_ _0\"></span> (706,844) (24<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>88,284)<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> 574<span class=\"_ _0\"></span>,122  44,781<span class=\"_ _0\"></span>,151 <span class=\"fc7 sc0\"> </span>620<span class=\"_ _0\"></span>,805  24,736<span class=\"_ _0\"></span>,507  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-76-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Intangi<span class=\"_ _2\"></span>ble assets a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecord<span class=\"_ _2\"></span>ed at acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost l<span class=\"_ _2\"></span>ess de<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ation and impairmen<span class=\"_ _2\"></span>t lo<span class=\"_ _2\"></span>sses. The Group <span class=\"_ _2\"></span>perfo<span class=\"_ _2\"></span>rms impai<span class=\"_ _2\"></span>rment tes<span class=\"_ _2\"></span>ts when<span class=\"_ _2\"></span>ever e<span class=\"_ _2\"></span>vents or<span class=\"_ _2\"></span> circums<span class=\"_ _2\"></span>tances indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>book value exc<span class=\"_ _2\"></span>eeds <span class=\"_ _2\"></span>the reco<span class=\"_ _2\"></span>verable amou<span class=\"_ _2\"></span>nt, an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>, if an<span class=\"_ _2\"></span>y, is r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statement<span class=\"_ _2\"></span>. Intangib<span class=\"_ _2\"></span>le assets d<span class=\"_ _2\"></span>eveloped<span class=\"_ _2\"></span> interna<span class=\"_ _2\"></span>lly Developm<span class=\"_ _2\"></span>ent expens<span class=\"_ _2\"></span>es are onl<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as intangible <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ets to <span class=\"_ _2\"></span>the exte<span class=\"_ _2\"></span>nt that th<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>echnical<span class=\"_ _2\"></span> capacity <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mplete the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment o<span class=\"_ _2\"></span>f the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> demon<span class=\"_ _2\"></span>strated and <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>for own use o<span class=\"_ _2\"></span>r commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. E<span class=\"_ _2\"></span>xpenses tha<span class=\"_ _2\"></span>t do no<span class=\"_ _2\"></span>t meet<span class=\"_ _2\"></span> these r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents, namel<span class=\"_ _2\"></span>y resea<span class=\"_ _2\"></span>rch expenses, a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded as <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>when in<span class=\"_ _2\"></span>curred. Brands Whenever b<span class=\"_ _2\"></span>rands a<span class=\"_ _2\"></span>re iden<span class=\"_ _2\"></span>tified i<span class=\"_ _2\"></span>n a busi<span class=\"_ _2\"></span>ness co<span class=\"_ _2\"></span>mbination<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>records <span class=\"_ _2\"></span>them se<span class=\"_ _2\"></span>parately in the <span class=\"_ _2\"></span>consol<span class=\"_ _2\"></span>idated financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>statements<span class=\"_ _2\"></span> as an as<span class=\"_ _2\"></span>set at c<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>t, which r<span class=\"_ _2\"></span>epresents <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value on<span class=\"_ _2\"></span> the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>date. On subseq<span class=\"_ _2\"></span>uent val<span class=\"_ _2\"></span>uation e<span class=\"_ _2\"></span>xercises<span class=\"_ _2\"></span>, bran<span class=\"_ _2\"></span>ds ar<span class=\"_ _2\"></span>e recognise<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>in the Grou<span class=\"_ _2\"></span>p\u2019s cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial statements <span class=\"_ _2\"></span>at c<span class=\"_ _2\"></span>ost. The<span class=\"_ _2\"></span>y are <span class=\"_ _2\"></span>not sub<span class=\"_ _2\"></span>ject to<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sation, bu<span class=\"_ _2\"></span>t ins<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ead tes<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r impairment <span class=\"_ _2\"></span>at each<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>ting da<span class=\"_ _2\"></span>te. Own brands a<span class=\"_ _2\"></span>re not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts, as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>represen<span class=\"_ _2\"></span>t intern<span class=\"_ _2\"></span>ally generate<span class=\"_ _2\"></span>d intangibl<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-77-4": {
   "value": "Intangib<span class=\"_ _2\"></span>le assets d<span class=\"_ _2\"></span>eveloped<span class=\"_ _2\"></span> interna<span class=\"_ _2\"></span>lly Developm<span class=\"_ _2\"></span>ent expens<span class=\"_ _2\"></span>es are onl<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as intangible <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ets to <span class=\"_ _2\"></span>the exte<span class=\"_ _2\"></span>nt that th<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>echnical<span class=\"_ _2\"></span> capacity <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mplete the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment o<span class=\"_ _2\"></span>f the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> demon<span class=\"_ _2\"></span>strated and <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>for own use o<span class=\"_ _2\"></span>r commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. E<span class=\"_ _2\"></span>xpenses tha<span class=\"_ _2\"></span>t do no<span class=\"_ _2\"></span>t meet<span class=\"_ _2\"></span> these r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents, namel<span class=\"_ _2\"></span>y resea<span class=\"_ _2\"></span>rch expenses, a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded as <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>when in<span class=\"_ _2\"></span>curred. Deprecia<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>ment th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e rates <span class=\"_ _2\"></span>that best <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r esti<span class=\"_ _2\"></span>mated usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Land (cost of prep<span class=\"_ _0\"></span>aring for afforesta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n) 50<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 10 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>12 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">20</span> </span></span>6 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">25</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Tools 2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>tive useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d, on th<span class=\"_ _2\"></span>e date of <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>sition. <span class=\"_ _2\"></span>If there <span class=\"_ _2\"></span>are chan<span class=\"_ _2\"></span>ges to <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, they are <span class=\"_ _2\"></span>trea<span class=\"_ _2\"></span>ted as <span class=\"_ _2\"></span>a change in<span class=\"_ _2\"></span> accounti<span class=\"_ _2\"></span>ng es<span class=\"_ _2\"></span>timate an<span class=\"_ _2\"></span>d are applie<span class=\"_ _2\"></span>d prosp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y.  When th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>et exce<span class=\"_ _2\"></span>eds its r<span class=\"_ _2\"></span>eali<span class=\"_ _2\"></span>sable va<span class=\"_ _2\"></span>lue, the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> wri<span class=\"_ _2\"></span>tten down <span class=\"_ _2\"></span>to the estimate<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>verable amo<span class=\"_ _2\"></span>unt, and an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>airment cha<span class=\"_ _2\"></span>rge <span class=\"_ _2\"></span>is boo<span class=\"_ _2\"></span>ked<span class=\"_ _0\"></span> (No<span class=\"_ _2\"></span>te 3.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span><span class=\"ls79\">).<span class=\"ls0\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-77-5": {
   "value": "Intangib<span class=\"_ _2\"></span>le assets d<span class=\"_ _2\"></span>eveloped<span class=\"_ _2\"></span> interna<span class=\"_ _2\"></span>lly Developm<span class=\"_ _2\"></span>ent expens<span class=\"_ _2\"></span>es are onl<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d as intangible <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>ets to <span class=\"_ _2\"></span>the exte<span class=\"_ _2\"></span>nt that th<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>echnical<span class=\"_ _2\"></span> capacity <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mplete the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment o<span class=\"_ _2\"></span>f the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> demon<span class=\"_ _2\"></span>strated and <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>for own use o<span class=\"_ _2\"></span>r commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. E<span class=\"_ _2\"></span>xpenses tha<span class=\"_ _2\"></span>t do no<span class=\"_ _2\"></span>t meet<span class=\"_ _2\"></span> these r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents, namel<span class=\"_ _2\"></span>y resea<span class=\"_ _2\"></span>rch expenses, a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded as <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>when in<span class=\"_ _2\"></span>curred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-79-2": {
   "value": "3.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Propert<span class=\"_ _2\"></span>y, pl<span class=\"_ _2\"></span>ant and<span class=\"_ _2\"></span> equipment<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _2\"></span>pert<span class=\"_ _2\"></span>y, pla<span class=\"_ _2\"></span>nt an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span> Buildings<span class=\"_ _0\"></span>  and other<span class=\"_ _0\"></span> Equipmen<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d Ass<span class=\"_ _0\"></span>ets un<span class=\"_ _0\"></span>der Amounts in Euro<span class=\"_ _0\"></span> Land<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> other tang<span class=\"_ _0\"></span>ibles<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ion Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 114<span class=\"_ _0\"></span>,504,564<span class=\"_ _0\"></span>  541<span class=\"_ _0\"></span>,240,475<span class=\"_ _0\"></span>  3,567,75<span class=\"_ _0\"></span>7,837  123<span class=\"_ _0\"></span>,425,431<span class=\"_ _0\"></span>  4,346,92<span class=\"_ _0\"></span>8,307  Acquisi<span class=\"_ _0\"></span>tions -  -  14,551,550 <span class=\"_ _0\"></span> 65,482,023 <span class=\"_ _0\"></span> 80,033,573 <span class=\"_ _0\"></span> Disposal<span class=\"_ _0\"></span>s (339,267) -  (511,368) -  (850,635) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 226,134  1,633,165  137,086,918  (148,431,122)<span class=\"_ _0\"></span> (9,484,905) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 114<span class=\"_ _0\"></span>,391,431<span class=\"_ _0\"></span>  542<span class=\"_ _0\"></span>,873,640<span class=\"_ _0\"></span>  3,718,88<span class=\"_ _0\"></span>4,937  40,476<span class=\"_ _0\"></span>,332  4,416,62<span class=\"_ _0\"></span>6,340  Acquisi<span class=\"_ _0\"></span>tions -  -  12,642,516 <span class=\"_ _0\"></span> 99,381,294 <span class=\"_ _0\"></span> 112,023,810  Disposal<span class=\"_ _0\"></span>s (740,389) -  (39<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>13,005)<span class=\"_ _0\"></span> -  (40<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>53,394)<span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 2,123,276  1,626,228  35,577,280 <span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>01,141)<span class=\"_ _0\"></span> (8,374,357) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 115<span class=\"_ _0\"></span>,774,318<span class=\"_ _0\"></span>  544<span class=\"_ _0\"></span>,499,868<span class=\"_ _0\"></span>  3,727,19<span class=\"_ _0\"></span>1,728  92,156<span class=\"_ _0\"></span>,485  4,479,62<span class=\"_ _0\"></span>2,399  Accumu<span class=\"_ _0\"></span>lated depreciation and impairment losse<span class=\"_ _0\"></span>s Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 -  (352<span class=\"_ _0\"></span>,192,222) (2,810<span class=\"_ _0\"></span>,786,493<span class=\"_ _0\"></span>) -  (3,162<span class=\"_ _0\"></span>,978,715<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d -  (11<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>40,522)<span class=\"_ _0\"></span> (107,130,884)<span class=\"_ _0\"></span> -  (118,371,406)<span class=\"_ _0\"></span> (Note 3.7)<span class=\"_ _0\"></span> Disposal<span class=\"_ _0\"></span>s -  -  505,759  -  505,759  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  567,105  8,895,424  -  9,462,529  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 -  (362<span class=\"_ _0\"></span>,865,639) (2,908<span class=\"_ _0\"></span>,516,194<span class=\"_ _0\"></span>) -  (3,271<span class=\"_ _0\"></span>,381,833<span class=\"_ _0\"></span>) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d -  (18<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>27,626)<span class=\"_ _0\"></span> (137,630,932)<span class=\"_ _0\"></span> -  (156,458,558)<span class=\"_ _0\"></span> (Note 3.7)<span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span> -  -  Disposal<span class=\"_ _0\"></span>s -  -  39,443,667 <span class=\"_ _0\"></span> -  39,443,667 <span class=\"_ _0\"></span> Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  6,927  8,456,805  -  8,463,732  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 -  (381<span class=\"_ _0\"></span>,686,338) (2,998<span class=\"_ _0\"></span>,246,654<span class=\"_ _0\"></span>) -  (3,379<span class=\"_ _0\"></span>,932,992<span class=\"_ _0\"></span>) Net book value a<span class=\"_ _0\"></span>s at 1 Janu<span class=\"_ _0\"></span>ary 2021<span class=\"_ _0\"></span> 114<span class=\"_ _0\"></span>,504,564<span class=\"_ _0\"></span>  189<span class=\"_ _0\"></span>,048,253<span class=\"_ _0\"></span>  756<span class=\"_ _0\"></span>,971,344<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,425,431<span class=\"_ _0\"></span>  1,183,94<span class=\"_ _0\"></span>9,592  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 114<span class=\"_ _0\"></span>,391,431<span class=\"_ _0\"></span>  180<span class=\"_ _0\"></span>,008,001<span class=\"_ _0\"></span>  810<span class=\"_ _0\"></span>,368,743<span class=\"_ _0\"></span>  40,476<span class=\"_ _0\"></span>,332  1,145,24<span class=\"_ _0\"></span>4,507  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 115<span class=\"_ _0\"></span>,774,318<span class=\"_ _0\"></span>  162<span class=\"_ _0\"></span>,813,530<span class=\"_ _0\"></span>  728<span class=\"_ _0\"></span>,945,074<span class=\"_ _0\"></span>  92,156<span class=\"_ _0\"></span>,485  1,099,68<span class=\"_ _0\"></span>9,407  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 th<span class=\"_ _2\"></span>e caption<span class=\"_ _2\"></span> Ass<span class=\"_ _2\"></span>ets under <span class=\"_ _2\"></span>const<span class=\"_ _2\"></span>ructi<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span>cludes i<span class=\"_ _2\"></span>nvestments as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with ongoi<span class=\"_ _2\"></span>ng develo<span class=\"_ _2\"></span>pment p<span class=\"_ _2\"></span>rojec<span class=\"_ _2\"></span>ts, in pa<span class=\"_ _2\"></span>rticul<span class=\"_ _2\"></span>ar those <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>the new <span class=\"_ _2\"></span>wood pr<span class=\"_ _2\"></span>eparation <span class=\"_ _2\"></span>line in F<span class=\"_ _2\"></span>igueira da Fo<span class=\"_ _2\"></span>z (Euro 2<span class=\"_ _2\"></span>0,835<span class=\"_ _2\"></span>,625), <span class=\"_ _2\"></span>the new ev<span class=\"_ _2\"></span>apora<span class=\"_ _2\"></span>tion l<span class=\"_ _2\"></span>ine in <span class=\"_ _2\"></span>Aveiro (Euro 1<span class=\"_ _2\"></span>2,691,625)<span class=\"_ _2\"></span>, the ne<span class=\"_ _2\"></span>w natural<span class=\"_ _2\"></span> gas boil<span class=\"_ _2\"></span>er in Se<span class=\"_ _2\"></span>t\u00fabal (Eu<span class=\"_ _2\"></span>ro 4<span class=\"_ _2\"></span>,280,075) an<span class=\"_ _2\"></span>d the up<span class=\"_ _2\"></span>grade o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e control<span class=\"_ _2\"></span> system of C<span class=\"_ _2\"></span>oiler <span class=\"_ _2\"></span>1 in <span class=\"_ _2\"></span>Figueira da <span class=\"_ _2\"></span>Foz (Euro <span class=\"_ _2\"></span>2,006,602)<span class=\"_ _2\"></span>. The <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>nder is rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to sev<span class=\"_ _2\"></span>era<span class=\"_ _0\"></span>l pro<span class=\"_ _2\"></span>jects for improving <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>ptimisi<span class=\"_ _2\"></span>ng the produc<span class=\"_ _2\"></span>tion p<span class=\"_ _2\"></span>rocess. Lands <span class=\"_ _2\"></span>includes <span class=\"_ _2\"></span>Euro 114<span class=\"_ _2\"></span>,586,831 (3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 2021: Eu<span class=\"_ _2\"></span>ro 1<span class=\"_ _2\"></span>13,358,585<span class=\"_ _2\"></span>) class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n the indivi<span class=\"_ _2\"></span>dual fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts as in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>properties<span class=\"_ _2\"></span>, f<span class=\"_ _2\"></span>rom whi<span class=\"_ _2\"></span>ch Euro 7<span class=\"_ _2\"></span>5,448,716 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro <span class=\"_ _2\"></span>74.220.470<span class=\"_ _2\"></span>) rel<span class=\"_ _2\"></span>ate to f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>try land <span class=\"_ _2\"></span>and Eu<span class=\"_ _2\"></span>ro 39,138,1<span class=\"_ _2\"></span>15 (31 D<span class=\"_ _2\"></span>ecembe<span class=\"_ _2\"></span>r 2021: <span class=\"_ _2\"></span>Euro 39,13<span class=\"_ _2\"></span>8,115) to l<span class=\"_ _2\"></span>and all<span class=\"_ _2\"></span>ocated to<span class=\"_ _2\"></span> indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>site<span class=\"_ _2\"></span>s. The commi<span class=\"_ _2\"></span>tments as<span class=\"_ _2\"></span>sumed by <span class=\"_ _2\"></span>the Group f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>property, p<span class=\"_ _2\"></span>lant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment are deta<span class=\"_ _2\"></span>iled <span class=\"_ _2\"></span>in Note 10<span class=\"_ _2\"></span>.2 - Comm<span class=\"_ _2\"></span>itments<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Property<span class=\"_ _2\"></span>, plant<span class=\"_ _2\"></span> and eq<span class=\"_ _2\"></span>uipment The reco<span class=\"_ _2\"></span>verabil<span class=\"_ _2\"></span>ity of p<span class=\"_ _2\"></span>roperty<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>requires <span class=\"_ _2\"></span>the Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>to use estimates an<span class=\"_ _2\"></span>d ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns, namely<span class=\"_ _2\"></span>, whenev<span class=\"_ _2\"></span>er appl<span class=\"_ _2\"></span>icable,<span class=\"_ _2\"></span> regardi<span class=\"_ _2\"></span>ng the de<span class=\"_ _2\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the value i<span class=\"_ _2\"></span>n use fo<span class=\"_ _2\"></span>r impairmen<span class=\"_ _2\"></span>t tes<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> cash-gen<span class=\"_ _2\"></span>erating uni<span class=\"_ _2\"></span>ts. <span class=\"_ _2\"></span> Useful <span class=\"_ _2\"></span>life and<span class=\"_ _2\"></span> depr<span class=\"_ _2\"></span>eciation  Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment <span class=\"_ _2\"></span>present th<span class=\"_ _2\"></span>e most s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t component o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's total assets. <span class=\"_ _2\"></span>These <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n for the <span class=\"_ _2\"></span>period tha<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>s determin<span class=\"_ _2\"></span>ed to be their <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe. The <span class=\"_ _2\"></span>determinatio<span class=\"_ _2\"></span>n of as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves and the <span class=\"_ _2\"></span>depreci<span class=\"_ _2\"></span>ation method to <span class=\"_ _2\"></span>be a<span class=\"_ _2\"></span>pplied is<span class=\"_ _2\"></span> essen<span class=\"_ _2\"></span>tial to <span class=\"_ _2\"></span>determine <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> depreci<span class=\"_ _2\"></span>ation to <span class=\"_ _2\"></span>be reco<span class=\"_ _2\"></span>gnised i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t of each <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>d. These <span class=\"_ _2\"></span>two parame<span class=\"_ _2\"></span>ters are <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ned accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the bes<span class=\"_ _2\"></span>t ju<span class=\"_ _2\"></span>dgement of <span class=\"_ _2\"></span>the Board <span class=\"_ _2\"></span>of Dir<span class=\"_ _2\"></span>ectors for the as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and bus<span class=\"_ _2\"></span>inesses <span class=\"_ _2\"></span>in ques<span class=\"_ _2\"></span>tion, al<span class=\"_ _2\"></span>so con<span class=\"_ _2\"></span>sidering<span class=\"_ _2\"></span> the pr<span class=\"_ _2\"></span>actices ado<span class=\"_ _2\"></span>pted <span class=\"_ _2\"></span>by compani<span class=\"_ _2\"></span>es of the <span class=\"_ _2\"></span>sector <span class=\"_ _2\"></span>at the i<span class=\"_ _2\"></span>nternati<span class=\"_ _2\"></span>onal l<span class=\"_ _2\"></span>evel and th<span class=\"_ _2\"></span>e evoluti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>which the Group oper<span class=\"_ _2\"></span>ates. <span class=\"_ _2\"></span> Under IFRS<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of as<span class=\"_ _2\"></span>sets shou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>review<span class=\"_ _2\"></span>ed if ex<span class=\"_ _2\"></span>pectatio<span class=\"_ _2\"></span>ns regardin<span class=\"_ _2\"></span>g the ex<span class=\"_ _2\"></span>pected eco<span class=\"_ _2\"></span>nomic b<span class=\"_ _2\"></span>enefits <span class=\"_ _2\"></span>as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>the techn<span class=\"_ _2\"></span>ical <span class=\"_ _2\"></span>use planned f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>asset<span class=\"ls25\">s </span>differ <span class=\"_ _2\"></span>from pr<span class=\"_ _2\"></span>evious esti<span class=\"_ _2\"></span>mates<span class=\"_ _2\"></span>. Changes <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting in <span class=\"_ _2\"></span>depre<span class=\"_ _2\"></span>ciation <span class=\"_ _2\"></span>charges for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod ar<span class=\"_ _2\"></span>e accoun<span class=\"_ _2\"></span>ted for <span class=\"_ _2\"></span>prospecti<span class=\"_ _2\"></span>vely. Given the i<span class=\"_ _2\"></span>mportanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>estimate, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>uses, <span class=\"_ _2\"></span>with s<span class=\"_ _2\"></span>ome regul<span class=\"_ _2\"></span>arity, e<span class=\"_ _2\"></span>xternal<span class=\"_ _2\"></span> and independ<span class=\"_ _2\"></span>ent exp<span class=\"_ _2\"></span>erts to <span class=\"_ _2\"></span>assess th<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>equacy of the es<span class=\"_ _2\"></span>tima<span class=\"_ _2\"></span>tes used <span class=\"_ _2\"></span>havin<span class=\"_ _2\"></span>g the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>eport be<span class=\"_ _2\"></span>en completed <span class=\"_ _2\"></span>during <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d half o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e to 1<span class=\"_ _2\"></span> Januar<span class=\"_ _2\"></span>y 2022. In <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>sense, in 2022 <span class=\"_ _2\"></span>the Group re<span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of<span class=\"_ _2\"></span> a set of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts rel<span class=\"_ _2\"></span>ated to p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n acti<span class=\"_ _2\"></span>vity, whi<span class=\"_ _2\"></span>ch resulted<span class=\"_ _2\"></span>, on avera<span class=\"_ _2\"></span>ge, in <span class=\"_ _2\"></span>a reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife and <span class=\"_ _2\"></span>thus <span class=\"_ _2\"></span>an increase <span class=\"_ _2\"></span>in dep<span class=\"_ _2\"></span>reciation <span class=\"_ _2\"></span>(see Note 3.7)<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-82-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Proper<span class=\"_ _2\"></span>ty, plant a<span class=\"_ _2\"></span>nd equipme<span class=\"_ _2\"></span>nt Recogni<span class=\"_ _2\"></span>tion and i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment a<span class=\"_ _2\"></span>re shown <span class=\"_ _2\"></span>at cost<span class=\"_ _2\"></span>, less<span class=\"_ _2\"></span> acc<span class=\"_ _2\"></span>umulated deprec<span class=\"_ _2\"></span>iation <span class=\"_ _2\"></span>and impairment <span class=\"_ _2\"></span>losses. <span class=\"_ _a3\"> </span> Deprecia<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>ment th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e rates <span class=\"_ _2\"></span>that best <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r esti<span class=\"_ _2\"></span>mated usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Land (cost of prep<span class=\"_ _0\"></span>aring for afforesta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n) 50<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 10 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>12 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">20</span> </span></span>6 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">25</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Tools 2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>tive useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d, on th<span class=\"_ _2\"></span>e date of <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>sition. <span class=\"_ _2\"></span>If there <span class=\"_ _2\"></span>are chan<span class=\"_ _2\"></span>ges to <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, they are <span class=\"_ _2\"></span>trea<span class=\"_ _2\"></span>ted as <span class=\"_ _2\"></span>a change in<span class=\"_ _2\"></span> accounti<span class=\"_ _2\"></span>ng es<span class=\"_ _2\"></span>timate an<span class=\"_ _2\"></span>d are applie<span class=\"_ _2\"></span>d prosp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y.  When th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>et exce<span class=\"_ _2\"></span>eds its r<span class=\"_ _2\"></span>eali<span class=\"_ _2\"></span>sable va<span class=\"_ _2\"></span>lue, the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> wri<span class=\"_ _2\"></span>tten down <span class=\"_ _2\"></span>to the estimate<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>verable amo<span class=\"_ _2\"></span>unt, and an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>airment cha<span class=\"_ _2\"></span>rge <span class=\"_ _2\"></span>is boo<span class=\"_ _2\"></span>ked<span class=\"_ _0\"></span> (No<span class=\"_ _2\"></span>te 3.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span><span class=\"ls79\">).<span class=\"ls0\"> </span></span>Spare an<span class=\"_ _2\"></span>d mainten<span class=\"_ _2\"></span>ance parts<span class=\"_ _2\"></span> Spare par<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered stra<span class=\"_ _2\"></span>tegic as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n equipm<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d their us<span class=\"_ _2\"></span>e is ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to las<span class=\"_ _2\"></span>t for mor<span class=\"_ _2\"></span>e than <span class=\"_ _2\"></span>two econo<span class=\"_ _2\"></span>mic y<span class=\"_ _2\"></span>ears. Mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>parts co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red as \"cri<span class=\"_ _2\"></span>tical <span class=\"_ _2\"></span>spare par<span class=\"_ _2\"></span>ts\" are <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n non-curren<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets, as P<span class=\"_ _2\"></span>ropert<span class=\"_ _2\"></span>y, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment. Respecting <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> class<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>ation, spare <span class=\"_ _2\"></span>parts<span class=\"_ _2\"></span> are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d f<span class=\"_ _2\"></span>rom the momen<span class=\"_ _2\"></span>t they <span class=\"_ _2\"></span>become availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>are assign<span class=\"_ _2\"></span>ed a us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e that foll<span class=\"_ _2\"></span>ows the natu<span class=\"_ _2\"></span>re of <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, where they are <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted to b<span class=\"_ _2\"></span>e integ<span class=\"_ _2\"></span>rated, no<span class=\"_ _2\"></span>t excee<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>ning us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> these. Spare par<span class=\"_ _2\"></span>ts are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r as pro<span class=\"_ _2\"></span>perty, <span class=\"_ _2\"></span>plant an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment if th<span class=\"_ _2\"></span>ey ar<span class=\"_ _2\"></span>e material<span class=\"_ _2\"></span> and use<span class=\"_ _2\"></span>d for mo<span class=\"_ _2\"></span>re than on<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, or if<span class=\"_ _2\"></span> they ar<span class=\"_ _2\"></span>e used o<span class=\"_ _2\"></span>nly in <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to an i<span class=\"_ _2\"></span>tem of pro<span class=\"_ _2\"></span>perty<span class=\"_ _2\"></span>, plant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t. In othe<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>tuations, s<span class=\"_ _2\"></span>pare <span class=\"_ _2\"></span>parts are <span class=\"_ _2\"></span>acco<span class=\"_ _2\"></span>unted <span class=\"_ _2\"></span>for as<span class=\"_ _2\"></span> part o<span class=\"_ _2\"></span>f invento<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>and recogniz<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>when cons<span class=\"_ _2\"></span>umed. Subsequen<span class=\"_ _2\"></span>t costs<span class=\"_ _2\"></span> Scheduled mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e exp<span class=\"_ _2\"></span>enses ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered a compo<span class=\"_ _2\"></span>nent of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>t of property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d are f<span class=\"_ _2\"></span>ully de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ext forec<span class=\"_ _2\"></span>asted mai<span class=\"_ _2\"></span>ntenance date.<span class=\"_ _2\"></span> All <span class=\"_ _2\"></span>other repai<span class=\"_ _2\"></span>rs and mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>are cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch they a<span class=\"_ _2\"></span>re incu<span class=\"_ _2\"></span>rred. Borrowing c<span class=\"_ _2\"></span>osts Borrowing c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n or co<span class=\"_ _2\"></span>nstructi<span class=\"_ _2\"></span>on (if<span class=\"_ _2\"></span> the const<span class=\"_ _2\"></span>ructio<span class=\"_ _2\"></span>n or developmen<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>excee<span class=\"_ _2\"></span>ds one year<span class=\"_ _2\"></span>) of <span class=\"_ _2\"></span>property, <span class=\"_ _2\"></span>plant <span class=\"_ _2\"></span>and equipm<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and form part o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t\u2019s cost<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted, no <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial c<span class=\"_ _2\"></span>harges fo<span class=\"_ _2\"></span>r lo<span class=\"_ _2\"></span>ans directly r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>or construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> proper<span class=\"_ _2\"></span>ty, plant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>were c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>ised. Write-of<span class=\"_ _2\"></span>fs and di<span class=\"_ _2\"></span>sposals<span class=\"_ _2\"></span> Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the write-off <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>disposal<span class=\"_ _2\"></span> repre<span class=\"_ _2\"></span>sent th<span class=\"_ _2\"></span>e differenc<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e proceeds<span class=\"_ _2\"></span> recei<span class=\"_ _2\"></span>ved on dispos<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>less c<span class=\"_ _2\"></span>osts to s<span class=\"_ _2\"></span>ell and <span class=\"_ _2\"></span>the as<span class=\"_ _2\"></span>set\u2019s <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value, an<span class=\"_ _2\"></span>d are reco<span class=\"_ _2\"></span>gnise<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>as Other op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng inco<span class=\"_ _2\"></span>me (Note <span class=\"_ _2\"></span>2.2) or O<span class=\"_ _2\"></span>ther oper<span class=\"_ _2\"></span>ating e<span class=\"_ _2\"></span>xpenses (Note 2.3<span class=\"_ _2\"></span>). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-83-5": {
   "value": "Deprecia<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>ment th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and us<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e rates <span class=\"_ _2\"></span>that best <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>t thei<span class=\"_ _2\"></span>r esti<span class=\"_ _2\"></span>mated usef<span class=\"_ _2\"></span>ul l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Land (cost of prep<span class=\"_ _0\"></span>aring for afforesta<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n) 50<span class=\"ls0\"> </span>50<span class=\"ls0\"> </span>Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 10 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>12 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>30<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">20</span> </span></span>6 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">25</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Tools 2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>2 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">10</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _2\"></span>e ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>tive useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d, on th<span class=\"_ _2\"></span>e date of <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial po<span class=\"_ _2\"></span>sition. <span class=\"_ _2\"></span>If there <span class=\"_ _2\"></span>are chan<span class=\"_ _2\"></span>ges to <span class=\"_ _2\"></span>usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves, they are <span class=\"_ _2\"></span>trea<span class=\"_ _2\"></span>ted as <span class=\"_ _2\"></span>a change in<span class=\"_ _2\"></span> accounti<span class=\"_ _2\"></span>ng es<span class=\"_ _2\"></span>timate an<span class=\"_ _2\"></span>d are applie<span class=\"_ _2\"></span>d prosp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y.  When th<span class=\"_ _2\"></span>e book <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>et exce<span class=\"_ _2\"></span>eds its r<span class=\"_ _2\"></span>eali<span class=\"_ _2\"></span>sable va<span class=\"_ _2\"></span>lue, the ass<span class=\"_ _2\"></span>et is<span class=\"_ _2\"></span> wri<span class=\"_ _2\"></span>tten down <span class=\"_ _2\"></span>to the estimate<span class=\"_ _2\"></span>d reco<span class=\"_ _2\"></span>verable amo<span class=\"_ _2\"></span>unt, and an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>airment cha<span class=\"_ _2\"></span>rge <span class=\"_ _2\"></span>is boo<span class=\"_ _2\"></span>ked<span class=\"_ _0\"></span> (No<span class=\"_ _2\"></span>te 3.<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span><span class=\"ls79\">).<span class=\"ls0\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-84-4": {
   "value": "Spare an<span class=\"_ _2\"></span>d mainten<span class=\"_ _2\"></span>ance parts<span class=\"_ _2\"></span> Spare par<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered stra<span class=\"_ _2\"></span>tegic as <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>ated to pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n equipm<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d their us<span class=\"_ _2\"></span>e is ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to las<span class=\"_ _2\"></span>t for mor<span class=\"_ _2\"></span>e than <span class=\"_ _2\"></span>two econo<span class=\"_ _2\"></span>mic y<span class=\"_ _2\"></span>ears. Mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>parts co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red as \"cri<span class=\"_ _2\"></span>tical <span class=\"_ _2\"></span>spare par<span class=\"_ _2\"></span>ts\" are <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n non-curren<span class=\"_ _2\"></span>t ass<span class=\"_ _2\"></span>ets, as P<span class=\"_ _2\"></span>ropert<span class=\"_ _2\"></span>y, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment. Respecting <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> class<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span>ation, spare <span class=\"_ _2\"></span>parts<span class=\"_ _2\"></span> are dep<span class=\"_ _2\"></span>reciate<span class=\"_ _2\"></span>d f<span class=\"_ _2\"></span>rom the momen<span class=\"_ _2\"></span>t they <span class=\"_ _2\"></span>become availabl<span class=\"_ _2\"></span>e for us<span class=\"_ _2\"></span>e and <span class=\"_ _2\"></span>are assign<span class=\"_ _2\"></span>ed a us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e that foll<span class=\"_ _2\"></span>ows the natu<span class=\"_ _2\"></span>re of <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>pment<span class=\"_ _2\"></span>, where they are <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted to b<span class=\"_ _2\"></span>e integ<span class=\"_ _2\"></span>rated, no<span class=\"_ _2\"></span>t excee<span class=\"_ _2\"></span>ding the <span class=\"_ _2\"></span>remai<span class=\"_ _2\"></span>ning us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> these. Spare par<span class=\"_ _2\"></span>ts are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted fo<span class=\"_ _2\"></span>r as pro<span class=\"_ _2\"></span>perty, <span class=\"_ _2\"></span>plant an<span class=\"_ _2\"></span>d equi<span class=\"_ _2\"></span>pment if th<span class=\"_ _2\"></span>ey ar<span class=\"_ _2\"></span>e material<span class=\"_ _2\"></span> and use<span class=\"_ _2\"></span>d for mo<span class=\"_ _2\"></span>re than on<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span>, or if<span class=\"_ _2\"></span> they ar<span class=\"_ _2\"></span>e used o<span class=\"_ _2\"></span>nly in <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n to an i<span class=\"_ _2\"></span>tem of pro<span class=\"_ _2\"></span>perty<span class=\"_ _2\"></span>, plant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t. In othe<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>tuations, s<span class=\"_ _2\"></span>pare <span class=\"_ _2\"></span>parts are <span class=\"_ _2\"></span>acco<span class=\"_ _2\"></span>unted <span class=\"_ _2\"></span>for as<span class=\"_ _2\"></span> part o<span class=\"_ _2\"></span>f invento<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>and recogniz<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e period <span class=\"_ _2\"></span>when cons<span class=\"_ _2\"></span>umed. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-86-4": {
   "value": "Borrowing c<span class=\"_ _2\"></span>osts Borrowing c<span class=\"_ _2\"></span>osts <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n or co<span class=\"_ _2\"></span>nstructi<span class=\"_ _2\"></span>on (if<span class=\"_ _2\"></span> the const<span class=\"_ _2\"></span>ructio<span class=\"_ _2\"></span>n or developmen<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>excee<span class=\"_ _2\"></span>ds one year<span class=\"_ _2\"></span>) of <span class=\"_ _2\"></span>property, <span class=\"_ _2\"></span>plant <span class=\"_ _2\"></span>and equipm<span class=\"_ _2\"></span>ent ar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span>d and form part o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t\u2019s cost<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted, no <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial c<span class=\"_ _2\"></span>harges fo<span class=\"_ _2\"></span>r lo<span class=\"_ _2\"></span>ans directly r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>or construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> proper<span class=\"_ _2\"></span>ty, plant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment <span class=\"_ _2\"></span>were c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>ised. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes Bonds, Co<span class=\"_ _2\"></span>mmercial <span class=\"_ _2\"></span>Paper<span class=\"_ _2\"></span>, bank loans<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, usi<span class=\"_ _2\"></span>ng the eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve interest <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the ref<span class=\"_ _2\"></span>und amoun<span class=\"_ _2\"></span>t and th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement amou<span class=\"_ _2\"></span>nt is r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>deb<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>under \"In<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>expenses on<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ther loans\" <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.11 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Net finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>results. </span></span>Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>approxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _2\"></span>g l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties that ar<span class=\"_ _2\"></span>e remun<span class=\"_ _2\"></span>erated at <span class=\"_ _2\"></span>a fi<span class=\"_ _2\"></span>xed rat<span class=\"_ _2\"></span>e is <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>sed in Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabil<span class=\"_ _2\"></span>ities.<span class=\"ff4\"> </span></span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-88-2": {
   "value": "3.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Invest<span class=\"_ _2\"></span>ment <span class=\"_ _2\"></span>properties<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n inve<span class=\"_ _2\"></span>stme<span class=\"_ _2\"></span>nt pro<span class=\"_ _2\"></span>perti<span class=\"_ _2\"></span>es Buildings<span class=\"_ _0\"></span>  and other<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Land<span class=\"_ _0\"></span> construct<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 424<span class=\"_ _0\"></span>,744  82,307<span class=\"_ _0\"></span>  507<span class=\"_ _0\"></span>,051  Accumu<span class=\"_ _0\"></span>lated depreciation and im<span class=\"_ _0\"></span>pairmen<span class=\"_ _0\"></span>t losses<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (399<span class=\"_ _0\"></span>,372) (13,44<span class=\"_ _0\"></span>3) (412<span class=\"_ _0\"></span>,815) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (Note 3.7) -  (1,646) (1,646) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (399<span class=\"_ _0\"></span>,372) (15,08<span class=\"_ _0\"></span>9) (414<span class=\"_ _0\"></span>,461) Depreciatio<span class=\"_ _0\"></span>n and amortisati<span class=\"_ _0\"></span>on for the perio<span class=\"_ _0\"></span>d (Note 3.7)<span class=\"_ _0\"></span> -  -  -  Disposal<span class=\"_ _0\"></span>s -  -  -  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (Note 3.7) -  (1,646) (1,646) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (399<span class=\"_ _0\"></span>,372) (16,73<span class=\"_ _0\"></span>5) (416<span class=\"_ _0\"></span>,107) Net book value as at 1 J<span class=\"_ _0\"></span>anuary <span class=\"ls1c\">2021</span> 25,372<span class=\"_ _0\"></span>  68,864<span class=\"_ _0\"></span>  94,236<span class=\"_ _0\"></span>  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 25,372<span class=\"_ _0\"></span>  67,218<span class=\"_ _0\"></span>  92,589<span class=\"_ _0\"></span>  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 25,372<span class=\"_ _0\"></span>  65,572<span class=\"_ _0\"></span>  90,943<span class=\"_ _0\"></span>  These ass<span class=\"_ _2\"></span>ets ar<span class=\"_ _2\"></span>e not all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>Group's o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting ac<span class=\"_ _2\"></span>tivity<span class=\"_ _2\"></span>, nor do <span class=\"_ _2\"></span>they h<span class=\"_ _2\"></span>ave any f<span class=\"_ _2\"></span>uture use det<span class=\"_ _2\"></span>ermined.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-89-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies th<span class=\"_ _2\"></span>e assets h<span class=\"_ _2\"></span>eld f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e purpose <span class=\"_ _2\"></span>of cap<span class=\"_ _2\"></span>ital <span class=\"_ _2\"></span>appreciati<span class=\"_ _2\"></span>on and/or <span class=\"_ _2\"></span>the generati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>rental <span class=\"_ _2\"></span>income as<span class=\"_ _2\"></span> investmen<span class=\"_ _2\"></span>ts pro<span class=\"_ _2\"></span>perties i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he conso<span class=\"_ _2\"></span>lidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statemen<span class=\"_ _2\"></span>ts. An in<span class=\"_ _2\"></span>vestment p<span class=\"_ _2\"></span>roperty is<span class=\"_ _2\"></span> ini<span class=\"_ _2\"></span>tially measur<span class=\"_ _2\"></span>ed by i<span class=\"_ _2\"></span>ts acqui<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>tion or <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on cost, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng the transactio<span class=\"_ _2\"></span>n costs <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>are dir<span class=\"_ _2\"></span>ectly <span class=\"_ _2\"></span>attributa<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>it. <span class=\"_ _2\"></span>After i<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tial reco<span class=\"_ _2\"></span>gnition, i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t properties<span class=\"_ _2\"></span> are meas<span class=\"_ _2\"></span>ured a<span class=\"_ _2\"></span>t cos<span class=\"_ _2\"></span>t less amo<span class=\"_ _2\"></span>rtis<span class=\"_ _2\"></span>ation and i<span class=\"_ _2\"></span>mpai<span class=\"_ _2\"></span>rment loss<span class=\"_ _2\"></span>es. Subsequen<span class=\"_ _2\"></span>t expen<span class=\"_ _2\"></span>diture i<span class=\"_ _2\"></span>s capital<span class=\"_ _2\"></span>ised onl<span class=\"_ _2\"></span>y when i<span class=\"_ _2\"></span>t is pro<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>able tha<span class=\"_ _2\"></span>t it wil<span class=\"_ _2\"></span>l resul<span class=\"_ _2\"></span>t in fu<span class=\"_ _2\"></span>ture economi<span class=\"_ _2\"></span>c benefits <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ty compari<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>those cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n ini<span class=\"_ _2\"></span>tial rec<span class=\"_ _2\"></span>ognition<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-90-2": {
   "value": "3.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Government<span class=\"_ _2\"></span> grant<span class=\"_ _2\"></span>s </span></span>Govern<span class=\"_ _2\"></span>ment <span class=\"_ _2\"></span>grant<span class=\"_ _2\"></span>s - mo<span class=\"_ _2\"></span>veme<span class=\"_ _2\"></span>nts 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total Opening balance<span class=\"_ _0\"></span> 12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  13,768<span class=\"_ _0\"></span>,051  21,463<span class=\"_ _0\"></span>,619  35,231<span class=\"_ _0\"></span>,670  Granting 5,226,930  -  5,226,930  721,599  -  721,599  Charge-off (Note 3.<span class=\"_ _0\"></span>7) (1,689,688) (1,708,516) (3,398,204) (2,365,089) (1,737,488) (4,102,577) Other movements<span class=\"_ _0\"></span> 293,111  -  293,111  (38<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>04)<span class=\"_ _0\"></span> (117,166) (155,970) Closing balance (Note 4<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  The attri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns for the <span class=\"_ _2\"></span>yea<span class=\"_ _2\"></span>r incl<span class=\"_ _2\"></span>ude Euro 4,48<span class=\"_ _2\"></span>8,046 r<span class=\"_ _2\"></span>elati<span class=\"_ _2\"></span>ng to the <span class=\"_ _2\"></span>grant b<span class=\"_ _2\"></span>y CINEA (Eu<span class=\"_ _2\"></span>ropean Cli<span class=\"_ _2\"></span>mate, Infras<span class=\"_ _2\"></span>tructure an<span class=\"_ _2\"></span>d Envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>Executiv<span class=\"_ _2\"></span>e Agenc<span class=\"_ _2\"></span>y) to Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Pulp Se<span class=\"_ _2\"></span>t\u00fabal, <span class=\"_ _2\"></span>S.A. for investmen<span class=\"_ _2\"></span>t in the <span class=\"_ _2\"></span>conversi<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the li<span class=\"_ _2\"></span>me kiln <span class=\"_ _2\"></span>at the S<span class=\"_ _2\"></span>et\u00fabal<span class=\"_ _2\"></span> pulp mi<span class=\"_ _2\"></span>ll, with <span class=\"_ _2\"></span>a view <span class=\"_ _2\"></span>to usin<span class=\"_ _2\"></span>g renewable <span class=\"_ _2\"></span>fuel so<span class=\"_ _2\"></span>urces, <span class=\"_ _2\"></span>as part of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Group's <span class=\"_ _2\"></span>decar<span class=\"_ _2\"></span>bonisatio<span class=\"_ _2\"></span>n plan. <span class=\"_ _2\"></span>The remai<span class=\"_ _2\"></span>ning amo<span class=\"_ _2\"></span>unt of Euro 73<span class=\"_ _2\"></span>8,884 rel<span class=\"_ _2\"></span>ates to <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>ms all<span class=\"_ _2\"></span>ocated und<span class=\"_ _2\"></span>er the R<span class=\"_ _2\"></span>ecovery <span class=\"_ _2\"></span>and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan. Only Euro <span class=\"_ _2\"></span>96,055 of<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e amount all<span class=\"_ _2\"></span>ocate<span class=\"_ _2\"></span>d was recei<span class=\"_ _2\"></span>ved i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>period, as<span class=\"_ _2\"></span> ref<span class=\"_ _2\"></span>lected i<span class=\"_ _2\"></span>n the Statement of<span class=\"_ _2\"></span> Cash <span class=\"_ _2\"></span>Flows<span class=\"_ _2\"></span>, As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Gove<span class=\"_ _2\"></span>rnment gr<span class=\"_ _2\"></span>ants<span class=\"_ _2\"></span>, by compan<span class=\"_ _2\"></span>y, were detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total AICEP inv<span class=\"_ _0\"></span>estment contracts<span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>. 254,071  -  254,071  328,243  -  328,243  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>. 3,759,757  1,556,065  5,315,822  4,790,430  2,015,570  6,806,000  Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. 52,676  -  52,676  101,018  -  101,018  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. 9,309  8,175,288  8,184,597  13,324  8,885,363  8,898,687  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A. 1,810,283  -  1,810,283  1,869,640  -  1,869,640  Navigator Bra<span class=\"_ _0\"></span>nds, S.A. -  -  -  499,805  -  499,805  Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A. 2,795,648  8,169,096  10,964,744 <span class=\"_ _0\"></span> 2,982,150  8,708,032  11,690,182 <span class=\"_ _0\"></span> 8,681,74<span class=\"_ _0\"></span>4  17,900<span class=\"_ _0\"></span>,449  26,582<span class=\"_ _0\"></span>,193  10,584<span class=\"_ _0\"></span>,610  19,608<span class=\"_ _0\"></span>,965  30,193<span class=\"_ _0\"></span>,575  Under the Recovery <span class=\"_ _0\"></span>and Resili<span class=\"_ _0\"></span>ence Plan<span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. 36,510  -  36,510  -  -  -  Vi<span class=\"_ _0\"></span>veiros Alian\u00e7a, SA<span class=\"_ _0\"></span> 20,800  -  20,800  -  -  -  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>. 38,336  -  38,336  -  -  -  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. 520,678  -  520,678  -  -  -  RAIZ - I<span class=\"_ _0\"></span>nst. Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 122,560  -  122,560  -  -  -  738<span class=\"_ _0\"></span>,884  -  738<span class=\"_ _0\"></span>,884  -  -  -  Other Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. 4,488,046  -  4,488,046  RAIZ - I<span class=\"_ _0\"></span>nst. Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 2,007,338  -  2,007,338  1,479,841  -  1,479,841  Vi<span class=\"_ _0\"></span>veiros Alian\u00e7a, SA<span class=\"_ _0\"></span> 98 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  98 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>21,306  -  21,306 <span class=\"_ _0\"></span> 6,495,48<span class=\"_ _0\"></span>2  -  6,495,48<span class=\"_ _0\"></span>2  1,501,14<span class=\"_ _0\"></span>7  -  1,501,14<span class=\"_ _0\"></span>7  15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  The Group <span class=\"_ _2\"></span>expects <span class=\"_ _2\"></span>to reco<span class=\"_ _2\"></span>gnise <span class=\"_ _2\"></span>grants <span class=\"_ _2\"></span>in earni<span class=\"_ _2\"></span>ngs as fo<span class=\"_ _2\"></span>llows: 31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2022</span> </span>31<span class=\"ls0\">-<span class=\"_ _0\"></span><span class=\"ls76\">12</span>-<span class=\"ls76\">2021</span> </span>Amounts in Euro<span class=\"_ _0\"></span> Financial<span class=\"_ _0\"></span> Tax Total Financial<span class=\"_ _0\"></span> Tax Total 2022 -  -  -  1,748,315  1,708,516  3,456,831  2023 1,611,734  1,666,401  3,278,135  1,654,211  1,666,401  3,320,612  2024 1,570,887  1,666,401  3,237,288  1,608,887  1,666,401  3,275,288  2025 1,221,308  1,398,687  2,619,995  1,260,106  1,398,687  2,658,793  2026 1,132,412  1,390,347  2,522,759  1,197,809  1,390,347  2,588,156  2027 529,506  1,390,304  1,919,810  529,506  1,390,304  1,919,810  After 2027 9,850,263  10,388,309 <span class=\"_ _0\"></span> 20,238,572 <span class=\"_ _0\"></span> 4,086,923  10,388,308 <span class=\"_ _0\"></span> 14,475,231 <span class=\"_ _0\"></span> 15,916<span class=\"_ _0\"></span>,110  17,900<span class=\"_ _0\"></span>,449  33,816<span class=\"_ _0\"></span>,559  12,085<span class=\"_ _0\"></span>,757  19,608<span class=\"_ _0\"></span>,965  31,694<span class=\"_ _0\"></span>,722  Non-refund<span class=\"_ _2\"></span>able G<span class=\"_ _2\"></span>overnm<span class=\"_ _2\"></span>ent grant<span class=\"_ _2\"></span>s Incentiv<span class=\"_ _2\"></span>e to inc<span class=\"_ _2\"></span>rease pul<span class=\"_ _2\"></span>p produc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n capacity i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>da Foz On 27 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, Na<span class=\"_ _2\"></span>vigator Pu<span class=\"_ _2\"></span>lp Figuei<span class=\"_ _2\"></span>ra, S.<span class=\"_ _2\"></span>A signe<span class=\"_ _2\"></span>d a ta<span class=\"_ _2\"></span>x investm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>agre<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>with AICEP, r<span class=\"_ _2\"></span>elated <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e incre<span class=\"_ _2\"></span>ase of <span class=\"_ _2\"></span>pulp pro<span class=\"_ _2\"></span>duction c<span class=\"_ _2\"></span>apacit<span class=\"_ _2\"></span>y in Figuei<span class=\"_ _2\"></span>ra da Foz, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes a ta<span class=\"_ _2\"></span>x incentiv<span class=\"_ _2\"></span>e up to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>maximum amo<span class=\"_ _2\"></span>unt of E<span class=\"_ _2\"></span>uro 17,278<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>, correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>19.5% of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t made, th<span class=\"_ _2\"></span>rough<span class=\"_ _2\"></span> the fulfi<span class=\"_ _2\"></span>lment, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>31 December 2025 <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span>ly defin<span class=\"_ _2\"></span>ed objec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. This g<span class=\"_ _2\"></span>rant is <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed ov<span class=\"_ _2\"></span>er 20 ye<span class=\"_ _2\"></span>ars, un<span class=\"_ _2\"></span>til 2038, <span class=\"_ _2\"></span>in proportio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>the depr<span class=\"_ _2\"></span>eciatio<span class=\"_ _2\"></span>n of the as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, altho<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en ful<span class=\"_ _2\"></span>ly util<span class=\"_ _2\"></span>ised si<span class=\"_ _2\"></span>nce 2018.<span class=\"ls0\"> </span>Incentiv<span class=\"_ _2\"></span>es for th<span class=\"_ _2\"></span>e expans<span class=\"_ _2\"></span>ion proj<span class=\"_ _2\"></span>ect of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>acia pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span> On 18 Jun<span class=\"_ _2\"></span>e 2014, <span class=\"_ _2\"></span>the Group\u2019<span class=\"_ _2\"></span>s su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A., s<span class=\"_ _2\"></span>igned <span class=\"_ _2\"></span>two fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and tax incen<span class=\"_ _2\"></span>tive ag<span class=\"_ _2\"></span>reements <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>AICEP - A<span class=\"_ _2\"></span>g\u00eancia <span class=\"_ _2\"></span>para o<span class=\"_ _2\"></span> Inves<span class=\"_ _2\"></span>timento e C<span class=\"_ _2\"></span>om\u00e9rci<span class=\"_ _2\"></span>o Externo<span class=\"_ _2\"></span> de Portugal (A<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y for In<span class=\"_ _2\"></span>vestment an<span class=\"_ _2\"></span>d Foreign <span class=\"_ _2\"></span>Tra<span class=\"_ _2\"></span>de of Por<span class=\"_ _2\"></span>tugal) to <span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>t the in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ent to be promo<span class=\"_ _2\"></span>ted by th<span class=\"_ _2\"></span>at compan<span class=\"_ _2\"></span>y in <span class=\"_ _2\"></span>the capac<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>t of Av<span class=\"_ _2\"></span>eiro pulp <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>total amount of<span class=\"_ _2\"></span> Euro 49<span class=\"_ _2\"></span>.3 mil<span class=\"_ _2\"></span>lion.  The approv<span class=\"_ _2\"></span>ed grants <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t to Euro 9<span class=\"_ _2\"></span>,264<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>(refundable) an<span class=\"_ _2\"></span>d Euro 5,64<span class=\"_ _2\"></span>4 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> (tax incenti<span class=\"_ _2\"></span>ve). This <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en full<span class=\"_ _2\"></span>y utili<span class=\"_ _2\"></span>sed sinc<span class=\"_ _2\"></span>e 2016 <span class=\"_ _2\"></span>and will<span class=\"_ _2\"></span> be reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> profit or <span class=\"_ _2\"></span>loss in 2<span class=\"_ _2\"></span>0 years, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>2034. The con<span class=\"_ _2\"></span>tract i<span class=\"_ _2\"></span>ncludes an<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>hievement bon<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>s al<span class=\"_ _2\"></span>ready <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in balance s<span class=\"_ _2\"></span>heet, <span class=\"_ _2\"></span>which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e conve<span class=\"_ _2\"></span>rsion o<span class=\"_ _2\"></span>f the<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>grant <span class=\"_ _2\"></span>in a no<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>-refun<span class=\"_ _2\"></span>dable grant, up <span class=\"_ _2\"></span>to a <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>t of 75<span class=\"_ _2\"></span>% (Euro 6,947<span class=\"_ _2\"></span>,450), s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mpliance <span class=\"_ _2\"></span>with the o<span class=\"_ _2\"></span>bjecti<span class=\"_ _2\"></span>ves establis<span class=\"_ _2\"></span>hed in th<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>23.  Grant to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>et\u00fabal Li<span class=\"_ _2\"></span>me Kil<span class=\"_ _2\"></span>n Conversi<span class=\"_ _2\"></span>on projec<span class=\"_ _2\"></span>t As part of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>arbon <span class=\"_ _2\"></span>Neutral<span class=\"_ _2\"></span>ity Roadma<span class=\"_ _2\"></span>p, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>as signed a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nvestment contract <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Europe<span class=\"_ _2\"></span>an Union <span class=\"_ _2\"></span>to sup<span class=\"_ _2\"></span>port in<span class=\"_ _2\"></span>vestment b<span class=\"_ _2\"></span>y Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Set\u00fabal i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e conversio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>lime ki<span class=\"_ _2\"></span>ln at <span class=\"_ _2\"></span>the Set\u00fab<span class=\"_ _2\"></span>al pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>planned to<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro 7,500,00<span class=\"_ _2\"></span>0. The maxi<span class=\"_ _2\"></span>mum a<span class=\"_ _2\"></span>pproved <span class=\"_ _2\"></span>grant amo<span class=\"_ _2\"></span>unts to Eu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o 4,488,04<span class=\"_ _2\"></span>6 and wil<span class=\"_ _2\"></span>l be paid <span class=\"_ _2\"></span>through a si<span class=\"_ _2\"></span>ngle non-rep<span class=\"_ _2\"></span>ayable i<span class=\"_ _2\"></span>nstalment<span class=\"_ _2\"></span>, up <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>end of th<span class=\"_ _2\"></span>e thi<span class=\"_ _2\"></span>rd year <span class=\"_ _2\"></span>of ope<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f the equipmen<span class=\"_ _2\"></span>t. Recover<span class=\"_ _2\"></span>y and Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>involved in<span class=\"_ _2\"></span> four A<span class=\"_ _2\"></span>gendas<span class=\"_ _2\"></span> for Bus<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ess Innova<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f the Recov<span class=\"_ _2\"></span>ery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>91.8 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion. The Grou<span class=\"_ _2\"></span>p, throu<span class=\"_ _2\"></span>gh Naviga<span class=\"_ _2\"></span>tor Paper S<span class=\"_ _2\"></span>et\u00fabal, S<span class=\"_ _2\"></span>.A., i<span class=\"_ _2\"></span>s leadi<span class=\"_ _2\"></span>ng the \"F<span class=\"_ _2\"></span>rom Fossil<span class=\"_ _2\"></span> to Fores<span class=\"_ _2\"></span>t\" <span class=\"_ _2\"></span>(FF2F) Ag<span class=\"_ _2\"></span>enda, whos<span class=\"_ _2\"></span>e main go<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>is to develop <span class=\"_ _2\"></span>a range <span class=\"_ _2\"></span>of pack<span class=\"_ _2\"></span>aging sol<span class=\"_ _2\"></span>utions<span class=\"ff8\">\u2014</span>foc<span class=\"_ _2\"></span>used on th<span class=\"_ _2\"></span>e g<span class=\"_ _2\"></span>KRAFT brand <span class=\"_ _2\"></span>to be l<span class=\"_ _2\"></span>aunched i<span class=\"_ _2\"></span>n 2021<span class=\"ff8 ls0\">\u2014<span class=\"ff1\">and the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of mic<span class=\"_ _2\"></span>rofibril<span class=\"_ _2\"></span>lated c<span class=\"_ _2\"></span>ellul<span class=\"_ _2\"></span>ose fo<span class=\"_ _2\"></span>r developin<span class=\"_ _2\"></span>g mechanic<span class=\"_ _2\"></span>al prop<span class=\"_ _2\"></span>erties <span class=\"_ _2\"></span>and </span></span>functi<span class=\"_ _2\"></span>onal barri<span class=\"_ _2\"></span>ers (to f<span class=\"_ _2\"></span>ats <span class=\"_ _2\"></span>and liqui<span class=\"_ _2\"></span>ds, amon<span class=\"_ _2\"></span>gst oth<span class=\"_ _2\"></span>ers) in<span class=\"_ _2\"></span> these p<span class=\"_ _2\"></span>apers. In <span class=\"_ _2\"></span>total<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup wil<span class=\"_ _2\"></span>l benefit f<span class=\"_ _2\"></span>rom su<span class=\"_ _2\"></span>pport o<span class=\"_ _2\"></span>f around Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>5.9 mil<span class=\"_ _2\"></span>lion <span class=\"_ _2\"></span>from thi<span class=\"_ _2\"></span>s component o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e RRP (C<span class=\"_ _2\"></span>5 - Corporate C<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>izatio<span class=\"_ _2\"></span>n and Inno<span class=\"_ _2\"></span>vation)<span class=\"_ _2\"></span>.  During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>ies Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Paper <span class=\"_ _2\"></span>Setubal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Pulp Se<span class=\"_ _2\"></span>t\u00fabal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>Figueira<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp F<span class=\"_ _2\"></span>iguei<span class=\"_ _2\"></span>ra, S.A.<span class=\"_ _2\"></span>, Navi<span class=\"_ _2\"></span>gator Pulp <span class=\"_ _2\"></span>Aveiro<span class=\"_ _2\"></span>, S.A. and Naviga<span class=\"_ _2\"></span>tor Tissu<span class=\"_ _2\"></span>e Aveiro<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. appli<span class=\"_ _2\"></span>ed for <span class=\"_ _2\"></span>\"Apoio<span class=\"_ _2\"></span> \u00e0 Des<span class=\"_ _2\"></span>carboniza\u00e7<span class=\"_ _2\"></span>\u00e3o da In<span class=\"_ _2\"></span>d\u00fastria\" <span class=\"_ _2\"></span>(Support for Decarbo<span class=\"_ _2\"></span>nisa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Industry) un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the RRP.  <span class=\"_ _2\"></span>This s<span class=\"_ _2\"></span>upport i<span class=\"_ _2\"></span>s part <span class=\"_ _2\"></span>of a se<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>measures<span class=\"_ _2\"></span> under Compo<span class=\"_ _2\"></span>nent 1<span class=\"_ _2\"></span>1 (C11) <span class=\"_ _2\"></span>of the RR<span class=\"_ _2\"></span>P, whi<span class=\"_ _2\"></span>ch aims<span class=\"_ _2\"></span> to contri<span class=\"_ _2\"></span>bute to th<span class=\"_ _2\"></span>e goal<span class=\"_ _2\"></span> of carbon<span class=\"_ _2\"></span> neutralit<span class=\"_ _2\"></span>y by <span class=\"_ _2\"></span>promoting <span class=\"_ _2\"></span>energy <span class=\"_ _2\"></span>transiti<span class=\"_ _2\"></span>on throu<span class=\"_ _2\"></span>gh ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency, s<span class=\"_ _2\"></span>upport fo<span class=\"_ _2\"></span>r rene<span class=\"_ _2\"></span>wable energy, fo<span class=\"_ _2\"></span>cusing on<span class=\"_ _2\"></span> the ado<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>ow-carbon proc<span class=\"_ _2\"></span>esses<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>es in i<span class=\"_ _2\"></span>ndustry<span class=\"_ _2\"></span>, the adoption o<span class=\"_ _2\"></span>f ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency meas<span class=\"_ _2\"></span>ures <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>ndustry and <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> energ<span class=\"_ _2\"></span>y from renewable <span class=\"_ _2\"></span>sources an<span class=\"_ _2\"></span>d ene<span class=\"_ _2\"></span>rgy stora<span class=\"_ _2\"></span>ge. <span class=\"_ _2\"></span>Recentl<span class=\"_ _2\"></span>y, thi<span class=\"_ _2\"></span>s was <span class=\"_ _2\"></span>extended to<span class=\"_ _2\"></span> a secon<span class=\"_ _2\"></span>d phase o<span class=\"_ _2\"></span>f applicati<span class=\"_ _2\"></span>on, in <span class=\"_ _2\"></span>which Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>od\u00e3o S<span class=\"_ _2\"></span>.A., li<span class=\"_ _2\"></span>ke the<span class=\"_ _2\"></span> other co<span class=\"_ _2\"></span>mpanies<span class=\"_ _2\"></span>, presen<span class=\"_ _2\"></span>ted a s<span class=\"_ _2\"></span>eries of i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ves related <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>ts carbon n<span class=\"_ _2\"></span>eutrali<span class=\"_ _2\"></span>ty. <span class=\"_ _2\"></span>In th<span class=\"_ _2\"></span>e future,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 176.2 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion in these <span class=\"_ _2\"></span>initiati<span class=\"_ _2\"></span>ves, of<span class=\"_ _2\"></span> which <span class=\"_ _2\"></span>it hopes <span class=\"_ _2\"></span>to rec<span class=\"_ _2\"></span>eive Euro <span class=\"_ _2\"></span>66.8 mill<span class=\"_ _2\"></span>ion i<span class=\"_ _2\"></span>n fundi<span class=\"_ _2\"></span>ng.  Also <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22, Group co<span class=\"_ _2\"></span>mpanies appli<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r RRP <span class=\"_ _2\"></span>incentives <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r the \"Re<span class=\"_ _2\"></span>de Nacional<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>Test Bed\" (National<span class=\"_ _2\"></span> Test Bed N<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>work), <span class=\"_ _2\"></span>which ai<span class=\"_ _2\"></span>ms to crea<span class=\"_ _2\"></span>te a na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> network pro<span class=\"_ _2\"></span>vidin<span class=\"_ _2\"></span>g servi<span class=\"_ _2\"></span>ces to compani<span class=\"_ _2\"></span>es for the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment an<span class=\"_ _2\"></span>d testin<span class=\"_ _2\"></span>g of new pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>ts and ser<span class=\"_ _2\"></span>vices. <span class=\"_ _2\"></span>The a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n, invol<span class=\"_ _2\"></span>ving an i<span class=\"_ _2\"></span>nvestment of<span class=\"_ _2\"></span> Euro 2<span class=\"_ _2\"></span>.2 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on, was appro<span class=\"_ _2\"></span>ved at the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the ye<span class=\"_ _2\"></span>ar and <span class=\"_ _2\"></span>IAPMEI decided <span class=\"_ _2\"></span>to award N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Pul<span class=\"_ _2\"></span>p Figueira<span class=\"_ _2\"></span>. S.A. <span class=\"_ _2\"></span>Euro 1<span class=\"_ _2\"></span>.4 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion. <span class=\"_ _0\"></span> However, <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> par<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pation i<span class=\"_ _2\"></span>n the RRP <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span>t complete witho<span class=\"_ _2\"></span>ut R<span class=\"_ _2\"></span>AIZ's <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>ipation i<span class=\"_ _2\"></span>n Component <span class=\"_ _2\"></span>12 of <span class=\"_ _2\"></span>the RRP, <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the Bioecono<span class=\"_ _2\"></span>my, wh<span class=\"_ _2\"></span>ere it plans<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 1.7 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion and recei<span class=\"_ _2\"></span>ve an i<span class=\"_ _2\"></span>ncenti<span class=\"_ _2\"></span>ve of Euro <span class=\"_ _2\"></span>1.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n to accel<span class=\"_ _2\"></span>erate<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n partnersh<span class=\"_ _2\"></span>ip with C<span class=\"_ _2\"></span>ITEVE an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r 52 promo<span class=\"_ _2\"></span>ters, th<span class=\"_ _2\"></span>e crea<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>high value-a<span class=\"_ _2\"></span>dded pro<span class=\"_ _2\"></span>ducts f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal reso<span class=\"_ _2\"></span>urces as an alterna<span class=\"_ _2\"></span>tive to fo<span class=\"_ _2\"></span>ssil-bas<span class=\"_ _2\"></span>ed ma<span class=\"_ _2\"></span>terials, <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>maintaini<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d even imp<span class=\"_ _2\"></span>roving <span class=\"_ _2\"></span>quality st<span class=\"_ _2\"></span>andar<span class=\"_ _2\"></span>ds, with gr<span class=\"_ _2\"></span>eat poten<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>in dif<span class=\"_ _2\"></span>ferent ma<span class=\"_ _2\"></span>rket se<span class=\"_ _2\"></span>gments.  Governm<span class=\"_ _2\"></span>ent gran<span class=\"_ _2\"></span>ts refundab<span class=\"_ _2\"></span>le  As at 13<span class=\"_ _2\"></span> December 20<span class=\"_ _2\"></span>17, <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ary Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A. en<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ed into an investmen<span class=\"_ _2\"></span>t agreemen<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>AICEP, fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>truction o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the new Tis<span class=\"_ _2\"></span>sue plan<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>Aveiro. Thi<span class=\"_ _2\"></span>s agreement c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es a fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>gran<span class=\"_ _2\"></span>t, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes a grace peri<span class=\"_ _2\"></span>od of <span class=\"_ _2\"></span>two ye<span class=\"_ _2\"></span>ars, witho<span class=\"_ _2\"></span>ut paym<span class=\"_ _2\"></span>ent of i<span class=\"_ _2\"></span>nterest<span class=\"_ _2\"></span>, up<span class=\"_ _2\"></span> to a maximu<span class=\"_ _2\"></span>m amount of<span class=\"_ _2\"></span> Euro 42,166,6<span class=\"_ _2\"></span>36, corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>to 35<span class=\"_ _2\"></span>% on the <span class=\"_ _2\"></span>amount of<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>nses con<span class=\"_ _2\"></span>sidered el<span class=\"_ _2\"></span>igible, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> were estimate<span class=\"_ _2\"></span>d at Eu<span class=\"_ _2\"></span>ro 120,47<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>. As at 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>22, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t recei<span class=\"_ _2\"></span>vabl<span class=\"_ _0\"></span>e r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to the to<span class=\"_ _2\"></span>tal refund<span class=\"_ _2\"></span>able g<span class=\"_ _2\"></span>rant amoun<span class=\"_ _2\"></span>ts to Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>,108,332. On 20 Apri<span class=\"_ _2\"></span>l 201<span class=\"_ _2\"></span>8, the s<span class=\"_ _2\"></span>ame enti<span class=\"_ _2\"></span>ty was al<span class=\"_ _2\"></span>so awar<span class=\"_ _2\"></span>ded with <span class=\"_ _2\"></span>a tax i<span class=\"_ _2\"></span>ncen<span class=\"_ _2\"></span>tive grant<span class=\"_ _2\"></span>ed thro<span class=\"_ _2\"></span>ugh the compli<span class=\"_ _2\"></span>ance of <span class=\"_ _2\"></span>contractuall<span class=\"_ _2\"></span>y defi<span class=\"_ _2\"></span>ned requi<span class=\"_ _2\"></span>rements <span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>28, whose m<span class=\"_ _2\"></span>aximum amount wil<span class=\"_ _2\"></span>l be Euro<span class=\"_ _2\"></span> 11,515,87<span class=\"_ _2\"></span>0, c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to 10% of <span class=\"_ _2\"></span>the expenses <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent. Se<span class=\"_ _2\"></span>e Note 5<span class=\"_ _2\"></span>.7. <span class=\"_ _2\"></span>This amount <span class=\"_ _2\"></span>has b<span class=\"_ _2\"></span>een f<span class=\"_ _2\"></span>ully uti<span class=\"_ _2\"></span>lised s<span class=\"_ _2\"></span>ince 20<span class=\"_ _2\"></span>19 and wil<span class=\"_ _2\"></span>l be recognis<span class=\"_ _2\"></span>ed in p<span class=\"_ _2\"></span>rofit o<span class=\"_ _2\"></span>r loss, <span class=\"_ _2\"></span>on averag<span class=\"_ _2\"></span>e, in <span class=\"_ _2\"></span>24 years<span class=\"_ _2\"></span>, unti<span class=\"_ _2\"></span>l 204<span class=\"_ _2\"></span>3.<span class=\"_ _0\"></span> There are n<span class=\"_ _2\"></span>o unful<span class=\"_ _2\"></span>fill<span class=\"_ _2\"></span>ed conditi<span class=\"_ _2\"></span>ons and o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>cies<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>nked to Governmen<span class=\"_ _2\"></span>t gran<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t have been <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d Naviga<span class=\"_ _2\"></span>tor is c<span class=\"_ _2\"></span>omplying wi<span class=\"_ _2\"></span>th the<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions ac<span class=\"_ _2\"></span>cording to <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-92-3": {
   "value": "Non-refund<span class=\"_ _2\"></span>able G<span class=\"_ _2\"></span>overnm<span class=\"_ _2\"></span>ent grant<span class=\"_ _2\"></span>s Incentiv<span class=\"_ _2\"></span>e to inc<span class=\"_ _2\"></span>rease pul<span class=\"_ _2\"></span>p produc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n capacity i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>da Foz On 27 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>8, Na<span class=\"_ _2\"></span>vigator Pu<span class=\"_ _2\"></span>lp Figuei<span class=\"_ _2\"></span>ra, S.<span class=\"_ _2\"></span>A signe<span class=\"_ _2\"></span>d a ta<span class=\"_ _2\"></span>x investm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>agre<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>with AICEP, r<span class=\"_ _2\"></span>elated <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e incre<span class=\"_ _2\"></span>ase of <span class=\"_ _2\"></span>pulp pro<span class=\"_ _2\"></span>duction c<span class=\"_ _2\"></span>apacit<span class=\"_ _2\"></span>y in Figuei<span class=\"_ _2\"></span>ra da Foz, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes a ta<span class=\"_ _2\"></span>x incentiv<span class=\"_ _2\"></span>e up to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>maximum amo<span class=\"_ _2\"></span>unt of E<span class=\"_ _2\"></span>uro 17,278<span class=\"_ _2\"></span>,657<span class=\"_ _2\"></span>, correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>19.5% of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t made, th<span class=\"_ _2\"></span>rough<span class=\"_ _2\"></span> the fulfi<span class=\"_ _2\"></span>lment, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>31 December 2025 <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span>ly defin<span class=\"_ _2\"></span>ed objec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. This g<span class=\"_ _2\"></span>rant is <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed ov<span class=\"_ _2\"></span>er 20 ye<span class=\"_ _2\"></span>ars, un<span class=\"_ _2\"></span>til 2038, <span class=\"_ _2\"></span>in proportio<span class=\"_ _2\"></span>n to <span class=\"_ _2\"></span>the depr<span class=\"_ _2\"></span>eciatio<span class=\"_ _2\"></span>n of the as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span>, altho<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en ful<span class=\"_ _2\"></span>ly util<span class=\"_ _2\"></span>ised si<span class=\"_ _2\"></span>nce 2018.<span class=\"ls0\"> </span>Incentiv<span class=\"_ _2\"></span>es for th<span class=\"_ _2\"></span>e expans<span class=\"_ _2\"></span>ion proj<span class=\"_ _2\"></span>ect of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>acia pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span> On 18 Jun<span class=\"_ _2\"></span>e 2014, <span class=\"_ _2\"></span>the Group\u2019<span class=\"_ _2\"></span>s su<span class=\"_ _2\"></span>bsidiary<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A., s<span class=\"_ _2\"></span>igned <span class=\"_ _2\"></span>two fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and tax incen<span class=\"_ _2\"></span>tive ag<span class=\"_ _2\"></span>reements <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>AICEP - A<span class=\"_ _2\"></span>g\u00eancia <span class=\"_ _2\"></span>para o<span class=\"_ _2\"></span> Inves<span class=\"_ _2\"></span>timento e C<span class=\"_ _2\"></span>om\u00e9rci<span class=\"_ _2\"></span>o Externo<span class=\"_ _2\"></span> de Portugal (A<span class=\"_ _2\"></span>genc<span class=\"_ _2\"></span>y for In<span class=\"_ _2\"></span>vestment an<span class=\"_ _2\"></span>d Foreign <span class=\"_ _2\"></span>Tra<span class=\"_ _2\"></span>de of Por<span class=\"_ _2\"></span>tugal) to <span class=\"_ _2\"></span>suppor<span class=\"_ _2\"></span>t the in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ent to be promo<span class=\"_ _2\"></span>ted by th<span class=\"_ _2\"></span>at compan<span class=\"_ _2\"></span>y in <span class=\"_ _2\"></span>the capac<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>t of Av<span class=\"_ _2\"></span>eiro pulp <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>total amount of<span class=\"_ _2\"></span> Euro 49<span class=\"_ _2\"></span>.3 mil<span class=\"_ _2\"></span>lion.  The approv<span class=\"_ _2\"></span>ed grants <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t to Euro 9<span class=\"_ _2\"></span>,264<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>(refundable) an<span class=\"_ _2\"></span>d Euro 5,64<span class=\"_ _2\"></span>4 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> (tax incenti<span class=\"_ _2\"></span>ve). This <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t has be<span class=\"_ _2\"></span>en full<span class=\"_ _2\"></span>y utili<span class=\"_ _2\"></span>sed sinc<span class=\"_ _2\"></span>e 2016 <span class=\"_ _2\"></span>and will<span class=\"_ _2\"></span> be reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> profit or <span class=\"_ _2\"></span>loss in 2<span class=\"_ _2\"></span>0 years, un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>2034. The con<span class=\"_ _2\"></span>tract i<span class=\"_ _2\"></span>ncludes an<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>hievement bon<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>s al<span class=\"_ _2\"></span>ready <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in balance s<span class=\"_ _2\"></span>heet, <span class=\"_ _2\"></span>which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e conve<span class=\"_ _2\"></span>rsion o<span class=\"_ _2\"></span>f the<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>grant <span class=\"_ _2\"></span>in a no<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>-refun<span class=\"_ _2\"></span>dable grant, up <span class=\"_ _2\"></span>to a <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>t of 75<span class=\"_ _2\"></span>% (Euro 6,947<span class=\"_ _2\"></span>,450), s<span class=\"_ _2\"></span>ubject <span class=\"_ _2\"></span>to co<span class=\"_ _2\"></span>mpliance <span class=\"_ _2\"></span>with the o<span class=\"_ _2\"></span>bjecti<span class=\"_ _2\"></span>ves establis<span class=\"_ _2\"></span>hed in th<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>act unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>23.  Grant to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>et\u00fabal Li<span class=\"_ _2\"></span>me Kil<span class=\"_ _2\"></span>n Conversi<span class=\"_ _2\"></span>on projec<span class=\"_ _2\"></span>t As part of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>arbon <span class=\"_ _2\"></span>Neutral<span class=\"_ _2\"></span>ity Roadma<span class=\"_ _2\"></span>p, the G<span class=\"_ _2\"></span>roup h<span class=\"_ _2\"></span>as signed a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nvestment contract <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Europe<span class=\"_ _2\"></span>an Union <span class=\"_ _2\"></span>to sup<span class=\"_ _2\"></span>port in<span class=\"_ _2\"></span>vestment b<span class=\"_ _2\"></span>y Naviga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Set\u00fabal i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e conversio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>lime ki<span class=\"_ _2\"></span>ln at <span class=\"_ _2\"></span>the Set\u00fab<span class=\"_ _2\"></span>al pul<span class=\"_ _2\"></span>p mill<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>planned to<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro 7,500,00<span class=\"_ _2\"></span>0. The maxi<span class=\"_ _2\"></span>mum a<span class=\"_ _2\"></span>pproved <span class=\"_ _2\"></span>grant amo<span class=\"_ _2\"></span>unts to Eu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o 4,488,04<span class=\"_ _2\"></span>6 and wil<span class=\"_ _2\"></span>l be paid <span class=\"_ _2\"></span>through a si<span class=\"_ _2\"></span>ngle non-rep<span class=\"_ _2\"></span>ayable i<span class=\"_ _2\"></span>nstalment<span class=\"_ _2\"></span>, up <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>end of th<span class=\"_ _2\"></span>e thi<span class=\"_ _2\"></span>rd year <span class=\"_ _2\"></span>of ope<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f the equipmen<span class=\"_ _2\"></span>t. Recover<span class=\"_ _2\"></span>y and Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>involved in<span class=\"_ _2\"></span> four A<span class=\"_ _2\"></span>gendas<span class=\"_ _2\"></span> for Bus<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ess Innova<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f the Recov<span class=\"_ _2\"></span>ery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>investment <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>91.8 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion. The Grou<span class=\"_ _2\"></span>p, throu<span class=\"_ _2\"></span>gh Naviga<span class=\"_ _2\"></span>tor Paper S<span class=\"_ _2\"></span>et\u00fabal, S<span class=\"_ _2\"></span>.A., i<span class=\"_ _2\"></span>s leadi<span class=\"_ _2\"></span>ng the \"F<span class=\"_ _2\"></span>rom Fossil<span class=\"_ _2\"></span> to Fores<span class=\"_ _2\"></span>t\" <span class=\"_ _2\"></span>(FF2F) Ag<span class=\"_ _2\"></span>enda, whos<span class=\"_ _2\"></span>e main go<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>is to develop <span class=\"_ _2\"></span>a range <span class=\"_ _2\"></span>of pack<span class=\"_ _2\"></span>aging sol<span class=\"_ _2\"></span>utions<span class=\"ff8\">\u2014</span>foc<span class=\"_ _2\"></span>used on th<span class=\"_ _2\"></span>e g<span class=\"_ _2\"></span>KRAFT brand <span class=\"_ _2\"></span>to be l<span class=\"_ _2\"></span>aunched i<span class=\"_ _2\"></span>n 2021<span class=\"ff8 ls0\">\u2014<span class=\"ff1\">and the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of mic<span class=\"_ _2\"></span>rofibril<span class=\"_ _2\"></span>lated c<span class=\"_ _2\"></span>ellul<span class=\"_ _2\"></span>ose fo<span class=\"_ _2\"></span>r developin<span class=\"_ _2\"></span>g mechanic<span class=\"_ _2\"></span>al prop<span class=\"_ _2\"></span>erties <span class=\"_ _2\"></span>and </span></span>functi<span class=\"_ _2\"></span>onal barri<span class=\"_ _2\"></span>ers (to f<span class=\"_ _2\"></span>ats <span class=\"_ _2\"></span>and liqui<span class=\"_ _2\"></span>ds, amon<span class=\"_ _2\"></span>gst oth<span class=\"_ _2\"></span>ers) in<span class=\"_ _2\"></span> these p<span class=\"_ _2\"></span>apers. In <span class=\"_ _2\"></span>total<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup wil<span class=\"_ _2\"></span>l benefit f<span class=\"_ _2\"></span>rom su<span class=\"_ _2\"></span>pport o<span class=\"_ _2\"></span>f around Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>5.9 mil<span class=\"_ _2\"></span>lion <span class=\"_ _2\"></span>from thi<span class=\"_ _2\"></span>s component o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e RRP (C<span class=\"_ _2\"></span>5 - Corporate C<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>izatio<span class=\"_ _2\"></span>n and Inno<span class=\"_ _2\"></span>vation)<span class=\"_ _2\"></span>.  During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>ies Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Paper <span class=\"_ _2\"></span>Setubal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Pulp Se<span class=\"_ _2\"></span>t\u00fabal<span class=\"_ _2\"></span>, S.A., Na<span class=\"_ _2\"></span>vigator P<span class=\"_ _2\"></span>aper <span class=\"_ _2\"></span>Figueira<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor Pulp F<span class=\"_ _2\"></span>iguei<span class=\"_ _2\"></span>ra, S.A.<span class=\"_ _2\"></span>, Navi<span class=\"_ _2\"></span>gator Pulp <span class=\"_ _2\"></span>Aveiro<span class=\"_ _2\"></span>, S.A. and Naviga<span class=\"_ _2\"></span>tor Tissu<span class=\"_ _2\"></span>e Aveiro<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A. appli<span class=\"_ _2\"></span>ed for <span class=\"_ _2\"></span>\"Apoio<span class=\"_ _2\"></span> \u00e0 Des<span class=\"_ _2\"></span>carboniza\u00e7<span class=\"_ _2\"></span>\u00e3o da In<span class=\"_ _2\"></span>d\u00fastria\" <span class=\"_ _2\"></span>(Support for Decarbo<span class=\"_ _2\"></span>nisa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Industry) un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the RRP.  <span class=\"_ _2\"></span>This s<span class=\"_ _2\"></span>upport i<span class=\"_ _2\"></span>s part <span class=\"_ _2\"></span>of a se<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>measures<span class=\"_ _2\"></span> under Compo<span class=\"_ _2\"></span>nent 1<span class=\"_ _2\"></span>1 (C11) <span class=\"_ _2\"></span>of the RR<span class=\"_ _2\"></span>P, whi<span class=\"_ _2\"></span>ch aims<span class=\"_ _2\"></span> to contri<span class=\"_ _2\"></span>bute to th<span class=\"_ _2\"></span>e goal<span class=\"_ _2\"></span> of carbon<span class=\"_ _2\"></span> neutralit<span class=\"_ _2\"></span>y by <span class=\"_ _2\"></span>promoting <span class=\"_ _2\"></span>energy <span class=\"_ _2\"></span>transiti<span class=\"_ _2\"></span>on throu<span class=\"_ _2\"></span>gh ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency, s<span class=\"_ _2\"></span>upport fo<span class=\"_ _2\"></span>r rene<span class=\"_ _2\"></span>wable energy, fo<span class=\"_ _2\"></span>cusing on<span class=\"_ _2\"></span> the ado<span class=\"_ _2\"></span>ption<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>ow-carbon proc<span class=\"_ _2\"></span>esses<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>es in i<span class=\"_ _2\"></span>ndustry<span class=\"_ _2\"></span>, the adoption o<span class=\"_ _2\"></span>f ene<span class=\"_ _2\"></span>rgy effi<span class=\"_ _2\"></span>ciency meas<span class=\"_ _2\"></span>ures <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>ndustry and <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> energ<span class=\"_ _2\"></span>y from renewable <span class=\"_ _2\"></span>sources an<span class=\"_ _2\"></span>d ene<span class=\"_ _2\"></span>rgy stora<span class=\"_ _2\"></span>ge. <span class=\"_ _2\"></span>Recentl<span class=\"_ _2\"></span>y, thi<span class=\"_ _2\"></span>s was <span class=\"_ _2\"></span>extended to<span class=\"_ _2\"></span> a secon<span class=\"_ _2\"></span>d phase o<span class=\"_ _2\"></span>f applicati<span class=\"_ _2\"></span>on, in <span class=\"_ _2\"></span>which Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>od\u00e3o S<span class=\"_ _2\"></span>.A., li<span class=\"_ _2\"></span>ke the<span class=\"_ _2\"></span> other co<span class=\"_ _2\"></span>mpanies<span class=\"_ _2\"></span>, presen<span class=\"_ _2\"></span>ted a s<span class=\"_ _2\"></span>eries of i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ves related <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>ts carbon n<span class=\"_ _2\"></span>eutrali<span class=\"_ _2\"></span>ty. <span class=\"_ _2\"></span>In th<span class=\"_ _2\"></span>e future,<span class=\"_ _2\"></span> the Group <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ts to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 176.2 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion in these <span class=\"_ _2\"></span>initiati<span class=\"_ _2\"></span>ves, of<span class=\"_ _2\"></span> which <span class=\"_ _2\"></span>it hopes <span class=\"_ _2\"></span>to rec<span class=\"_ _2\"></span>eive Euro <span class=\"_ _2\"></span>66.8 mill<span class=\"_ _2\"></span>ion i<span class=\"_ _2\"></span>n fundi<span class=\"_ _2\"></span>ng.  Also <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22, Group co<span class=\"_ _2\"></span>mpanies appli<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r RRP <span class=\"_ _2\"></span>incentives <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r the \"Re<span class=\"_ _2\"></span>de Nacional<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>Test Bed\" (National<span class=\"_ _2\"></span> Test Bed N<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>work), <span class=\"_ _2\"></span>which ai<span class=\"_ _2\"></span>ms to crea<span class=\"_ _2\"></span>te a na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> network pro<span class=\"_ _2\"></span>vidin<span class=\"_ _2\"></span>g servi<span class=\"_ _2\"></span>ces to compani<span class=\"_ _2\"></span>es for the <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment an<span class=\"_ _2\"></span>d testin<span class=\"_ _2\"></span>g of new pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>ts and ser<span class=\"_ _2\"></span>vices. <span class=\"_ _2\"></span>The a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n, invol<span class=\"_ _2\"></span>ving an i<span class=\"_ _2\"></span>nvestment of<span class=\"_ _2\"></span> Euro 2<span class=\"_ _2\"></span>.2 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on, was appro<span class=\"_ _2\"></span>ved at the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the ye<span class=\"_ _2\"></span>ar and <span class=\"_ _2\"></span>IAPMEI decided <span class=\"_ _2\"></span>to award N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Pul<span class=\"_ _2\"></span>p Figueira<span class=\"_ _2\"></span>. S.A. <span class=\"_ _2\"></span>Euro 1<span class=\"_ _2\"></span>.4 m<span class=\"_ _2\"></span>ill<span class=\"_ _2\"></span>ion. <span class=\"_ _0\"></span> However, <span class=\"_ _2\"></span>the Group's<span class=\"_ _2\"></span> par<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pation i<span class=\"_ _2\"></span>n the RRP <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span>t complete witho<span class=\"_ _2\"></span>ut R<span class=\"_ _2\"></span>AIZ's <span class=\"_ _2\"></span>partic<span class=\"_ _2\"></span>ipation i<span class=\"_ _2\"></span>n Component <span class=\"_ _2\"></span>12 of <span class=\"_ _2\"></span>the RRP, <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the Bioecono<span class=\"_ _2\"></span>my, wh<span class=\"_ _2\"></span>ere it plans<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>invest Eu<span class=\"_ _2\"></span>ro 1.7 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion and recei<span class=\"_ _2\"></span>ve an i<span class=\"_ _2\"></span>ncenti<span class=\"_ _2\"></span>ve of Euro <span class=\"_ _2\"></span>1.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n to accel<span class=\"_ _2\"></span>erate<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n partnersh<span class=\"_ _2\"></span>ip with C<span class=\"_ _2\"></span>ITEVE an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r 52 promo<span class=\"_ _2\"></span>ters, th<span class=\"_ _2\"></span>e crea<span class=\"_ _2\"></span>tion of <span class=\"_ _2\"></span>high value-a<span class=\"_ _2\"></span>dded pro<span class=\"_ _2\"></span>ducts f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal reso<span class=\"_ _2\"></span>urces as an alterna<span class=\"_ _2\"></span>tive to fo<span class=\"_ _2\"></span>ssil-bas<span class=\"_ _2\"></span>ed ma<span class=\"_ _2\"></span>terials, <span class=\"_ _2\"></span>while <span class=\"_ _2\"></span>maintaini<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d even imp<span class=\"_ _2\"></span>roving <span class=\"_ _2\"></span>quality st<span class=\"_ _2\"></span>andar<span class=\"_ _2\"></span>ds, with gr<span class=\"_ _2\"></span>eat poten<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>in dif<span class=\"_ _2\"></span>ferent ma<span class=\"_ _2\"></span>rket se<span class=\"_ _2\"></span>gments.  Governm<span class=\"_ _2\"></span>ent gran<span class=\"_ _2\"></span>ts refundab<span class=\"_ _2\"></span>le  As at 13<span class=\"_ _2\"></span> December 20<span class=\"_ _2\"></span>17, <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ary Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A. en<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ed into an investmen<span class=\"_ _2\"></span>t agreemen<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>AICEP, fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>truction o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the new Tis<span class=\"_ _2\"></span>sue plan<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>Aveiro. Thi<span class=\"_ _2\"></span>s agreement c<span class=\"_ _2\"></span>ompris<span class=\"_ _2\"></span>es a fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a<span class=\"_ _2\"></span> refundable <span class=\"_ _2\"></span>gran<span class=\"_ _2\"></span>t, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>ludes a grace peri<span class=\"_ _2\"></span>od of <span class=\"_ _2\"></span>two ye<span class=\"_ _2\"></span>ars, witho<span class=\"_ _2\"></span>ut paym<span class=\"_ _2\"></span>ent of i<span class=\"_ _2\"></span>nterest<span class=\"_ _2\"></span>, up<span class=\"_ _2\"></span> to a maximu<span class=\"_ _2\"></span>m amount of<span class=\"_ _2\"></span> Euro 42,166,6<span class=\"_ _2\"></span>36, corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>to 35<span class=\"_ _2\"></span>% on the <span class=\"_ _2\"></span>amount of<span class=\"_ _2\"></span> expe<span class=\"_ _2\"></span>nses con<span class=\"_ _2\"></span>sidered el<span class=\"_ _2\"></span>igible, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> were estimate<span class=\"_ _2\"></span>d at Eu<span class=\"_ _2\"></span>ro 120,47<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>. As at 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>22, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t recei<span class=\"_ _2\"></span>vabl<span class=\"_ _0\"></span>e r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to the to<span class=\"_ _2\"></span>tal refund<span class=\"_ _2\"></span>able g<span class=\"_ _2\"></span>rant amoun<span class=\"_ _2\"></span>ts to Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>,108,332. On 20 Apri<span class=\"_ _2\"></span>l 201<span class=\"_ _2\"></span>8, the s<span class=\"_ _2\"></span>ame enti<span class=\"_ _2\"></span>ty was al<span class=\"_ _2\"></span>so awar<span class=\"_ _2\"></span>ded with <span class=\"_ _2\"></span>a tax i<span class=\"_ _2\"></span>ncen<span class=\"_ _2\"></span>tive grant<span class=\"_ _2\"></span>ed thro<span class=\"_ _2\"></span>ugh the compli<span class=\"_ _2\"></span>ance of <span class=\"_ _2\"></span>contractuall<span class=\"_ _2\"></span>y defi<span class=\"_ _2\"></span>ned requi<span class=\"_ _2\"></span>rements <span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>28, whose m<span class=\"_ _2\"></span>aximum amount wil<span class=\"_ _2\"></span>l be Euro<span class=\"_ _2\"></span> 11,515,87<span class=\"_ _2\"></span>0, c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to 10% of <span class=\"_ _2\"></span>the expenses <span class=\"_ _2\"></span>asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t investm<span class=\"_ _2\"></span>ent. Se<span class=\"_ _2\"></span>e Note 5<span class=\"_ _2\"></span>.7. <span class=\"_ _2\"></span>This amount <span class=\"_ _2\"></span>has b<span class=\"_ _2\"></span>een f<span class=\"_ _2\"></span>ully uti<span class=\"_ _2\"></span>lised s<span class=\"_ _2\"></span>ince 20<span class=\"_ _2\"></span>19 and wil<span class=\"_ _2\"></span>l be recognis<span class=\"_ _2\"></span>ed in p<span class=\"_ _2\"></span>rofit o<span class=\"_ _2\"></span>r loss, <span class=\"_ _2\"></span>on averag<span class=\"_ _2\"></span>e, in <span class=\"_ _2\"></span>24 years<span class=\"_ _2\"></span>, unti<span class=\"_ _2\"></span>l 204<span class=\"_ _2\"></span>3.<span class=\"_ _0\"></span> There are n<span class=\"_ _2\"></span>o unful<span class=\"_ _2\"></span>fill<span class=\"_ _2\"></span>ed conditi<span class=\"_ _2\"></span>ons and o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>ntingen<span class=\"_ _2\"></span>cies<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>nked to Governmen<span class=\"_ _2\"></span>t gran<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t have been <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed an<span class=\"_ _2\"></span>d Naviga<span class=\"_ _2\"></span>tor is c<span class=\"_ _2\"></span>omplying wi<span class=\"_ _2\"></span>th the<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions ac<span class=\"_ _2\"></span>cording to <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-95-2": {
   "value": "3.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Right-<span class=\"ls73\">of</span>-use ass<span class=\"_ _2\"></span>ets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in ri<span class=\"_ _2\"></span>ght-<span class=\"ls7a\">of<span class=\"_ _0\"></span></span>-use a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s Other Forestry Software<span class=\"_ _0\"></span> lease Amounts in Euro<span class=\"_ _0\"></span> lands Buildings<span class=\"_ _0\"></span> Vehicles<span class=\"_ _0\"></span> licenses<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 46,847<span class=\"_ _0\"></span>,021  4,651,03<span class=\"_ _0\"></span>9  6,907,13<span class=\"_ _0\"></span>9  360<span class=\"_ _0\"></span>,588  5,347,97<span class=\"_ _0\"></span>5  64,113<span class=\"_ _0\"></span>,762  Acquisi<span class=\"_ _0\"></span>tions 3,509,715  4,016  1,663,898  963,772  1,307,301  7,448,703  Adjustments, <span class=\"_ _0\"></span>transfers and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> (435,469) -  (23<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>09)<span class=\"_ _0\"></span> -  -  (458,878) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 49,921<span class=\"_ _0\"></span>,267  4,655,05<span class=\"_ _0\"></span>5  8,547,62<span class=\"_ _0\"></span>9  1,324,36<span class=\"_ _0\"></span>0  6,655,27<span class=\"_ _0\"></span>6  71,103<span class=\"_ _0\"></span>,587  Acquisi<span class=\"_ _0\"></span>tions 8,908,831  -  3,030,685  232,253  2,765,111  14,936,880 <span class=\"_ _0\"></span> Adjustments, <span class=\"_ _0\"></span>transfers and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  -  (353) -  -  (353) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 58,830<span class=\"_ _0\"></span>,098  4,655,05<span class=\"_ _0\"></span>5  11,577<span class=\"_ _0\"></span>,960  1,556,61<span class=\"_ _0\"></span>3  9,420,38<span class=\"_ _0\"></span>7  86,040<span class=\"_ _0\"></span>,113  Accumu<span class=\"_ _0\"></span>lated depreciation and imp<span class=\"_ _0\"></span>airment -  losses Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (6,180<span class=\"_ _0\"></span>,742) (1,369<span class=\"_ _0\"></span>,284) (3,684<span class=\"_ _0\"></span>,538) (164<span class=\"_ _0\"></span>,312) (887<span class=\"_ _0\"></span>,884) (12,28<span class=\"_ _0\"></span>6,761) Depreciatio<span class=\"_ _0\"></span>n (3,066,093) (515,764) (1,798,084) (501,199) (1,835,865) (7,717,005) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 93,139 <span class=\"_ _0\"></span> -  -  -  -  93,139  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (9,153<span class=\"_ _0\"></span>,696) (1,885<span class=\"_ _0\"></span>,048) (5,482<span class=\"_ _0\"></span>,622) (665<span class=\"_ _0\"></span>,511) (2,723<span class=\"_ _0\"></span>,749) (19,91<span class=\"_ _0\"></span>0,627) Depreciatio<span class=\"_ _0\"></span>n (3,668,067) (515,900) (1,799,398) (448,066) (1,763,568) (8,194,999) Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> 353  353  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (12,82<span class=\"_ _0\"></span>1,763) (2,400<span class=\"_ _0\"></span>,948) (7,281<span class=\"_ _0\"></span>,667) (1,113<span class=\"_ _0\"></span>,577) (4,487<span class=\"_ _0\"></span>,317) (28,10<span class=\"_ _0\"></span>5,273) Net book value as at 1 J<span class=\"_ _0\"></span>anuary 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> 40,666<span class=\"_ _0\"></span>,279  3,281,75<span class=\"_ _0\"></span>5  3,222,60<span class=\"_ _0\"></span>1  196<span class=\"_ _0\"></span>,276  4,460,09<span class=\"_ _0\"></span>1  51,827<span class=\"_ _0\"></span>,001  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 40,767<span class=\"_ _0\"></span>,570  2,770,00<span class=\"_ _0\"></span>7  3,065,00<span class=\"_ _0\"></span>7  658<span class=\"_ _0\"></span>,849  3,931,52<span class=\"_ _0\"></span>7  51,192<span class=\"_ _0\"></span>,959  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 46,008<span class=\"_ _0\"></span>,334  2,254,10<span class=\"_ _0\"></span>7  4,296,29<span class=\"_ _0\"></span>3  443<span class=\"_ _0\"></span>,036  4,933,07<span class=\"_ _0\"></span>0  57,934<span class=\"_ _0\"></span>,840  The item L<span class=\"_ _2\"></span>and rel<span class=\"_ _2\"></span>ates ess<span class=\"_ _2\"></span>ential<span class=\"_ _2\"></span>ly to th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>and use righ<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> exi<span class=\"_ _2\"></span>sting fores<span class=\"_ _2\"></span>t e<span class=\"_ _2\"></span>xplora<span class=\"_ _2\"></span>tion, whose ndagreements <span class=\"_ _2\"></span>usuall<span class=\"_ _2\"></span>y have a <span class=\"_ _2\"></span>duration <span class=\"_ _2\"></span>of 24 <span class=\"_ _2\"></span>years, <span class=\"_ _2\"></span>and may<span class=\"_ _2\"></span> be cancell<span class=\"_ _2\"></span>ed in ad<span class=\"_ _2\"></span>vance if<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>2thharvest <span class=\"_ _2\"></span>takes plac<span class=\"_ _2\"></span>e befo<span class=\"_ _2\"></span>re the 2<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>year of<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>term. The capti<span class=\"_ _2\"></span>on Bui<span class=\"_ _2\"></span>ldings ref<span class=\"_ _2\"></span>ers to <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>enter<span class=\"_ _2\"></span>ed into be<span class=\"_ _2\"></span>tween <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Company, S<span class=\"_ _2\"></span>.A. and <span class=\"_ _2\"></span>Refundos <span class=\"_ _2\"></span>- Soci<span class=\"_ _2\"></span>edade Ges<span class=\"_ _2\"></span>tora de <span class=\"_ _2\"></span>Fundos<span class=\"_ _2\"></span> de Inves<span class=\"_ _2\"></span>timento Imo<span class=\"_ _2\"></span>bil<span class=\"_ _2\"></span>i\u00e1rio, <span class=\"_ _2\"></span>S.A. for the bui<span class=\"_ _2\"></span>lding <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at Ave<span class=\"_ _2\"></span>nida Fo<span class=\"_ _2\"></span>ntes P<span class=\"_ _2\"></span>ereira de <span class=\"_ _2\"></span>Melo,<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>Lisbon, <span class=\"_ _2\"></span>for use as<span class=\"_ _2\"></span> an off<span class=\"_ _2\"></span>ice. The capti<span class=\"_ _2\"></span>on Other <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes the <span class=\"_ _2\"></span>forklif<span class=\"_ _2\"></span>t truck <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>tal contrac<span class=\"_ _2\"></span>ts s<span class=\"_ _2\"></span>igned sinc<span class=\"_ _2\"></span>e 2020. Cash <span class=\"_ _2\"></span>flows as<span class=\"_ _2\"></span>sociated with l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments co<span class=\"_ _2\"></span>rres<span class=\"_ _2\"></span>pond to <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> amortisati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>Euro 6,536,75<span class=\"_ _2\"></span>7 and inte<span class=\"_ _2\"></span>rest of <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>2,300.665 <span class=\"_ _2\"></span>(Note <span class=\"_ _2\"></span>5.11), a<span class=\"_ _2\"></span>moun<span class=\"_ _2\"></span>ting to Euro <span class=\"_ _2\"></span>8,837<span class=\"_ _2\"></span>,422, as <span class=\"_ _2\"></span>shown in the <span class=\"_ _2\"></span>Cash Fl<span class=\"_ _2\"></span>ow Statemen<span class=\"_ _2\"></span>t. 5.8.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Lease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span> </span></span>Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - nat<span class=\"_ _2\"></span>ure<span class=\"_ _2\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Forestry lands 46,724,663 <span class=\"_ _0\"></span> 2,666,086  49,390,749 <span class=\"_ _0\"></span> 40,983,597 <span class=\"_ _0\"></span> 2,281,533  43,265,130 <span class=\"_ _0\"></span> Buildi<span class=\"_ _0\"></span>ngs 1,868,940  513,178  2,382,118  2,382,118  502,419  2,884,537  Vehicl<span class=\"_ _0\"></span>es 3,070,109  1,540,904  4,611,013  2,046,436  1,370,600  3,417,036  Software li<span class=\"_ _0\"></span>censes 94,312  155,401  249,713  175,072  292,097  467,169  Other lease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es 3,331,059  1,676,397  5,007,456  1,829,870  1,377,184  3,207,054  55,089<span class=\"_ _0\"></span>,083  6,551,96<span class=\"_ _0\"></span>6  61,641<span class=\"_ _0\"></span>,049  47,417<span class=\"_ _0\"></span>,092  5,823,83<span class=\"_ _0\"></span>3  53,240<span class=\"_ _0\"></span>,925  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - <span class=\"_ _2\"></span>move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 53,240<span class=\"_ _0\"></span>,925  53,080<span class=\"_ _0\"></span>,919  Contract amortisa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (8,837,422) (8,965,290) New contracts<span class=\"_ _0\"></span> 15,338,938 <span class=\"_ _0\"></span> 7,448,703  Interest expense<span class=\"_ _0\"></span> 2,300,665  2,042,333  Other changes (402,057) (365,740) Total changes in rel<span class=\"_ _0\"></span>ated liabilities<span class=\"_ _0\"></span> 8,400,12<span class=\"_ _0\"></span>4  160<span class=\"_ _0\"></span>,006  Balance as at 31 Decem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span> 61,641<span class=\"_ _0\"></span>,049  53,240<span class=\"_ _0\"></span>,925  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - f<span class=\"_ _2\"></span>uture<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilities<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts i<span class=\"_ _0\"></span>n Euro Maturing Interest on Present <span class=\"_ _0\"></span>value Maturing Interest on Present <span class=\"_ _0\"></span>value rents liabilities<span class=\"_ _0\"></span> of liabiliti<span class=\"_ _0\"></span>es rents liabilities<span class=\"_ _0\"></span> of liabiliti<span class=\"_ _0\"></span>es Less than 1 year<span class=\"_ _0\"></span> 4,435,662  2,116,304  6,551,966  3,971,610  1,852,223  5,823,833  1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 3,891,713  1,952,737  5,844,450  3,368,272  1,708,916  5,077,188  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 3,041,072  1,797,386  4,838,458  2,867,678  1,575,482  4,443,160  3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 2,809,096  1,653,338  4,462,434  1,999,426  1,450,866  3,450,292  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 years<span class=\"_ _0\"></span> 2,165,139  1,516,362  3,681,501  1,748,655  1,337,957  3,086,612  More than 5 years<span class=\"_ _0\"></span> 25,989,077 <span class=\"_ _0\"></span> 10,273,163 <span class=\"_ _0\"></span> 36,262,240 <span class=\"_ _0\"></span> 22,150,369 <span class=\"_ _0\"></span> 9,209,471  31,359,840 <span class=\"_ _0\"></span> Present value of lia<span class=\"_ _0\"></span>bilities<span class=\"_ _0\"></span> 42,331<span class=\"_ _0\"></span>,759  19,309<span class=\"_ _0\"></span>,290  61,641<span class=\"_ _0\"></span>,049  36,106<span class=\"_ _0\"></span>,010  17,134<span class=\"_ _0\"></span>,915  53,240<span class=\"_ _0\"></span>,925  For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _2\"></span>ded 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2022 <span class=\"_ _2\"></span>and 31 Decem<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er 2021, th<span class=\"_ _2\"></span>ere <span class=\"_ _2\"></span>were no chan<span class=\"_ _2\"></span>ges in the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty arising f<span class=\"_ _2\"></span>rom fin<span class=\"_ _2\"></span>ancing ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties, incl<span class=\"_ _2\"></span>uding ch<span class=\"_ _2\"></span>anges ari<span class=\"_ _2\"></span>sing f<span class=\"_ _2\"></span>rom cash <span class=\"_ _2\"></span>flows and<span class=\"_ _2\"></span>/or other chang<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of leas<span class=\"_ _2\"></span>e liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>is presen<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>in the<span class=\"_ _2\"></span> Note 8<span class=\"_ _2\"></span>.1.3 - Liqu<span class=\"_ _2\"></span>idity r<span class=\"_ _2\"></span>isk. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-97-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the <span class=\"_ _2\"></span>date the l<span class=\"_ _2\"></span>ease en<span class=\"_ _2\"></span>ters i<span class=\"_ _2\"></span>nto forc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span> recognis<span class=\"_ _2\"></span>es a <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t at i<span class=\"_ _2\"></span>ts cost, which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial amo<span class=\"_ _2\"></span>unt of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e liabi<span class=\"_ _2\"></span>lity adjus<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>: i) an<span class=\"_ _2\"></span>y pre<span class=\"_ _2\"></span>payments; ii<span class=\"_ _2\"></span>) lease i<span class=\"_ _2\"></span>ncentives r<span class=\"_ _2\"></span>eceive<span class=\"_ _2\"></span>d; and i<span class=\"_ _2\"></span>ii) <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> direct c<span class=\"_ _2\"></span>osts in<span class=\"_ _2\"></span>curred.  To the <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-use <span class=\"_ _2\"></span>asset, <span class=\"_ _2\"></span>the es<span class=\"_ _2\"></span>timate of <span class=\"_ _2\"></span>removing <span class=\"_ _2\"></span>and/o<span class=\"_ _2\"></span>r resto<span class=\"_ _2\"></span>ring the un<span class=\"_ _2\"></span>derl<span class=\"_ _2\"></span>ying ass<span class=\"_ _2\"></span>et and/or <span class=\"_ _2\"></span>the locati<span class=\"_ _2\"></span>on whe<span class=\"_ _2\"></span>re it is<span class=\"_ _2\"></span> locate<span class=\"_ _2\"></span>d may <span class=\"_ _2\"></span>be added<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>n require<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e agreemen<span class=\"_ _2\"></span>t.  The righ<span class=\"_ _2\"></span>t-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>set is s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly d<span class=\"_ _2\"></span>epreciate<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>traight-line <span class=\"_ _2\"></span>method, f<span class=\"_ _2\"></span>rom the start <span class=\"_ _2\"></span>date unti<span class=\"_ _2\"></span>l the low<span class=\"_ _2\"></span>er betw<span class=\"_ _2\"></span>een the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>t's u<span class=\"_ _2\"></span>seful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe and the l<span class=\"_ _2\"></span>ease term<span class=\"_ _2\"></span>. Additional<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>the righ<span class=\"_ _2\"></span>t-<span class=\"_ _0\"></span><span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t reduced o<span class=\"_ _2\"></span>f impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>ses, if <span class=\"_ _2\"></span>any, and adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _2\"></span>r any remeasur<span class=\"_ _2\"></span>ement of <span class=\"_ _2\"></span>the lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity. T<span class=\"_ _2\"></span>he useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>fe cons<span class=\"_ _2\"></span>idered for <span class=\"_ _2\"></span>each cl<span class=\"_ _2\"></span>ass of<span class=\"_ _2\"></span> right-<span class=\"ls15\">of</span>-use asset i<span class=\"_ _2\"></span>s equal to <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ife of<span class=\"_ _2\"></span> Prop<span class=\"_ _2\"></span>erty, pl<span class=\"_ _2\"></span>ant and <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>pment (Note 3<span class=\"_ _2\"></span>.3) i<span class=\"_ _2\"></span>n the sam<span class=\"_ _2\"></span>e cl<span class=\"_ _2\"></span>ass when th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>option, an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e Group e<span class=\"_ _2\"></span>xpects to <span class=\"_ _2\"></span>exer<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>se it. Sho<span class=\"_ _2\"></span>rt-<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rm <span class=\"_ _2\"></span>le<span class=\"_ _2\"></span>ase<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ow-v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>set <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span><span class=\"ff1 fsb fc6\"> </span>The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> paymen<span class=\"_ _2\"></span>ts for <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>es of 12 <span class=\"_ _2\"></span>months or <span class=\"_ _2\"></span>less and <span class=\"_ _2\"></span>for leases<span class=\"_ _2\"></span> of ass<span class=\"_ _2\"></span>ets whos<span class=\"_ _2\"></span>e indivi<span class=\"_ _2\"></span>dual acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value i<span class=\"_ _2\"></span>s less <span class=\"_ _2\"></span>than Euro 5<span class=\"_ _2\"></span>,000 dir<span class=\"_ _2\"></span>ectly<span class=\"_ _2\"></span> as opera<span class=\"_ _2\"></span>ting ex<span class=\"_ _2\"></span>penses of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod (Note 2.3<span class=\"_ _2\"></span>), on a <span class=\"_ _2\"></span>strai<span class=\"_ _2\"></span>ght-line <span class=\"_ _2\"></span>basis.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the s<span class=\"_ _2\"></span>tart da<span class=\"_ _2\"></span>te of th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ease, the G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>ses lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties measured a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>present value of<span class=\"_ _2\"></span> futur<span class=\"_ _2\"></span>e lease pa<span class=\"_ _2\"></span>yments, <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>ude fixed p<span class=\"_ _2\"></span>ayments <span class=\"_ _2\"></span>less l<span class=\"_ _2\"></span>ease <span class=\"_ _0\"></span>incen<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>, varia<span class=\"_ _2\"></span>ble lease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>, and amoun<span class=\"_ _2\"></span>ts expect<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to be pai<span class=\"_ _2\"></span>d as resi<span class=\"_ _2\"></span>dual <span class=\"_ _2\"></span>value. Le<span class=\"_ _2\"></span>ase pa<span class=\"_ _2\"></span>yments al<span class=\"_ _2\"></span>so incl<span class=\"_ _2\"></span>ude the price o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>exercis<span class=\"_ _2\"></span>e of rene<span class=\"_ _2\"></span>wal option<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>easonably<span class=\"_ _2\"></span> certain to <span class=\"_ _2\"></span>be e<span class=\"_ _2\"></span>xercise<span class=\"_ _2\"></span>d by the G<span class=\"_ _2\"></span>roup or l<span class=\"_ _2\"></span>ease termi<span class=\"_ _2\"></span>nation penal<span class=\"_ _2\"></span>ty p<span class=\"_ _2\"></span>ayments i<span class=\"_ _2\"></span>f the l<span class=\"_ _2\"></span>ease term <span class=\"_ _2\"></span>refl<span class=\"_ _2\"></span>ects the Grou<span class=\"_ _2\"></span>p's o<span class=\"_ _2\"></span>ption to <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>te the agreem<span class=\"_ _2\"></span>ent.<span class=\"_ _2\"></span> In calc<span class=\"_ _2\"></span>ulating the <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>value of f<span class=\"_ _2\"></span>uture l<span class=\"_ _2\"></span>ease p<span class=\"_ _2\"></span>ayments, <span class=\"_ _2\"></span>the Group us<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span> incremen<span class=\"_ _2\"></span>tal finan<span class=\"_ _2\"></span>cing rate i<span class=\"_ _2\"></span>f the impl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate on<span class=\"_ _2\"></span> the l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s not easi<span class=\"_ _2\"></span>ly determi<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Subsequentl<span class=\"_ _2\"></span>y, the <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e lease l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>reased by th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>est amoun<span class=\"_ _2\"></span>t (Not<span class=\"_ _2\"></span>e 5.11 - Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results) an<span class=\"_ _2\"></span>d decr<span class=\"_ _2\"></span>eased <span class=\"_ _2\"></span>by the l<span class=\"_ _2\"></span>ease paym<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span> (rents). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-98-4": {
   "value": "3.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Depreciat<span class=\"_ _2\"></span>ion,<span class=\"_ _2\"></span> amortisat<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment </span></span>losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 156,458,558  118,371,406  Government grants cha<span class=\"_ _0\"></span>rged-off <span class=\"_ _0\"></span>(Note 3.5)<span class=\"_ _0\"></span> (3,398,204) (4,102,577) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants c<span class=\"_ _0\"></span>harged<span class=\"_ _0\"></span>-off<span class=\"_ _0\"></span> 153<span class=\"_ _0\"></span>,060,354<span class=\"_ _0\"></span>  114<span class=\"_ _0\"></span>,268,829<span class=\"_ _0\"></span>  Amortisation of intangibl<span class=\"_ _0\"></span>e assets fo<span class=\"_ _0\"></span>r the perio<span class=\"_ _0\"></span>d (Note 3.2)<span class=\"_ _1\"></span> 20,579<span class=\"_ _0\"></span>  11,864<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.6)<span class=\"_ _0\"></span> 8,194,99<span class=\"_ _0\"></span>9  7,717,00<span class=\"_ _0\"></span>5  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t o<span class=\"_ _0\"></span>f investment<span class=\"_ _0\"></span> properties (Note <span class=\"_ _0\"></span>3.4)<span class=\"_ _0\"></span> 1,646  1,646  161<span class=\"_ _0\"></span>,277,579<span class=\"_ _0\"></span>  121<span class=\"_ _0\"></span>,999,345<span class=\"_ _0\"></span>  The Group <span class=\"_ _2\"></span>regula<span class=\"_ _2\"></span>rly uses <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> and in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>dent exper<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s to asses<span class=\"_ _2\"></span>s its i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial as<span class=\"_ _2\"></span>sets, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> to assess<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>adequacy of<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>ed in te<span class=\"_ _2\"></span>rms of the <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>lives o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>ese assets. <span class=\"_ _2\"></span> During 2<span class=\"_ _2\"></span>022, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>equested an <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its as<span class=\"_ _2\"></span>sets by an<span class=\"_ _2\"></span> indep<span class=\"_ _2\"></span>endent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. <span class=\"_ _2\"></span>The stu<span class=\"_ _2\"></span>dy too<span class=\"_ _2\"></span>k into acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t techni<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>information on<span class=\"_ _2\"></span> the assets all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion cen<span class=\"_ _2\"></span>tres<span class=\"_ _2\"></span>, incl<span class=\"_ _2\"></span>uding the <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span>, physical<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal dura<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the <span class=\"_ _2\"></span>equipment<span class=\"_ _2\"></span>.  Based on th<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>the stu<span class=\"_ _2\"></span>dies c<span class=\"_ _2\"></span>arried <span class=\"_ _2\"></span>out, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup's i<span class=\"_ _2\"></span>nternal<span class=\"_ _2\"></span> inves<span class=\"_ _2\"></span>tment outloo<span class=\"_ _2\"></span>k for the <span class=\"_ _2\"></span>period <span class=\"ls18\">2023</span>-<span class=\"ls18\">2027</span><span class=\"ff8\">\u2014</span>which <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto accou<span class=\"_ _2\"></span>nt the c<span class=\"_ _2\"></span>ommitm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>under the Decarbonis<span class=\"_ _2\"></span>ation Pl<span class=\"_ _2\"></span>an and <span class=\"_ _2\"></span>the inv<span class=\"_ _2\"></span>estment pro<span class=\"_ _2\"></span>jects u<span class=\"_ _2\"></span>nder <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Recovery an<span class=\"_ _2\"></span>d Resil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an (RRP), and c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>at und<span class=\"_ _2\"></span>er IAS 8 <span class=\"_ _2\"></span>changes i<span class=\"_ _2\"></span>n es<span class=\"_ _2\"></span>timated us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves are a<span class=\"_ _2\"></span>djusted prospec<span class=\"_ _2\"></span>tively<span class=\"ff8\">\u2014</span>Navi<span class=\"_ _2\"></span>gator re<span class=\"_ _2\"></span>viewed th<span class=\"_ _2\"></span>e usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>ves of i<span class=\"_ _2\"></span>ts a<span class=\"_ _2\"></span>ssets with <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence <span class=\"_ _2\"></span>to 1 Januar<span class=\"_ _2\"></span>y 2022, <span class=\"_ _2\"></span>which resul<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> an inc<span class=\"_ _2\"></span>rease in de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion f<span class=\"_ _2\"></span>or the<span class=\"_ _2\"></span> year of Euro<span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.8 mil<span class=\"_ _2\"></span>lion, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of an<span class=\"_ _2\"></span> average r<span class=\"_ _2\"></span>eduction i<span class=\"_ _2\"></span>n usefu<span class=\"_ _2\"></span>l li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>approximatel<span class=\"_ _2\"></span>y 7 <span class=\"_ _2\"></span>years. <span class=\"_ _2\"></span>The impac<span class=\"_ _2\"></span>t of this c<span class=\"_ _2\"></span>hange on depreci<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>and expecte<span class=\"_ _2\"></span>d for fu<span class=\"_ _2\"></span>ture p<span class=\"_ _2\"></span>eriods i<span class=\"_ _2\"></span>s as <span class=\"_ _2\"></span>fol<span class=\"_ _2\"></span>lows: 2027 Amounts in Euro<span class=\"_ _0\"></span> 2022 2023 2024 2025 2026 onwards<span class=\"_ _2\"></span> Increase / (decrease) i<span class=\"_ _0\"></span>n (36<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>14,312)<span class=\"_ _0\"></span> (6,310,865) (4,041,086) (2,453,235) 1,911,861  47,707,636 <span class=\"_ _0\"></span> depreciati<span class=\"_ _0\"></span>on and amortisatio<span class=\"_ _0\"></span>n ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-99-2": {
   "value": "3.8.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Biolog<span class=\"_ _2\"></span>ical as<span class=\"_ _2\"></span>sets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in biolo<span class=\"_ _2\"></span>gical<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>sets Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  148<span class=\"_ _0\"></span>,584,451<span class=\"_ _0\"></span>  Loggi<span class=\"_ _0\"></span>ng in the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>68,187)<span class=\"_ _0\"></span> (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>77,834)<span class=\"_ _0\"></span> Growth 22,077,444 <span class=\"_ _0\"></span> 19,653,667 <span class=\"_ _0\"></span> New pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span>ed a<span class=\"_ _0\"></span>reas and replan<span class=\"_ _0\"></span>ting (at cos<span class=\"_ _0\"></span>t) 4,241,964  3,313,648  Other changes i<span class=\"_ _0\"></span>n fair val<span class=\"_ _0\"></span>ue - change in the pri<span class=\"_ _0\"></span>ce of wood<span class=\"_ _0\"></span> 23,872,905 <span class=\"_ _0\"></span> -  - change in the cos<span class=\"_ _0\"></span>t-<span class=\"ls57\">of</span>-<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>apital<span class=\"_ _0\"></span> rate (28<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>53,077)<span class=\"_ _0\"></span> 1,212,800  - impact of forest fi<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> (31<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>33)<span class=\"_ _0\"></span> (68<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>94)<span class=\"_ _0\"></span> - change in other speci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (4,938,867) -  - transport l<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>cs costs<span class=\"_ _0\"></span> (2,076,774) (2,417,700) - structure fi<span class=\"_ _0\"></span>xed costs (9,396,335) -  - other changes i<span class=\"_ _0\"></span>n expectations<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>51,626)<span class=\"_ _0\"></span> 2,323,823  Total changes<span class=\"_ _0\"></span> (24,82<span class=\"_ _0\"></span>4,186) (1,260<span class=\"_ _0\"></span>,390) Closing balance<span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Work also <span class=\"_ _2\"></span>starte<span class=\"_ _2\"></span>d on har<span class=\"_ _2\"></span>vesting <span class=\"_ _2\"></span>timber f<span class=\"_ _2\"></span>rom Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7ambi<span class=\"_ _2\"></span>que's plant<span class=\"_ _2\"></span>ations <span class=\"_ _2\"></span>in Manic<span class=\"_ _2\"></span>a, for export f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Port of B<span class=\"_ _2\"></span>eira, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>make it possi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>, amon<span class=\"_ _2\"></span>gst other <span class=\"_ _2\"></span>goals, <span class=\"_ _2\"></span>to pu<span class=\"_ _2\"></span>t 3Mozambique o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world map <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>this f<span class=\"_ _2\"></span>orest-base<span class=\"_ _2\"></span>d indust<span class=\"_ _2\"></span>ry. Duri<span class=\"_ _2\"></span>ng 2022, aro<span class=\"_ _2\"></span>und 1<span class=\"_ _2\"></span>00,000 m3of wood <span class=\"_ _2\"></span>were har<span class=\"_ _2\"></span>vested<span class=\"_ _2\"></span>, and thre<span class=\"_ _2\"></span>e vess<span class=\"_ _2\"></span>els wer<span class=\"_ _2\"></span>e shippe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>Portugal, <span class=\"_ _2\"></span>with aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IAS 41<span class=\"_ _2\"></span>, matur<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts to b<span class=\"_ _2\"></span>e those <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve reached <span class=\"_ _2\"></span>the nec<span class=\"_ _2\"></span>essary s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ations to <span class=\"_ _2\"></span>obtai<span class=\"_ _2\"></span>n the m<span class=\"_ _2\"></span>aximu<span class=\"_ _2\"></span>m yield base<span class=\"_ _2\"></span>d on their <span class=\"_ _2\"></span>profitabil<span class=\"_ _2\"></span>ity, supply nee<span class=\"_ _2\"></span>ds and o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunity cost<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Ty<span class=\"_ _0\"></span>pical<span class=\"_ _2\"></span>ly, the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> Portugal r<span class=\"_ _2\"></span>eaches <span class=\"_ _2\"></span>its ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y between 8 an<span class=\"_ _2\"></span>d 12<span class=\"_ _2\"></span> years, an<span class=\"_ _2\"></span>d thi<span class=\"_ _2\"></span>s ref<span class=\"_ _2\"></span>erence dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e speci<span class=\"_ _2\"></span>es, soil<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as edaphocli<span class=\"_ _2\"></span>matic co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. Data on<span class=\"_ _2\"></span> the f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>t, its con<span class=\"_ _2\"></span>dition an<span class=\"_ _2\"></span>d its fu<span class=\"_ _2\"></span>ture pot<span class=\"_ _2\"></span>ential <span class=\"_ _2\"></span>are measured <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t twice <span class=\"_ _2\"></span>throughou<span class=\"_ _2\"></span>t its <span class=\"_ _2\"></span>growth c<span class=\"_ _2\"></span>ycle. <span class=\"_ _2\"></span>As at<span class=\"_ _2\"></span> 31 December 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, mature <span class=\"_ _2\"></span>assets accoun<span class=\"_ _2\"></span>ted for a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _2\"></span>y 48% (4<span class=\"_ _2\"></span>8% in 3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1) of N<span class=\"_ _2\"></span>avigator\u2019s f<span class=\"_ _2\"></span>orest i<span class=\"_ _2\"></span>n Portugal<span class=\"_ _2\"></span>, being r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed at f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, <span class=\"_ _2\"></span>by speci<span class=\"_ _2\"></span>es, is <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Eucalyptus (Portugal<span class=\"_ _0\"></span>) 93,301,990 <span class=\"_ _0\"></span> 113,826,448  Eucalyptus (Spain)<span class=\"_ _0\"></span> 2,932,530  -  Pine (Portugal)<span class=\"_ _0\"></span> 8,149,506  6,697,561  Cork oak (Portugal<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 819,980  6,268,821  Other species (<span class=\"_ _0\"></span>Portugal)<span class=\"_ _0\"></span> 73,108  1,015,078  Eucalyptus (Mozambi<span class=\"_ _0\"></span>que)<span class=\"_ _0\"></span> 17,222,761 <span class=\"_ _0\"></span> 19,516,153 <span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  The Group h<span class=\"_ _2\"></span>as al<span class=\"_ _2\"></span>so star<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>estry ope<span class=\"_ _2\"></span>rations <span class=\"_ _2\"></span>in Spain<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>pecif<span class=\"_ _2\"></span>icall<span class=\"_ _2\"></span>y in the Gali<span class=\"_ _2\"></span>cia regio<span class=\"_ _2\"></span>n, and expects to<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase this<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>ture. The decreas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n the fair <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e of co<span class=\"_ _2\"></span>rk oak an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>(less<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficant) s<span class=\"_ _2\"></span>pecies i<span class=\"_ _2\"></span>s mainl<span class=\"_ _2\"></span>y due to the effec<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> increase<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>ts for cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting and <span class=\"_ _2\"></span>tran<span class=\"_ _2\"></span>sportatio<span class=\"_ _2\"></span>n. These amoun<span class=\"_ _2\"></span>ts c<span class=\"ff8\">orres<span class=\"_ _2\"></span>pond <span class=\"_ _2\"></span>to Board of<span class=\"_ _2\"></span> Dir<span class=\"_ _2\"></span>ectors\u2019 e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the volumes <span class=\"_ _2\"></span>to be ex<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ted </span>from i<span class=\"_ _2\"></span>ts woodlands <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e, as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> Eucalyptus (<span class=\"_ _0\"></span>Portugal) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extrac<span class=\"_ _0\"></span>tions k m3ssc <span class=\"_ _0\"></span> 10,371  10,207 <span class=\"_ _0\"></span>  Eucalyptus (Sp<span class=\"_ _0\"></span>ain) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extractio<span class=\"_ _0\"></span>ns k m3ssc <span class=\"_ _0\"></span> 207  -   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k t<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _0\"></span> 309  311   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of pine ex<span class=\"_ _0\"></span>tractions k ton <span class=\"_ _0\"></span> n/a n/a  Cork oak (Portug<span class=\"_ _0\"></span>al) - Potenti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> future <span class=\"_ _2\"></span>of <span class=\"_ _0\"></span>cork extra<span class=\"_ _0\"></span>ctions k @ <span class=\"_ _0\"></span> 563  461   Eucalyptus (Mozam<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>que) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k m3ssc 4,451  2,758  Conc<span class=\"_ _2\"></span>erning Eucal<span class=\"_ _2\"></span>yptus, th<span class=\"_ _2\"></span>e most r<span class=\"_ _2\"></span>elevan<span class=\"_ _2\"></span>t biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al statemen<span class=\"_ _2\"></span>ts, the Group ex<span class=\"_ _2\"></span>tracted<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>22, 512,11<span class=\"_ _2\"></span>2 m3ssc <span class=\"_ _2\"></span>of wood f<span class=\"_ _2\"></span>rom it<span class=\"_ _2\"></span>s owned and <span class=\"_ _2\"></span>expl<span class=\"_ _2\"></span>ored for<span class=\"_ _2\"></span>ests (31 December <span class=\"_ _2\"></span>2021: 65<span class=\"_ _2\"></span>1,654 m3s<span class=\"_ _2\"></span>sc). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21 (i), <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e are no amou<span class=\"_ _2\"></span>nts of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets whose pro<span class=\"_ _2\"></span>perty is<span class=\"_ _2\"></span> restri<span class=\"_ _2\"></span>cted and<span class=\"_ _2\"></span>/or ple<span class=\"_ _2\"></span>dged as<span class=\"_ _2\"></span> guaran<span class=\"_ _2\"></span>tee <span class=\"_ _2\"></span>for l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties, nor <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>ere are non<span class=\"_ _2\"></span>-reversi<span class=\"_ _2\"></span>ble commi<span class=\"_ _2\"></span>tments rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, an<span class=\"_ _2\"></span>d (ii<span class=\"_ _2\"></span>) there a<span class=\"_ _2\"></span>re no government <span class=\"_ _2\"></span>grants <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets recognis<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>Group\u2019s co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Assumption<span class=\"_ _2\"></span>s Assumptio<span class=\"_ _2\"></span>ns corres<span class=\"_ _2\"></span>ponding to <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>bein<span class=\"_ _2\"></span>g valued <span class=\"_ _2\"></span>were cons<span class=\"_ _2\"></span>idered: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Productivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts; </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es price <span class=\"_ _2\"></span>(when <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s an acti<span class=\"_ _2\"></span>ve mark<span class=\"_ _2\"></span>et) l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e cost of<span class=\"_ _2\"></span> harvesti<span class=\"_ _2\"></span>ng, ren<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r </span></span>own, r<span class=\"_ _2\"></span>ented and l<span class=\"_ _2\"></span>eased l<span class=\"_ _2\"></span>and, re<span class=\"_ _2\"></span>planting <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>, planting <span class=\"_ _2\"></span>and maint<span class=\"_ _2\"></span>enance cos<span class=\"_ _2\"></span>ts, the cost <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent in l<span class=\"_ _2\"></span>easing fo<span class=\"_ _2\"></span>rest l<span class=\"_ _2\"></span>and; <span class=\"fsc\">t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span> by<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>% </span>com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.<span class=\"fsb\"> </span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Disco<span class=\"_ _2\"></span>unt rate, 2<span class=\"_ _2\"></span>022: 5.17% <span class=\"_ _2\"></span>(202<span class=\"_ _2\"></span>1: 2.99%)<span class=\"_ _2\"></span>. It sho<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>ted that <span class=\"_ _2\"></span>the Group </span></span>inco<span class=\"_ _2\"></span>rporates the f<span class=\"_ _2\"></span>ire <span class=\"_ _2\"></span>risk i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>model's <span class=\"_ _2\"></span>cash flows. <span class=\"_ _2\"></span>If thi<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>risk were <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span>to the disco<span class=\"_ _2\"></span>unt rate<span class=\"_ _2\"></span>, it woul<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>be of 7%<span class=\"_ _2\"></span>. (2021: 4<span class=\"_ _2\"></span>.61%) Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis  The Group <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt <span class=\"_ _2\"></span>the discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>rtugal and <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>ward pric<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>wood as the mo<span class=\"_ _2\"></span>st signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>variables<span class=\"_ _2\"></span>. Changes i<span class=\"_ _2\"></span>n the ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns may impl<span class=\"_ _2\"></span>y the ap<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion/d<span class=\"_ _2\"></span>eprecia<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these ass<span class=\"_ _2\"></span>ets: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>1) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Po<span class=\"_ _0\"></span>rtug<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 5,422,029  7,896,515  Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 2) Decrease of 3<span class=\"_ _0\"></span>% in forwar<span class=\"_ _0\"></span>d price<span class=\"_ _0\"></span> 10,848,174 <span class=\"_ _0\"></span> 11,731,495 <span class=\"_ _0\"></span> Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 3) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Mo<span class=\"_ _0\"></span>zam<span class=\"_ _0\"></span>bique<span class=\"_ _0\"></span> 503,338  273,043  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> 4) Decrease of 3<span class=\"_ _0\"></span>% in forward p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span> 761,695  718,666  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> 4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  5.9.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equiv<span class=\"_ _2\"></span>alents </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Cash 32,356  35,334 <span class=\"_ _0\"></span> Short-term bank depo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ts 191,824,254  220,585,472  Other short-term i<span class=\"_ _0\"></span>nvestments <span class=\"_ _0\"></span> 151,227,178  18,550,446 <span class=\"_ _0\"></span> 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span>, the ca<span class=\"_ _2\"></span>ption Othe<span class=\"_ _2\"></span>r sho<span class=\"_ _2\"></span>rt-term i<span class=\"_ _2\"></span>nvestments <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des Euro<span class=\"_ _2\"></span> 151,227<span class=\"_ _2\"></span>,178 (31 <span class=\"_ _2\"></span>December 2021: <span class=\"_ _2\"></span>Euro 18,55<span class=\"_ _2\"></span>0,446) of<span class=\"_ _2\"></span> amounts i<span class=\"_ _2\"></span>nveste<span class=\"_ _2\"></span>d by N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span> a portfol<span class=\"_ _2\"></span>io of<span class=\"_ _2\"></span> short-term<span class=\"_ _2\"></span>, highly li<span class=\"_ _2\"></span>quid fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>assets and i<span class=\"_ _2\"></span>ssuers with <span class=\"_ _2\"></span>adequ<span class=\"_ _2\"></span>ate rati<span class=\"_ _2\"></span>ngs. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant balanc<span class=\"_ _2\"></span>es of c<span class=\"_ _2\"></span>ash and cash equi<span class=\"_ _2\"></span>valen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are su<span class=\"_ _2\"></span>bject to r<span class=\"_ _2\"></span>estriction<span class=\"_ _2\"></span>s on us<span class=\"_ _2\"></span>e by <span class=\"_ _2\"></span>the Group<span class=\"_ _2\"></span>. 8.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es </span></span>8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Categories o<span class=\"_ _2\"></span>f Group<span class=\"_ _2\"></span> Financial<span class=\"_ _2\"></span> Instrum<span class=\"_ _2\"></span>ents The finan<span class=\"_ _2\"></span>cial i<span class=\"_ _2\"></span>nstruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h capti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial assets<span class=\"_ _0\"></span> at fair value  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial through<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at fair  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and value throu<span class=\"_ _0\"></span>gh  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at loss other derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide  Non-amortised (excluding compreh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> financial financial the scope<span class=\"_ _0\"></span> financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> income <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>of IFRS <span class=\"_ _0\"></span>9 <span class=\"fc7 sc0\"> </span>assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 25,282,859 <span class=\"_ _0\"></span> -  -  -  -  -  -  25,282,859 <span class=\"_ _0\"></span>  Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 363,009,769  -  -  46,938,143 <span class=\"_ _0\"></span> 1,576,300  -  87,619,196 <span class=\"_ _0\"></span> 499,143,408   Cash and cash 5.9 343,083,788  -  -  -  -  -  -  343,083,788  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 731<span class=\"_ _0\"></span>,376,417<span class=\"_ _0\"></span>  -  -  46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  -  87,619<span class=\"_ _0\"></span>,196  867<span class=\"_ _0\"></span>,510,056<span class=\"_ _0\"></span>  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 8.3 8,604,547  -  -  -  -  -  -  8,604,547   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 236,454,808  -  -  1,630,982  -  -  79,796,970 <span class=\"_ _0\"></span> 317,882,760   Cash and cash 5.9 239,171,252  -  -  -  -  -  -  239,171,252  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 484<span class=\"_ _0\"></span>,230,607<span class=\"_ _0\"></span>  -  -  1,630,98<span class=\"_ _0\"></span>2  -  -  79,796<span class=\"_ _0\"></span>,970  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at fair value through<span class=\"_ _0\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and  Hedging<span class=\"_ _0\"></span>  Trading  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at loss derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve liabilities  Non-amortised (excluding financial financial outs<span class=\"_ _0\"></span>ide the financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> scope of <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>liabilities <span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 725,301,722  -  -  -  -  -  725,301,722   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  61,641,049 <span class=\"_ _0\"></span> -  61,641,049 <span class=\"_ _0\"></span>  Payables  4.3 605,630,951  -  -  4,682,533  -  -  610,313,484  Total liabilities<span class=\"_ _0\"></span> 1,330,93<span class=\"_ _0\"></span>2,673  -  -  4,682,53<span class=\"_ _0\"></span>3  61,641<span class=\"_ _0\"></span>,049  -  1,397,25<span class=\"_ _0\"></span>6,255  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 833,944,049  -  -  -  -  -  833,944,049   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  53,240,925 <span class=\"_ _0\"></span> -  53,240,925 <span class=\"_ _0\"></span>  Payables  4.3 422,045,733  -  6,402,130  1,728,458  -  -  430,176,321  Total liabilities<span class=\"_ _0\"></span> 1,255,98<span class=\"_ _0\"></span>9,782  -  6,402,13<span class=\"_ _0\"></span>0  1,728,45<span class=\"_ _0\"></span>8  53,240<span class=\"_ _0\"></span>,925  -  1,317,36<span class=\"_ _0\"></span>1,295  8.3.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Fair val<span class=\"_ _2\"></span>ue of financial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties Financia<span class=\"_ _2\"></span>l as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r va<span class=\"_ _2\"></span>lue 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span>  Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (N<span class=\"_ _0\"></span>ote 8.2) -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Assets measured a<span class=\"_ _0\"></span>t fair value<span class=\"_ _0\"></span>      <span class=\"ls0\">Bi<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asset<span class=\"_ _2\"></span>s (Note 3.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> </span>-  -  122,499,875  -  -  147,324,061  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  -  1,630,98<span class=\"_ _0\"></span>2  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2)<span class=\"_ _0\"></span> -  -  -  -  (6,402,130) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,588) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>fixed-inter<span class=\"_ _2\"></span>est inter<span class=\"_ _2\"></span>est-bea<span class=\"_ _2\"></span>ring liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th th<span class=\"_ _2\"></span>e charact<span class=\"_ _2\"></span>eristic<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>each financin<span class=\"_ _2\"></span>g, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-99-3": {
   "value": "3.8.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Biolog<span class=\"_ _2\"></span>ical as<span class=\"_ _2\"></span>sets </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in biolo<span class=\"_ _2\"></span>gical<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>sets Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  148<span class=\"_ _0\"></span>,584,451<span class=\"_ _0\"></span>  Loggi<span class=\"_ _0\"></span>ng in the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>68,187)<span class=\"_ _0\"></span> (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>77,834)<span class=\"_ _0\"></span> Growth 22,077,444 <span class=\"_ _0\"></span> 19,653,667 <span class=\"_ _0\"></span> New pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span>ed a<span class=\"_ _0\"></span>reas and replan<span class=\"_ _0\"></span>ting (at cos<span class=\"_ _0\"></span>t) 4,241,964  3,313,648  Other changes i<span class=\"_ _0\"></span>n fair val<span class=\"_ _0\"></span>ue - change in the pri<span class=\"_ _0\"></span>ce of wood<span class=\"_ _0\"></span> 23,872,905 <span class=\"_ _0\"></span> -  - change in the cos<span class=\"_ _0\"></span>t-<span class=\"ls57\">of</span>-<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>apital<span class=\"_ _0\"></span> rate (28<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>53,077)<span class=\"_ _0\"></span> 1,212,800  - impact of forest fi<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> (31<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>33)<span class=\"_ _0\"></span> (68<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>94)<span class=\"_ _0\"></span> - change in other speci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (4,938,867) -  - transport l<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>cs costs<span class=\"_ _0\"></span> (2,076,774) (2,417,700) - structure fi<span class=\"_ _0\"></span>xed costs (9,396,335) -  - other changes i<span class=\"_ _0\"></span>n expectations<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>51,626)<span class=\"_ _0\"></span> 2,323,823  Total changes<span class=\"_ _0\"></span> (24,82<span class=\"_ _0\"></span>4,186) (1,260<span class=\"_ _0\"></span>,390) Closing balance<span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Work also <span class=\"_ _2\"></span>starte<span class=\"_ _2\"></span>d on har<span class=\"_ _2\"></span>vesting <span class=\"_ _2\"></span>timber f<span class=\"_ _2\"></span>rom Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7ambi<span class=\"_ _2\"></span>que's plant<span class=\"_ _2\"></span>ations <span class=\"_ _2\"></span>in Manic<span class=\"_ _2\"></span>a, for export f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Port of B<span class=\"_ _2\"></span>eira, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>make it possi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>, amon<span class=\"_ _2\"></span>gst other <span class=\"_ _2\"></span>goals, <span class=\"_ _2\"></span>to pu<span class=\"_ _2\"></span>t 3Mozambique o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world map <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>this f<span class=\"_ _2\"></span>orest-base<span class=\"_ _2\"></span>d indust<span class=\"_ _2\"></span>ry. Duri<span class=\"_ _2\"></span>ng 2022, aro<span class=\"_ _2\"></span>und 1<span class=\"_ _2\"></span>00,000 m3of wood <span class=\"_ _2\"></span>were har<span class=\"_ _2\"></span>vested<span class=\"_ _2\"></span>, and thre<span class=\"_ _2\"></span>e vess<span class=\"_ _2\"></span>els wer<span class=\"_ _2\"></span>e shippe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>Portugal, <span class=\"_ _2\"></span>with aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup consi<span class=\"_ _2\"></span>ders, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IAS 41<span class=\"_ _2\"></span>, matur<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>ts to b<span class=\"_ _2\"></span>e those <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve reached <span class=\"_ _2\"></span>the nec<span class=\"_ _2\"></span>essary s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ations to <span class=\"_ _2\"></span>obtai<span class=\"_ _2\"></span>n the m<span class=\"_ _2\"></span>aximu<span class=\"_ _2\"></span>m yield base<span class=\"_ _2\"></span>d on their <span class=\"_ _2\"></span>profitabil<span class=\"_ _2\"></span>ity, supply nee<span class=\"_ _2\"></span>ds and o<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>tunity cost<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Ty<span class=\"_ _0\"></span>pical<span class=\"_ _2\"></span>ly, the <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> Portugal r<span class=\"_ _2\"></span>eaches <span class=\"_ _2\"></span>its ma<span class=\"_ _2\"></span>turit<span class=\"_ _2\"></span>y between 8 an<span class=\"_ _2\"></span>d 12<span class=\"_ _2\"></span> years, an<span class=\"_ _2\"></span>d thi<span class=\"_ _2\"></span>s ref<span class=\"_ _2\"></span>erence dep<span class=\"_ _2\"></span>ends on th<span class=\"_ _2\"></span>e speci<span class=\"_ _2\"></span>es, soil<span class=\"_ _2\"></span> condi<span class=\"_ _2\"></span>tions, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as edaphocli<span class=\"_ _2\"></span>matic co<span class=\"_ _2\"></span>nditions<span class=\"_ _2\"></span>. Data on<span class=\"_ _2\"></span> the f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>t, its con<span class=\"_ _2\"></span>dition an<span class=\"_ _2\"></span>d its fu<span class=\"_ _2\"></span>ture pot<span class=\"_ _2\"></span>ential <span class=\"_ _2\"></span>are measured <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t twice <span class=\"_ _2\"></span>throughou<span class=\"_ _2\"></span>t its <span class=\"_ _2\"></span>growth c<span class=\"_ _2\"></span>ycle. <span class=\"_ _2\"></span>As at<span class=\"_ _2\"></span> 31 December 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, mature <span class=\"_ _2\"></span>assets accoun<span class=\"_ _2\"></span>ted for a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _2\"></span>y 48% (4<span class=\"_ _2\"></span>8% in 3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1) of N<span class=\"_ _2\"></span>avigator\u2019s f<span class=\"_ _2\"></span>orest i<span class=\"_ _2\"></span>n Portugal<span class=\"_ _2\"></span>, being r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed at f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, <span class=\"_ _2\"></span>by speci<span class=\"_ _2\"></span>es, is <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Eucalyptus (Portugal<span class=\"_ _0\"></span>) 93,301,990 <span class=\"_ _0\"></span> 113,826,448  Eucalyptus (Spain)<span class=\"_ _0\"></span> 2,932,530  -  Pine (Portugal)<span class=\"_ _0\"></span> 8,149,506  6,697,561  Cork oak (Portugal<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 819,980  6,268,821  Other species (<span class=\"_ _0\"></span>Portugal)<span class=\"_ _0\"></span> 73,108  1,015,078  Eucalyptus (Mozambi<span class=\"_ _0\"></span>que)<span class=\"_ _0\"></span> 17,222,761 <span class=\"_ _0\"></span> 19,516,153 <span class=\"_ _0\"></span> 122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  The Group h<span class=\"_ _2\"></span>as al<span class=\"_ _2\"></span>so star<span class=\"_ _2\"></span>ted for<span class=\"_ _2\"></span>estry ope<span class=\"_ _2\"></span>rations <span class=\"_ _2\"></span>in Spain<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>pecif<span class=\"_ _2\"></span>icall<span class=\"_ _2\"></span>y in the Gali<span class=\"_ _2\"></span>cia regio<span class=\"_ _2\"></span>n, and expects to<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase this<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>ture. The decreas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n the fair <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e of co<span class=\"_ _2\"></span>rk oak an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>(less<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficant) s<span class=\"_ _2\"></span>pecies i<span class=\"_ _2\"></span>s mainl<span class=\"_ _2\"></span>y due to the effec<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> increase<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>ts for cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting and <span class=\"_ _2\"></span>tran<span class=\"_ _2\"></span>sportatio<span class=\"_ _2\"></span>n. These amoun<span class=\"_ _2\"></span>ts c<span class=\"ff8\">orres<span class=\"_ _2\"></span>pond <span class=\"_ _2\"></span>to Board of<span class=\"_ _2\"></span> Dir<span class=\"_ _2\"></span>ectors\u2019 e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the volumes <span class=\"_ _2\"></span>to be ex<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ted </span>from i<span class=\"_ _2\"></span>ts woodlands <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e, as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> Eucalyptus (<span class=\"_ _0\"></span>Portugal) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extrac<span class=\"_ _0\"></span>tions k m3ssc <span class=\"_ _0\"></span> 10,371  10,207 <span class=\"_ _0\"></span>  Eucalyptus (Sp<span class=\"_ _0\"></span>ain) - Potenti<span class=\"_ _0\"></span>al future of woo<span class=\"_ _0\"></span>d extractio<span class=\"_ _0\"></span>ns k m3ssc <span class=\"_ _0\"></span> 207  -   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k t<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _0\"></span> 309  311   Pine (Portugal<span class=\"_ _0\"></span>) - Potenti<span class=\"_ _0\"></span>al future of pine ex<span class=\"_ _0\"></span>tractions k ton <span class=\"_ _0\"></span> n/a n/a  Cork oak (Portug<span class=\"_ _0\"></span>al) - Potenti<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> future <span class=\"_ _2\"></span>of <span class=\"_ _0\"></span>cork extra<span class=\"_ _0\"></span>ctions k @ <span class=\"_ _0\"></span> 563  461   Eucalyptus (Mozam<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>que) - Potenti<span class=\"_ _0\"></span>al future of wood ext<span class=\"_ _0\"></span>ractio<span class=\"_ _0\"></span>ns k m3ssc 4,451  2,758  Conc<span class=\"_ _2\"></span>erning Eucal<span class=\"_ _2\"></span>yptus, th<span class=\"_ _2\"></span>e most r<span class=\"_ _2\"></span>elevan<span class=\"_ _2\"></span>t biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al statemen<span class=\"_ _2\"></span>ts, the Group ex<span class=\"_ _2\"></span>tracted<span class=\"_ _2\"></span>, in 20<span class=\"_ _2\"></span>22, 512,11<span class=\"_ _2\"></span>2 m3ssc <span class=\"_ _2\"></span>of wood f<span class=\"_ _2\"></span>rom it<span class=\"_ _2\"></span>s owned and <span class=\"_ _2\"></span>expl<span class=\"_ _2\"></span>ored for<span class=\"_ _2\"></span>ests (31 December <span class=\"_ _2\"></span>2021: 65<span class=\"_ _2\"></span>1,654 m3s<span class=\"_ _2\"></span>sc). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21 (i), <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e are no amou<span class=\"_ _2\"></span>nts of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets whose pro<span class=\"_ _2\"></span>perty is<span class=\"_ _2\"></span> restri<span class=\"_ _2\"></span>cted and<span class=\"_ _2\"></span>/or ple<span class=\"_ _2\"></span>dged as<span class=\"_ _2\"></span> guaran<span class=\"_ _2\"></span>tee <span class=\"_ _2\"></span>for l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties, nor <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>ere are non<span class=\"_ _2\"></span>-reversi<span class=\"_ _2\"></span>ble commi<span class=\"_ _2\"></span>tments rel<span class=\"_ _2\"></span>ated to <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f biol<span class=\"_ _2\"></span>ogical<span class=\"_ _2\"></span> assets, an<span class=\"_ _2\"></span>d (ii<span class=\"_ _2\"></span>) there a<span class=\"_ _2\"></span>re no government <span class=\"_ _2\"></span>grants <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>biologi<span class=\"_ _2\"></span>cal as<span class=\"_ _2\"></span>sets recognis<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>Group\u2019s co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Assumption<span class=\"_ _2\"></span>s Assumptio<span class=\"_ _2\"></span>ns corres<span class=\"_ _2\"></span>ponding to <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>bein<span class=\"_ _2\"></span>g valued <span class=\"_ _2\"></span>were cons<span class=\"_ _2\"></span>idered: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Productivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts; </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es price <span class=\"_ _2\"></span>(when <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s an acti<span class=\"_ _2\"></span>ve mark<span class=\"_ _2\"></span>et) l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>e cost of<span class=\"_ _2\"></span> harvesti<span class=\"_ _2\"></span>ng, ren<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r </span></span>own, r<span class=\"_ _2\"></span>ented and l<span class=\"_ _2\"></span>eased l<span class=\"_ _2\"></span>and, re<span class=\"_ _2\"></span>planting <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>, planting <span class=\"_ _2\"></span>and maint<span class=\"_ _2\"></span>enance cos<span class=\"_ _2\"></span>ts, the cost <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent in l<span class=\"_ _2\"></span>easing fo<span class=\"_ _2\"></span>rest l<span class=\"_ _2\"></span>and; <span class=\"fsc\">t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span> by<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>% </span>com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.<span class=\"fsb\"> </span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Disco<span class=\"_ _2\"></span>unt rate, 2<span class=\"_ _2\"></span>022: 5.17% <span class=\"_ _2\"></span>(202<span class=\"_ _2\"></span>1: 2.99%)<span class=\"_ _2\"></span>. It sho<span class=\"_ _2\"></span>uld b<span class=\"_ _2\"></span>e no<span class=\"_ _2\"></span>ted that <span class=\"_ _2\"></span>the Group </span></span>inco<span class=\"_ _2\"></span>rporates the f<span class=\"_ _2\"></span>ire <span class=\"_ _2\"></span>risk i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>model's <span class=\"_ _2\"></span>cash flows. <span class=\"_ _2\"></span>If thi<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>risk were <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span>to the disco<span class=\"_ _2\"></span>unt rate<span class=\"_ _2\"></span>, it woul<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>be of 7%<span class=\"_ _2\"></span>. (2021: 4<span class=\"_ _2\"></span>.61%) Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis  The Group <span class=\"_ _2\"></span>takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt <span class=\"_ _2\"></span>the discount <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>rtugal and <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>ward pric<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>wood as the mo<span class=\"_ _2\"></span>st signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>variables<span class=\"_ _2\"></span>. Changes i<span class=\"_ _2\"></span>n the ass<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>ns may impl<span class=\"_ _2\"></span>y the ap<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>tion/d<span class=\"_ _2\"></span>eprecia<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these ass<span class=\"_ _2\"></span>ets: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>1) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Po<span class=\"_ _0\"></span>rtug<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 5,422,029  7,896,515  Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 2) Decrease of 3<span class=\"_ _0\"></span>% in forwar<span class=\"_ _0\"></span>d price<span class=\"_ _0\"></span> 10,848,174 <span class=\"_ _0\"></span> 11,731,495 <span class=\"_ _0\"></span> Devaluatio<span class=\"_ _0\"></span>n of P<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>'s forest assets<span class=\"_ _0\"></span> 3) In<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>se o<span class=\"_ _0\"></span>f 0.5% in the di<span class=\"_ _0\"></span>scount rate in Mo<span class=\"_ _0\"></span>zam<span class=\"_ _0\"></span>bique<span class=\"_ _0\"></span> 503,338  273,043  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> 4) Decrease of 3<span class=\"_ _0\"></span>% in forward p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span> 761,695  718,666  Devaluatio<span class=\"_ _0\"></span>n of M<span class=\"_ _2\"></span>oz<span class=\"_ _0\"></span>ambique's<span class=\"_ _0\"></span> forest assets<span class=\"_ _0\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-103-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group\u2019s <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>logical<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>comprise th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>ts hel<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span> the pro<span class=\"_ _2\"></span>duction o<span class=\"_ _2\"></span>f timbe<span class=\"_ _2\"></span>r, suita<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>r inco<span class=\"_ _2\"></span>rporating in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P or for <span class=\"_ _2\"></span>sale on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t, mostl<span class=\"_ _2\"></span>y eucaly<span class=\"_ _2\"></span>ptus, but also incl<span class=\"_ _2\"></span>ude other sp<span class=\"_ _2\"></span>ecies s<span class=\"_ _2\"></span>uch as <span class=\"_ _2\"></span>pine and co<span class=\"_ _2\"></span>rk oa<span class=\"_ _2\"></span>k.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span> Forest l<span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>wned by th<span class=\"_ _2\"></span>e Group is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded in Pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant and e<span class=\"_ _2\"></span>quipmen<span class=\"_ _2\"></span>t in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet and i<span class=\"_ _2\"></span>s value<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>accordance <span class=\"_ _2\"></span>with the acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cy desc<span class=\"_ _2\"></span>ribed in Note 3.3. <span class=\"_ _2\"></span>Fores<span class=\"_ _2\"></span>t land <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ha<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t owned b<span class=\"_ _2\"></span>y the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Gro<span class=\"_ _2\"></span>up and th<span class=\"_ _2\"></span>at is l<span class=\"_ _2\"></span>eased i<span class=\"_ _2\"></span>s valued i<span class=\"_ _2\"></span>n accordance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the acc<span class=\"_ _2\"></span>ounting pol<span class=\"_ _2\"></span>icy d<span class=\"_ _2\"></span>escribe<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 3.6 <span class=\"_ _2\"></span>and is <span class=\"_ _2\"></span>present<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated balanc<span class=\"_ _2\"></span>e sh<span class=\"_ _2\"></span>eet under <span class=\"_ _2\"></span>\"Right-<span class=\"ls15\">of</span>-<span class=\"_ _2\"></span>use asse<span class=\"_ _2\"></span>ts\". Fair Val<span class=\"_ _2\"></span>ue (lev<span class=\"_ _2\"></span>el 3 o<span class=\"_ _2\"></span>f the IFRS 1<span class=\"_ _2\"></span>3 fair <span class=\"_ _2\"></span>value h<span class=\"_ _2\"></span>ierarc<span class=\"_ _2\"></span>hy) When calc<span class=\"_ _2\"></span>ulating th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up uses <span class=\"_ _2\"></span>the disc<span class=\"_ _2\"></span>ounted c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows method, based on a <span class=\"_ _2\"></span>model<span class=\"_ _2\"></span> developed i<span class=\"_ _2\"></span>n house<span class=\"_ _2\"></span>, re<span class=\"_ _2\"></span>gularly <span class=\"_ _2\"></span>tested b<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>independent <span class=\"_ _2\"></span>external<span class=\"_ _2\"></span> assessm<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In the mo<span class=\"_ _2\"></span>del de<span class=\"_ _2\"></span>veloped, as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons are co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered corr<span class=\"_ _2\"></span>esponding to <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>ture of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts under e<span class=\"_ _2\"></span>valuation, n<span class=\"_ _2\"></span>amely<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>development c<span class=\"_ _2\"></span>ycl<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erent speci<span class=\"_ _2\"></span>es, the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tivity of<span class=\"_ _2\"></span> the fores<span class=\"_ _2\"></span>ts, cl<span class=\"_ _2\"></span>imate <span class=\"_ _2\"></span>and oth<span class=\"_ _2\"></span>er envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> consi<span class=\"_ _2\"></span>deratio<span class=\"_ _2\"></span>ns, the <span class=\"_ _2\"></span>wood sales <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>(when the<span class=\"_ _2\"></span>re is <span class=\"_ _2\"></span>an active mar<span class=\"_ _2\"></span>ket) l<span class=\"_ _2\"></span>ess the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e rents <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> own, lease<span class=\"_ _2\"></span>d land, <span class=\"_ _2\"></span>replan<span class=\"_ _2\"></span>ting and transpor<span class=\"_ _2\"></span>t, the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>of plan<span class=\"_ _2\"></span>ting an<span class=\"_ _2\"></span>d maintenanc<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>the cost<span class=\"_ _2\"></span> inherent i<span class=\"_ _2\"></span>n leasi<span class=\"_ _2\"></span>ng th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>t land, and the <span class=\"_ _2\"></span>discou<span class=\"_ _2\"></span>nt rate. <span class=\"_ _2\"></span> The main u<span class=\"_ _2\"></span>nobserva<span class=\"_ _2\"></span>ble i<span class=\"_ _2\"></span>nputs of th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value mo<span class=\"_ _2\"></span>del are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows, and th<span class=\"_ _2\"></span>e amount of the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>assets wil<span class=\"_ _2\"></span>l inc<span class=\"_ _2\"></span>rease / (<span class=\"_ _2\"></span>decrea<span class=\"_ _2\"></span>se) res<span class=\"_ _2\"></span>pectivel<span class=\"_ _2\"></span>y if: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Wood sal<span class=\"_ _2\"></span>es prices i<span class=\"_ _2\"></span>ncr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(decrease<span class=\"_ _2\"></span>); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated cu<span class=\"_ _2\"></span>tting<span class=\"_ _2\"></span>, repl<span class=\"_ _2\"></span>anting an<span class=\"_ _2\"></span>d tran<span class=\"_ _2\"></span>sport c<span class=\"_ _2\"></span>osts d<span class=\"_ _2\"></span>ecrease<span class=\"_ _2\"></span> / (i<span class=\"_ _2\"></span>ncrease); </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Estimated <span class=\"_ _2\"></span>plantin<span class=\"_ _2\"></span>g and mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e costs d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>/ (inc<span class=\"_ _2\"></span>rease); <span class=\"_ _2\"></span>and </span></span>\uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The discou<span class=\"_ _2\"></span>nt rate <span class=\"_ _2\"></span>decr<span class=\"_ _2\"></span>ease / <span class=\"_ _2\"></span>(increas<span class=\"_ _2\"></span>e). </span></span>The discou<span class=\"_ _2\"></span>nt rate c<span class=\"_ _2\"></span>orres<span class=\"_ _2\"></span>ponds to <span class=\"_ _2\"></span>a mark<span class=\"_ _2\"></span>et ra<span class=\"_ _2\"></span>te withou<span class=\"_ _2\"></span>t inf<span class=\"_ _2\"></span>latio<span class=\"_ _2\"></span>n, in a <span class=\"_ _2\"></span>manner consi<span class=\"_ _2\"></span>sten<span class=\"_ _2\"></span>t with the str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of proj<span class=\"_ _2\"></span>ections, <span class=\"_ _2\"></span>determi<span class=\"_ _2\"></span>ned on <span class=\"_ _2\"></span>the basis<span class=\"_ _2\"></span> of th<span class=\"_ _2\"></span>e Navigato<span class=\"_ _2\"></span>r Group\u2019<span class=\"_ _2\"></span>s exp<span class=\"_ _2\"></span>ected <span class=\"ff1\">rate of<span class=\"_ _2\"></span> </span>return on i<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>rests<span class=\"_ _2\"></span>, which ar<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>tended <span class=\"_ _2\"></span>to be sol<span class=\"_ _2\"></span>d int<span class=\"_ _2\"></span>ragroup. Conc<span class=\"_ _2\"></span>ession <span class=\"_ _2\"></span>areas The costs <span class=\"_ _2\"></span>incurr<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>te prepa<span class=\"_ _2\"></span>ration b<span class=\"_ _2\"></span>efore th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst f<span class=\"_ _2\"></span>orestati<span class=\"_ _2\"></span>on are <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded as property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d depr<span class=\"_ _2\"></span>eciated <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>ne wit<span class=\"_ _2\"></span>h its exp<span class=\"_ _2\"></span>ected useful <span class=\"_ _2\"></span>lives correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>oncessio<span class=\"_ _2\"></span>n period<span class=\"_ _2\"></span>. Ch<span class=\"_ _2\"></span>ang<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>es<span class=\"ff1\"> </span>Changes i<span class=\"_ _2\"></span>n estimat<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> growth, <span class=\"_ _2\"></span>growth pe<span class=\"_ _2\"></span>riod, <span class=\"_ _2\"></span>price, co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> and other <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t as f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>adjus<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ents of bi<span class=\"_ _2\"></span>ologic<span class=\"_ _2\"></span>al assets. Ha<span class=\"_ _2\"></span>rve<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span><span class=\"ff1\"> </span>At the <span class=\"_ _2\"></span>time of <span class=\"_ _2\"></span>harvesting<span class=\"_ _2\"></span>, woo<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>at fai<span class=\"_ _2\"></span>r valu<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>ess estimate<span class=\"_ _2\"></span>d costs <span class=\"_ _2\"></span>since <span class=\"_ _2\"></span>that poi<span class=\"_ _2\"></span>nt until<span class=\"_ _2\"></span> the point o<span class=\"_ _2\"></span>f sale<span class=\"_ _2\"></span>, which<span class=\"_ _2\"></span> is the <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> cost <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>nven<span class=\"_ _2\"></span>tory. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-105-2": {
   "value": "4.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Invent<span class=\"_ _2\"></span>ories </span></span>4.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Inventories - <span class=\"_ _2\"></span>detail <span class=\"_ _2\"></span>by nature<span class=\"_ _2\"></span> Amount<span class=\"_ _2\"></span>s net <span class=\"_ _2\"></span>of ac<span class=\"_ _2\"></span>cum<span class=\"_ _2\"></span>ulate<span class=\"_ _2\"></span>d impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> loss<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Raw material<span class=\"_ _0\"></span>s 141,023,694  102,851,009  Goods 144,304  185,541  Subtotal (Note 4.1<span class=\"_ _0\"></span>.2) 141<span class=\"_ _0\"></span>,167,998<span class=\"_ _0\"></span>  103<span class=\"_ _0\"></span>,036,550<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>shed and semi<span class=\"_ _0\"></span>-fini<span class=\"_ _0\"></span>shed pr<span class=\"_ _2\"></span>odu<span class=\"_ _0\"></span>cts 155,208,607  75,870,145 <span class=\"_ _0\"></span> Goods and work i<span class=\"_ _0\"></span>n progress<span class=\"_ _0\"></span> 2,061,232  2,440,632  By<span class=\"ls0\">-products and waste<span class=\"_ _0\"></span> </span>291,380  5,203,331  Subtotal (Note 4.1<span class=\"_ _0\"></span>.3) 157<span class=\"_ _0\"></span>,561,219<span class=\"_ _0\"></span>  83,514<span class=\"_ _0\"></span>,108  Total 298<span class=\"_ _0\"></span>,729,217<span class=\"_ _0\"></span>  186<span class=\"_ _0\"></span>,550,658<span class=\"_ _0\"></span>  Invent<span class=\"_ _2\"></span>ories<span class=\"_ _2\"></span> of fini<span class=\"_ _2\"></span>she<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>mediat<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duct<span class=\"_ _2\"></span>s  \u2013<span class=\"ff4\"> dist<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> by <span class=\"_ _2\"></span>geogra<span class=\"_ _2\"></span>phic<span class=\"_ _2\"></span>al area<span class=\"_ _2\"></span> </span>Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>% 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>% Portugal<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 36,432,662 <span class=\"_ _0\"></span> 23.47% 12,707,425 <span class=\"_ _0\"></span> 16.75% UWF Paper <span class=\"_ _0\"></span> 35,230,122 <span class=\"_ _0\"></span> 22.70% 25,380,174 <span class=\"_ _0\"></span> 33.45% Ti<span class=\"_ _0\"></span>ssue Paper  21,429,903 <span class=\"_ _0\"></span> 13.81% 14,396,342 <span class=\"_ _0\"></span> 18.97% Other  8,635,096  5.56% 4,525,980  5.97% 101<span class=\"_ _0\"></span>,727,783<span class=\"_ _0\"></span>  65.54%<span class=\"_ _0\"></span> 57,009<span class=\"_ _0\"></span>,921  75.14%<span class=\"_ _0\"></span> Rest of Europe<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 11,797,779 <span class=\"_ _0\"></span> 7.60% 2,745,540  3.62% UWF Paper <span class=\"_ _0\"></span> 5,734,831  3.69% 2,656,156  3.50% Ti<span class=\"_ _0\"></span>ssue Paper  1,049,256  0.68% 875,662  1.15% 18,581<span class=\"_ _0\"></span>,866  11.97%<span class=\"_ _0\"></span> 6,277,35<span class=\"_ _0\"></span>8  8.27% USA UWF Paper <span class=\"_ _0\"></span> 34,898,958 <span class=\"_ _0\"></span> 22.49% 12,582,866 <span class=\"_ _0\"></span> 16.58% 34,898<span class=\"_ _0\"></span>,958  22.49%<span class=\"_ _0\"></span> 12,582<span class=\"_ _0\"></span>,866  16.58%<span class=\"_ _0\"></span> 155<span class=\"_ _0\"></span>,208,607<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>75,870<span class=\"_ _0\"></span>,145  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Fini<span class=\"_ _2\"></span>shed and in<span class=\"_ _2\"></span>termediat<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts inven<span class=\"_ _2\"></span>tories i<span class=\"_ _2\"></span>nclude Eu<span class=\"_ _2\"></span>ro 4<span class=\"_ _2\"></span>,286,997 (3<span class=\"_ _2\"></span>1 Decem<span class=\"_ _2\"></span>ber 2021: Euro 11<span class=\"_ _2\"></span>,730,049) rel<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ng to inv<span class=\"_ _2\"></span>entories fo<span class=\"_ _2\"></span>r whi<span class=\"_ _2\"></span>ch invoi<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>s have alrea<span class=\"_ _2\"></span>dy been i<span class=\"_ _2\"></span>ssue<span class=\"_ _2\"></span>d but <span class=\"_ _2\"></span>whose control<span class=\"_ _2\"></span> has not <span class=\"_ _2\"></span>been tr<span class=\"_ _2\"></span>ansferr<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>Trade r<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>nventories i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>ownershi<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>restricted an<span class=\"_ _2\"></span>d/or pl<span class=\"_ _2\"></span>edged <span class=\"_ _2\"></span>as col<span class=\"_ _2\"></span>lateral fo<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. 4.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Cost of go<span class=\"_ _2\"></span>ods sold <span class=\"_ _2\"></span>and mat<span class=\"_ _2\"></span>erials <span class=\"_ _2\"></span>consumed<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the period Amounts in Euro<span class=\"_ _0\"></span>  2022 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span> 2021 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span>Opening bal<span class=\"_ _0\"></span>ance 103,036,550  92,690,300 <span class=\"_ _0\"></span> Purchases 1,013,576,631  639,900,753  Inventory lo<span class=\"_ _0\"></span>sses 494,184  170,677  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (7,090,162) 69,565 <span class=\"_ _0\"></span> Clo<span class=\"_ _0\"></span>sing balance (141,167,998)<span class=\"_ _0\"></span> (103,036,550)<span class=\"_ _0\"></span> Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 2<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  Cost of<span class=\"_ _2\"></span> goo<span class=\"_ _2\"></span>ds sol<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d mate<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span>s consu<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>- de<span class=\"_ _2\"></span>tail b<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duct Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Woo<span class=\"_ _0\"></span>d / Biomass 354,081,192  278,459,294  Natural gas 52,565,933 <span class=\"_ _0\"></span> 25,882,421 <span class=\"_ _0\"></span> Other fuels 29,202,965 <span class=\"_ _0\"></span> 13,951,755 <span class=\"_ _0\"></span> Chemical<span class=\"_ _0\"></span>s 253,797,111  141,263,702  BEKP pulp 80,685,831 <span class=\"_ _0\"></span> 24,290,827 <span class=\"_ _0\"></span> Pine pulp 66,677,147 <span class=\"_ _0\"></span> 42,620,975 <span class=\"_ _0\"></span> Paper (heavywei<span class=\"_ _0\"></span>ght) 5,264,706  2,995,088  Ti<span class=\"_ _0\"></span>ssue pa<span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>- subcon<span class=\"_ _0\"></span>tracts 1,103,585  2,015,997  Consumables / War<span class=\"_ _0\"></span>ehouse materi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 27,582,104 <span class=\"_ _0\"></span> 26,761,199 <span class=\"_ _0\"></span> Packaging material<span class=\"_ _0\"></span> 96,576,854 <span class=\"_ _0\"></span> 68,739,504 <span class=\"_ _0\"></span> Other material<span class=\"_ _0\"></span>s 1,311,777  2,813,983  968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  The cost o<span class=\"_ _2\"></span>f woo<span class=\"_ _2\"></span>d / biomass<span class=\"_ _2\"></span> only r<span class=\"_ _2\"></span>elates <span class=\"_ _2\"></span>to wood <span class=\"_ _2\"></span>purchase<span class=\"_ _2\"></span>s to <span class=\"_ _2\"></span>entities o<span class=\"_ _2\"></span>utsi<span class=\"_ _2\"></span>de the Gro<span class=\"_ _2\"></span>up, ei<span class=\"_ _2\"></span>ther domestic <span class=\"_ _2\"></span>or foreign<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Throughou<span class=\"_ _2\"></span>t 2022 <span class=\"_ _2\"></span>there was a <span class=\"_ _2\"></span>gener<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed increase i<span class=\"_ _2\"></span>n pro<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on costs, <span class=\"_ _2\"></span>penali<span class=\"_ _2\"></span>sed essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y by the inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>wood, due <span class=\"_ _2\"></span>to the si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>ex-factor<span class=\"_ _2\"></span>y price of<span class=\"_ _2\"></span> domestic <span class=\"_ _2\"></span>wood and <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>pply mix<span class=\"_ _2\"></span>, and al<span class=\"_ _2\"></span>so by th<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of e<span class=\"_ _2\"></span>xternal <span class=\"_ _2\"></span>fibres<span class=\"_ _2\"></span>, energy and <span class=\"_ _2\"></span>chemi<span class=\"_ _2\"></span>cals.<span class=\"_ _2\"></span> 4.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Variation in <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>ction in th<span class=\"_ _2\"></span>e period<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening bal<span class=\"_ _0\"></span>ance (83<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>14,108)<span class=\"_ _0\"></span> (84<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>44,837)<span class=\"_ _0\"></span> Adjustments (1,438,920) (400,436) Inventory lo<span class=\"_ _0\"></span>sses 2,538,501  697,246  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses 5,337,315  1,846,899  Clo<span class=\"_ _0\"></span>sing balance 157,561,219  83,514,108 <span class=\"_ _0\"></span> Change in production (<span class=\"_ _0\"></span>Note 2.3)<span class=\"_ _1\"></span> 80,484<span class=\"_ _0\"></span>,007  1,612,98<span class=\"_ _0\"></span>0  4.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Movements <span class=\"_ _2\"></span>in imp<span class=\"_ _2\"></span>airment l<span class=\"_ _2\"></span>osses in <span class=\"_ _2\"></span>invent<span class=\"_ _2\"></span>ories Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> (3,934<span class=\"_ _0\"></span>,904) (2,157<span class=\"_ _0\"></span>,570) Increases (Note 2.3)<span class=\"_ _0\"></span> (13<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>41,209)<span class=\"_ _0\"></span> (2,643,558) Reversals (Note 2.2)<span class=\"_ _0\"></span> 813,732  866,224  Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (12,42<span class=\"_ _0\"></span>7,477) (1,777<span class=\"_ _0\"></span>,334) Charge-off<span class=\"_ _0\"></span> (12<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>42)<span class=\"_ _0\"></span> -  Closing balance<span class=\"_ _0\"></span> (16,37<span class=\"_ _0\"></span>4,423) (3,934<span class=\"_ _0\"></span>,904) As mentio<span class=\"_ _2\"></span>ned in No<span class=\"_ _2\"></span>te 2.3, <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nventory impai<span class=\"_ _2\"></span>rment i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> Euro 7,931,30<span class=\"_ _2\"></span>9 to th<span class=\"_ _2\"></span>e UWF and <span class=\"_ _2\"></span>Tiss<span class=\"_ _2\"></span>ue invento<span class=\"_ _2\"></span>ries, fo<span class=\"_ _2\"></span>llowin<span class=\"_ _2\"></span>g the i<span class=\"_ _2\"></span>dentificati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> items with l<span class=\"_ _2\"></span>ower turnover <span class=\"_ _2\"></span>and fu<span class=\"_ _2\"></span>ture sales <span class=\"_ _2\"></span>prosp<span class=\"_ _2\"></span>ects<span class=\"_ _2\"></span>, based o<span class=\"_ _2\"></span>n the G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> sales<span class=\"_ _2\"></span> performanc<span class=\"_ _2\"></span>e and sal<span class=\"_ _2\"></span>es mix<span class=\"_ _2\"></span>. Furthermo<span class=\"_ _2\"></span>re, ta<span class=\"_ _2\"></span>king in<span class=\"_ _2\"></span>to account <span class=\"_ _2\"></span>the fu<span class=\"_ _2\"></span>ture i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t ou<span class=\"_ _2\"></span>tlook and <span class=\"_ _2\"></span>the remai<span class=\"_ _2\"></span>ning usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of the indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> equipmen<span class=\"_ _2\"></span>t, the Gro<span class=\"_ _2\"></span>up esti<span class=\"_ _2\"></span>mated <span class=\"_ _2\"></span>the spa<span class=\"_ _2\"></span>re parts requi<span class=\"_ _2\"></span>red un<span class=\"_ _2\"></span>til the en<span class=\"_ _2\"></span>d of<span class=\"_ _2\"></span> the lif<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s equipment<span class=\"_ _2\"></span>, af<span class=\"_ _2\"></span>ter havi<span class=\"_ _2\"></span>ng reco<span class=\"_ _2\"></span>rded an i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> Euro 5<span class=\"_ _2\"></span>,309,900 f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e surplus <span class=\"_ _2\"></span>spare parts in <span class=\"_ _2\"></span>invento<span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-106-3": {
   "value": "4.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Cost of go<span class=\"_ _2\"></span>ods sold <span class=\"_ _2\"></span>and mat<span class=\"_ _2\"></span>erials <span class=\"_ _2\"></span>consumed<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the period Amounts in Euro<span class=\"_ _0\"></span>  2022 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span> 2021 <span class=\"_ _2\"></span><span class=\"fc7 sc0\"> </span>Opening bal<span class=\"_ _0\"></span>ance 103,036,550  92,690,300 <span class=\"_ _0\"></span> Purchases 1,013,576,631  639,900,753  Inventory lo<span class=\"_ _0\"></span>sses 494,184  170,677  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses (7,090,162) 69,565 <span class=\"_ _0\"></span> Clo<span class=\"_ _0\"></span>sing balance (141,167,998)<span class=\"_ _0\"></span> (103,036,550)<span class=\"_ _0\"></span> Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 2<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span> 968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  Cost of<span class=\"_ _2\"></span> goo<span class=\"_ _2\"></span>ds sol<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>d mate<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span>s consu<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>- de<span class=\"_ _2\"></span>tail b<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>duct Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Woo<span class=\"_ _0\"></span>d / Biomass 354,081,192  278,459,294  Natural gas 52,565,933 <span class=\"_ _0\"></span> 25,882,421 <span class=\"_ _0\"></span> Other fuels 29,202,965 <span class=\"_ _0\"></span> 13,951,755 <span class=\"_ _0\"></span> Chemical<span class=\"_ _0\"></span>s 253,797,111  141,263,702  BEKP pulp 80,685,831 <span class=\"_ _0\"></span> 24,290,827 <span class=\"_ _0\"></span> Pine pulp 66,677,147 <span class=\"_ _0\"></span> 42,620,975 <span class=\"_ _0\"></span> Paper (heavywei<span class=\"_ _0\"></span>ght) 5,264,706  2,995,088  Ti<span class=\"_ _0\"></span>ssue pa<span class=\"_ _2\"></span>per <span class=\"_ _0\"></span>- subcon<span class=\"_ _0\"></span>tracts 1,103,585  2,015,997  Consumables / War<span class=\"_ _0\"></span>ehouse materi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> 27,582,104 <span class=\"_ _0\"></span> 26,761,199 <span class=\"_ _0\"></span> Packaging material<span class=\"_ _0\"></span> 96,576,854 <span class=\"_ _0\"></span> 68,739,504 <span class=\"_ _0\"></span> Other material<span class=\"_ _0\"></span>s 1,311,777  2,813,983  968<span class=\"_ _0\"></span>,849,205<span class=\"_ _0\"></span>  629<span class=\"_ _0\"></span>,794,745<span class=\"_ _0\"></span>  The cost o<span class=\"_ _2\"></span>f woo<span class=\"_ _2\"></span>d / biomass<span class=\"_ _2\"></span> only r<span class=\"_ _2\"></span>elates <span class=\"_ _2\"></span>to wood <span class=\"_ _2\"></span>purchase<span class=\"_ _2\"></span>s to <span class=\"_ _2\"></span>entities o<span class=\"_ _2\"></span>utsi<span class=\"_ _2\"></span>de the Gro<span class=\"_ _2\"></span>up, ei<span class=\"_ _2\"></span>ther domestic <span class=\"_ _2\"></span>or foreign<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Throughou<span class=\"_ _2\"></span>t 2022 <span class=\"_ _2\"></span>there was a <span class=\"_ _2\"></span>gener<span class=\"_ _2\"></span>alis<span class=\"_ _2\"></span>ed increase i<span class=\"_ _2\"></span>n pro<span class=\"_ _2\"></span>ducti<span class=\"_ _2\"></span>on costs, <span class=\"_ _2\"></span>penali<span class=\"_ _2\"></span>sed essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y by the inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>wood, due <span class=\"_ _2\"></span>to the si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>ex-factor<span class=\"_ _2\"></span>y price of<span class=\"_ _2\"></span> domestic <span class=\"_ _2\"></span>wood and <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>pply mix<span class=\"_ _2\"></span>, and al<span class=\"_ _2\"></span>so by th<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>rease i<span class=\"_ _2\"></span>n the cos<span class=\"_ _2\"></span>t of e<span class=\"_ _2\"></span>xternal <span class=\"_ _2\"></span>fibres<span class=\"_ _2\"></span>, energy and <span class=\"_ _2\"></span>chemi<span class=\"_ _2\"></span>cals.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-109-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Inventori<span class=\"_ _2\"></span>es ar<span class=\"_ _2\"></span>e valued <span class=\"_ _2\"></span>in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing criteri<span class=\"_ _2\"></span>a: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Goods an<span class=\"_ _2\"></span>d raw mate<span class=\"_ _2\"></span>rials <span class=\"_ _2\"></span> </span></span>Goods an<span class=\"_ _2\"></span>d raw, subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y and consuma<span class=\"_ _2\"></span>ble mat<span class=\"_ _2\"></span>erial<span class=\"_ _2\"></span>s are <span class=\"_ _2\"></span>valued a<span class=\"_ _2\"></span>t the low<span class=\"_ _2\"></span>er of th<span class=\"_ _2\"></span>eir purc<span class=\"_ _2\"></span>hase cost o<span class=\"_ _2\"></span>r their n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isable <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>The purchas<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st incl<span class=\"_ _2\"></span>udes <span class=\"_ _2\"></span>ancill<span class=\"_ _2\"></span>ary costs <span class=\"_ _2\"></span>and it is<span class=\"_ _2\"></span> dete<span class=\"_ _2\"></span>rmined usin<span class=\"_ _2\"></span>g the weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e cost as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>valua<span class=\"_ _2\"></span>tion method.<span class=\"_ _2\"></span> ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Finished and <span class=\"_ _2\"></span>intermedi<span class=\"_ _2\"></span>ate pro<span class=\"_ _2\"></span>ducts and <span class=\"_ _2\"></span>wor<span class=\"_ _2\"></span>k in progr<span class=\"_ _2\"></span>ess </span></span>Fini<span class=\"_ _2\"></span>shed and in<span class=\"_ _2\"></span>termediat<span class=\"_ _2\"></span>e produc<span class=\"_ _2\"></span>ts and <span class=\"_ _2\"></span>work i<span class=\"_ _2\"></span>n progress<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>valued at <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ower of<span class=\"_ _2\"></span> their production <span class=\"_ _2\"></span>cost <span class=\"_ _2\"></span>(which i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>incorpora<span class=\"_ _2\"></span>ted raw ma<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>rials, l<span class=\"_ _2\"></span>abour and <span class=\"_ _2\"></span>general<span class=\"_ _2\"></span> manufac<span class=\"_ _2\"></span>turing costs, bas<span class=\"_ _2\"></span>ed on a <span class=\"_ _2\"></span>normal p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n cap<span class=\"_ _2\"></span>acity le<span class=\"_ _2\"></span>vel) or <span class=\"_ _2\"></span>thei<span class=\"_ _2\"></span>r net r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>able value<span class=\"_ _2\"></span>. The net <span class=\"_ _2\"></span>realisable <span class=\"_ _2\"></span>valu<span class=\"_ _2\"></span>e corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>estimated s<span class=\"_ _2\"></span>elli<span class=\"_ _2\"></span>ng price<span class=\"_ _2\"></span>, after <span class=\"_ _2\"></span>deducting es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed completi<span class=\"_ _2\"></span>on and sel<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>osts. <span class=\"_ _2\"></span>The dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>uction <span class=\"_ _2\"></span>cost and ne<span class=\"_ _2\"></span>t reali<span class=\"_ _2\"></span>sable value, i<span class=\"_ _2\"></span>f lower, a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>an operati<span class=\"_ _2\"></span>onal c<span class=\"_ _2\"></span>ost.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-110-4": {
   "value": "4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  State and <span class=\"_ _2\"></span>other p<span class=\"_ _2\"></span>ublic enti<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span> State i<span class=\"_ _2\"></span>s detai<span class=\"_ _2\"></span>led as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Value added tax - <span class=\"_ _0\"></span>recoverabl<span class=\"_ _0\"></span>e 15,023,507 <span class=\"_ _0\"></span> 6,848,780  Value added tax - <span class=\"_ _0\"></span>refund requests<span class=\"_ _0\"></span> 44,829,111 <span class=\"_ _0\"></span> 37,752,134 <span class=\"_ _0\"></span> Amounts pendi<span class=\"_ _0\"></span>ng refund (tax proceedi<span class=\"_ _0\"></span>ngs decided i<span class=\"_ _0\"></span>n favour of <span class=\"_ _0\"></span>the Gr<span class=\"_ _0\"></span>oup)<span class=\"_ _0\"></span> -  2,470  59,852,618 <span class=\"_ _0\"></span> 44,603<span class=\"_ _0\"></span>,384  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>refund <span class=\"_ _2\"></span>requests c<span class=\"_ _2\"></span>ompri<span class=\"_ _2\"></span>sed the f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing, by mon<span class=\"_ _2\"></span>th and by comp<span class=\"_ _2\"></span>any: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>22 Dec/202<span class=\"_ _2\"></span>2 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 10,628,467 <span class=\"_ _0\"></span> 31,706,624 <span class=\"_ _0\"></span> 42,335,091 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2ntico, S.<span class=\"_ _0\"></span>L. -  2,494,020  2,494,020  10,628<span class=\"_ _0\"></span>,467  34,200<span class=\"_ _0\"></span>,644  44,829<span class=\"_ _0\"></span>,111  Up to <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> issu<span class=\"_ _2\"></span>ing this<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>t, Euro 42<span class=\"_ _2\"></span>,335<span class=\"_ _2\"></span>,091 of <span class=\"_ _2\"></span>the ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g amounts as <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022, had al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y been <span class=\"_ _2\"></span>received<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of refun<span class=\"_ _2\"></span>d requ<span class=\"_ _2\"></span>ests c<span class=\"_ _2\"></span>omprised th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>llowin<span class=\"_ _2\"></span>g, by month and by Compan<span class=\"_ _2\"></span>y: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>21 Dec/202<span class=\"_ _2\"></span>1 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 20,331,270 <span class=\"_ _0\"></span> 15,631,403 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>edade de<span class=\"_ _2\"></span> Vi<span class=\"_ _0\"></span>nhos da H<span class=\"_ _0\"></span>erdade de Espi<span class=\"_ _0\"></span>rra, S.A.<span class=\"_ _0\"></span> -  30,000 <span class=\"_ _0\"></span> 30,000 <span class=\"_ _0\"></span> Eucali<span class=\"_ _0\"></span>ptusland 50,000  -  50,000 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2nt<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>co,<span class=\"_ _0\"></span> S.L. -  1,709,461  1,709,461  20,381<span class=\"_ _0\"></span>,270  17,370<span class=\"_ _0\"></span>,864  37,752<span class=\"_ _0\"></span>,134  All <span class=\"_ _2\"></span>these amounts <span class=\"_ _2\"></span>were <span class=\"_ _2\"></span>received <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst half<span class=\"_ _2\"></span> of 20<span class=\"_ _2\"></span>22. <span class=\"_ _a4\"> </span> Grants r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>le Grants rec<span class=\"_ _2\"></span>eivable <span class=\"_ _2\"></span>are d<span class=\"_ _2\"></span>etaile<span class=\"_ _2\"></span>d as fo<span class=\"_ _2\"></span>llows: 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total -  AICEP contracts<span class=\"_ _0\"></span> 6,596,378  9,721,792  16,318,170 <span class=\"_ _0\"></span> Recovery and Resil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ence<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Plan<span class=\"_ _0\"></span> 3,621,520  483,757  4,105,277  Other 3,001,518  3,034,336  6,035,854  13,219<span class=\"_ _0\"></span>,416  13,239<span class=\"_ _0\"></span>,885  26,459<span class=\"_ _0\"></span>,301  Departme<span class=\"_ _2\"></span>nt of Com<span class=\"_ _2\"></span>merc<span class=\"_ _2\"></span>e (USA) As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e bala<span class=\"_ _2\"></span>nce correspon<span class=\"_ _2\"></span>ds to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt receiva<span class=\"_ _2\"></span>ble from <span class=\"_ _2\"></span>the Depa<span class=\"_ _2\"></span>rtment o<span class=\"_ _2\"></span>f Commerce <span class=\"_ _2\"></span>(DoC<span class=\"_ _2\"></span>) foll<span class=\"_ _2\"></span>owing the i<span class=\"_ _2\"></span>nvestiga<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>ated in 2015 <span class=\"_ _2\"></span>of al<span class=\"_ _2\"></span>leged dumping p<span class=\"_ _2\"></span>ractices i<span class=\"_ _2\"></span>n e<span class=\"_ _2\"></span>xports of<span class=\"_ _2\"></span> UWF pape<span class=\"_ _2\"></span>r to the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d States <span class=\"_ _2\"></span>by t<span class=\"_ _2\"></span>he subsidi<span class=\"_ _2\"></span>ary Navi<span class=\"_ _2\"></span>gator. During 2<span class=\"_ _2\"></span>021, the D<span class=\"_ _2\"></span>epartmen<span class=\"_ _2\"></span>t of C<span class=\"_ _2\"></span>ommerce conf<span class=\"_ _2\"></span>irme<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>rate to be ap<span class=\"_ _2\"></span>plied <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e fourth period of<span class=\"_ _2\"></span> review f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>March 2019 to<span class=\"_ _2\"></span> Febru<span class=\"_ _2\"></span>ary 2020<span class=\"_ _2\"></span> at 2<span class=\"_ _2\"></span>.21%, th<span class=\"_ _2\"></span>erefor<span class=\"_ _2\"></span>e the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>eceived i<span class=\"_ _2\"></span>n 2022 <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 281<span class=\"_ _2\"></span>,653 fo<span class=\"_ _2\"></span>r the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ence bet<span class=\"_ _2\"></span>ween the <span class=\"_ _2\"></span>deposits <span class=\"_ _2\"></span>made an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>inal rate paya<span class=\"_ _2\"></span>ble. <span class=\"_ _2\"></span> thIn 2022<span class=\"_ _2\"></span>, the rat<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>the 5 revi<span class=\"_ _2\"></span>ew period<span class=\"_ _2\"></span>, from <span class=\"_ _2\"></span>March 20<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span> to Februa<span class=\"_ _2\"></span>ry 2021, <span class=\"_ _2\"></span>was als<span class=\"_ _2\"></span>o confi<span class=\"_ _2\"></span>rmed at 5<span class=\"_ _2\"></span>.81%, with <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>ubsequent <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>w periods <span class=\"_ _2\"></span>(6 <span class=\"_ _2\"></span>and 7) remaini<span class=\"_ _2\"></span>ng unconfirme<span class=\"_ _2\"></span>d. Regarding <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>three pe<span class=\"_ _2\"></span>riods, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r is<span class=\"_ _2\"></span> estimat<span class=\"_ _2\"></span>ed to p<span class=\"_ _2\"></span>ay to th<span class=\"_ _2\"></span>e DoC <span class=\"_ _2\"></span>approximat<span class=\"_ _2\"></span>ely Euro 5.6 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on (Note 4.3).<span class=\"_ _2\"></span> Amounts pai<span class=\"_ _2\"></span>d by th<span class=\"_ _2\"></span>e Group i<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>pect of <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>w periods <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>to 4 amou<span class=\"_ _2\"></span>nt to Euro 1<span class=\"_ _2\"></span>5,61<span class=\"_ _2\"></span>1,783 as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt paid b<span class=\"_ _0\"></span>y the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> Review periods (POR)<span class=\"_ _1\"></span> POR 1: Aug 15 - Feb <span class=\"_ _0\"></span>17 3,743,640  POR 2: Mar 17 - Feb <span class=\"_ _0\"></span>18 2,011,029  POR 3: Mar 18 - Feb <span class=\"_ _0\"></span>19 7,089,677  POR 4: Mar 19 - Feb <span class=\"_ _0\"></span>20 2,767,437  15,611<span class=\"_ _0\"></span>,783  Enviva <span class=\"_ _2\"></span>Pellets G<span class=\"_ _2\"></span>reenwo<span class=\"_ _2\"></span>od, LLC (U<span class=\"_ _2\"></span>SA) It ref<span class=\"_ _2\"></span>lects th<span class=\"_ _2\"></span>e presen<span class=\"_ _2\"></span>t valu<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>amount s<span class=\"_ _2\"></span>till<span class=\"_ _2\"></span> receivable <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>the sale of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>pellets <span class=\"_ _2\"></span>busines<span class=\"_ _2\"></span>s in the <span class=\"_ _2\"></span>US in 201<span class=\"_ _2\"></span>8. The no<span class=\"_ _2\"></span>minal <span class=\"_ _2\"></span>receivabl<span class=\"_ _2\"></span>e, in <span class=\"_ _2\"></span>USD, shall<span class=\"_ _2\"></span> bear i<span class=\"_ _2\"></span>nterest a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e ra<span class=\"_ _2\"></span>te of 2.5% <span class=\"_ _2\"></span>(Note 5.10).<span class=\"_ _2\"></span> Other rec<span class=\"_ _2\"></span>eivabl<span class=\"_ _2\"></span>es Other cu<span class=\"_ _2\"></span>rrent and no<span class=\"_ _2\"></span>n-curr<span class=\"_ _2\"></span>ent r<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es cons<span class=\"_ _2\"></span>ist of <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing:<span class=\"_ _0\"></span> Other n<span class=\"_ _2\"></span>on-cur<span class=\"_ _2\"></span>rent <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Reinsurance captive <span class=\"_ _0\"></span>amount<span class=\"_ _0\"></span> 11,200,000 <span class=\"_ _0\"></span> -  Work Compensati<span class=\"_ _0\"></span>on Fund 752,840  687,850  Coll<span class=\"_ _0\"></span>ater<span class=\"_ _2\"></span>al<span class=\"_ _0\"></span> 41,002  40,248 <span class=\"_ _0\"></span> Other investments (Al<span class=\"_ _0\"></span>mascience,<span class=\"_ _0\"></span> Forestwi<span class=\"_ _0\"></span>se, Cecol<span class=\"_ _0\"></span>ab, Colab BI<span class=\"_ _0\"></span>OREF) 69,600  49,600 <span class=\"_ _0\"></span> 12,063<span class=\"_ _0\"></span>,442  777<span class=\"_ _0\"></span>,698  The amount of<span class=\"_ _2\"></span> Eu<span class=\"_ _2\"></span>ro 11,200<span class=\"_ _2\"></span>,000 rela<span class=\"_ _2\"></span>tes to an <span class=\"_ _2\"></span>amo<span class=\"_ _2\"></span>unt reins<span class=\"_ _2\"></span>ured under th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p's ins<span class=\"_ _2\"></span>urance programme <span class=\"_ _2\"></span>to cov<span class=\"_ _2\"></span>er potential<span class=\"_ _2\"></span> cl<span class=\"_ _2\"></span>aims i<span class=\"_ _2\"></span>n the Group<span class=\"_ _2\"></span>. Other c<span class=\"_ _2\"></span>urrent<span class=\"_ _2\"></span> rece<span class=\"_ _2\"></span>ivab<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Advances to person<span class=\"_ _0\"></span>nel 113,456  472,657  Advances to trade p<span class=\"_ _0\"></span>ayables<span class=\"_ _0\"></span> 11,286,508 <span class=\"_ _0\"></span> 630,459  Other debtors<span class=\"_ _0\"></span> 2,074,740  6,598,803  13,474<span class=\"_ _0\"></span>,704  7,701,92<span class=\"_ _0\"></span>0  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n advances<span class=\"_ _2\"></span> to sup<span class=\"_ _2\"></span>pliers i<span class=\"_ _2\"></span>s due to <span class=\"_ _2\"></span>advanc<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>aid at th<span class=\"_ _2\"></span>e end of <span class=\"_ _2\"></span>the y<span class=\"_ _2\"></span>ear for <span class=\"_ _2\"></span>timber imports. <span class=\"_ _a3\"> </span> Accrued<span class=\"_ _2\"></span> Income <span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>eferred E<span class=\"_ _2\"></span>xpenses Accrued i<span class=\"_ _2\"></span>ncome and <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>detailed <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Accrued income<span class=\"_ _0\"></span> Interest recei<span class=\"_ _0\"></span>vable -  718,888  Energy sales<span class=\"_ _0\"></span> 1,871,271  17,470,569 <span class=\"_ _0\"></span> Insurance compens<span class=\"_ _0\"></span>ation  -  272,689  Other 1,099,110  566,432  2,970,38<span class=\"_ _0\"></span>1  19,028<span class=\"_ _0\"></span>,577  Deferred expenses<span class=\"_ _0\"></span> Insurance 289,531  -  Rentals 9,938,537  8,312,244  Other 1,093,425  150,844  11,321<span class=\"_ _0\"></span>,493  8,463,08<span class=\"_ _0\"></span>9  14,291<span class=\"_ _0\"></span>,874  27,491<span class=\"_ _0\"></span>,666  The reducti<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> accrue<span class=\"_ _2\"></span>d income <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy sales <span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> due to th<span class=\"_ _2\"></span>e fact <span class=\"_ _2\"></span>that in<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>energy sales <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be made to <span class=\"_ _2\"></span>the market, <span class=\"_ _2\"></span>whereas<span class=\"_ _2\"></span> in 2<span class=\"_ _2\"></span>021 energ<span class=\"_ _2\"></span>y was s<span class=\"_ _2\"></span>old to th<span class=\"_ _2\"></span>e grid o<span class=\"_ _2\"></span>n a s<span class=\"_ _2\"></span>elf-bill<span class=\"_ _2\"></span>ing basis.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-110-5": {
   "value": "4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  State and <span class=\"_ _2\"></span>other p<span class=\"_ _2\"></span>ublic enti<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span> State i<span class=\"_ _2\"></span>s detai<span class=\"_ _2\"></span>led as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Value added tax - <span class=\"_ _0\"></span>recoverabl<span class=\"_ _0\"></span>e 15,023,507 <span class=\"_ _0\"></span> 6,848,780  Value added tax - <span class=\"_ _0\"></span>refund requests<span class=\"_ _0\"></span> 44,829,111 <span class=\"_ _0\"></span> 37,752,134 <span class=\"_ _0\"></span> Amounts pendi<span class=\"_ _0\"></span>ng refund (tax proceedi<span class=\"_ _0\"></span>ngs decided i<span class=\"_ _0\"></span>n favour of <span class=\"_ _0\"></span>the Gr<span class=\"_ _0\"></span>oup)<span class=\"_ _0\"></span> -  2,470  59,852,618 <span class=\"_ _0\"></span> 44,603<span class=\"_ _0\"></span>,384  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>refund <span class=\"_ _2\"></span>requests c<span class=\"_ _2\"></span>ompri<span class=\"_ _2\"></span>sed the f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing, by mon<span class=\"_ _2\"></span>th and by comp<span class=\"_ _2\"></span>any: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>22 Dec/202<span class=\"_ _2\"></span>2 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 10,628,467 <span class=\"_ _0\"></span> 31,706,624 <span class=\"_ _0\"></span> 42,335,091 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2ntico, S.<span class=\"_ _0\"></span>L. -  2,494,020  2,494,020  10,628<span class=\"_ _0\"></span>,467  34,200<span class=\"_ _0\"></span>,644  44,829<span class=\"_ _0\"></span>,111  Up to <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> issu<span class=\"_ _2\"></span>ing this<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>t, Euro 42<span class=\"_ _2\"></span>,335<span class=\"_ _2\"></span>,091 of <span class=\"_ _2\"></span>the ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g amounts as <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022, had al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y been <span class=\"_ _2\"></span>received<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of refun<span class=\"_ _2\"></span>d requ<span class=\"_ _2\"></span>ests c<span class=\"_ _2\"></span>omprised th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>llowin<span class=\"_ _2\"></span>g, by month and by Compan<span class=\"_ _2\"></span>y: Amounts in Euro<span class=\"_ _0\"></span> Nov/20<span class=\"_ _2\"></span>21 Dec/202<span class=\"_ _2\"></span>1 Total The Navigator Compa<span class=\"_ _0\"></span>ny, S.A.<span class=\"_ _0\"></span> 20,331,270 <span class=\"_ _0\"></span> 15,631,403 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>edade de<span class=\"_ _2\"></span> Vi<span class=\"_ _0\"></span>nhos da H<span class=\"_ _0\"></span>erdade de Espi<span class=\"_ _0\"></span>rra, S.A.<span class=\"_ _0\"></span> -  30,000 <span class=\"_ _0\"></span> 30,000 <span class=\"_ _0\"></span> Eucali<span class=\"_ _0\"></span>ptusland 50,000  -  50,000 <span class=\"_ _0\"></span> Bosques do Atl<span class=\"_ _0\"></span>\u00e2nt<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>co,<span class=\"_ _0\"></span> S.L. -  1,709,461  1,709,461  20,381<span class=\"_ _0\"></span>,270  17,370<span class=\"_ _0\"></span>,864  37,752<span class=\"_ _0\"></span>,134  All <span class=\"_ _2\"></span>these amounts <span class=\"_ _2\"></span>were <span class=\"_ _2\"></span>received <span class=\"_ _2\"></span>during th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst half<span class=\"_ _2\"></span> of 20<span class=\"_ _2\"></span>22. <span class=\"_ _a4\"> </span> 4.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Paya<span class=\"_ _2\"></span>bles </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables -<span class=\"_ _0\"></span> current accoun<span class=\"_ _0\"></span>t  363,171,172 253,983,711 Fi<span class=\"_ _0\"></span>xed ass<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ts payabl<span class=\"_ _0\"></span>es 5,134,947  2,789,501  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entiti<span class=\"_ _0\"></span>es 44,299,175 <span class=\"_ _0\"></span> 27,246,422 <span class=\"_ _0\"></span> Related parties (Not<span class=\"_ _0\"></span>e 11.3)<span class=\"_ _0\"></span> 156,764  1,264,454  Other creditors - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances 44,830,523 <span class=\"_ _0\"></span> 21,353,771 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a) (Note 11.3)<span class=\"_ _1\"></span> -  6,447,546  Other creditors (Note <span class=\"_ _0\"></span>5.4)<span class=\"_ _0\"></span> 5,693,320  2,392,990  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 52,435,012 <span class=\"_ _0\"></span> 30,613,080 <span class=\"_ _0\"></span> Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,370  6,711,797  Woo<span class=\"_ _0\"></span>d suppli<span class=\"_ _0\"></span>ers bonu<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5,687,729  4,294,936  Water resource fee<span class=\"_ _0\"></span> 1,461,937  1,096,148  Rent li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 17,461,167 <span class=\"_ _0\"></span> 15,634,141 <span class=\"_ _0\"></span> Other accrued expens<span class=\"_ _0\"></span>es 17,130,610 <span class=\"_ _0\"></span> 5,513,017  Non-refundabl<span class=\"_ _0\"></span>e grants 9,290,430  5,689,791  Current payables<span class=\"_ _0\"></span> 575<span class=\"_ _0\"></span>,467,689<span class=\"_ _0\"></span>  393<span class=\"_ _0\"></span>,161,894<span class=\"_ _0\"></span>  Non-refundabl<span class=\"_ _0\"></span>e grants 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Department of Comm<span class=\"_ _0\"></span>erce (USA) (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 4,306,974  8,554,289  Non-cu<span class=\"_ _0\"></span>rrent payables 34,852<span class=\"_ _0\"></span>,398  37,014<span class=\"_ _0\"></span>,427  610<span class=\"_ _0\"></span>,320,087<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,176,321<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n provisio<span class=\"_ _2\"></span>ns for <span class=\"_ _2\"></span>payroll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>is due to <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>cognitio<span class=\"_ _2\"></span>n of a <span class=\"_ _2\"></span>higher amount <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the payment o<span class=\"_ _2\"></span>f employ<span class=\"_ _2\"></span>ee bonuses i<span class=\"_ _2\"></span>n 2023, <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt rel<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity bon<span class=\"_ _2\"></span>us for th<span class=\"_ _2\"></span>e fourth quar<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>of 202<span class=\"_ _2\"></span>2 and the <span class=\"_ _2\"></span>reinfo<span class=\"_ _2\"></span>rcement o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>rejuv<span class=\"_ _2\"></span>enation prog<span class=\"_ _2\"></span>ramme<span class=\"_ _2\"></span>. State - d<span class=\"_ _2\"></span>etails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Personal i<span class=\"_ _0\"></span>ncome tax withhol<span class=\"_ _0\"></span>d (IRS)<span class=\"_ _0\"></span> 4,209,006  3,298,154  Value added tax 36,628,850 <span class=\"_ _0\"></span> 20,793,757 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 2,470,143  2,202,736  Other 991,176  951,775  44,299<span class=\"_ _0\"></span>,175  27,246<span class=\"_ _0\"></span>,422  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere w<span class=\"_ _2\"></span>ere no ov<span class=\"_ _2\"></span>erdue de<span class=\"_ _2\"></span>bts to <span class=\"_ _2\"></span>the Stat<span class=\"_ _2\"></span>e. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-110-6": {
   "value": "4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  Accrued<span class=\"_ _2\"></span> Income <span class=\"_ _2\"></span>and D<span class=\"_ _2\"></span>eferred E<span class=\"_ _2\"></span>xpenses Accrued i<span class=\"_ _2\"></span>ncome and <span class=\"_ _2\"></span>deferre<span class=\"_ _2\"></span>d expens<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>detailed <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Accrued income<span class=\"_ _0\"></span> Interest recei<span class=\"_ _0\"></span>vable -  718,888  Energy sales<span class=\"_ _0\"></span> 1,871,271  17,470,569 <span class=\"_ _0\"></span> Insurance compens<span class=\"_ _0\"></span>ation  -  272,689  Other 1,099,110  566,432  2,970,38<span class=\"_ _0\"></span>1  19,028<span class=\"_ _0\"></span>,577  Deferred expenses<span class=\"_ _0\"></span> Insurance 289,531  -  Rentals 9,938,537  8,312,244  Other 1,093,425  150,844  11,321<span class=\"_ _0\"></span>,493  8,463,08<span class=\"_ _0\"></span>9  14,291<span class=\"_ _0\"></span>,874  27,491<span class=\"_ _0\"></span>,666  The reducti<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> accrue<span class=\"_ _2\"></span>d income <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy sales <span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> due to th<span class=\"_ _2\"></span>e fact <span class=\"_ _2\"></span>that in<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>energy sales <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be made to <span class=\"_ _2\"></span>the market, <span class=\"_ _2\"></span>whereas<span class=\"_ _2\"></span> in 2<span class=\"_ _2\"></span>021 energ<span class=\"_ _2\"></span>y was s<span class=\"_ _2\"></span>old to th<span class=\"_ _2\"></span>e grid o<span class=\"_ _2\"></span>n a s<span class=\"_ _2\"></span>elf-bill<span class=\"_ _2\"></span>ing basis.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-110-7": {
   "value": "4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  8.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Deriv<span class=\"_ _2\"></span>ative f<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>ruments </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e fina<span class=\"_ _2\"></span>ncial i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s 2022 2021  Trading  Hedging<span class=\"_ _0\"></span>  Trading  Hedging<span class=\"_ _0\"></span> Amount <span class=\"ls84\">in<span class=\"_ _2\"></span><span class=\"ls0\"> Euro </span></span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Balance at the be<span class=\"_ _0\"></span>ginning <span class=\"_ _0\"></span> (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,606) 3,160,13<span class=\"_ _0\"></span>1  (5,336<span class=\"_ _0\"></span>,693) (2,176<span class=\"_ _0\"></span>,561) of the period New contracts / settl<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> 2,911,822  (1,409,252) 1,502,569  (623,573) 2,326,437  1,702,864  Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through (4,289,597) (1,504,772) (5,794,369) (4,265,016) (3,191,640) (7,456,656) profit and l<span class=\"_ _0\"></span>oss (Note 5.11) Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through other comprehensive i<span class=\"_ _0\"></span>ncome -  54,623,316 <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> -  1,430,747  1,430,747  (Note 5.5)<span class=\"_ _0\"></span> Balance at the end <span class=\"_ _0\"></span> (3,106<span class=\"_ _0\"></span>,233) 46,938<span class=\"_ _0\"></span>,143  43,831<span class=\"_ _0\"></span>,910  (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) of the period 8.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Detail and <span class=\"_ _2\"></span>maturity <span class=\"_ _2\"></span>of de<span class=\"_ _2\"></span>rivative <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instrume<span class=\"_ _2\"></span>nts by nature 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22<span class=\"fs6 fc4\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 345,000,000  USD 2,023  6,011,256  -  6,011,256  Hedging (future sal<span class=\"_ _0\"></span>es) 144,000,000  GBP 2,023  1,294,665  -  1,294,665  Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,028  31,949,130 <span class=\"_ _0\"></span> -  31,949,130 <span class=\"_ _0\"></span> Energy  50,521,199 <span class=\"_ _0\"></span> EUR 2,023  7,683,092  -  7,683,092  46,938<span class=\"_ _0\"></span>,143  -  46,938<span class=\"_ _0\"></span>,143  Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 76,977,456 <span class=\"_ _0\"></span> USD 2,023  1,325,016  (4,679,289) (3,354,273) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 18,800,000 <span class=\"_ _0\"></span> GBP 2,023  251,284  -  251,284  Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 1,750,000  CHF 2,023  -  (3,244) (3,244) 1,576,30<span class=\"_ _0\"></span>0  (4,682<span class=\"_ _0\"></span>,533) (3,106<span class=\"_ _0\"></span>,233) 48,514<span class=\"_ _0\"></span>,443  (4,682<span class=\"_ _0\"></span>,533) 43,831<span class=\"_ _0\"></span>,910  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21<span class=\"fs6\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 242,500,000  USD 2,022  9,066  (1,426,675) (1,417,609) Hedging (future sal<span class=\"_ _0\"></span>es) 83,000,000 <span class=\"_ _0\"></span> GBP 2,022  (483,940) (483,940) Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,026  1,621,916  (2,804,403) (1,182,487) BHKP pul<span class=\"_ _0\"></span>p 27,120,000 <span class=\"_ _0\"></span> USD 2,022  -  (1,687,112) (1,687,112) 1,630,98<span class=\"_ _0\"></span>2  (6,402<span class=\"_ _0\"></span>,130) (4,771<span class=\"_ _0\"></span>,148) Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 129,745,503  USD 2,023  -  (1,640,154) (1,640,154) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 9,050,000  GBP 2,021  -  (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 300,000  CHF 2,021  -  (1,448) (1,448) -  (1,728<span class=\"_ _0\"></span>,458) (1,728<span class=\"_ _0\"></span>,458) 1,630,98<span class=\"_ _0\"></span>2  (8,130<span class=\"_ _0\"></span>,589) (6,499<span class=\"_ _0\"></span>,606) Cash flow <span class=\"_ _2\"></span>hedge<span class=\"_ _2\"></span> | Exchange ra<span class=\"_ _2\"></span>te ri<span class=\"_ _2\"></span>sk EUR/U<span class=\"_ _2\"></span>SD and EUR/G<span class=\"_ _2\"></span>BP<span class=\"_ _0\"></span> During the <span class=\"_ _2\"></span>Duri<span class=\"_ _2\"></span>ng the l<span class=\"_ _2\"></span>ast 6 mo<span class=\"_ _2\"></span>nths of <span class=\"_ _2\"></span>2022, th<span class=\"_ _2\"></span>e Group c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>luded the con<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ting of deri<span class=\"_ _2\"></span>vative finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments by ac<span class=\"_ _2\"></span>quiri<span class=\"_ _2\"></span>ng USD 3<span class=\"_ _2\"></span>45,000,000<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>GBP 144,00<span class=\"_ _2\"></span>0,000 i<span class=\"_ _2\"></span>n Zero Co<span class=\"_ _2\"></span>st Col<span class=\"_ _2\"></span>lar, thus guaran<span class=\"_ _2\"></span>teein<span class=\"_ _2\"></span>g total<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e estima<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f exposur<span class=\"_ _2\"></span>e for 2<span class=\"_ _2\"></span>023. Interest ra<span class=\"_ _2\"></span>te hedg<span class=\"_ _2\"></span>e During the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t quarte<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>2022, the Gro<span class=\"_ _2\"></span>up c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d t<span class=\"_ _2\"></span>wo new swaps i<span class=\"_ _2\"></span>n the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> Euro 75,000,0<span class=\"_ _2\"></span>00 each, <span class=\"_ _2\"></span>to fi<span class=\"_ _2\"></span>x the in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>te asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator 20<span class=\"_ _2\"></span>22-<span class=\"_ _0\"></span>2028 <span class=\"_ _2\"></span>bond loan <span class=\"_ _2\"></span>in the amount o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>,000,000, st<span class=\"_ _2\"></span>arting i<span class=\"_ _2\"></span>n Jun-2<span class=\"_ _2\"></span>2.  Energy H<span class=\"_ _2\"></span>edging In view of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> exposure <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>during t<span class=\"_ _2\"></span>he last quar<span class=\"_ _2\"></span>ter of <span class=\"_ _2\"></span>2022, s<span class=\"_ _2\"></span>waps <span class=\"_ _2\"></span>were contract<span class=\"_ _2\"></span>ed to s<span class=\"_ _2\"></span>et the <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>gy sold f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>volume o<span class=\"_ _2\"></span>f approxi<span class=\"_ _2\"></span>mately 253<span class=\"_ _2\"></span>,716 <span class=\"_ _2\"></span>MW<span class=\"_ _0\"></span>h, en<span class=\"_ _2\"></span>ding on 31<span class=\"_ _2\"></span> December 2023<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>in deriva<span class=\"_ _2\"></span>tive <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed on the <span class=\"_ _2\"></span>basi<span class=\"_ _2\"></span>s of quo<span class=\"_ _2\"></span>ted instruments<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ves is <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d throu<span class=\"_ _2\"></span>gh the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _2\"></span>valuati<span class=\"_ _2\"></span>on models, <span class=\"_ _2\"></span>in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons. 8.3.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Fair val<span class=\"_ _2\"></span>ue of financial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties Financia<span class=\"_ _2\"></span>l as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r va<span class=\"_ _2\"></span>lue 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span>  Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (N<span class=\"_ _0\"></span>ote 8.2) -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Assets measured a<span class=\"_ _0\"></span>t fair value<span class=\"_ _0\"></span>      <span class=\"ls0\">Bi<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asset<span class=\"_ _2\"></span>s (Note 3.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> </span>-  -  122,499,875  -  -  147,324,061  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  -  1,630,98<span class=\"_ _0\"></span>2  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2)<span class=\"_ _0\"></span> -  -  -  -  (6,402,130) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,588) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>fixed-inter<span class=\"_ _2\"></span>est inter<span class=\"_ _2\"></span>est-bea<span class=\"_ _2\"></span>ring liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th th<span class=\"_ _2\"></span>e charact<span class=\"_ _2\"></span>eristic<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>each financin<span class=\"_ _2\"></span>g, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-110-8": {
   "value": "4.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Receiv<span class=\"_ _2\"></span>ables </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  341,601,458  341,601,458  -  210,789,083  210,789,083  State and other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entities -  59,852,618 <span class=\"_ _0\"></span> 59,852,618 <span class=\"_ _0\"></span> -  44,603,384 <span class=\"_ _0\"></span> 44,603,384 <span class=\"_ _0\"></span> Government grants rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>e 13,219,416 <span class=\"_ _0\"></span> 13,239,885 <span class=\"_ _0\"></span> 26,459,301 <span class=\"_ _0\"></span> -  -  -  Department of Comm<span class=\"_ _0\"></span>erce (USA)<span class=\"_ _0\"></span> -  -  -  -  281,653  281,653  Enviva Pell<span class=\"_ _0\"></span>ets Greenwood,<span class=\"_ _0\"></span> LLC (USA)<span class=\"_ _0\"></span> -  8,168,426  8,168,426  7,826,849  25,384,072 <span class=\"_ _0\"></span> 33,210,921 <span class=\"_ _0\"></span> Accrued income<span class=\"_ _0\"></span> -  2,970,381  2,970,381  -  19,028,577 <span class=\"_ _0\"></span> 19,028,577 <span class=\"_ _0\"></span> Deferred expenses<span class=\"_ _0\"></span> -  11,321,493 <span class=\"_ _0\"></span> 11,321,493 <span class=\"_ _0\"></span> -  8,463,089  8,463,089  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Other 12,063,442 <span class=\"_ _0\"></span> 13,474,704 <span class=\"_ _0\"></span> 25,538,147 <span class=\"_ _0\"></span> 777,698  7,701,920  8,479,618  25,282<span class=\"_ _0\"></span>,858  499<span class=\"_ _0\"></span>,143,408<span class=\"_ _0\"></span>  524<span class=\"_ _0\"></span>,426,267<span class=\"_ _0\"></span>  8,604,54<span class=\"_ _0\"></span>7  317<span class=\"_ _0\"></span>,882,760<span class=\"_ _0\"></span>  326<span class=\"_ _0\"></span>,487,308  8.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Deriv<span class=\"_ _2\"></span>ative f<span class=\"_ _2\"></span>inancia<span class=\"_ _2\"></span>l inst<span class=\"_ _2\"></span>ruments </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e fina<span class=\"_ _2\"></span>ncial i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>rument<span class=\"_ _2\"></span>s 2022 2021  Trading  Hedging<span class=\"_ _0\"></span>  Trading  Hedging<span class=\"_ _0\"></span> Amount <span class=\"ls84\">in<span class=\"_ _2\"></span><span class=\"ls0\"> Euro </span></span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Balance at the be<span class=\"_ _0\"></span>ginning <span class=\"_ _0\"></span> (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,606) 3,160,13<span class=\"_ _0\"></span>1  (5,336<span class=\"_ _0\"></span>,693) (2,176<span class=\"_ _0\"></span>,561) of the period New contracts / settl<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> 2,911,822  (1,409,252) 1,502,569  (623,573) 2,326,437  1,702,864  Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through (4,289,597) (1,504,772) (5,794,369) (4,265,016) (3,191,640) (7,456,656) profit and l<span class=\"_ _0\"></span>oss (Note 5.11) Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through other comprehensive i<span class=\"_ _0\"></span>ncome -  54,623,316 <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> -  1,430,747  1,430,747  (Note 5.5)<span class=\"_ _0\"></span> Balance at the end <span class=\"_ _0\"></span> (3,106<span class=\"_ _0\"></span>,233) 46,938<span class=\"_ _0\"></span>,143  43,831<span class=\"_ _0\"></span>,910  (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) of the period 8.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Detail and <span class=\"_ _2\"></span>maturity <span class=\"_ _2\"></span>of de<span class=\"_ _2\"></span>rivative <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instrume<span class=\"_ _2\"></span>nts by nature 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22<span class=\"fs6 fc4\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 345,000,000  USD 2,023  6,011,256  -  6,011,256  Hedging (future sal<span class=\"_ _0\"></span>es) 144,000,000  GBP 2,023  1,294,665  -  1,294,665  Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,028  31,949,130 <span class=\"_ _0\"></span> -  31,949,130 <span class=\"_ _0\"></span> Energy  50,521,199 <span class=\"_ _0\"></span> EUR 2,023  7,683,092  -  7,683,092  46,938<span class=\"_ _0\"></span>,143  -  46,938<span class=\"_ _0\"></span>,143  Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 76,977,456 <span class=\"_ _0\"></span> USD 2,023  1,325,016  (4,679,289) (3,354,273) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 18,800,000 <span class=\"_ _0\"></span> GBP 2,023  251,284  -  251,284  Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 1,750,000  CHF 2,023  -  (3,244) (3,244) 1,576,30<span class=\"_ _0\"></span>0  (4,682<span class=\"_ _0\"></span>,533) (3,106<span class=\"_ _0\"></span>,233) 48,514<span class=\"_ _0\"></span>,443  (4,682<span class=\"_ _0\"></span>,533) 43,831<span class=\"_ _0\"></span>,910  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21<span class=\"fs6\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span>   Currenc<span class=\"_ _0\"></span>y <span class=\"fc7 sc0\"> </span> Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 242,500,000  USD 2,022  9,066  (1,426,675) (1,417,609) Hedging (future sal<span class=\"_ _0\"></span>es) 83,000,000 <span class=\"_ _0\"></span> GBP 2,022  (483,940) (483,940) Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2,026  1,621,916  (2,804,403) (1,182,487) BHKP pul<span class=\"_ _0\"></span>p 27,120,000 <span class=\"_ _0\"></span> USD 2,022  -  (1,687,112) (1,687,112) 1,630,98<span class=\"_ _0\"></span>2  (6,402<span class=\"_ _0\"></span>,130) (4,771<span class=\"_ _0\"></span>,148) Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 129,745,503  USD 2,023  -  (1,640,154) (1,640,154) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 9,050,000  GBP 2,021  -  (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 300,000  CHF 2,021  -  (1,448) (1,448) -  (1,728<span class=\"_ _0\"></span>,458) (1,728<span class=\"_ _0\"></span>,458) 1,630,98<span class=\"_ _0\"></span>2  (8,130<span class=\"_ _0\"></span>,589) (6,499<span class=\"_ _0\"></span>,606) Cash flow <span class=\"_ _2\"></span>hedge<span class=\"_ _2\"></span> | Exchange ra<span class=\"_ _2\"></span>te ri<span class=\"_ _2\"></span>sk EUR/U<span class=\"_ _2\"></span>SD and EUR/G<span class=\"_ _2\"></span>BP<span class=\"_ _0\"></span> During the <span class=\"_ _2\"></span>Duri<span class=\"_ _2\"></span>ng the l<span class=\"_ _2\"></span>ast 6 mo<span class=\"_ _2\"></span>nths of <span class=\"_ _2\"></span>2022, th<span class=\"_ _2\"></span>e Group c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>luded the con<span class=\"_ _2\"></span>trac<span class=\"_ _2\"></span>ting of deri<span class=\"_ _2\"></span>vative finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments by ac<span class=\"_ _2\"></span>quiri<span class=\"_ _2\"></span>ng USD 3<span class=\"_ _2\"></span>45,000,000<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>GBP 144,00<span class=\"_ _2\"></span>0,000 i<span class=\"_ _2\"></span>n Zero Co<span class=\"_ _2\"></span>st Col<span class=\"_ _2\"></span>lar, thus guaran<span class=\"_ _2\"></span>teein<span class=\"_ _2\"></span>g total<span class=\"_ _2\"></span> covera<span class=\"_ _2\"></span>ge of th<span class=\"_ _2\"></span>e estima<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f exposur<span class=\"_ _2\"></span>e for 2<span class=\"_ _2\"></span>023. Interest ra<span class=\"_ _2\"></span>te hedg<span class=\"_ _2\"></span>e During the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t quarte<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>2022, the Gro<span class=\"_ _2\"></span>up c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d t<span class=\"_ _2\"></span>wo new swaps i<span class=\"_ _2\"></span>n the amoun<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> Euro 75,000,0<span class=\"_ _2\"></span>00 each, <span class=\"_ _2\"></span>to fi<span class=\"_ _2\"></span>x the in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>te asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator 20<span class=\"_ _2\"></span>22-<span class=\"_ _0\"></span>2028 <span class=\"_ _2\"></span>bond loan <span class=\"_ _2\"></span>in the amount o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>,000,000, st<span class=\"_ _2\"></span>arting i<span class=\"_ _2\"></span>n Jun-2<span class=\"_ _2\"></span>2.  Energy H<span class=\"_ _2\"></span>edging In view of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> exposure <span class=\"_ _2\"></span>to ener<span class=\"_ _2\"></span>gy pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>during t<span class=\"_ _2\"></span>he last quar<span class=\"_ _2\"></span>ter of <span class=\"_ _2\"></span>2022, s<span class=\"_ _2\"></span>waps <span class=\"_ _2\"></span>were contract<span class=\"_ _2\"></span>ed to s<span class=\"_ _2\"></span>et the <span class=\"_ _2\"></span>price of <span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>gy sold f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>volume o<span class=\"_ _2\"></span>f approxi<span class=\"_ _2\"></span>mately 253<span class=\"_ _2\"></span>,716 <span class=\"_ _2\"></span>MW<span class=\"_ _0\"></span>h, en<span class=\"_ _2\"></span>ding on 31<span class=\"_ _2\"></span> December 2023<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>in deriva<span class=\"_ _2\"></span>tive <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _2\"></span>timat<span class=\"_ _2\"></span>ed on the <span class=\"_ _2\"></span>basi<span class=\"_ _2\"></span>s of quo<span class=\"_ _2\"></span>ted instruments<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ves is <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d throu<span class=\"_ _2\"></span>gh the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _2\"></span>valuati<span class=\"_ _2\"></span>on models, <span class=\"_ _2\"></span>in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>with pre<span class=\"_ _2\"></span>vaili<span class=\"_ _2\"></span>ng market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-115-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _2\"></span>result f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the Group's <span class=\"_ _2\"></span>main ac<span class=\"_ _2\"></span>tiviti<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>nd the business<span class=\"_ _2\"></span> mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>tractual cash <span class=\"_ _2\"></span>flows.<span class=\"_ _2\"></span> Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>btors gener<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y assume th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>model of <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ecting contrac<span class=\"_ _2\"></span>tual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, net of<span class=\"_ _2\"></span> impairm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ermined on <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>asis <span class=\"_ _2\"></span>of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tive of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>ebtors<span class=\"_ _2\"></span> Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d o<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> bas<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-115-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _2\"></span>result f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the Group's <span class=\"_ _2\"></span>main ac<span class=\"_ _2\"></span>tiviti<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>nd the business<span class=\"_ _2\"></span> mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>of con<span class=\"_ _2\"></span>tractual cash <span class=\"_ _2\"></span>flows.<span class=\"_ _2\"></span> Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _2\"></span>r de<span class=\"_ _2\"></span>btors gener<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y assume th<span class=\"_ _2\"></span>e busine<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>model of <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ecting contrac<span class=\"_ _2\"></span>tual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, net of<span class=\"_ _2\"></span> impairm<span class=\"_ _2\"></span>ent lo<span class=\"_ _2\"></span>sses<span class=\"_ _2\"></span>. Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _2\"></span>vables<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed mo<span class=\"_ _2\"></span>del provid<span class=\"_ _2\"></span>ed for in<span class=\"_ _2\"></span> IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ermined on <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>asis <span class=\"_ _2\"></span>of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _2\"></span>d re<span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tive of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _2\"></span>er d<span class=\"_ _2\"></span>ebtors<span class=\"_ _2\"></span> Im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>d o<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> bas<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _2\"></span>d subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-116-3": {
   "value": "4.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Paya<span class=\"_ _2\"></span>bles </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables -<span class=\"_ _0\"></span> current accoun<span class=\"_ _0\"></span>t  363,171,172 253,983,711 Fi<span class=\"_ _0\"></span>xed ass<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ts payabl<span class=\"_ _0\"></span>es 5,134,947  2,789,501  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entiti<span class=\"_ _0\"></span>es 44,299,175 <span class=\"_ _0\"></span> 27,246,422 <span class=\"_ _0\"></span> Related parties (Not<span class=\"_ _0\"></span>e 11.3)<span class=\"_ _0\"></span> 156,764  1,264,454  Other creditors - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances 44,830,523 <span class=\"_ _0\"></span> 21,353,771 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a) (Note 11.3)<span class=\"_ _1\"></span> -  6,447,546  Other creditors (Note <span class=\"_ _0\"></span>5.4)<span class=\"_ _0\"></span> 5,693,320  2,392,990  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 52,435,012 <span class=\"_ _0\"></span> 30,613,080 <span class=\"_ _0\"></span> Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,370  6,711,797  Woo<span class=\"_ _0\"></span>d suppli<span class=\"_ _0\"></span>ers bonu<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5,687,729  4,294,936  Water resource fee<span class=\"_ _0\"></span> 1,461,937  1,096,148  Rent li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 17,461,167 <span class=\"_ _0\"></span> 15,634,141 <span class=\"_ _0\"></span> Other accrued expens<span class=\"_ _0\"></span>es 17,130,610 <span class=\"_ _0\"></span> 5,513,017  Non-refundabl<span class=\"_ _0\"></span>e grants 9,290,430  5,689,791  Current payables<span class=\"_ _0\"></span> 575<span class=\"_ _0\"></span>,467,689<span class=\"_ _0\"></span>  393<span class=\"_ _0\"></span>,161,894<span class=\"_ _0\"></span>  Non-refundabl<span class=\"_ _0\"></span>e grants 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Department of Comm<span class=\"_ _0\"></span>erce (USA) (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 4,306,974  8,554,289  Non-cu<span class=\"_ _0\"></span>rrent payables 34,852<span class=\"_ _0\"></span>,398  37,014<span class=\"_ _0\"></span>,427  610<span class=\"_ _0\"></span>,320,087<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,176,321<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n provisio<span class=\"_ _2\"></span>ns for <span class=\"_ _2\"></span>payroll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>is due to <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>cognitio<span class=\"_ _2\"></span>n of a <span class=\"_ _2\"></span>higher amount <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the payment o<span class=\"_ _2\"></span>f employ<span class=\"_ _2\"></span>ee bonuses i<span class=\"_ _2\"></span>n 2023, <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt rel<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity bon<span class=\"_ _2\"></span>us for th<span class=\"_ _2\"></span>e fourth quar<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>of 202<span class=\"_ _2\"></span>2 and the <span class=\"_ _2\"></span>reinfo<span class=\"_ _2\"></span>rcement o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>rejuv<span class=\"_ _2\"></span>enation prog<span class=\"_ _2\"></span>ramme<span class=\"_ _2\"></span>. State - d<span class=\"_ _2\"></span>etails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Personal i<span class=\"_ _0\"></span>ncome tax withhol<span class=\"_ _0\"></span>d (IRS)<span class=\"_ _0\"></span> 4,209,006  3,298,154  Value added tax 36,628,850 <span class=\"_ _0\"></span> 20,793,757 <span class=\"_ _0\"></span> Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 2,470,143  2,202,736  Other 991,176  951,775  44,299<span class=\"_ _0\"></span>,175  27,246<span class=\"_ _0\"></span>,422  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere w<span class=\"_ _2\"></span>ere no ov<span class=\"_ _2\"></span>erdue de<span class=\"_ _2\"></span>bts to <span class=\"_ _2\"></span>the Stat<span class=\"_ _2\"></span>e. Non-refund<span class=\"_ _2\"></span>able gra<span class=\"_ _2\"></span>nts - d<span class=\"_ _2\"></span>etails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Investment grants (No<span class=\"_ _0\"></span>te 3.5)<span class=\"_ _0\"></span> 3,271,135  3,234,584  Other grants 6,019,295  2,455,207  Non-refundable g<span class=\"_ _0\"></span>rants - cu<span class=\"_ _0\"></span>rrent<span class=\"_ _0\"></span> 9,290,43<span class=\"_ _0\"></span>0  5,689,79<span class=\"_ _0\"></span>1  Investment grants (No<span class=\"_ _0\"></span>te 3.5)<span class=\"_ _0\"></span> 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Non-refundable g<span class=\"_ _0\"></span>rants - n<span class=\"_ _0\"></span>on-current<span class=\"_ _0\"></span> 30,545<span class=\"_ _0\"></span>,424  28,460<span class=\"_ _0\"></span>,138  39,835<span class=\"_ _0\"></span>,854  34,149<span class=\"_ _0\"></span>,929  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-116-4": {
   "value": "4.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _98\"> </span><span class=\"ff4\">Paya<span class=\"_ _2\"></span>bles </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables -<span class=\"_ _0\"></span> current accoun<span class=\"_ _0\"></span>t  363,171,172 253,983,711 Fi<span class=\"_ _0\"></span>xed ass<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ts payabl<span class=\"_ _0\"></span>es 5,134,947  2,789,501  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entiti<span class=\"_ _0\"></span>es 44,299,175 <span class=\"_ _0\"></span> 27,246,422 <span class=\"_ _0\"></span> Related parties (Not<span class=\"_ _0\"></span>e 11.3)<span class=\"_ _0\"></span> 156,764  1,264,454  Other creditors - <span class=\"ls70\">CO</span>2 emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on allow<span class=\"_ _0\"></span>ances 44,830,523 <span class=\"_ _0\"></span> 21,353,771 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a) (Note 11.3)<span class=\"_ _1\"></span> -  6,447,546  Other creditors (Note <span class=\"_ _0\"></span>5.4)<span class=\"_ _0\"></span> 5,693,320  2,392,990  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 52,435,012 <span class=\"_ _0\"></span> 30,613,080 <span class=\"_ _0\"></span> Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,370  6,711,797  Woo<span class=\"_ _0\"></span>d suppli<span class=\"_ _0\"></span>ers bonu<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5,687,729  4,294,936  Water resource fee<span class=\"_ _0\"></span> 1,461,937  1,096,148  Rent li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 17,461,167 <span class=\"_ _0\"></span> 15,634,141 <span class=\"_ _0\"></span> Other accrued expens<span class=\"_ _0\"></span>es 17,130,610 <span class=\"_ _0\"></span> 5,513,017  Non-refundabl<span class=\"_ _0\"></span>e grants 9,290,430  5,689,791  Current payables<span class=\"_ _0\"></span> 575<span class=\"_ _0\"></span>,467,689<span class=\"_ _0\"></span>  393<span class=\"_ _0\"></span>,161,894<span class=\"_ _0\"></span>  Non-refundabl<span class=\"_ _0\"></span>e grants 30,545,424 <span class=\"_ _0\"></span> 28,460,138 <span class=\"_ _0\"></span> Department of Comm<span class=\"_ _0\"></span>erce (USA) (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 4,306,974  8,554,289  Non-cu<span class=\"_ _0\"></span>rrent payables 34,852<span class=\"_ _0\"></span>,398  37,014<span class=\"_ _0\"></span>,427  610<span class=\"_ _0\"></span>,320,087<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,176,321<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n provisio<span class=\"_ _2\"></span>ns for <span class=\"_ _2\"></span>payroll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>is due to <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>cognitio<span class=\"_ _2\"></span>n of a <span class=\"_ _2\"></span>higher amount <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the payment o<span class=\"_ _2\"></span>f employ<span class=\"_ _2\"></span>ee bonuses i<span class=\"_ _2\"></span>n 2023, <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt rel<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity bon<span class=\"_ _2\"></span>us for th<span class=\"_ _2\"></span>e fourth quar<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>of 202<span class=\"_ _2\"></span>2 and the <span class=\"_ _2\"></span>reinfo<span class=\"_ _2\"></span>rcement o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>rejuv<span class=\"_ _2\"></span>enation prog<span class=\"_ _2\"></span>ramme<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-119-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _2\"></span>d subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-120-2": {
   "value": "5.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Capi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l struct<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>e </span></span>5.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Capita<span class=\"_ _2\"></span>l manag<span class=\"_ _2\"></span>ement </span></span>Capi<span class=\"_ _2\"></span>tal manag<span class=\"_ _2\"></span>ement pol<span class=\"_ _2\"></span>icy For cap<span class=\"_ _0\"></span>ital man<span class=\"_ _0\"></span>ageme<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>urpo<span class=\"_ _0\"></span>ses, the<span class=\"_ _0\"></span> Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> defines <span class=\"_ _0\"></span>cap<span class=\"_ _0\"></span>ital as <span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>luding equ<span class=\"_ _0\"></span>ity <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> net debt<span class=\"_ _0\"></span>.<span class=\"_ _38\"></span> The Group<span class=\"_ _0\"></span>'s obj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>ives i<span class=\"_ _0\"></span>n relat<span class=\"_ _0\"></span>ion t<span class=\"_ _0\"></span>o cap<span class=\"_ _0\"></span>ital man<span class=\"_ _0\"></span>ageme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span> are: <span class=\"_ _1\"></span> i.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o safegu<span class=\"_ _0\"></span>ard it<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ility to<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>inue a<span class=\"_ _0\"></span>s a g<span class=\"_ _0\"></span>oing <span class=\"_ _0\"></span>concer<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d thu<span class=\"_ _0\"></span>s prov<span class=\"_ _0\"></span>ide ret<span class=\"_ _0\"></span>urn<span class=\"_ _0\"></span>s for Sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>olders <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> </span></span>benefits<span class=\"_ _0\"></span> for its<span class=\"_ _0\"></span> remai<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ing Stakeh<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>lders; <span class=\"_ _1\"></span> ii.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o keep <span class=\"_ _0\"></span>a so<span class=\"_ _0\"></span>lid cap<span class=\"_ _0\"></span>ital str<span class=\"_ _0\"></span>ucture t<span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>supp<span class=\"_ _0\"></span>ort the gr<span class=\"_ _0\"></span>owth<span class=\"_ _0\"></span> of it<span class=\"_ _0\"></span>s bus<span class=\"_ _0\"></span>iness;<span class=\"_ _0\"></span> and<span class=\"_ _1\"></span> </span></span>iii.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>T<span class=\"_ _0\"></span>o mai<span class=\"_ _0\"></span>ntain an<span class=\"_ _0\"></span> opt<span class=\"_ _0\"></span>imal<span class=\"_ _0\"></span> capita<span class=\"_ _0\"></span>l stru<span class=\"_ _0\"></span>cture<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>at enab<span class=\"_ _0\"></span>les it<span class=\"_ _0\"></span> t<span class=\"_ _0\"></span>o red<span class=\"_ _0\"></span>uce the<span class=\"_ _0\"></span> cost <span class=\"_ _0\"></span>of cap<span class=\"_ _0\"></span>ital.<span class=\"_ _1\"></span> In order t<span class=\"_ _0\"></span>o m<span class=\"_ _0\"></span>ainta<span class=\"_ _0\"></span>in or adj<span class=\"_ _0\"></span>ust <span class=\"_ _0\"></span>its cap<span class=\"_ _0\"></span>ital str<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> can ad<span class=\"_ _0\"></span>just<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount <span class=\"_ _0\"></span>of div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds payab<span class=\"_ _0\"></span>le t<span class=\"_ _0\"></span>o its<span class=\"_ _0\"></span> Shareho<span class=\"_ _0\"></span>lders,<span class=\"_ _0\"></span> retur<span class=\"_ _0\"></span>n cap<span class=\"_ _0\"></span>ital t<span class=\"_ _0\"></span>o its Sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>olders, <span class=\"_ _0\"></span>issu<span class=\"_ _0\"></span>e new<span class=\"_ _0\"></span> shares<span class=\"_ _0\"></span> or se<span class=\"_ _0\"></span>ll asset<span class=\"_ _0\"></span>s to <span class=\"_ _0\"></span>lowe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>its borr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>ings. In line w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>ctor, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up mo<span class=\"_ _0\"></span>nitors<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>its capita<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>ed on the<span class=\"_ _0\"></span> gear<span class=\"_ _0\"></span>ing rat<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o, de<span class=\"_ _0\"></span>fined as t<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span> betwe<span class=\"_ _0\"></span>en net debt<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> capita<span class=\"_ _0\"></span>l. <span class=\"_ _0\"></span> Net intere<span class=\"_ _0\"></span>st-be<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng debt<span class=\"_ _0\"></span> is <span class=\"_ _0\"></span>calcul<span class=\"_ _0\"></span>ated by<span class=\"_ _0\"></span> add<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> the tota<span class=\"_ _0\"></span>l amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> of loans<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>includi<span class=\"_ _0\"></span>ng the <span class=\"_ _1\"></span>curre<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd no<span class=\"_ _0\"></span>n-c<span class=\"_ _0\"></span>urrent<span class=\"_ _0\"></span> portion<span class=\"_ _0\"></span>s as d<span class=\"_ _0\"></span>isclo<span class=\"_ _0\"></span>sed in the<span class=\"_ _0\"></span> state<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l positio<span class=\"_ _0\"></span>n) a<span class=\"_ _0\"></span>nd ded<span class=\"_ _0\"></span>ucting<span class=\"_ _0\"></span> all c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd <span class=\"_ _0\"></span>cash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> Tota<span class=\"_ _0\"></span>l equity<span class=\"_ _0\"></span> is ca<span class=\"_ _0\"></span>lculated<span class=\"_ _0\"></span> by<span class=\"_ _0\"></span> adding<span class=\"_ _0\"></span> Share<span class=\"_ _0\"></span>holde<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>\u2019 equity<span class=\"_ _0\"></span> (as s<span class=\"_ _0\"></span>hown in t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nt of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion), t<span class=\"_ _0\"></span>o inter<span class=\"_ _0\"></span>est<span class=\"_ _1\"></span><span class=\"ff1\">-</span>bearing <span class=\"_ _0\"></span>net debt,<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> exc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng tre<span class=\"_ _0\"></span>asury s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>non<span class=\"_ _1\"></span>-contro<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng intere<span class=\"_ _0\"></span>sts.<span class=\"_ _0\"></span> The Group c<span class=\"_ _2\"></span>alcu<span class=\"_ _2\"></span>lates th<span class=\"_ _2\"></span>e geari<span class=\"_ _2\"></span>ng rati<span class=\"_ _2\"></span>o as f<span class=\"_ _2\"></span>ollows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net debt<span class=\"_ _0\"></span> 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Equity 1,259,707,514  1,045,114,080  Treasury shares (No<span class=\"_ _0\"></span>te 5.2)<span class=\"_ _0\"></span> -  -  Non-controlli<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>nter<span class=\"_ _2\"></span>est (Not<span class=\"_ _0\"></span>e 5.6)<span class=\"_ _0\"></span> (297,977) (286,896) Equity, except fo<span class=\"_ _0\"></span>r treasury sha<span class=\"_ _0\"></span>res and non<span class=\"_ _0\"></span>-controllin<span class=\"_ _0\"></span>g interes<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537  1,044,82<span class=\"_ _0\"></span>7,184  Total equity 1,641,62<span class=\"_ _0\"></span>7,471  1,639,59<span class=\"_ _0\"></span>9,981  Gearing 23.28%<span class=\"_ _0\"></span> 36.28%<span class=\"_ _0\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-122-2": {
   "value": "5.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Share C<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and t<span class=\"_ _2\"></span>reasury<span class=\"_ _2\"></span> Shares </span></span>Navigator<span class=\"_ _2\"></span>'s Sha<span class=\"_ _2\"></span>reholders<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _2\"></span>y is <span class=\"_ _2\"></span>a public<span class=\"_ _2\"></span> company wi<span class=\"_ _2\"></span>th its sh<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>es quote<span class=\"_ _2\"></span>d on the Eu<span class=\"_ _2\"></span>ronex<span class=\"_ _2\"></span>t Lis<span class=\"_ _2\"></span>bon. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A.\u2019s <span class=\"_ _2\"></span>share capi<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span> 500,000<span class=\"_ _2\"></span>,000 was ful<span class=\"_ _2\"></span>ly subscri<span class=\"_ _2\"></span>bed and i<span class=\"_ _2\"></span>s re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d by 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span> withou<span class=\"_ _2\"></span>t nominal<span class=\"_ _2\"></span> value (3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021: 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares). <span class=\"_ _2\"></span> At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 11<span class=\"_ _2\"></span> May 202<span class=\"_ _2\"></span>1, a <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Company's <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span> from Euro 50<span class=\"_ _2\"></span>0,000,000 <span class=\"_ _2\"></span>to Euro 49<span class=\"_ _2\"></span>5,597,957<span class=\"_ _2\"></span>.49 was <span class=\"_ _2\"></span>agre<span class=\"_ _2\"></span>ed, th<span class=\"_ _2\"></span>e amount o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on being Euro<span class=\"_ _2\"></span> 4,402,04<span class=\"_ _2\"></span>2.51, for <span class=\"_ _2\"></span>a speci<span class=\"_ _2\"></span>al pur<span class=\"_ _2\"></span>pose, <span class=\"_ _2\"></span>by canc<span class=\"_ _2\"></span>ellatio<span class=\"_ _2\"></span>n of 6<span class=\"_ _2\"></span>,316,931 treasu<span class=\"_ _2\"></span>ry shares<span class=\"_ _2\"></span>, witho<span class=\"_ _2\"></span>ut nomin<span class=\"_ _2\"></span>al value. Th<span class=\"_ _2\"></span>e Company wi<span class=\"_ _2\"></span>ll n<span class=\"_ _2\"></span>ow have 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>ordi<span class=\"_ _2\"></span>nary sha<span class=\"_ _2\"></span>res outs<span class=\"_ _2\"></span>tanding<span class=\"_ _2\"></span>, foll<span class=\"_ _2\"></span>owed by a shar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase fro<span class=\"_ _2\"></span>m Euro 49<span class=\"_ _2\"></span>5,597<span class=\"_ _2\"></span>,957.49 to <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>500,000,00<span class=\"_ _2\"></span>0, the <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>the increase <span class=\"_ _2\"></span>being Eu<span class=\"_ _2\"></span>ro 4,402<span class=\"_ _2\"></span>,042.5<span class=\"_ _2\"></span>1, with <span class=\"_ _2\"></span>no change i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>number o<span class=\"_ _2\"></span>f shar<span class=\"_ _2\"></span>es, to <span class=\"_ _2\"></span>be pai<span class=\"_ _2\"></span>d up by inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> free <span class=\"_ _2\"></span>reserves <span class=\"_ _2\"></span>(surplus<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal r<span class=\"_ _2\"></span>eserve)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>with quali<span class=\"_ _2\"></span>fied shar<span class=\"_ _2\"></span>eholdi<span class=\"_ _2\"></span>ngs in the <span class=\"_ _2\"></span>Company\u2019s c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> were as<span class=\"_ _2\"></span> foll<span class=\"_ _2\"></span>ows:<span class=\"ff1\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Designati<span class=\"_ _0\"></span>on No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % Semapa, SGPS, S.A<span class=\"_ _0\"></span>.  497,617,299  69.97% 497,617,299  69.97% Treasury shares<span class=\"_ _0\"></span> -  0.00% -  0.00% Floating shares<span class=\"_ _0\"></span> 213,565,770  30.03% 213,565,770  30.03% 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-123-2": {
   "value": "Trea<span class=\"_ _2\"></span>sury sha<span class=\"_ _2\"></span>res -<span class=\"_ _2\"></span> moveme<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Book value Book value No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Treasury shares hel<span class=\"_ _0\"></span>d at the begi<span class=\"_ _0\"></span>nning of the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d -  -  6,316,931  20,189,264 <span class=\"_ _0\"></span> Acquisi<span class=\"_ _0\"></span>tion of treasury shares<span class=\"_ _0\"></span> -  -  -  -  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n the perio<span class=\"_ _0\"></span>d -  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> Treasury shares at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> -  -  -  -  These sha<span class=\"_ _2\"></span>res were mai<span class=\"_ _2\"></span>nly ac<span class=\"_ _2\"></span>quired <span class=\"_ _2\"></span>during 2<span class=\"_ _2\"></span>008 and 2<span class=\"_ _2\"></span>012<span class=\"_ _2\"></span> as well<span class=\"_ _2\"></span> as i<span class=\"_ _2\"></span>n 2018 <span class=\"_ _2\"></span>and 2019 <span class=\"_ _2\"></span>and were ex<span class=\"_ _2\"></span>tinguish<span class=\"_ _2\"></span>ed in 202<span class=\"_ _2\"></span>1. The evol<span class=\"_ _2\"></span>utio<span class=\"_ _2\"></span>n of thi<span class=\"_ _2\"></span>s item i<span class=\"_ _2\"></span>s sho<span class=\"_ _2\"></span>wn below: 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Quantity Amou<span class=\"_ _0\"></span>nt Quantit<span class=\"_ _0\"></span>y Amou<span class=\"_ _0\"></span>nt Treasury shares h<span class=\"_ _0\"></span>eld in Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> -  -  6,316,93<span class=\"_ _0\"></span>1  20,189<span class=\"_ _0\"></span>,264  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n January -  -  -  -  February -  -  -  -  March -  -  -  -  April<span class=\"_ _0\"></span> -  -  -  -  May<span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> June -  -  -  -  July -  -  -  -  August -  -  -  -  September<span class=\"_ _0\"></span> -  -  -  -  October -  -  -  -  November -  -  -  -  December<span class=\"_ _0\"></span> -  -  -  -  -  -  (6,316<span class=\"_ _0\"></span>,931) (20,18<span class=\"_ _0\"></span>9,264) Treasury shares h<span class=\"_ _0\"></span>eld in Decembe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> -  -  -  -  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Navig<span class=\"_ _2\"></span>ator <span class=\"_ _2\"></span>did not hol<span class=\"_ _2\"></span>d an<span class=\"_ _2\"></span>y own shar<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>the unit val<span class=\"_ _2\"></span>ue of the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t that da<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>was Euro 3.454<span class=\"_ _2\"></span> (31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2021: Eu<span class=\"_ _2\"></span>ro 3.35) a<span class=\"_ _2\"></span>nd th<span class=\"_ _2\"></span>e market c<span class=\"_ _2\"></span>apitalisati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>ompany a<span class=\"_ _2\"></span>t this da<span class=\"_ _2\"></span>te amoun<span class=\"_ _2\"></span>ted to<span class=\"_ _2\"></span> Euro 2,45<span class=\"_ _2\"></span>6,426,320 <span class=\"_ _2\"></span>(31 December <span class=\"_ _2\"></span>2021: Euro<span class=\"_ _2\"></span> 2,382<span class=\"_ _2\"></span>,463,281<span class=\"_ _2\"></span>) compar<span class=\"_ _2\"></span>ed to an<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, net of <span class=\"_ _2\"></span>non-control<span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>g interes<span class=\"_ _2\"></span>ts, of Eu<span class=\"_ _2\"></span>ro 1,259,40<span class=\"_ _2\"></span>9,537<span class=\"ff7 fs12\"> </span>(31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2021: <span class=\"_ _2\"></span>Euro 1,044<span class=\"_ _2\"></span>,827,1<span class=\"_ _2\"></span>84). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-124-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>ty. <span class=\"ff1\"> </span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>her equity <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _2\"></span>tion, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the procee<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the issu<span class=\"_ _2\"></span>e.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> for the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new business<span class=\"_ _2\"></span> are deduct<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt i<span class=\"_ _2\"></span>ssued. When any G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>res sha<span class=\"_ _2\"></span>res of <span class=\"_ _2\"></span>the par<span class=\"_ _2\"></span>ent c<span class=\"_ _2\"></span>ompany (treasu<span class=\"_ _2\"></span>ry sha<span class=\"_ _2\"></span>res)<span class=\"_ _2\"></span>, the payment, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des directl<span class=\"_ _2\"></span>y attri<span class=\"_ _2\"></span>butable i<span class=\"_ _2\"></span>ncremen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>costs, is<span class=\"_ _2\"></span> deducte<span class=\"_ _2\"></span>d from the Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the hold<span class=\"_ _2\"></span>ers of the <span class=\"_ _2\"></span>parent <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y\u2019s capital<span class=\"_ _2\"></span> until<span class=\"_ _2\"></span> such ti<span class=\"_ _2\"></span>me the shar<span class=\"_ _2\"></span>es are canc<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>led, rei<span class=\"_ _2\"></span>ssued or so<span class=\"_ _2\"></span>ld. <span class=\"_ _2\"></span> When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _2\"></span>, net of <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the <span class=\"ff8\">Sharehol<span class=\"_ _2\"></span>ders\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and no<span class=\"_ _2\"></span>t </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Fair value r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the period <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.11) as<span class=\"_ _2\"></span> the hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>d to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss. Curr<span class=\"_ _2\"></span>ency exchange reser<span class=\"_ _2\"></span>ve The curr<span class=\"_ _2\"></span>ency trans<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e accu<span class=\"_ _2\"></span>mulated amoun<span class=\"_ _2\"></span>t relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the settlem<span class=\"_ _2\"></span>ent by th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>anslatio<span class=\"_ _2\"></span>n of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements of <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es oper<span class=\"_ _2\"></span>ating outsi<span class=\"_ _2\"></span>de t<span class=\"_ _2\"></span>he Euro z<span class=\"_ _2\"></span>one. Lega<span class=\"_ _2\"></span>l reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t least 5% o<span class=\"_ _2\"></span>f a<span class=\"_ _2\"></span>nnual n<span class=\"_ _2\"></span>et profit mus<span class=\"_ _2\"></span>t be <span class=\"_ _2\"></span>transfe<span class=\"_ _2\"></span>rred to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>east 20<span class=\"_ _2\"></span>% of t<span class=\"_ _2\"></span>he iss<span class=\"_ _2\"></span>ued capital<span class=\"_ _2\"></span>. This <span class=\"_ _2\"></span>reserv<span class=\"_ _2\"></span>e cannot be distribu<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>unless the <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _2\"></span>be d<span class=\"_ _2\"></span>rawn on <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>exhausted<span class=\"_ _2\"></span>, or inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Other reser<span class=\"_ _2\"></span>ves and<span class=\"_ _2\"></span> retained<span class=\"_ _2\"></span> earnings<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>available f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on to Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>that we<span class=\"_ _2\"></span>re consti<span class=\"_ _2\"></span>tuted throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>appropri<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pri<span class=\"_ _2\"></span>or period\u2019s <span class=\"_ _2\"></span>ear<span class=\"_ _2\"></span>nings, the <span class=\"_ _2\"></span>reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance cor<span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>onding to the <span class=\"_ _2\"></span>acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value of<span class=\"_ _2\"></span> treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held is<span class=\"_ _2\"></span> not dist<span class=\"_ _2\"></span>ributa<span class=\"_ _2\"></span>ble (Not<span class=\"_ _2\"></span>e 5.2)<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-124-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are class<span class=\"_ _2\"></span>ified i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>ty. <span class=\"ff1\"> </span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>her equity <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _2\"></span>tion, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the procee<span class=\"_ _2\"></span>ds of<span class=\"_ _2\"></span> the issu<span class=\"_ _2\"></span>e.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> for the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new business<span class=\"_ _2\"></span> are deduct<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt i<span class=\"_ _2\"></span>ssued. When any G<span class=\"_ _2\"></span>roup compan<span class=\"_ _2\"></span>y acqui<span class=\"_ _2\"></span>res sha<span class=\"_ _2\"></span>res of <span class=\"_ _2\"></span>the par<span class=\"_ _2\"></span>ent c<span class=\"_ _2\"></span>ompany (treasu<span class=\"_ _2\"></span>ry sha<span class=\"_ _2\"></span>res)<span class=\"_ _2\"></span>, the payment, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des directl<span class=\"_ _2\"></span>y attri<span class=\"_ _2\"></span>butable i<span class=\"_ _2\"></span>ncremen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>costs, is<span class=\"_ _2\"></span> deducte<span class=\"_ _2\"></span>d from the Shareholde<span class=\"_ _2\"></span>rs\u2019 equi<span class=\"_ _2\"></span>ty at<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>table to <span class=\"_ _2\"></span>the hold<span class=\"_ _2\"></span>ers of the <span class=\"_ _2\"></span>parent <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y\u2019s capital<span class=\"_ _2\"></span> until<span class=\"_ _2\"></span> such ti<span class=\"_ _2\"></span>me the shar<span class=\"_ _2\"></span>es are canc<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>led, rei<span class=\"_ _2\"></span>ssued or so<span class=\"_ _2\"></span>ld. <span class=\"_ _2\"></span> When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _2\"></span>, net of <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the <span class=\"ff8\">Sharehol<span class=\"_ _2\"></span>ders\u2019<span class=\"_ _2\"></span> equity <span class=\"_ _2\"></span>and no<span class=\"_ _2\"></span>t </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Fair value r<span class=\"_ _2\"></span>eser<span class=\"_ _2\"></span>ves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the period <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.11) as<span class=\"_ _2\"></span> the hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>d to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss. Curr<span class=\"_ _2\"></span>ency exchange reser<span class=\"_ _2\"></span>ve The curr<span class=\"_ _2\"></span>ency trans<span class=\"_ _2\"></span>lation <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e accu<span class=\"_ _2\"></span>mulated amoun<span class=\"_ _2\"></span>t relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>the settlem<span class=\"_ _2\"></span>ent by th<span class=\"_ _2\"></span>e Group o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>differenc<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>anslatio<span class=\"_ _2\"></span>n of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements of <span class=\"_ _2\"></span>the subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es oper<span class=\"_ _2\"></span>ating outsi<span class=\"_ _2\"></span>de t<span class=\"_ _2\"></span>he Euro z<span class=\"_ _2\"></span>one. Lega<span class=\"_ _2\"></span>l reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t least 5% o<span class=\"_ _2\"></span>f a<span class=\"_ _2\"></span>nnual n<span class=\"_ _2\"></span>et profit mus<span class=\"_ _2\"></span>t be <span class=\"_ _2\"></span>transfe<span class=\"_ _2\"></span>rred to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>east 20<span class=\"_ _2\"></span>% of t<span class=\"_ _2\"></span>he iss<span class=\"_ _2\"></span>ued capital<span class=\"_ _2\"></span>. This <span class=\"_ _2\"></span>reserv<span class=\"_ _2\"></span>e cannot be distribu<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>unless the <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _2\"></span>be d<span class=\"_ _2\"></span>rawn on <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>exhausted<span class=\"_ _2\"></span>, or inc<span class=\"_ _2\"></span>orporate<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span><span class=\"ff9\"> </span>Other reser<span class=\"_ _2\"></span>ves and<span class=\"_ _2\"></span> retained<span class=\"_ _2\"></span> earnings<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>available f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on to Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>that we<span class=\"_ _2\"></span>re consti<span class=\"_ _2\"></span>tuted throu<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>appropri<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pri<span class=\"_ _2\"></span>or period\u2019s <span class=\"_ _2\"></span>ear<span class=\"_ _2\"></span>nings, the <span class=\"_ _2\"></span>reduc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance cor<span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>onding to the <span class=\"_ _2\"></span>acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n value of<span class=\"_ _2\"></span> treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held is<span class=\"_ _2\"></span> not dist<span class=\"_ _2\"></span>ributa<span class=\"_ _2\"></span>ble (Not<span class=\"_ _2\"></span>e 5.2)<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-125-2": {
   "value": "5.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare </span></span>2022 2021 Profit attributabl<span class=\"_ _0\"></span>e to Navigato<span class=\"_ _0\"></span>r's equity holder<span class=\"_ _0\"></span>s (Euro)<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171,411,455  Total number of sh<span class=\"_ _0\"></span>ares issued <span class=\"_ _0\"></span> 711,183,069  711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  Average treasury shar<span class=\"_ _0\"></span>es held for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d  -  -  Weighted avera<span class=\"_ _0\"></span>ge number of sha<span class=\"_ _0\"></span>res <span class=\"_ _0\"></span> 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  711,183,069  Basic earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _0\"></span> 0.552 0.241 Diluted earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _1\"></span> 0.552 0.241 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-126-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Basic<span class=\"_ _2\"></span> earnings pe<span class=\"_ _2\"></span>r share a<span class=\"_ _2\"></span>re det<span class=\"_ _2\"></span>ermined <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the divi<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>profits o<span class=\"_ _2\"></span>r loss<span class=\"_ _2\"></span>es attri<span class=\"_ _2\"></span>butable to the or<span class=\"_ _2\"></span>dinary <span class=\"_ _2\"></span>Sharehold<span class=\"_ _2\"></span>ers of<span class=\"_ _2\"></span> the Comp<span class=\"_ _2\"></span>any by <span class=\"_ _2\"></span>the weig<span class=\"_ _2\"></span>hted aver<span class=\"_ _2\"></span>age numb<span class=\"_ _2\"></span>er of co<span class=\"_ _2\"></span>mmon shares o<span class=\"_ _2\"></span>utstandin<span class=\"_ _2\"></span>g duri<span class=\"_ _2\"></span>ng the pe<span class=\"_ _2\"></span>riod. For the pu<span class=\"_ _2\"></span>rpose of<span class=\"_ _2\"></span> calc<span class=\"_ _2\"></span>ulating <span class=\"_ _2\"></span>dil<span class=\"_ _2\"></span>uted earnin<span class=\"_ _2\"></span>gs per s<span class=\"_ _2\"></span>hare, the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>djusts <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>profits or loss<span class=\"_ _2\"></span>es attribu<span class=\"_ _2\"></span>table <span class=\"_ _2\"></span>to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty holde<span class=\"_ _2\"></span>rs, as <span class=\"_ _2\"></span>well as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>weighted a<span class=\"_ _2\"></span>verage num<span class=\"_ _2\"></span>ber of outstanding <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rposes of <span class=\"_ _2\"></span>all pot<span class=\"_ _2\"></span>ential<span class=\"_ _2\"></span> diluti<span class=\"_ _2\"></span>ve co<span class=\"_ _2\"></span>mmon shares. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-127-2": {
   "value": "5.4.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Divid<span class=\"_ _2\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span> and res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> distri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> </span></span>Divi<span class=\"_ _2\"></span>dend<span class=\"_ _2\"></span>s and rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>distr<span class=\"_ _2\"></span>ibuted<span class=\"_ _2\"></span> in th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d Amou<span class=\"_ _0\"></span>nt Dividends<span class=\"_ _0\"></span> per approved<span class=\"_ _0\"></span> share (Eu<span class=\"_ _0\"></span>ro)<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Attributions in 202<span class=\"_ _0\"></span>2 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 131,632,875  0.185 Distribui<span class=\"_ _0\"></span>\u00e7\u00e3o de reservas l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vres 118,355,086  0.166 Attributions in 202<span class=\"_ _0\"></span>1 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 99,565,630 <span class=\"_ _0\"></span> 0.140 Distributi<span class=\"_ _0\"></span>on of antici<span class=\"_ _0\"></span>pated dividends <span class=\"_ _0\"></span> 49,996,170 <span class=\"_ _0\"></span> 0.070 At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 27 <span class=\"_ _2\"></span>May 2022<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _2\"></span>dends i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> Euro 99<span class=\"_ _2\"></span>,992,340<span class=\"_ _2\"></span>. At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 21<span class=\"_ _2\"></span> November 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.A<span class=\"_ _2\"></span>. r<span class=\"_ _2\"></span>esolved <span class=\"_ _2\"></span>to distribut<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>erves amo<span class=\"_ _2\"></span>unting <span class=\"_ _2\"></span>to Euro 1<span class=\"_ _2\"></span>49,995,621<span class=\"_ _2\"></span>, of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch Euro <span class=\"_ _2\"></span>118,355,086<span class=\"_ _2\"></span> came from <span class=\"_ _2\"></span>the Other res<span class=\"_ _2\"></span>erves <span class=\"_ _2\"></span>and Euro 31<span class=\"_ _2\"></span>,640<span class=\"_ _2\"></span>,535 was r<span class=\"_ _2\"></span>ecorded <span class=\"_ _2\"></span>in Reta<span class=\"_ _2\"></span>ined earnings<span class=\"_ _2\"></span>. At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 13 <span class=\"_ _2\"></span>May 2021<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _2\"></span>dends i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> Euro 99<span class=\"_ _2\"></span>,565<span class=\"_ _2\"></span>,630. On 16 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>1, the Bo<span class=\"_ _2\"></span>ard of<span class=\"_ _2\"></span> Directo<span class=\"_ _2\"></span>rs of<span class=\"_ _2\"></span> The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y, S.A. <span class=\"_ _2\"></span>decided to make an a<span class=\"_ _2\"></span>dvance on <span class=\"_ _2\"></span>profits <span class=\"_ _2\"></span>to Sh<span class=\"_ _2\"></span>arehold<span class=\"_ _2\"></span>ers, in <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of<span class=\"_ _2\"></span> Euro 49,99<span class=\"_ _2\"></span>6,170, <span class=\"_ _2\"></span>equivalen<span class=\"_ _2\"></span>t to the gross <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>0.0703 p<span class=\"_ _2\"></span>er shar<span class=\"_ _2\"></span>e. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-128-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The dist<span class=\"_ _2\"></span>ribution <span class=\"_ _2\"></span>of divi<span class=\"_ _2\"></span>dends to <span class=\"_ _2\"></span>Sharehol<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span> as a <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> the Group\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial statements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e period in<span class=\"_ _2\"></span> whi<span class=\"_ _2\"></span>ch the divi<span class=\"_ _2\"></span>dends a<span class=\"_ _2\"></span>re ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the Shar<span class=\"_ _2\"></span>ehol<span class=\"_ _2\"></span>ders at th<span class=\"_ _2\"></span>e General M<span class=\"_ _2\"></span>eeting <span class=\"_ _2\"></span>and up un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>the time of <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t or<span class=\"_ _2\"></span>, in the cas<span class=\"_ _2\"></span>e of an<span class=\"_ _2\"></span>tici<span class=\"_ _2\"></span>pated distributi<span class=\"_ _2\"></span>ons, <span class=\"_ _2\"></span>when appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>Directo<span class=\"_ _2\"></span>rs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-129-2": {
   "value": "5.5.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Reserv<span class=\"_ _2\"></span>es and <span class=\"_ _2\"></span>retain<span class=\"_ _2\"></span>ed earn<span class=\"_ _2\"></span>ings </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Currency translatio<span class=\"_ _0\"></span>n reserve<span class=\"_ _0\"></span> 5,343,706  (24<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>46,001)<span class=\"_ _0\"></span> Fair value reserve<span class=\"_ _0\"></span> 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve<span class=\"_ _0\"></span> 100,000,000  100,000,000  Other reserves<span class=\"_ _0\"></span> 3,481,014  121,836,100  Retained earni<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span> 224,049,919  231,525,876  Reserves and retaine<span class=\"_ _0\"></span>d earnings<span class=\"_ _0\"></span> 366<span class=\"_ _0\"></span>,872,467<span class=\"_ _0\"></span>  423<span class=\"_ _0\"></span>,411,899<span class=\"_ _0\"></span>  Currenc<span class=\"_ _2\"></span>y exc<span class=\"_ _2\"></span>han<span class=\"_ _2\"></span>ge re<span class=\"_ _2\"></span>serve - <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>     <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator North Ame<span class=\"_ _0\"></span>rica (USD)<span class=\"_ _0\"></span> </span>(4,147,000) (4,847,972)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Mexico (MXN)<span class=\"_ _0\"></span> </span>(115,521) (69<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>53)<span class=\"_ _0\"></span>      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Mi<span class=\"_ _0\"></span>ddle East Tradi<span class=\"_ _0\"></span>ng DMCC (AED)<span class=\"_ _0\"></span> </span>(6,017) (7,594)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Egypt (EG<span class=\"_ _0\"></span>P) </span>(1,901) (4,037)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Company UK (GBP)<span class=\"_ _0\"></span> </span>(230,994) (369,114)      <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Eurasia (TY<span class=\"_ _0\"></span>R)<span class=\"_ _0\"></span> </span>799  799       <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Afri<span class=\"_ _0\"></span>que du Nord (MAD)<span class=\"_ _0\"></span> </span>395  395       <span class=\"ls0\">N<span class=\"_ _0\"></span>avigator Pape<span class=\"_ _0\"></span>r Poland (PLN)<span class=\"_ _1\"></span> </span>(2,897) (2,897)      <span class=\"ls0\">Port<span class=\"_ _0\"></span>ucel<span class=\"_ _0\"></span> Mo\u00e7ambique (MZM)<span class=\"_ _0\"></span> </span>9,846,842  (19<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>45,827)<span class=\"_ _0\"></span> 5,343,70<span class=\"_ _0\"></span>6  (24,34<span class=\"_ _0\"></span>6,001) The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge r<span class=\"_ _2\"></span>eserve is<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y due to <span class=\"_ _2\"></span>the cumula<span class=\"_ _2\"></span>tive unf<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>differ<span class=\"_ _2\"></span>ences rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to the rep<span class=\"_ _2\"></span>ayment of<span class=\"_ _2\"></span> the lon<span class=\"_ _2\"></span>g-term loan <span class=\"_ _2\"></span>(shareho<span class=\"_ _2\"></span>lder <span class=\"_ _2\"></span>loan) granted to <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>bsidia<span class=\"_ _2\"></span>ry Por<span class=\"_ _2\"></span>tucel Mo\u00e7am<span class=\"_ _2\"></span>bique<span class=\"_ _2\"></span>. This l<span class=\"_ _2\"></span>oan, <span class=\"_ _2\"></span>of a quasi-equit<span class=\"_ _2\"></span>y natu<span class=\"_ _2\"></span>re, was denominate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>foreign cu<span class=\"_ _2\"></span>rrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion, a<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's accoun<span class=\"_ _2\"></span>ting poli<span class=\"_ _2\"></span>cy, the co<span class=\"_ _2\"></span>rrespondin<span class=\"_ _2\"></span>g acc<span class=\"_ _2\"></span>umulated <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span>, recogni<span class=\"_ _2\"></span>ze<span class=\"_ _2\"></span>d in previous y<span class=\"_ _2\"></span>ears in<span class=\"_ _2\"></span> the Sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, w<span class=\"_ _2\"></span>ere recogni<span class=\"_ _2\"></span>sed in p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s for the peri<span class=\"_ _2\"></span>od. Fair va<span class=\"_ _2\"></span>lue re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves - deta<span class=\"_ _2\"></span>ils<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Gross amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> Tax Net amout<span class=\"_ _0\"></span> Gross amou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span> Tax Net amout<span class=\"_ _0\"></span> Interest rate ri<span class=\"_ _0\"></span>sk hedging 30,899,904 <span class=\"_ _0\"></span> (8,497,474) 22,402,430 <span class=\"_ _0\"></span> (2,231,713) 613,722  (1,617,991) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge hedging<span class=\"_ _0\"></span> 15,993,652 <span class=\"_ _0\"></span> (4,398,254) 11,595,398 <span class=\"_ _0\"></span> (5,498,048) 1,511,963  (3,986,085) 46,893<span class=\"_ _0\"></span>,556  (12,89<span class=\"_ _0\"></span>5,728) 33,997<span class=\"_ _0\"></span>,828  (7,729<span class=\"_ _0\"></span>,761) 2,125,68<span class=\"_ _0\"></span>5  (5,604<span class=\"_ _0\"></span>,076) Fair va<span class=\"_ _2\"></span>lue re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>ves - m<span class=\"_ _2\"></span>ovement<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Opening balance<span class=\"_ _0\"></span> (5,604<span class=\"_ _0\"></span>,076) (6,641<span class=\"_ _0\"></span>,368) Change i<span class=\"_ _0\"></span>n the fair value of deriva<span class=\"_ _0\"></span>tive financial<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>ments (Note <span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>) 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Deferred tax (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,455) Closing balance<span class=\"_ _0\"></span> 33,997<span class=\"_ _0\"></span>,828  (5,604<span class=\"_ _0\"></span>,076) The amount co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>Change in <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ve fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n the amount of<span class=\"_ _2\"></span> \u20ac54.6 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion, i<span class=\"_ _2\"></span>ncludes: a) trans<span class=\"_ _2\"></span>fers <span class=\"_ _2\"></span>to <span class=\"ff1\">hedging<span class=\"_ _2\"></span> resul<span class=\"_ _2\"></span>ts in the <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t of nega<span class=\"_ _2\"></span>tive </span>\u20ac29.3 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion; b) C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>the fair val<span class=\"_ _2\"></span>ue of h<span class=\"_ _2\"></span>edging <span class=\"_ _2\"></span>deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments amountin<span class=\"_ _2\"></span>g to \u20ac83.9 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion.<span class=\"ff1\"> </span>Other re<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>rves <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Transfer of legal<span class=\"_ _0\"></span> reserve surpl<span class=\"_ _0\"></span>us to free reser<span class=\"_ _0\"></span>ves 9,790,475  9,790,475  Free reserves ari<span class=\"_ _0\"></span>sing from the share c<span class=\"_ _0\"></span>apital<span class=\"_ _0\"></span> reduction not di<span class=\"_ _0\"></span>stributed<span class=\"_ _0\"></span> 5,994  118,361,080  Adjustments to the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cation of 2014 profits (bal<span class=\"_ _0\"></span>ance sheet bon<span class=\"_ _0\"></span>us)<span class=\"_ _0\"></span> 1,476  1,476  Incorporation of c<span class=\"_ _0\"></span>apital res<span class=\"_ _0\"></span>erves (6,316,931) (6,316,931) 3,481,01<span class=\"_ _0\"></span>4  121<span class=\"_ _0\"></span>,836,100<span class=\"_ _0\"></span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-133-2": {
   "value": "5.6.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Non-contr<span class=\"_ _2\"></span>ollin<span class=\"_ _2\"></span>g inter<span class=\"_ _2\"></span>ests<span class=\"_ _2\"></span> </span></span>Detail <span class=\"_ _2\"></span>of n<span class=\"_ _2\"></span>on-cont<span class=\"_ _2\"></span>rollin<span class=\"_ _2\"></span>g inte<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>s, by <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diary % Equity Net prof<span class=\"_ _2\"></span>it Amounts in Euro<span class=\"_ _0\"></span> held 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2022 2021 RAIZ - I<span class=\"_ _0\"></span>nstituto de Investiga\u00e7\u00e3o d<span class=\"_ _0\"></span>a Flo<span class=\"_ _0\"></span>resta e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span> 3.0% 297,977  286,896  1,861  7,058  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que  9.98% -  -  -  -  297<span class=\"_ _0\"></span>,977  286<span class=\"_ _0\"></span>,896  1,861  7,058  Non-con<span class=\"_ _2\"></span>trolli<span class=\"_ _2\"></span>ng interes<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>to RAI<span class=\"ls7f\">Z </span><span class=\"ff8\">\u2013</span> Ins<span class=\"_ _2\"></span>titu<span class=\"_ _2\"></span>to d<span class=\"_ _2\"></span>e Investi<span class=\"_ _2\"></span>ga\u00e7\u00e3o <span class=\"_ _2\"></span>da Florest<span class=\"_ _2\"></span>al e Papel<span class=\"_ _2\"></span>, where the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>wns 97% of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>hare ca<span class=\"_ _2\"></span>pital and <span class=\"_ _2\"></span>votin<span class=\"_ _2\"></span>g rights<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e remaining <span class=\"_ _2\"></span>3% are owned by e<span class=\"_ _2\"></span>xternal<span class=\"_ _2\"></span> assoc<span class=\"_ _2\"></span>iates.<span class=\"_ _2\"></span> In 2014<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up signe<span class=\"_ _2\"></span>d agreemen<span class=\"_ _2\"></span>ts with <span class=\"_ _2\"></span>IFC <span class=\"ff8\">\u2013</span> Int<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>cional<span class=\"_ _2\"></span> Financ<span class=\"_ _2\"></span>e Corporation<span class=\"_ _2\"></span> for the entry o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>instituti<span class=\"_ _2\"></span>on into th<span class=\"_ _2\"></span>e share <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>tal of <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>bsidi<span class=\"_ _2\"></span>ary Por<span class=\"_ _2\"></span>tucel Mo\u00e7am<span class=\"_ _2\"></span>bique, <span class=\"_ _2\"></span>S.A., <span class=\"_ _2\"></span>thus ensuring <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>truction <span class=\"_ _2\"></span>phase <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>try pr<span class=\"_ _2\"></span>oject in <span class=\"_ _2\"></span>Mozambiqu<span class=\"_ _2\"></span>e. In 2<span class=\"_ _2\"></span>015, this Company pe<span class=\"_ _2\"></span>rformed a c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> increas<span class=\"_ _2\"></span>e from <span class=\"_ _2\"></span>MZM 1,000 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on to MZM 1,680.79<span class=\"_ _2\"></span>8 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span> subscri<span class=\"_ _2\"></span>bing MZM 332<span class=\"_ _2\"></span>,798 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on correspondi<span class=\"_ _2\"></span>ng to 19<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>% of the c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> at th<span class=\"_ _2\"></span>at date<span class=\"_ _2\"></span>.  In Feb<span class=\"_ _2\"></span>ruary 2019<span class=\"_ _2\"></span>, there <span class=\"_ _2\"></span>was a <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in the <span class=\"_ _2\"></span>subsc<span class=\"_ _2\"></span>ribed, unde<span class=\"_ _2\"></span>rwritten <span class=\"_ _2\"></span>and pai<span class=\"_ _2\"></span>d-up capi<span class=\"_ _2\"></span>tal of the shar<span class=\"_ _2\"></span>eholder <span class=\"_ _2\"></span>The Na<span class=\"_ _2\"></span>vigator Compan<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>S.A. to <span class=\"_ _2\"></span>MZM 45<span class=\"_ _2\"></span>6,596,000, c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to<span class=\"_ _2\"></span> 90.02% of the <span class=\"_ _2\"></span>Company\u2019s s<span class=\"_ _2\"></span>hare c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>the IFC\u2019<span class=\"_ _2\"></span>s hol<span class=\"_ _2\"></span>ding was<span class=\"_ _2\"></span> revised <span class=\"_ _2\"></span>to MZM 50,6<span class=\"_ _2\"></span>20,00<span class=\"_ _2\"></span>0, correspondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>9.98% of <span class=\"_ _2\"></span>the Por<span class=\"_ _2\"></span>tucel <span class=\"_ _2\"></span>Mo\u00e7ambi<span class=\"_ _2\"></span>que\u2019s sha<span class=\"_ _2\"></span>re capital<span class=\"_ _2\"></span>. <span class=\"ff1\"> </span>As at th<span class=\"_ _2\"></span>e repo<span class=\"_ _2\"></span>rting <span class=\"_ _2\"></span>date, th<span class=\"_ _2\"></span>ere are no<span class=\"_ _2\"></span> righ<span class=\"_ _2\"></span>ts of pro<span class=\"_ _2\"></span>tection<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>f non-controll<span class=\"_ _2\"></span>ing i<span class=\"_ _2\"></span>nterests tha<span class=\"_ _2\"></span>t signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y restric<span class=\"_ _2\"></span>t the en<span class=\"_ _2\"></span>tity's<span class=\"_ _2\"></span> abili<span class=\"_ _2\"></span>ty to ac<span class=\"_ _2\"></span>cess or <span class=\"_ _2\"></span>use as<span class=\"_ _2\"></span>sets and se<span class=\"_ _2\"></span>ttle li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup. Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s of non-c<span class=\"_ _2\"></span>ontr<span class=\"_ _2\"></span>ollin<span class=\"_ _2\"></span>g intere<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 286<span class=\"_ _0\"></span>,896  275<span class=\"_ _0\"></span>,182  Net profi<span class=\"_ _0\"></span>t for the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 1,861  7,058  Other comprehensi<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>ncome 9,220  4,656  Closing balance<span class=\"_ _0\"></span> 297<span class=\"_ _0\"></span>,977  286<span class=\"_ _0\"></span>,896  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-134-2": {
   "value": "5.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Interest-<span class=\"_ _2\"></span>bearing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,397 <span class=\"_ _0\"></span> 109,087,302  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Refundabl<span class=\"_ _0\"></span>e grants 29,975,064 <span class=\"_ _0\"></span> 7,219,439  37,194,503 <span class=\"_ _0\"></span> 34,509,610 <span class=\"_ _0\"></span> 4,099,903  38,609,513 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  (8,055,598) -  (8,055,598) Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.5% 1.5% annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _2\"></span>e 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor iss<span class=\"_ _2\"></span>ued a <span class=\"_ _2\"></span>Euro 150 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion bond lo<span class=\"_ _2\"></span>an maturing i<span class=\"_ _2\"></span>n 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _2\"></span>d earl<span class=\"_ _2\"></span>y a l<span class=\"_ _2\"></span>oan of<span class=\"_ _2\"></span> the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>t, in<span class=\"_ _2\"></span> addi<span class=\"_ _2\"></span>tion to h<span class=\"_ _2\"></span>aving condi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the fulfi<span class=\"_ _2\"></span>lment of<span class=\"_ _2\"></span> sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _2\"></span>eady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ability A<span class=\"_ _2\"></span>genda <span class=\"_ _2\"></span>and, i<span class=\"_ _2\"></span>n tu<span class=\"_ _2\"></span>rn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sust<span class=\"_ _2\"></span>ainable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The ref<span class=\"_ _2\"></span>undable <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude gran<span class=\"_ _2\"></span>ts fro<span class=\"_ _2\"></span>m AIC<span class=\"_ _2\"></span>EP - Ag\u00eanci<span class=\"_ _2\"></span>a para o In<span class=\"_ _2\"></span>vesti<span class=\"_ _2\"></span>mento e Com\u00e9<span class=\"_ _2\"></span>rcio<span class=\"_ _2\"></span> Externo <span class=\"_ _2\"></span>de Portugal<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span> part of<span class=\"_ _2\"></span> a numb<span class=\"_ _2\"></span>er of res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d developm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>projects, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>udes the gran<span class=\"_ _2\"></span>t under th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nvestment <span class=\"_ _2\"></span>agreement <span class=\"_ _2\"></span>entere<span class=\"_ _2\"></span>d into wi<span class=\"_ _2\"></span>th the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group s<span class=\"_ _2\"></span>ubsidia<span class=\"_ _2\"></span>ry for the cons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>new Tiss<span class=\"_ _2\"></span>ue pl<span class=\"_ _2\"></span>ant in Av<span class=\"_ _2\"></span>eiro. <span class=\"_ _2\"></span>This ag<span class=\"_ _2\"></span>reement <span class=\"_ _2\"></span>comprises a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a refun<span class=\"_ _2\"></span>dable g<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>, up to <span class=\"_ _2\"></span>a maxim<span class=\"_ _2\"></span>um amoun<span class=\"_ _2\"></span>t of Euro <span class=\"_ _2\"></span>42,166,636<span class=\"_ _2\"></span>, without i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t payment<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>grace <span class=\"_ _2\"></span>period of <span class=\"_ _2\"></span>two <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>th the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>efund ha<span class=\"_ _2\"></span>ppening in 2027.<span class=\"ls0\"> </span>The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _2\"></span>e Note 8<span class=\"_ _2\"></span>.1.3 - L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed <span class=\"_ _0\"></span>rate 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed ra<span class=\"_ _0\"></span>te -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,778 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 37,194,503 <span class=\"_ _0\"></span> 37,194,503 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 7,219,439  29,975,064 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  -  Bank credit facilities  <span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty 2<span class=\"_ _2\"></span>0M<span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  31/12/<span class=\"_ _2\"></span>2021 Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> -  Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 38,609,513 <span class=\"_ _0\"></span> 38,609,513 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 4,099,903  34,509,610 <span class=\"_ _0\"></span> Deferrals -  (8,055,598) -  (8,055,598) Bank credit facilities<span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ties <span class=\"ls1b\">20M<span class=\"_ _0\"></span></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, consid<span class=\"_ _2\"></span>ering i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e annual<span class=\"_ _2\"></span> fees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: 1<span class=\"_ _2\"></span>.5%). At 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, 38% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>inked to<span class=\"_ _2\"></span> compli<span class=\"_ _2\"></span>ance with su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty commi<span class=\"_ _2\"></span>tments (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: 23<span class=\"_ _2\"></span>%). The ref<span class=\"_ _2\"></span>und terms <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e inte<span class=\"_ _2\"></span>rest-beari<span class=\"_ _2\"></span>ng liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es record<span class=\"_ _2\"></span>ed as non-cur<span class=\"_ _2\"></span>rent are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current 1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 84,259,122 <span class=\"_ _0\"></span> 234,259,122  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 156,640,074  86,223,407 <span class=\"_ _0\"></span> 3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 261,140,074  106,640,074  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs 19,640,074 <span class=\"_ _0\"></span> 261,140,074  More than 5 years<span class=\"_ _0\"></span> 124,807,625  37,834,234 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,486,969<span class=\"_ _0\"></span>  726<span class=\"_ _0\"></span>,096,911<span class=\"_ _0\"></span>  Fees (3,480,083) (11 471 019) 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ed Com<span class=\"_ _2\"></span>mercial <span class=\"_ _2\"></span>Paper Pro<span class=\"_ _2\"></span>grams, co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _2\"></span>,714). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up\u2019s in<span class=\"_ _2\"></span>terest<span class=\"ff1\">-bearing n<span class=\"_ _2\"></span>et d<span class=\"_ _2\"></span>ebt was as </span>fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net interest-<span class=\"_ _0\"></span>bearing debt 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Lease liabilities<span class=\"ff1\"> (No<span class=\"_ _0\"></span>te 5.8)<span class=\"_ _0\"></span></span> 61,641,049 <span class=\"_ _0\"></span> 53,240,925 <span class=\"_ _0\"></span> Interest-bea<span class=\"_ _0\"></span>ring net debt with le<span class=\"_ _0\"></span>ase liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 443<span class=\"_ _0\"></span>,858,983<span class=\"_ _0\"></span>  648<span class=\"_ _0\"></span>,013,722<span class=\"_ _0\"></span>  Financia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Covenant<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n force<span class=\"_ _2\"></span> Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net interest<span class=\"_ _0\"></span> Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBTDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Based on th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents presen<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>this r<span class=\"_ _2\"></span>eport<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e ratios w<span class=\"_ _2\"></span>ere as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows as <span class=\"_ _2\"></span>at 31 December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2021:<span class=\"_ _2\"></span> Ratio 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest coverage<span class=\"_ _0\"></span> 85.43  35.29  Indebtedness<span class=\"_ _0\"></span> 0.98  2.35  Net Debt / EBI<span class=\"_ _0\"></span>TDA 0.52  1.68  The amounts c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>the ta<span class=\"_ _2\"></span>ble abov<span class=\"_ _2\"></span>e exclud<span class=\"_ _2\"></span>e lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Cons<span class=\"_ _2\"></span>idering the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts, in <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>2021, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance with <span class=\"_ _2\"></span>the covenants n<span class=\"_ _2\"></span>egotia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 31 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>021, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Commer<span class=\"_ _2\"></span>cial paper<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral commerc<span class=\"_ _2\"></span>ial pa<span class=\"_ _2\"></span>per pro<span class=\"_ _2\"></span>grams n<span class=\"_ _2\"></span>egotiated<span class=\"_ _2\"></span>, of agr<span class=\"_ _2\"></span>eements <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>which it <span class=\"_ _2\"></span>is frequen<span class=\"_ _2\"></span>t to car<span class=\"_ _2\"></span>ry ou<span class=\"_ _2\"></span>t emissi<span class=\"_ _2\"></span>ons with c<span class=\"_ _2\"></span>ontractual<span class=\"_ _2\"></span> matu<span class=\"_ _2\"></span>rity <span class=\"_ _2\"></span>of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year bu<span class=\"_ _2\"></span>t with revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expects <span class=\"_ _2\"></span>to ro<span class=\"_ _2\"></span>ll o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>ese loan<span class=\"_ _2\"></span>s, it p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>them as<span class=\"_ _2\"></span> non<span class=\"_ _0\"></span>-current li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-134-3": {
   "value": "5.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Interest-<span class=\"_ _2\"></span>bearing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,397 <span class=\"_ _0\"></span> 109,087,302  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Refundabl<span class=\"_ _0\"></span>e grants 29,975,064 <span class=\"_ _0\"></span> 7,219,439  37,194,503 <span class=\"_ _0\"></span> 34,509,610 <span class=\"_ _0\"></span> 4,099,903  38,609,513 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  (8,055,598) -  (8,055,598) Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.5% 1.5% annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _2\"></span>e 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor iss<span class=\"_ _2\"></span>ued a <span class=\"_ _2\"></span>Euro 150 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion bond lo<span class=\"_ _2\"></span>an maturing i<span class=\"_ _2\"></span>n 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _2\"></span>d earl<span class=\"_ _2\"></span>y a l<span class=\"_ _2\"></span>oan of<span class=\"_ _2\"></span> the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>t, in<span class=\"_ _2\"></span> addi<span class=\"_ _2\"></span>tion to h<span class=\"_ _2\"></span>aving condi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the fulfi<span class=\"_ _2\"></span>lment of<span class=\"_ _2\"></span> sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _2\"></span>eady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ability A<span class=\"_ _2\"></span>genda <span class=\"_ _2\"></span>and, i<span class=\"_ _2\"></span>n tu<span class=\"_ _2\"></span>rn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sust<span class=\"_ _2\"></span>ainable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The ref<span class=\"_ _2\"></span>undable <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude gran<span class=\"_ _2\"></span>ts fro<span class=\"_ _2\"></span>m AIC<span class=\"_ _2\"></span>EP - Ag\u00eanci<span class=\"_ _2\"></span>a para o In<span class=\"_ _2\"></span>vesti<span class=\"_ _2\"></span>mento e Com\u00e9<span class=\"_ _2\"></span>rcio<span class=\"_ _2\"></span> Externo <span class=\"_ _2\"></span>de Portugal<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span> part of<span class=\"_ _2\"></span> a numb<span class=\"_ _2\"></span>er of res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d developm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>projects, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>udes the gran<span class=\"_ _2\"></span>t under th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nvestment <span class=\"_ _2\"></span>agreement <span class=\"_ _2\"></span>entere<span class=\"_ _2\"></span>d into wi<span class=\"_ _2\"></span>th the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group s<span class=\"_ _2\"></span>ubsidia<span class=\"_ _2\"></span>ry for the cons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>new Tiss<span class=\"_ _2\"></span>ue pl<span class=\"_ _2\"></span>ant in Av<span class=\"_ _2\"></span>eiro. <span class=\"_ _2\"></span>This ag<span class=\"_ _2\"></span>reement <span class=\"_ _2\"></span>comprises a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a refun<span class=\"_ _2\"></span>dable g<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>, up to <span class=\"_ _2\"></span>a maxim<span class=\"_ _2\"></span>um amoun<span class=\"_ _2\"></span>t of Euro <span class=\"_ _2\"></span>42,166,636<span class=\"_ _2\"></span>, without i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t payment<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>grace <span class=\"_ _2\"></span>period of <span class=\"_ _2\"></span>two <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>th the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>efund ha<span class=\"_ _2\"></span>ppening in 2027.<span class=\"ls0\"> </span>The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _2\"></span>e Note 8<span class=\"_ _2\"></span>.1.3 - L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed <span class=\"_ _0\"></span>rate 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed ra<span class=\"_ _0\"></span>te -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,778 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 37,194,503 <span class=\"_ _0\"></span> 37,194,503 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 7,219,439  29,975,064 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  -  Bank credit facilities  <span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty 2<span class=\"_ _2\"></span>0M<span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  31/12/<span class=\"_ _2\"></span>2021 Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> -  Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 38,609,513 <span class=\"_ _0\"></span> 38,609,513 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 4,099,903  34,509,610 <span class=\"_ _0\"></span> Deferrals -  (8,055,598) -  (8,055,598) Bank credit facilities<span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ties <span class=\"ls1b\">20M<span class=\"_ _0\"></span></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, consid<span class=\"_ _2\"></span>ering i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e annual<span class=\"_ _2\"></span> fees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: 1<span class=\"_ _2\"></span>.5%). At 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, 38% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>inked to<span class=\"_ _2\"></span> compli<span class=\"_ _2\"></span>ance with su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty commi<span class=\"_ _2\"></span>tments (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: 23<span class=\"_ _2\"></span>%). The ref<span class=\"_ _2\"></span>und terms <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e inte<span class=\"_ _2\"></span>rest-beari<span class=\"_ _2\"></span>ng liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es record<span class=\"_ _2\"></span>ed as non-cur<span class=\"_ _2\"></span>rent are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current 1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 84,259,122 <span class=\"_ _0\"></span> 234,259,122  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 156,640,074  86,223,407 <span class=\"_ _0\"></span> 3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 261,140,074  106,640,074  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs 19,640,074 <span class=\"_ _0\"></span> 261,140,074  More than 5 years<span class=\"_ _0\"></span> 124,807,625  37,834,234 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,486,969<span class=\"_ _0\"></span>  726<span class=\"_ _0\"></span>,096,911<span class=\"_ _0\"></span>  Fees (3,480,083) (11 471 019) 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ed Com<span class=\"_ _2\"></span>mercial <span class=\"_ _2\"></span>Paper Pro<span class=\"_ _2\"></span>grams, co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _2\"></span>,714). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up\u2019s in<span class=\"_ _2\"></span>terest<span class=\"ff1\">-bearing n<span class=\"_ _2\"></span>et d<span class=\"_ _2\"></span>ebt was as </span>fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net interest-<span class=\"_ _0\"></span>bearing debt 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Lease liabilities<span class=\"ff1\"> (No<span class=\"_ _0\"></span>te 5.8)<span class=\"_ _0\"></span></span> 61,641,049 <span class=\"_ _0\"></span> 53,240,925 <span class=\"_ _0\"></span> Interest-bea<span class=\"_ _0\"></span>ring net debt with le<span class=\"_ _0\"></span>ase liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 443<span class=\"_ _0\"></span>,858,983<span class=\"_ _0\"></span>  648<span class=\"_ _0\"></span>,013,722<span class=\"_ _0\"></span>  Financia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Covenant<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n force<span class=\"_ _2\"></span> Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net interest<span class=\"_ _0\"></span> Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBTDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Based on th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents presen<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>this r<span class=\"_ _2\"></span>eport<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e ratios w<span class=\"_ _2\"></span>ere as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows as <span class=\"_ _2\"></span>at 31 December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2021:<span class=\"_ _2\"></span> Ratio 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest coverage<span class=\"_ _0\"></span> 85.43  35.29  Indebtedness<span class=\"_ _0\"></span> 0.98  2.35  Net Debt / EBI<span class=\"_ _0\"></span>TDA 0.52  1.68  The amounts c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>the ta<span class=\"_ _2\"></span>ble abov<span class=\"_ _2\"></span>e exclud<span class=\"_ _2\"></span>e lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Cons<span class=\"_ _2\"></span>idering the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts, in <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>2021, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance with <span class=\"_ _2\"></span>the covenants n<span class=\"_ _2\"></span>egotia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 31 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>021, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Commer<span class=\"_ _2\"></span>cial paper<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral commerc<span class=\"_ _2\"></span>ial pa<span class=\"_ _2\"></span>per pro<span class=\"_ _2\"></span>grams n<span class=\"_ _2\"></span>egotiated<span class=\"_ _2\"></span>, of agr<span class=\"_ _2\"></span>eements <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>which it <span class=\"_ _2\"></span>is frequen<span class=\"_ _2\"></span>t to car<span class=\"_ _2\"></span>ry ou<span class=\"_ _2\"></span>t emissi<span class=\"_ _2\"></span>ons with c<span class=\"_ _2\"></span>ontractual<span class=\"_ _2\"></span> matu<span class=\"_ _2\"></span>rity <span class=\"_ _2\"></span>of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year bu<span class=\"_ _2\"></span>t with revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p expects <span class=\"_ _2\"></span>to ro<span class=\"_ _2\"></span>ll o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>ese loan<span class=\"_ _2\"></span>s, it p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>them as<span class=\"_ _2\"></span> non<span class=\"_ _0\"></span>-current li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-134-4": {
   "value": "5.7.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Interest-<span class=\"_ _2\"></span>bearing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,397 <span class=\"_ _0\"></span> 109,087,302  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Refundabl<span class=\"_ _0\"></span>e grants 29,975,064 <span class=\"_ _0\"></span> 7,219,439  37,194,503 <span class=\"_ _0\"></span> 34,509,610 <span class=\"_ _0\"></span> 4,099,903  38,609,513 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  (8,055,598) -  (8,055,598) Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.5% 1.5% annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _2\"></span>e 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor iss<span class=\"_ _2\"></span>ued a <span class=\"_ _2\"></span>Euro 150 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion bond lo<span class=\"_ _2\"></span>an maturing i<span class=\"_ _2\"></span>n 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _2\"></span>d earl<span class=\"_ _2\"></span>y a l<span class=\"_ _2\"></span>oan of<span class=\"_ _2\"></span> the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing cos<span class=\"_ _2\"></span>t, in<span class=\"_ _2\"></span> addi<span class=\"_ _2\"></span>tion to h<span class=\"_ _2\"></span>aving condi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the fulfi<span class=\"_ _2\"></span>lment of<span class=\"_ _2\"></span> sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _2\"></span>eady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ability A<span class=\"_ _2\"></span>genda <span class=\"_ _2\"></span>and, i<span class=\"_ _2\"></span>n tu<span class=\"_ _2\"></span>rn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sust<span class=\"_ _2\"></span>ainable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The ref<span class=\"_ _2\"></span>undable <span class=\"_ _2\"></span>grants i<span class=\"_ _2\"></span>nclude gran<span class=\"_ _2\"></span>ts fro<span class=\"_ _2\"></span>m AIC<span class=\"_ _2\"></span>EP - Ag\u00eanci<span class=\"_ _2\"></span>a para o In<span class=\"_ _2\"></span>vesti<span class=\"_ _2\"></span>mento e Com\u00e9<span class=\"_ _2\"></span>rcio<span class=\"_ _2\"></span> Externo <span class=\"_ _2\"></span>de Portugal<span class=\"_ _2\"></span>, as<span class=\"_ _2\"></span> part of<span class=\"_ _2\"></span> a numb<span class=\"_ _2\"></span>er of res<span class=\"_ _2\"></span>earch an<span class=\"_ _2\"></span>d developm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>projects, <span class=\"_ _2\"></span>which<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>udes the gran<span class=\"_ _2\"></span>t under th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nvestment <span class=\"_ _2\"></span>agreement <span class=\"_ _2\"></span>entere<span class=\"_ _2\"></span>d into wi<span class=\"_ _2\"></span>th the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group s<span class=\"_ _2\"></span>ubsidia<span class=\"_ _2\"></span>ry for the cons<span class=\"_ _2\"></span>tructio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>new Tiss<span class=\"_ _2\"></span>ue pl<span class=\"_ _2\"></span>ant in Av<span class=\"_ _2\"></span>eiro. <span class=\"_ _2\"></span>This ag<span class=\"_ _2\"></span>reement <span class=\"_ _2\"></span>comprises a <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial incenti<span class=\"_ _2\"></span>ve in the f<span class=\"_ _2\"></span>orm <span class=\"_ _2\"></span>of a refun<span class=\"_ _2\"></span>dable g<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>, up to <span class=\"_ _2\"></span>a maxim<span class=\"_ _2\"></span>um amoun<span class=\"_ _2\"></span>t of Euro <span class=\"_ _2\"></span>42,166,636<span class=\"_ _2\"></span>, without i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t payment<span class=\"_ _2\"></span>, with a <span class=\"_ _2\"></span>grace <span class=\"_ _2\"></span>period of <span class=\"_ _2\"></span>two <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>th the l<span class=\"_ _2\"></span>ast r<span class=\"_ _2\"></span>efund ha<span class=\"_ _2\"></span>ppening in 2027.<span class=\"ls0\"> </span>The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _2\"></span>e Note 8<span class=\"_ _2\"></span>.1.3 - L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed <span class=\"_ _0\"></span>rate 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed ra<span class=\"_ _0\"></span>te -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,778 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 37,194,503 <span class=\"_ _0\"></span> 37,194,503 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 7,219,439  29,975,064 <span class=\"_ _0\"></span> Deferrals and adjus<span class=\"_ _0\"></span>tments -  -  -  -  Bank credit facilities  <span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty 2<span class=\"_ _2\"></span>0M<span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  82,294<span class=\"_ _0\"></span>,836  643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  31/12/<span class=\"_ _2\"></span>2021 Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> -  Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 ESG<span class=\"_ _0\"></span> 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er E<span class=\"_ _2\"></span>SG<span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M ESG<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Refundable grants<span class=\"_ _0\"></span> AICEP 38,609,513 <span class=\"_ _0\"></span> 38,609,513 <span class=\"_ _0\"></span> November 2027<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 4,099,903  34,509,610 <span class=\"_ _0\"></span> Deferrals -  (8,055,598) -  (8,055,598) Bank credit facilities<span class=\"_ _0\"></span> Short-term facil<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ties <span class=\"ls1b\">20M<span class=\"_ _0\"></span></span> 20,450,714 <span class=\"_ _0\"></span> -  -  - 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,318,157  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, consid<span class=\"_ _2\"></span>ering i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e annual<span class=\"_ _2\"></span> fees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: 1<span class=\"_ _2\"></span>.5%). At 31 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>2, 38% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>inked to<span class=\"_ _2\"></span> compli<span class=\"_ _2\"></span>ance with su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty commi<span class=\"_ _2\"></span>tments (31 Dec<span class=\"_ _2\"></span>ember 2<span class=\"_ _2\"></span>021: 23<span class=\"_ _2\"></span>%). The ref<span class=\"_ _2\"></span>und terms <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e inte<span class=\"_ _2\"></span>rest-beari<span class=\"_ _2\"></span>ng liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es record<span class=\"_ _2\"></span>ed as non-cur<span class=\"_ _2\"></span>rent are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current 1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 84,259,122 <span class=\"_ _0\"></span> 234,259,122  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 156,640,074  86,223,407 <span class=\"_ _0\"></span> 3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 261,140,074  106,640,074  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs 19,640,074 <span class=\"_ _0\"></span> 261,140,074  More than 5 years<span class=\"_ _0\"></span> 124,807,625  37,834,234 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,486,969<span class=\"_ _0\"></span>  726<span class=\"_ _0\"></span>,096,911<span class=\"_ _0\"></span>  Fees (3,480,083) (11 471 019) 643<span class=\"_ _0\"></span>,006,886<span class=\"_ _0\"></span>  714<span class=\"_ _0\"></span>,625,892<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _2\"></span>ract<span class=\"_ _2\"></span>ed Com<span class=\"_ _2\"></span>mercial <span class=\"_ _2\"></span>Paper Pro<span class=\"_ _2\"></span>grams, co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _2\"></span>,714). As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up\u2019s in<span class=\"_ _2\"></span>terest<span class=\"ff1\">-bearing n<span class=\"_ _2\"></span>et d<span class=\"_ _2\"></span>ebt was as </span>fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 725,301,722  833,944,049  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> (343,083,788)<span class=\"_ _0\"></span> (239,171,252)<span class=\"_ _0\"></span> Net interest-<span class=\"_ _0\"></span>bearing debt 382<span class=\"_ _0\"></span>,217,934<span class=\"_ _0\"></span>  594<span class=\"_ _0\"></span>,772,797<span class=\"_ _0\"></span>  Lease liabilities<span class=\"ff1\"> (No<span class=\"_ _0\"></span>te 5.8)<span class=\"_ _0\"></span></span> 61,641,049 <span class=\"_ _0\"></span> 53,240,925 <span class=\"_ _0\"></span> Interest-bea<span class=\"_ _0\"></span>ring net debt with le<span class=\"_ _0\"></span>ase liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 443<span class=\"_ _0\"></span>,858,983<span class=\"_ _0\"></span>  648<span class=\"_ _0\"></span>,013,722<span class=\"_ _0\"></span>  Financia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Covenant<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n force<span class=\"_ _2\"></span> Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net interest<span class=\"_ _0\"></span> Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBTDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Based on th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statem<span class=\"_ _2\"></span>ents presen<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>this r<span class=\"_ _2\"></span>eport<span class=\"_ _2\"></span>, thes<span class=\"_ _2\"></span>e ratios w<span class=\"_ _2\"></span>ere as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows as <span class=\"_ _2\"></span>at 31 December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2021:<span class=\"_ _2\"></span> Ratio 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest coverage<span class=\"_ _0\"></span> 85.43  35.29  Indebtedness<span class=\"_ _0\"></span> 0.98  2.35  Net Debt / EBI<span class=\"_ _0\"></span>TDA 0.52  1.68  The amounts c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>the ta<span class=\"_ _2\"></span>ble abov<span class=\"_ _2\"></span>e exclud<span class=\"_ _2\"></span>e lease <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Cons<span class=\"_ _2\"></span>idering the co<span class=\"_ _2\"></span>ntract<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts, in <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>2021, th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance with <span class=\"_ _2\"></span>the covenants n<span class=\"_ _2\"></span>egotia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 31 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>021, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-140-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>incl<span class=\"_ _2\"></span>udes Bonds, Co<span class=\"_ _2\"></span>mmercial <span class=\"_ _2\"></span>Paper<span class=\"_ _2\"></span>, bank loans<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _2\"></span>t At amortise<span class=\"_ _2\"></span>d cos<span class=\"_ _2\"></span>t, usi<span class=\"_ _2\"></span>ng the eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve interest <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _2\"></span>rence b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the ref<span class=\"_ _2\"></span>und amoun<span class=\"_ _2\"></span>t and th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement amou<span class=\"_ _2\"></span>nt is r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatement o<span class=\"_ _2\"></span>ver the <span class=\"_ _2\"></span>deb<span class=\"_ _2\"></span>t period <span class=\"_ _2\"></span>under \"In<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>expenses on<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ther loans\" <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.11 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Net finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>results. </span></span>Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>approxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _2\"></span>g l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties that ar<span class=\"_ _2\"></span>e remun<span class=\"_ _2\"></span>erated at <span class=\"_ _2\"></span>a fi<span class=\"_ _2\"></span>xed rat<span class=\"_ _2\"></span>e is <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>sed in Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabil<span class=\"_ _2\"></span>ities.<span class=\"ff4\"> </span></span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _2\"></span>por<span class=\"_ _2\"></span>ting d<span class=\"_ _2\"></span>ate. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-144-3": {
   "value": "5.9.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equiv<span class=\"_ _2\"></span>alents </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Cash 32,356  35,334 <span class=\"_ _0\"></span> Short-term bank depo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ts 191,824,254  220,585,472  Other short-term i<span class=\"_ _0\"></span>nvestments <span class=\"_ _0\"></span> 151,227,178  18,550,446 <span class=\"_ _0\"></span> 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span>, the ca<span class=\"_ _2\"></span>ption Othe<span class=\"_ _2\"></span>r sho<span class=\"_ _2\"></span>rt-term i<span class=\"_ _2\"></span>nvestments <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des Euro<span class=\"_ _2\"></span> 151,227<span class=\"_ _2\"></span>,178 (31 <span class=\"_ _2\"></span>December 2021: <span class=\"_ _2\"></span>Euro 18,55<span class=\"_ _2\"></span>0,446) of<span class=\"_ _2\"></span> amounts i<span class=\"_ _2\"></span>nveste<span class=\"_ _2\"></span>d by N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r in<span class=\"_ _2\"></span> a portfol<span class=\"_ _2\"></span>io of<span class=\"_ _2\"></span> short-term<span class=\"_ _2\"></span>, highly li<span class=\"_ _2\"></span>quid fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>assets and i<span class=\"_ _2\"></span>ssuers with <span class=\"_ _2\"></span>adequ<span class=\"_ _2\"></span>ate rati<span class=\"_ _2\"></span>ngs. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant balanc<span class=\"_ _2\"></span>es of c<span class=\"_ _2\"></span>ash and cash equi<span class=\"_ _2\"></span>valen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are su<span class=\"_ _2\"></span>bject to r<span class=\"_ _2\"></span>estriction<span class=\"_ _2\"></span>s on us<span class=\"_ _2\"></span>e by <span class=\"_ _2\"></span>the Group<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-145-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Cash <span class=\"_ _2\"></span>and cash equi<span class=\"_ _2\"></span>valents<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude cash, <span class=\"_ _2\"></span>bank accoun<span class=\"_ _2\"></span>ts an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>sho<span class=\"_ _2\"></span>rt<span class=\"_ _0\"></span>-term in<span class=\"_ _2\"></span>vestm<span class=\"_ _2\"></span>ents wi<span class=\"_ _2\"></span>th an in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>maturity of u<span class=\"_ _2\"></span>p to <span class=\"_ _2\"></span>3 months, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>can be mobi<span class=\"_ _2\"></span>lised i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y withou<span class=\"_ _2\"></span>t any signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>risk in <span class=\"_ _2\"></span>value fl<span class=\"_ _2\"></span>uctuations<span class=\"_ _2\"></span>.  For cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w statement <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>es, this <span class=\"_ _2\"></span>caption al<span class=\"_ _2\"></span>so i<span class=\"_ _2\"></span>ncludes bank o<span class=\"_ _2\"></span>ver<span class=\"_ _2\"></span>drafts, whi<span class=\"_ _2\"></span>ch ar<span class=\"_ _2\"></span>e presented i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al pos<span class=\"_ _2\"></span>ition as<span class=\"_ _2\"></span> a curre<span class=\"_ _2\"></span>nt li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty,<span class=\"_ _0\"></span> und<span class=\"_ _2\"></span>er the <span class=\"_ _2\"></span>captio<span class=\"_ _2\"></span>n Interest-bearing li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (Not<span class=\"_ _2\"></span>e 5.7)<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-147-2": {
   "value": "5.10.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cash <span class=\"_ _2\"></span>flows fr<span class=\"_ _2\"></span>om financ<span class=\"_ _2\"></span>ing act<span class=\"_ _2\"></span>ivities </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s of the<span class=\"_ _2\"></span> G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  982<span class=\"_ _0\"></span>,410,783<span class=\"_ _0\"></span>  Payment of loans<span class=\"_ _0\"></span> (533,070,676)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Receipts from lo<span class=\"_ _0\"></span>ans obtained<span class=\"_ _0\"></span> 430,000,000  147,500,000  Refundabl<span class=\"_ _0\"></span>e grants (5,636,313) (4,472,875) Changes in borrowi<span class=\"_ _0\"></span>ng costs 64,662  33,919 <span class=\"_ _0\"></span> Changes in interes<span class=\"_ _0\"></span>t-bearin<span class=\"_ _0\"></span>g debt<span class=\"_ _0\"></span> (108<span class=\"_ _0\"></span>,642,327) (148<span class=\"_ _0\"></span>,466,734) Gross interest-be<span class=\"_ _0\"></span>aring de<span class=\"_ _0\"></span>bt 725<span class=\"_ _0\"></span>,301,722<span class=\"_ _0\"></span>  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-2": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-3": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-4": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-5": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-6": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-7": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-8": {
   "value": "5.11.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Net fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> result<span class=\"_ _2\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securi<span class=\"_ _0\"></span>ties and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,900,458) (10<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>77,640)<span class=\"_ _0\"></span> Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,355,369) (3,241,922) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (14,25<span class=\"_ _0\"></span>5,827) (14,01<span class=\"_ _0\"></span>9,562) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es (2,300,665) (2,042,333) Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (16,55<span class=\"_ _0\"></span>6,492) (16,06<span class=\"_ _0\"></span>1,895) Favourable / (Unfavou<span class=\"_ _0\"></span>rable) exchange <span class=\"_ _0\"></span>rate differe<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span> (33<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>92,711)<span class=\"_ _0\"></span> 2,702,247  Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,583,179) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Losses on compens<span class=\"_ _0\"></span>atory i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>est (1,229,577) -  Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (1,598,842) -  Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (58,67<span class=\"_ _0\"></span>1,991) (21,20<span class=\"_ _0\"></span>7,843) Interest earned on fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> assets at amortised cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> 1,146,979  726,713  Gains on fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments - h<span class=\"_ _0\"></span>edging (Note 8.2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  391,539  Gains on compensa<span class=\"_ _0\"></span>tory i<span class=\"_ _0\"></span>nterest 395,732  2,274,881  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 146,270  37,501 <span class=\"_ _0\"></span> Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 1,688,98<span class=\"_ _0\"></span>1  3,430,63<span class=\"_ _0\"></span>4  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (56,98<span class=\"_ _0\"></span>3,010) (17,77<span class=\"_ _0\"></span>7,209) Financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults stoo<span class=\"_ _2\"></span>d at nega<span class=\"_ _2\"></span>tive Euro <span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>,983,010 (3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1: Euro 1<span class=\"_ _2\"></span>7,777,209)<span class=\"_ _2\"></span>. This i<span class=\"_ _2\"></span>ncrease w<span class=\"_ _2\"></span>as driv<span class=\"_ _2\"></span>en by the n<span class=\"_ _2\"></span>on-recur<span class=\"_ _2\"></span>ring i<span class=\"_ _2\"></span>mpact of E<span class=\"_ _2\"></span>uro 3<span class=\"_ _2\"></span>0,356,972 <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated with accumul<span class=\"_ _2\"></span>ated unfa<span class=\"_ _2\"></span>vourable <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge rate dif<span class=\"_ _2\"></span>ferences<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the re<span class=\"_ _2\"></span>payment of the lon<span class=\"_ _2\"></span>g-term loan<span class=\"_ _2\"></span> (sha<span class=\"_ _2\"></span>reholde<span class=\"_ _2\"></span>r loans) <span class=\"_ _2\"></span>grante<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e subs<span class=\"_ _2\"></span>idiary Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7amb<span class=\"_ _0\"></span>ique. <span class=\"_ _2\"></span>This loan, <span class=\"_ _2\"></span>of a quasi<span class=\"_ _2\"></span>-equity na<span class=\"_ _2\"></span>ture<span class=\"_ _2\"></span>, was deno<span class=\"_ _2\"></span>minated <span class=\"_ _2\"></span>in forei<span class=\"_ _2\"></span>gn c<span class=\"_ _2\"></span>urrency an<span class=\"_ _2\"></span>d, upon <span class=\"_ _2\"></span>termin<span class=\"_ _2\"></span>ation, an<span class=\"_ _2\"></span>d in ac<span class=\"_ _2\"></span>cordance with <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>accounti<span class=\"_ _2\"></span>ng polic<span class=\"_ _2\"></span>y, the co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>esponding acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed exchang<span class=\"_ _2\"></span>e rate di<span class=\"_ _2\"></span>fferences<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ecognized i<span class=\"_ _2\"></span>n previ<span class=\"_ _2\"></span>ous ye<span class=\"_ _2\"></span>ars in the <span class=\"_ _2\"></span>Sta<span class=\"_ _2\"></span>tement of Co<span class=\"_ _2\"></span>mprehensi<span class=\"_ _2\"></span>ve Incom<span class=\"_ _2\"></span>e, were recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>in profi<span class=\"_ _2\"></span>t or lo<span class=\"_ _2\"></span>ss for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-150-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>come\" the i<span class=\"_ _2\"></span>ncome an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>gains resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>treasu<span class=\"_ _2\"></span>ry managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>btained f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e application o<span class=\"_ _2\"></span>f cash <span class=\"_ _2\"></span>surplus; an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed to h<span class=\"_ _2\"></span>edge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k on lo<span class=\"_ _2\"></span>ans, regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the fo<span class=\"_ _2\"></span>rmal <span class=\"_ _2\"></span>designation <span class=\"_ _2\"></span>of hed<span class=\"_ _2\"></span>ge. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-150-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>come\" the i<span class=\"_ _2\"></span>ncome an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>gains resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>treasu<span class=\"_ _2\"></span>ry managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>btained f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e application o<span class=\"_ _2\"></span>f cash <span class=\"_ _2\"></span>surplus; an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed to h<span class=\"_ _2\"></span>edge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k on lo<span class=\"_ _2\"></span>ans, regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the fo<span class=\"_ _2\"></span>rmal <span class=\"_ _2\"></span>designation <span class=\"_ _2\"></span>of hed<span class=\"_ _2\"></span>ge. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-150-5": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Group cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>come\" the i<span class=\"_ _2\"></span>ncome an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>gains resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>treasu<span class=\"_ _2\"></span>ry managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest o<span class=\"_ _2\"></span>btained f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e application o<span class=\"_ _2\"></span>f cash <span class=\"_ _2\"></span>surplus; an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed to h<span class=\"_ _2\"></span>edge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _2\"></span>ate and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k on lo<span class=\"_ _2\"></span>ans, regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the fo<span class=\"_ _2\"></span>rmal <span class=\"_ _2\"></span>designation <span class=\"_ _2\"></span>of hed<span class=\"_ _2\"></span>ge. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-151-2": {
   "value": "6.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ax </span></span>6.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Income t<span class=\"_ _2\"></span>ax fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period </span></span>6.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Income tax <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>the consolid<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>income stat<span class=\"_ _2\"></span>ement Amounts in Euro<span class=\"_ _0\"></span> 2022 2021  Current tax<span class=\"_ _0\"></span> 150,703,440  37,586,136 <span class=\"_ _0\"></span>  Change in uncertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> (18<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>48,125)<span class=\"_ _0\"></span> (9,121,784)  Deferred tax (Note 6.2)<span class=\"_ _1\"></span> (8,317,503) 11,913,967 <span class=\"_ _0\"></span> 123<span class=\"_ _0\"></span>,937,812<span class=\"_ _0\"></span>  40,378<span class=\"_ _0\"></span>,319  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t tax i<span class=\"_ _2\"></span>ncludes E<span class=\"_ _2\"></span>uro 132,4<span class=\"_ _2\"></span>80,44<span class=\"_ _2\"></span>0 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 36,488,3<span class=\"_ _2\"></span>94) regardi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity cr<span class=\"_ _2\"></span>eated und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e aggr<span class=\"_ _2\"></span>egated in<span class=\"_ _2\"></span>come ta<span class=\"_ _2\"></span>x regime o<span class=\"_ _2\"></span>f The Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A.. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 <span class=\"ff8\">Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1, the <span class=\"_ _2\"></span>capt<span class=\"_ _2\"></span>ion \u201cVari<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f uncertain<span class=\"_ _2\"></span> tax </span>positi<span class=\"_ _2\"></span>ons i<span class=\"_ _2\"></span>n the period<span class=\"_ _2\"></span>\u201d reflec<span class=\"_ _2\"></span>ts the <span class=\"_ _2\"></span>excess<span class=\"_ _2\"></span>/insuf<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ency of tax es<span class=\"_ _2\"></span>timates<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e favour<span class=\"_ _2\"></span>able outcome o<span class=\"_ _2\"></span>f some c<span class=\"_ _2\"></span>ases r<span class=\"_ _2\"></span>elated to<span class=\"_ _2\"></span> matte<span class=\"_ _2\"></span>rs with hi<span class=\"_ _2\"></span>gh unce<span class=\"_ _2\"></span>rtai<span class=\"_ _2\"></span>nty, as w<span class=\"_ _2\"></span>ell <span class=\"_ _2\"></span>as reques<span class=\"_ _2\"></span>ts for bi<span class=\"_ _2\"></span>nding info<span class=\"_ _2\"></span>rmation, cl<span class=\"_ _2\"></span>aims to the <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>Administra<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and jurisp<span class=\"_ _2\"></span>ru<span class=\"_ _2\"></span>dence of th<span class=\"_ _2\"></span>e courts<span class=\"_ _2\"></span>. There have n<span class=\"_ _2\"></span>ot be<span class=\"_ _2\"></span>en, no<span class=\"_ _2\"></span>r are an<span class=\"_ _2\"></span>y expec<span class=\"_ _2\"></span>ted ch<span class=\"_ _2\"></span>anges a<span class=\"_ _2\"></span>rising <span class=\"_ _2\"></span>from varia<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>in the ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d to determin<span class=\"_ _2\"></span>e the ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>tax amoun<span class=\"_ _2\"></span>t. Nominal<span class=\"_ _2\"></span> tax<span class=\"_ _2\"></span> rate<span class=\"_ _2\"></span> In the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d, the <span class=\"_ _2\"></span>Group cons<span class=\"_ _2\"></span>iders a n<span class=\"_ _2\"></span>ominal <span class=\"_ _2\"></span>tax rat<span class=\"_ _2\"></span>e in Po<span class=\"_ _2\"></span>rtugal <span class=\"_ _2\"></span>of 27<span class=\"_ _2\"></span>.5%, resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>x legisl<span class=\"_ _2\"></span>ation as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 2022 2021 Portuga<span class=\"_ _2\"></span>l Nomi<span class=\"_ _0\"></span>nal income tax rate<span class=\"_ _0\"></span> 21.0% 21.0% Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge<span class=\"_ _0\"></span> 1.5% 1.5% 22.5% 22.5% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>1,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 7,500,0<span class=\"_ _0\"></span>00 <span class=\"_ _0\"></span> 3.0% 3.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>7,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 35,000,<span class=\"_ _0\"></span>000 <span class=\"_ _0\"></span> 5.0% 5.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts above Euro <span class=\"_ _0\"></span>35,000,000 <span class=\"_ _0\"></span> 9.0% 9.0% Reconci<span class=\"_ _2\"></span>liation<span class=\"_ _2\"></span> of the<span class=\"_ _2\"></span> effe<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>ome tax<span class=\"_ _2\"></span> rat<span class=\"_ _2\"></span>e for t<span class=\"_ _2\"></span>he pe<span class=\"_ _2\"></span>riod Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 516<span class=\"_ _0\"></span>,476,743<span class=\"_ _0\"></span>  211<span class=\"_ _0\"></span>,796,832<span class=\"_ _0\"></span>  Expected tax at nomi<span class=\"_ _0\"></span>nal rate <span class=\"_ _0\"></span>(21%) 108,460,116  44,477,335 <span class=\"_ _0\"></span> Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge (202<span class=\"_ _0\"></span>2: 1.38% ; 202<span class=\"_ _0\"></span>1: 1.17%)<span class=\"_ _0\"></span> 7,144,221  2,480,719  State surcharge (2022; <span class=\"_ _0\"></span>5.23% ; 2021: <span class=\"_ _0\"></span>3.04%)<span class=\"_ _0\"></span> 27,023,780 <span class=\"_ _0\"></span> 6,442,237  Income tax resultin<span class=\"_ _0\"></span>g from the a<span class=\"_ _0\"></span>pplicable tax <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> 142<span class=\"_ _0\"></span>,628,117<span class=\"_ _0\"></span>  53,400<span class=\"_ _0\"></span>,290  Nomin<span class=\"_ _0\"></span>al tax<span class=\"_ _2\"></span> r<span class=\"_ _0\"></span>ate for the p<span class=\"_ _0\"></span>eriod 27.6% 25.2% Differences (a)<span class=\"_ _0\"></span> (17<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>01,119)<span class=\"_ _0\"></span> (4,008,681) Excess of income tax e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span> -  (4,684,477) Tax benefi<span class=\"_ _0\"></span>ts (2,557,382) (5,120,858) Autonomous taxati<span class=\"_ _0\"></span>on 868,196  792,046  123<span class=\"_ _0\"></span>,937,812<span class=\"_ _0\"></span>  40,378<span class=\"_ _0\"></span>,319  Effective tax rate<span class=\"_ _0\"></span> 24.0% 19.1% (a) This amount co<span class=\"_ _0\"></span>ncerns mainl<span class=\"_ _0\"></span>y: 2022 2021 Capital gains/ (lo<span class=\"_ _0\"></span>sses) for tax pu<span class=\"_ _0\"></span>rposes (92<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>79)<span class=\"_ _0\"></span> 1,993,450  Capital gains/ (lo<span class=\"_ _0\"></span>sses) for accou<span class=\"_ _0\"></span>nting purpos<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 16,734 <span class=\"_ _0\"></span> (2,039,580) Taxable provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mpairment <span class=\"_ _0\"></span> (32<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>89,635)<span class=\"_ _0\"></span> (7,167,993) Tax benefi<span class=\"_ _0\"></span>ts (26<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>37,333)<span class=\"_ _0\"></span> (5,871,622) Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (2,394,591) (5,118,074) Other (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>47)<span class=\"_ _0\"></span> 3,626,797  (61,82<span class=\"_ _0\"></span>2,251) (14,57<span class=\"_ _0\"></span>7,022) Tax effect  (27<span class=\"_ _0\"></span>.5%) (17,00<span class=\"_ _0\"></span>1,119) (4,008<span class=\"_ _0\"></span>,681) 6.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Tax recognis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidat<span class=\"_ _2\"></span>ed statement <span class=\"_ _2\"></span>of financial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Assets Amounts pendi<span class=\"_ _0\"></span>ng refund 16,216,543 <span class=\"_ _0\"></span> 1,118,815  16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  Liabilities Corporate Income T<span class=\"_ _0\"></span>ax - I<span class=\"_ _0\"></span>RC 110,712,325  19,913,222 <span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional tax <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (IRC)<span class=\"_ _0\"></span> 14,762,361 <span class=\"_ _0\"></span> 19,967,180 <span class=\"_ _0\"></span> 125<span class=\"_ _0\"></span>,474,686<span class=\"_ _0\"></span>  39,880<span class=\"_ _0\"></span>,402  Detail <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Corporat<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x - <span class=\"_ _2\"></span>IRC (<span class=\"_ _2\"></span>net) Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Income tax for the peri<span class=\"_ _0\"></span>od 150,703,440  37,586,136 <span class=\"_ _0\"></span> Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> (37<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>00,934)<span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>00,792)<span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax recoverable<span class=\"_ _0\"></span> (44<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>86)<span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>09)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es / (recei<span class=\"_ _0\"></span>vables) (2,445,495) 1,350,687  110<span class=\"_ _0\"></span>,712,325<span class=\"_ _0\"></span>  19,913<span class=\"_ _0\"></span>,222  The amounts o<span class=\"_ _2\"></span>f cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te income ta<span class=\"_ _2\"></span>x paid i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d are det<span class=\"_ _2\"></span>ailed as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Payment/(Refund) of co<span class=\"_ _0\"></span>rporate incom<span class=\"_ _0\"></span>e tax for the pr<span class=\"_ _0\"></span>evio<span class=\"_ _0\"></span>us per<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>od <span class=\"_ _1\"></span> 10,851,693 <span class=\"_ _0\"></span> 2,748,971  Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> 37,500,934 <span class=\"_ _0\"></span> 19,000,792 <span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax 44,686 <span class=\"_ _0\"></span> 22,809 <span class=\"_ _0\"></span> Refunds of tax procee<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs decided in favou<span class=\"_ _0\"></span>r of the group<span class=\"_ _0\"></span> (977,298) (2,090,502) Payments of addi<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>onal tax liabili<span class=\"_ _0\"></span>ties 17,350,270 <span class=\"_ _0\"></span> -  Other income tax p<span class=\"_ _0\"></span>ayments/(refunds<span class=\"_ _0\"></span> (4,905) 967,532  Income tax pai<span class=\"_ _0\"></span>d / (received) <span class=\"_ _0\"></span> 64,765<span class=\"_ _0\"></span>,380  20,649<span class=\"_ _0\"></span>,602  Amount<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>pendin<span class=\"_ _2\"></span>g refu<span class=\"_ _2\"></span>nd Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 2005 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 13,886,728 <span class=\"_ _0\"></span> -  RFAI<span class=\"_ _0\"></span> 20<span class=\"_ _2\"></span>10 to <span class=\"_ _0\"></span>2012 - co<span class=\"_ _0\"></span>mpensatory inter<span class=\"_ _0\"></span>est 1,076,611  1,076,611  2016 Corporate i<span class=\"_ _0\"></span>ncome tax - N<span class=\"_ _0\"></span>avigator Tissu<span class=\"_ _0\"></span>e Rod\u00e3o<span class=\"_ _0\"></span> 861,866  -  IRC 2016 - Processo<span class=\"_ _0\"></span> CAAD 7/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span> 272,697  -  2020 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 62,867 <span class=\"_ _0\"></span> -  Other 55,774 <span class=\"_ _0\"></span> 42,204 <span class=\"_ _0\"></span> 16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  The movements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od are <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 1,118,81<span class=\"_ _0\"></span>5  3,482,76<span class=\"_ _0\"></span>2  Increases  16,075,026 <span class=\"_ _0\"></span> 97,239 <span class=\"_ _0\"></span> Payments / (recei<span class=\"_ _0\"></span>pts)<span class=\"_ _0\"></span> (977,298) (2,027,635) Reversals<span class=\"_ _0\"></span> -  (433,551) 16,216<span class=\"_ _0\"></span>,543  1,118,81<span class=\"_ _0\"></span>5  Uncerta<span class=\"_ _2\"></span>in ta<span class=\"_ _2\"></span>x <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _2\"></span> liabilitie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 19,967<span class=\"_ _0\"></span>,180  22,898<span class=\"_ _0\"></span>,753  Increases  4,572,566  8,094,261  Payments / (recei<span class=\"_ _0\"></span>pts)<span class=\"_ _0\"></span> 17,350,270 <span class=\"_ _0\"></span> (62<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>67)<span class=\"_ _0\"></span> Reversals<span class=\"_ _0\"></span> (27<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>27,655)<span class=\"_ _0\"></span> (10<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>62,967)<span class=\"_ _0\"></span> Changes in the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> (5,204<span class=\"_ _0\"></span>,819) (2,931<span class=\"_ _0\"></span>,573) 14,762<span class=\"_ _0\"></span>,361  19,967<span class=\"_ _0\"></span>,180  Taxes <span class=\"_ _2\"></span>paid i<span class=\"_ _2\"></span>n liti<span class=\"_ _2\"></span>gation<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 202<span class=\"_ _2\"></span>1, the <span class=\"_ _2\"></span>additio<span class=\"_ _2\"></span>nal tax ass<span class=\"_ _2\"></span>essments<span class=\"_ _2\"></span> that a<span class=\"_ _2\"></span>re already <span class=\"_ _2\"></span>paid and co<span class=\"_ _2\"></span>ntes<span class=\"_ _2\"></span>ted, not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in as<span class=\"_ _2\"></span>sets, <span class=\"_ _2\"></span>refe<span class=\"_ _2\"></span>r to the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group an<span class=\"_ _2\"></span>d ar<span class=\"_ _2\"></span>e summaris<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax (Note <span class=\"_ _0\"></span>10.3)<span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 2006 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax (Note 10.3)<span class=\"_ _1\"></span> 8,150,146  8,150,146  2015 Corporate i<span class=\"_ _0\"></span>ncome tax - N<span class=\"_ _0\"></span>avigator Tissu<span class=\"_ _0\"></span>e R\u00f3d\u00e3o, S.A.<span class=\"_ _0\"></span> 7,586,361  7,586,361  2018 Aggregated corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax 14,433,913 <span class=\"_ _0\"></span> -  2016 State surcharge<span class=\"_ _0\"></span> 3,761,397  3,761,397  2017 State surcharge<span class=\"_ _0\"></span> 8,462,724  8,462,724  2018 State surcharge<span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 2016 and 2017 CDTJI corpor<span class=\"_ _0\"></span>ate i<span class=\"_ _0\"></span>ncome tax<span class=\"_ _0\"></span> 1,522,660  1,522,660  66,535<span class=\"_ _0\"></span>,292  52,101<span class=\"_ _0\"></span>,379  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>recognises<span class=\"_ _2\"></span> liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>for ad<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> tax ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ents tha<span class=\"_ _2\"></span>t may res<span class=\"_ _2\"></span>ult from <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>ws by the ta<span class=\"_ _2\"></span>x authori<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>differen<span class=\"_ _2\"></span>t countries<span class=\"_ _2\"></span> wher<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p operates<span class=\"_ _2\"></span>. When <span class=\"_ _2\"></span>the final<span class=\"_ _2\"></span> result o<span class=\"_ _2\"></span>f these si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns is <span class=\"_ _2\"></span>different f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tially <span class=\"_ _2\"></span>recorded<span class=\"_ _2\"></span>, the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ences w<span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span> have an impact o<span class=\"_ _2\"></span>n inco<span class=\"_ _2\"></span>me tax in <span class=\"_ _2\"></span>the peri<span class=\"_ _2\"></span>od in <span class=\"_ _2\"></span>which the<span class=\"_ _2\"></span>y occur. In Portu<span class=\"_ _2\"></span>gal, annual<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>revi<span class=\"_ _2\"></span>ew and poss<span class=\"_ _2\"></span>ible adjus<span class=\"_ _2\"></span>tment <span class=\"_ _2\"></span>by the tax au<span class=\"_ _2\"></span>thorities f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 4 y<span class=\"_ _2\"></span>ears. H<span class=\"_ _2\"></span>owever, i<span class=\"_ _2\"></span>f tax lo<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>es are presen<span class=\"_ _2\"></span>ted, <span class=\"_ _2\"></span>they ma<span class=\"_ _2\"></span>y be subject <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>view by th<span class=\"_ _2\"></span>e tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r a peri<span class=\"_ _2\"></span>od of 6<span class=\"_ _2\"></span> years. <span class=\"_ _2\"></span>In othe<span class=\"_ _2\"></span>r countri<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the Group oper<span class=\"_ _2\"></span>ates, th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>eriods ar<span class=\"_ _2\"></span>e dif<span class=\"_ _2\"></span>ferent, us<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly highe<span class=\"_ _2\"></span>r. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>considers <span class=\"_ _2\"></span>that an<span class=\"_ _2\"></span>y corr<span class=\"_ _2\"></span>ections<span class=\"_ _2\"></span> to th<span class=\"_ _2\"></span>ose stat<span class=\"_ _2\"></span>ements as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of reviews/i<span class=\"_ _2\"></span>nspecti<span class=\"_ _2\"></span>ons by th<span class=\"_ _2\"></span>e tax au<span class=\"_ _2\"></span>thori<span class=\"_ _2\"></span>ties will<span class=\"_ _2\"></span> not hav<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>impact in<span class=\"_ _2\"></span> the conso<span class=\"_ _2\"></span>lidate<span class=\"_ _2\"></span>d finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements as<span class=\"_ _2\"></span> at 31 Dec<span class=\"_ _2\"></span>embe<span class=\"_ _2\"></span>r 2020, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>the <span class=\"ff9\">period </span>s<span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>and incl<span class=\"_ _2\"></span>uding 201<span class=\"_ _2\"></span>8 have alre<span class=\"_ _2\"></span>ady been <span class=\"_ _2\"></span>revie<span class=\"_ _2\"></span>wed. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, if<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>effec<span class=\"_ _2\"></span>tive tax <span class=\"_ _2\"></span>rate corres<span class=\"_ _2\"></span>ponded to <span class=\"_ _2\"></span>the nomi<span class=\"_ _2\"></span>nal rat<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>27.5%, there wou<span class=\"_ _2\"></span>ld be <span class=\"_ _2\"></span>an increas<span class=\"_ _2\"></span>e in e<span class=\"_ _2\"></span>xpenses <span class=\"_ _2\"></span>with inco<span class=\"_ _2\"></span>me taxes<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 18<span class=\"_ _2\"></span>,093<span class=\"_ _2\"></span>,292 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 17<span class=\"_ _2\"></span>,865,8<span class=\"_ _2\"></span>09). Uncertain ta<span class=\"_ _2\"></span>x pos<span class=\"_ _2\"></span>itions<span class=\"_ _2\"></span> The amount of<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es recorded <span class=\"_ _2\"></span>for t<span class=\"_ _2\"></span>ax proce<span class=\"_ _2\"></span>edings ari<span class=\"_ _2\"></span>ses from <span class=\"_ _2\"></span>an ass<span class=\"_ _2\"></span>essment made by the <span class=\"_ _2\"></span>Group, <span class=\"_ _2\"></span>as to<span class=\"_ _2\"></span> the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>ida<span class=\"_ _2\"></span>ted sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n, regarding potenti<span class=\"_ _2\"></span>al dif<span class=\"_ _2\"></span>ferences of<span class=\"_ _2\"></span> unders<span class=\"_ _2\"></span>tanding wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ties, considering <span class=\"_ _2\"></span>the d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ents in tax mat<span class=\"_ _2\"></span>ters<span class=\"_ _2\"></span>.  The Group<span class=\"_ _2\"></span>, in rela<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n to the m<span class=\"_ _2\"></span>easurem<span class=\"_ _2\"></span>ent of unc<span class=\"_ _2\"></span>ertain <span class=\"_ _2\"></span>tax posi<span class=\"_ _2\"></span>tions, c<span class=\"_ _2\"></span>onsiders <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns of IFR<span class=\"_ _2\"></span>IC 23 - \"Unce<span class=\"_ _2\"></span>rtain<span class=\"_ _2\"></span>ty over <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax Trea<span class=\"_ _2\"></span>tments<span class=\"_ _2\"></span>\", namel<span class=\"_ _2\"></span>y the meas<span class=\"_ _2\"></span>urement of<span class=\"_ _2\"></span> risks <span class=\"_ _2\"></span>and uncertainti<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the defini<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e best es<span class=\"_ _2\"></span>timate o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e expense <span class=\"_ _2\"></span>requir<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gation, by <span class=\"_ _2\"></span>weighing <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>the possibl<span class=\"_ _2\"></span>e resul<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t are co<span class=\"_ _2\"></span>ntroll<span class=\"_ _2\"></span>ed by them an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>eir ass<span class=\"_ _2\"></span>ociated probabili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-157-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Current i<span class=\"_ _2\"></span>ncome t<span class=\"_ _2\"></span>ax is c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>d on net p<span class=\"_ _2\"></span>rofit, <span class=\"_ _2\"></span>adjusted i<span class=\"_ _2\"></span>n conf<span class=\"_ _2\"></span>ormity <span class=\"_ _2\"></span>with tax l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on in f<span class=\"_ _2\"></span>orce at th<span class=\"_ _2\"></span>e sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> consol<span class=\"_ _2\"></span>idated fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>date. Taxa<span class=\"_ _2\"></span>tion group In Portu<span class=\"_ _2\"></span>gal, th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>subject <span class=\"_ _2\"></span>to the s<span class=\"_ _2\"></span>pecial <span class=\"_ _2\"></span>tax re<span class=\"_ _2\"></span>gime for grou<span class=\"_ _2\"></span>ps o<span class=\"_ _2\"></span>f compani<span class=\"_ _2\"></span>es (RETGS), c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g companies <span class=\"_ _2\"></span>in which <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>harehol<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> is equal<span class=\"_ _2\"></span> to or mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% and which meet <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nditions <span class=\"_ _2\"></span>laid down <span class=\"_ _2\"></span>in a<span class=\"_ _2\"></span>rticles<span class=\"_ _2\"></span> 69, and fo<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>lowing o<span class=\"_ _2\"></span>f the Corpora<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>Income Tax Code (IRC<span class=\"_ _2\"></span> Code)<span class=\"_ _2\"></span>. These comp<span class=\"_ _2\"></span>anies i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the RE<span class=\"_ _2\"></span>TGS calc<span class=\"_ _2\"></span>ulate in<span class=\"_ _2\"></span>come <span class=\"_ _2\"></span>taxes as if<span class=\"_ _2\"></span> they <span class=\"_ _2\"></span>were ta<span class=\"_ _2\"></span>xed independ<span class=\"_ _2\"></span>ently. L<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties are r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed as <span class=\"_ _2\"></span>due to <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant entit<span class=\"_ _2\"></span>y of the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span> Group, cur<span class=\"_ _2\"></span>rentl<span class=\"_ _2\"></span>y The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S<span class=\"_ _2\"></span>.A. <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>s res<span class=\"_ _2\"></span>ponsible f<span class=\"_ _2\"></span>or the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>overall<span class=\"_ _2\"></span> clearanc<span class=\"_ _2\"></span>e and paym<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>rporate i<span class=\"_ _2\"></span>ncome <span class=\"_ _2\"></span>tax. Wh<span class=\"_ _2\"></span>ere ther<span class=\"_ _2\"></span>e are <span class=\"_ _2\"></span>gains o<span class=\"_ _2\"></span>n the us<span class=\"_ _2\"></span>e of this regime<span class=\"_ _2\"></span>, these are <span class=\"_ _2\"></span>record<span class=\"_ _2\"></span>ed as i<span class=\"_ _2\"></span>ncome in <span class=\"_ _2\"></span>the domi<span class=\"_ _2\"></span>nant en<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ty financi<span class=\"_ _2\"></span>al statem<span class=\"_ _2\"></span>ents<span class=\"_ _2\"></span>. In 2018<span class=\"_ _2\"></span>, a tax grou<span class=\"_ _2\"></span>p was al<span class=\"_ _2\"></span>so es<span class=\"_ _2\"></span>tablis<span class=\"_ _2\"></span>hed in Sp<span class=\"_ _2\"></span>ain, whic<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>des the three s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diaries <span class=\"_ _2\"></span>of the group bas<span class=\"_ _2\"></span>ed in tha<span class=\"_ _2\"></span>t coun<span class=\"_ _2\"></span>try and o<span class=\"_ _2\"></span>wned <span class=\"_ _2\"></span>by Bosques<span class=\"_ _2\"></span> do A<span class=\"_ _2\"></span>tl\u00e2ntico, S.L<span class=\"_ _2\"></span>., the pa<span class=\"_ _2\"></span>rent-compan<span class=\"_ _2\"></span>y in<span class=\"_ _2\"></span> the ta<span class=\"_ _2\"></span>x group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-158-2": {
   "value": "6.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Deferr<span class=\"_ _2\"></span>ed taxes<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>ferred<span class=\"_ _2\"></span> taxe<span class=\"_ _2\"></span>s  <span class=\"ff4 fs12\">As at 1 </span>Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 Januar<span class=\"_ _0\"></span>y  Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span> 2022  Increas<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Decreases <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Equity <span class=\"_ _0\"></span> 2022 <span class=\"fc7 sc0\"> </span>Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax assets Taxed provisi<span class=\"_ _0\"></span>ons 4,544,163  9,369,827  -  -  13,913,990 <span class=\"_ _0\"></span> Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 62,470,397 <span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>02,890)<span class=\"_ _0\"></span> -  43,767,507 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 7,448,830  -  -  (7,448,830) -  Deferred accounti<span class=\"_ _0\"></span>ng gains on i<span class=\"_ _0\"></span>ntra-group <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons 21,090,053 <span class=\"_ _0\"></span> 5,138,400  -  -  26,228,453 <span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets -  14,456,082 <span class=\"_ _0\"></span> -  -  14,456,082 <span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> 203,588  -  (203,588) -  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 4,200,000  -  (3,640,000) -  560,000  99,957<span class=\"_ _0\"></span>,031  28,964<span class=\"_ _0\"></span>,309  (22,54<span class=\"_ _0\"></span>6,478) (7,448<span class=\"_ _0\"></span>,830) 98,926<span class=\"_ _0\"></span>,032  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (388,758) (213,971) -  244,246  (358,483) Fi<span class=\"_ _0\"></span>nancial instruments -  (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>94,177)<span class=\"_ _0\"></span> 21,570,514 <span class=\"_ _0\"></span> (1,680,081) -  (5,403,744) Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> (306,642,712)<span class=\"_ _0\"></span> 5,934,899  -  -  (300,707,813)<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> (4,142,627) 213,450  -  66,683 <span class=\"_ _0\"></span> (3,862,494) (336<span class=\"_ _0\"></span>,468,274) 27,504<span class=\"_ _0\"></span>,892  (1,680<span class=\"_ _0\"></span>,081) (46,86<span class=\"_ _0\"></span>3,556) (357<span class=\"_ _0\"></span>,507,019) Deferred tax assets <span class=\"_ _0\"></span> 27,488,184 <span class=\"_ _0\"></span> 7,965,185  (6,200,281) (2,048,428) 27,204,659 <span class=\"_ _0\"></span> Government grants (N<span class=\"_ _0\"></span>ote 3.5)<span class=\"_ _0\"></span> 549,224  -  (549,224) -  -  Deferred tax ass<span class=\"_ _0\"></span>ets  28,037<span class=\"_ _0\"></span>,408  7,965,18<span class=\"_ _0\"></span>5  (6,749<span class=\"_ _0\"></span>,505) (2,048<span class=\"_ _0\"></span>,428) 27,204<span class=\"_ _0\"></span>,659  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (92,52<span class=\"_ _0\"></span>8,775) 7,563,84<span class=\"_ _0\"></span>5  (462<span class=\"_ _0\"></span>,022) (12,88<span class=\"_ _0\"></span>7,478) (98,31<span class=\"_ _0\"></span>4,430)  As at 1 Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 Januar<span class=\"_ _0\"></span>y  Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span> 2021  Increas<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Decreases <span class=\"_ _0\"></span>  Equity <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>2021 <span class=\"fc7 sc0\"> </span>Temporary diffe<span class=\"_ _0\"></span>rences origin<span class=\"_ _0\"></span>ating defer<span class=\"_ _0\"></span>red tax assets Taxed provisi<span class=\"_ _0\"></span>ons 6,974,025  -  (2,429,862) -  4,544,163  Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 71,179,011 <span class=\"_ _0\"></span> -  (8,708,614) -  62,470,397 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 8,879,577  -  -  (1,430,747) 7,448,830  Deferred accounti<span class=\"_ _0\"></span>ng gains on i<span class=\"_ _0\"></span>ntra-group 15,145,588 <span class=\"_ _0\"></span> 5,944,465  -  -  21,090,053 <span class=\"_ _0\"></span> transactions<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> 203,588  -  -  -  203,588  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 7,000,000  -  (3,360,000) 560,000  4,200,000  109<span class=\"_ _0\"></span>,381,789<span class=\"_ _0\"></span>  5,944,46<span class=\"_ _0\"></span>5  (14,49<span class=\"_ _0\"></span>8,476) (870<span class=\"_ _0\"></span>,747) 99,957<span class=\"_ _0\"></span>,031  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (224,593) 649,357  -  (813,522) (388,758) Deferred accounti<span class=\"_ _0\"></span>ng losses on int<span class=\"_ _0\"></span>ra-group (9,929,599) -  -  9,929,599  -  transactions<span class=\"_ _0\"></span> Valuation of bi<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gical assets (23<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>21,032)<span class=\"_ _0\"></span> -  (2,173,145) -  (25<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>94,177)<span class=\"_ _0\"></span> Adjustment of prope<span class=\"_ _0\"></span>rty, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> (272,907,547)<span class=\"_ _0\"></span> -  (33<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>35,165)<span class=\"_ _0\"></span> -  (306,642,712)<span class=\"_ _0\"></span> Investment grants<span class=\"_ _0\"></span> (6,406,374) 489,447  -  1,774,300  (4,142,627) (312<span class=\"_ _0\"></span>,589,145) 1,138,80<span class=\"_ _0\"></span>4  (35,90<span class=\"_ _0\"></span>8,310) 10,890<span class=\"_ _0\"></span>,377  (336<span class=\"_ _0\"></span>,468,274) Deferred tax assets <span class=\"_ _0\"></span> 30,079,992 <span class=\"_ _0\"></span> 1,634,728  (3,987,081) (239,455) 27,488,184 <span class=\"_ _0\"></span> Government grants (N<span class=\"_ _0\"></span>ote 3.5)<span class=\"_ _0\"></span> 549,224  -  -  -  549,224  Deferred tax ass<span class=\"_ _0\"></span>ets  30,629<span class=\"_ _0\"></span>,216  1,634,72<span class=\"_ _0\"></span>8  (3,987<span class=\"_ _0\"></span>,081) (239<span class=\"_ _0\"></span>,455) 28,037<span class=\"_ _0\"></span>,408  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (85,96<span class=\"_ _0\"></span>2,015) 313<span class=\"_ _0\"></span>,171  (9,874<span class=\"_ _0\"></span>,785) 2,994,85<span class=\"_ _0\"></span>4  (92,52<span class=\"_ _0\"></span>8,775) In the m<span class=\"_ _2\"></span>easuremen<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e def<span class=\"_ _2\"></span>erred ta<span class=\"_ _2\"></span>xes as a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 202<span class=\"_ _2\"></span>1 and 202<span class=\"_ _2\"></span>0, the ra<span class=\"_ _2\"></span>te of 27.50% was u<span class=\"_ _2\"></span>sed.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-160-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Deferred t<span class=\"_ _2\"></span>ax is<span class=\"_ _2\"></span> calcul<span class=\"_ _2\"></span>ated base<span class=\"_ _2\"></span>d on <span class=\"_ _2\"></span>the liabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>olidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on on <span class=\"_ _2\"></span>the temporary <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>between the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alues <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>their res<span class=\"_ _2\"></span>pective tax base. <span class=\"_ _2\"></span>To d<span class=\"_ _2\"></span>etermin<span class=\"_ _2\"></span>e the defe<span class=\"_ _2\"></span>rred <span class=\"_ _2\"></span>tax, <span class=\"_ _2\"></span>the tax ra<span class=\"_ _2\"></span>te e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted t<span class=\"_ _0\"></span>o be i<span class=\"_ _2\"></span>n force i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in which the <span class=\"_ _2\"></span>tempora<span class=\"_ _2\"></span>ry diffe<span class=\"_ _2\"></span>rences <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be reverse<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>used. Deferred t<span class=\"_ _2\"></span>ax asse<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed wh<span class=\"_ _2\"></span>enever th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a re<span class=\"_ _2\"></span>asonabl<span class=\"_ _2\"></span>e likeli<span class=\"_ _2\"></span>hood that f<span class=\"_ _2\"></span>uture taxable <span class=\"_ _2\"></span>profits <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be generat<span class=\"_ _2\"></span>ed agai<span class=\"_ _2\"></span>nst whic<span class=\"_ _2\"></span>h they c<span class=\"_ _2\"></span>an be <span class=\"_ _2\"></span>offset. <span class=\"_ _2\"></span>Deferred tax <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re revised <span class=\"_ _2\"></span>periodical<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d decreas<span class=\"_ _2\"></span>ed when<span class=\"_ _2\"></span>ever i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>ey will<span class=\"_ _2\"></span> not be us<span class=\"_ _2\"></span>ed. Deferred t<span class=\"_ _2\"></span>axes a<span class=\"_ _2\"></span>re rec<span class=\"_ _2\"></span>orded as <span class=\"_ _2\"></span>an inco<span class=\"_ _2\"></span>me or e<span class=\"_ _2\"></span>xpense fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he period<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>xcept where <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>result from amo<span class=\"_ _2\"></span>unts recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectly <span class=\"_ _2\"></span>under Shar<span class=\"_ _2\"></span>eholders\u2019<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> in <span class=\"_ _2\"></span>which defer<span class=\"_ _2\"></span>red tax i<span class=\"_ _2\"></span>s </span>also<span class=\"_ _2\"></span> recorded un<span class=\"_ _2\"></span>der the sam<span class=\"_ _2\"></span>e cap<span class=\"_ _2\"></span>tion. Ta<span class=\"_ _2\"></span>x benef<span class=\"_ _2\"></span>its a<span class=\"_ _2\"></span>ttributed <span class=\"_ _2\"></span>to the Gro<span class=\"_ _2\"></span>up re<span class=\"_ _2\"></span>gardi<span class=\"_ _2\"></span>ng its investmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t as th<span class=\"_ _2\"></span>ere is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient ta<span class=\"_ _2\"></span>xable inco<span class=\"_ _2\"></span>me to all<span class=\"_ _2\"></span>ow its us<span class=\"_ _2\"></span>e. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-161-2": {
   "value": "7.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Payr<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span> </span></span>7.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Payroll<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span> </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es - fixed <span class=\"_ _0\"></span>(Note 7.3)<span class=\"_ _0\"></span> 3,352,988  3,358,889  Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es  - variabl<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span> 6,780,465  6,616,077  Other remunerati<span class=\"_ _0\"></span>ons 128,388,853  105,452,229  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 23,596,088 <span class=\"_ _0\"></span> 22,186,532 <span class=\"_ _0\"></span> Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (Note 7.2.4)<span class=\"_ _0\"></span> 1,305,000  1,565,032  Other payroll<span class=\"_ _0\"></span> costs 22,815,841 <span class=\"_ _0\"></span> 15,837,036 <span class=\"_ _0\"></span> Payroll costs 186<span class=\"_ _0\"></span>,239,235<span class=\"_ _0\"></span>  155<span class=\"_ _0\"></span>,015,795<span class=\"_ _0\"></span>  The increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n payrol<span class=\"_ _2\"></span>l cos<span class=\"_ _2\"></span>ts is <span class=\"_ _2\"></span>related to <span class=\"_ _2\"></span>the good <span class=\"_ _2\"></span>perfor<span class=\"_ _2\"></span>mance o<span class=\"_ _2\"></span>f Navigato<span class=\"_ _2\"></span>r in 2022<span class=\"_ _2\"></span>, which all<span class=\"_ _2\"></span>owed the recogni<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f a hi<span class=\"_ _2\"></span>gher valu<span class=\"_ _2\"></span>e of acc<span class=\"_ _2\"></span>rued e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>payment of <span class=\"_ _2\"></span>employee bonuses <span class=\"_ _2\"></span>in 202<span class=\"_ _2\"></span>3, the paymen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>a new produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty bonu<span class=\"_ _2\"></span>s to <span class=\"_ _2\"></span>employees <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>reinforc<span class=\"_ _2\"></span>ement of the <span class=\"_ _2\"></span>rejuvena<span class=\"_ _2\"></span>tion prog<span class=\"_ _2\"></span>ramme.<span class=\"_ _2\"></span> Other Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs <span class=\"_ _2\"></span>are detail<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows du<span class=\"_ _2\"></span>ring the <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>ds ende<span class=\"_ _2\"></span>d 31 December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021:<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Traini<span class=\"_ _0\"></span>ng 1,451,447  848,438  Soci<span class=\"_ _0\"></span>al act<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on 2,760,881  2,519,264  Insurance <span class=\"_ _0\"></span> 5,449,464  5,544,604  Compensati<span class=\"_ _0\"></span>ons 12,624,106 <span class=\"_ _0\"></span> 6,464,506  Other 529,943  460,224  22,815<span class=\"_ _0\"></span>,841  15,837<span class=\"_ _0\"></span>,036  7.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Employe<span class=\"_ _2\"></span>e bene<span class=\"_ _2\"></span>fits </span></span>7.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Introduction<span class=\"_ _2\"></span> Some Group c<span class=\"_ _2\"></span>ompanies <span class=\"_ _2\"></span>gran<span class=\"_ _2\"></span>t their <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es post-re<span class=\"_ _2\"></span>tirement ben<span class=\"_ _2\"></span>efits, <span class=\"_ _2\"></span>either i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the form o<span class=\"_ _2\"></span>f defined b<span class=\"_ _2\"></span>enefit pl<span class=\"_ _2\"></span>ans or i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the form of<span class=\"_ _2\"></span> defi<span class=\"_ _2\"></span>ned cont<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> pl<span class=\"_ _2\"></span>ans.  The plans ar<span class=\"_ _2\"></span>e fu<span class=\"_ _2\"></span>nded th<span class=\"_ _2\"></span>rough a cl<span class=\"_ _2\"></span>osed P<span class=\"_ _2\"></span>ensio<span class=\"_ _2\"></span>n Fund, man<span class=\"_ _2\"></span>aged by an <span class=\"_ _2\"></span>ext<span class=\"_ _2\"></span>ernal en<span class=\"_ _2\"></span>tity, whi<span class=\"_ _2\"></span>ch subcontrac<span class=\"_ _2\"></span>ts the man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent of i<span class=\"_ _2\"></span>ts asse<span class=\"_ _2\"></span>ts to e<span class=\"_ _2\"></span>xternal <span class=\"_ _2\"></span>ass<span class=\"_ _2\"></span>et management <span class=\"_ _2\"></span>entities<span class=\"_ _2\"></span>.  A. Pen<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>Plan <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Define<span class=\"_ _2\"></span>d be<span class=\"_ _2\"></span>nefit<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as respons<span class=\"_ _2\"></span>ibili<span class=\"_ _2\"></span>ties wi<span class=\"_ _2\"></span>th post<span class=\"_ _2\"></span>-employment <span class=\"_ _2\"></span>ben<span class=\"_ _2\"></span>efit plan<span class=\"_ _2\"></span>s for a <span class=\"_ _2\"></span>reduced <span class=\"_ _2\"></span>group of Employees who <span class=\"_ _2\"></span>have ch<span class=\"_ _2\"></span>osen <span class=\"_ _2\"></span>to maintai<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e Defined <span class=\"_ _2\"></span>Ben<span class=\"_ _2\"></span>efit Plan (Th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Compan<span class=\"_ _2\"></span>y) or who have cho<span class=\"_ _2\"></span>sen <span class=\"_ _2\"></span>to maintai<span class=\"_ _2\"></span>n a Saf<span class=\"_ _2\"></span>eguard C<span class=\"_ _2\"></span>lause, <span class=\"_ _2\"></span>the lat<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing the conv<span class=\"_ _2\"></span>ersion<span class=\"_ _2\"></span> of thei<span class=\"_ _2\"></span>r plan i<span class=\"_ _2\"></span>nto a Defi<span class=\"_ _2\"></span>ned Cont<span class=\"_ _2\"></span>ribution<span class=\"_ _2\"></span> Plan (Th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Com<span class=\"_ _2\"></span>pany)<span class=\"_ _2\"></span>. In eff<span class=\"_ _2\"></span>ect, th<span class=\"_ _2\"></span>e safegua<span class=\"_ _2\"></span>rd cl<span class=\"_ _2\"></span>ause gives th<span class=\"_ _2\"></span>e Employe<span class=\"_ _2\"></span>e the o<span class=\"_ _2\"></span>ption, a<span class=\"_ _2\"></span>t the ti<span class=\"_ _2\"></span>me of re<span class=\"_ _2\"></span>tirem<span class=\"_ _2\"></span>ent, <span class=\"_ _2\"></span>to pay a <span class=\"_ _2\"></span>pension <span class=\"_ _2\"></span>in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with the pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> lai<span class=\"_ _2\"></span>d down on the D<span class=\"_ _2\"></span>efined B<span class=\"_ _2\"></span>enefi<span class=\"_ _2\"></span>t Plan. Fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>hose who <span class=\"_ _2\"></span>choose to <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>vate the Safeguar<span class=\"_ _2\"></span>d Clause, <span class=\"_ _2\"></span>the acc<span class=\"_ _2\"></span>umulat<span class=\"_ _2\"></span>ed balanc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the Define<span class=\"_ _2\"></span>d C<span class=\"_ _2\"></span>ontribution<span class=\"_ _2\"></span> Plan (<span class=\"ff9\">Conta</span> 1<span class=\"_ _2\"></span>) wi<span class=\"_ _2\"></span>ll be used to f<span class=\"_ _2\"></span>inance <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty of the D<span class=\"_ _2\"></span>efined B<span class=\"_ _2\"></span>enefit <span class=\"_ _2\"></span>Plan. B. Pen<span class=\"_ _2\"></span>sion Pla<span class=\"_ _2\"></span>n <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Define<span class=\"_ _2\"></span>d cont<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>bution<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>three Def<span class=\"_ _2\"></span>ined Con<span class=\"_ _2\"></span>tributio<span class=\"_ _2\"></span>n plan<span class=\"_ _2\"></span>s were in <span class=\"_ _2\"></span>force co<span class=\"_ _2\"></span>vering 3<span class=\"_ _2\"></span>,097<span class=\"_ _2\"></span> employees <span class=\"_ _2\"></span>(2021: <span class=\"_ _2\"></span>2,936 Empl<span class=\"_ _2\"></span>oyees) (No<span class=\"_ _2\"></span>te 7.2<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>. 7.2.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Defined b<span class=\"_ _2\"></span>enefit plan<span class=\"_ _2\"></span> Policy fo<span class=\"_ _2\"></span>r managi<span class=\"_ _2\"></span>ng the ri<span class=\"_ _2\"></span>sk asso<span class=\"_ _2\"></span>ciated wit<span class=\"_ _2\"></span>h defi<span class=\"_ _2\"></span>ned ben<span class=\"_ _2\"></span>efit plans<span class=\"_ _2\"></span> The Group<span class=\"_ _0\"></span>'s exp<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> risk i<span class=\"_ _0\"></span>s lim<span class=\"_ _0\"></span>ited t<span class=\"_ _0\"></span>o the n<span class=\"_ _0\"></span>umbe<span class=\"_ _0\"></span>r of ex<span class=\"_ _0\"></span>isting bene<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>iciaries<span class=\"_ _0\"></span> and w<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span> tend<span class=\"_ _0\"></span> to decre<span class=\"_ _0\"></span>ase, <span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ce there are<span class=\"_ _0\"></span> no d<span class=\"_ _0\"></span>efined<span class=\"_ _0\"></span> bene<span class=\"_ _0\"></span>fit p<span class=\"_ _0\"></span>lans open<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> new<span class=\"_ _0\"></span> employ<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>s in the <span class=\"_ _0\"></span>Gro<span class=\"_ _0\"></span>up.<span class=\"_ _1\"></span> The most<span class=\"_ _0\"></span> sign<span class=\"_ _0\"></span>ificant<span class=\"_ _0\"></span> risks<span class=\"_ _0\"></span> to<span class=\"_ _0\"></span> which th<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Group<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>is expo<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>hrough de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ined bene<span class=\"_ _0\"></span>fit p<span class=\"_ _0\"></span>lans <span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>lude:<span class=\"_ _0\"></span> i) Risk of<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>in the l<span class=\"_ _0\"></span>ongev<span class=\"_ _0\"></span>ity of<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipants<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> ii) Market<span class=\"_ _0\"></span> rate<span class=\"_ _0\"></span> var<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> <span class=\"ff8\">\u2013<span class=\"_ _0\"></span></span> rate vari<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span> the rate u<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>o disco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span> liabi<span class=\"_ _0\"></span>lities (te<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>nica<span class=\"_ _0\"></span>l interest <span class=\"_ _0\"></span>rate) which i<span class=\"_ _0\"></span>s based <span class=\"_ _0\"></span>on yi<span class=\"_ _0\"></span>eld c<span class=\"_ _0\"></span>urv<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>f hig<span class=\"_ _0\"></span>hly rated<span class=\"_ _0\"></span> bo<span class=\"_ _0\"></span>nds wit<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> mat<span class=\"_ _0\"></span>uritie<span class=\"_ _0\"></span>s simi<span class=\"_ _0\"></span>lar to<span class=\"_ _0\"></span> the liab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ities' exp<span class=\"_ _0\"></span>iry dat<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>and<span class=\"_ _0\"></span> the fixed rate<span class=\"_ _0\"></span> of ret<span class=\"_ _0\"></span>urn<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> assets.<span class=\"_ _0\"></span> The<span class=\"_ _0\"></span> Gr<span class=\"_ _0\"></span>oup use<span class=\"_ _0\"></span>s yie<span class=\"_ _0\"></span>ld c<span class=\"_ _0\"></span>urves i<span class=\"_ _0\"></span>n order t<span class=\"_ _0\"></span>o mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>or the ev<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f rates<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> performs<span class=\"_ _0\"></span> sens<span class=\"_ _0\"></span>itivity <span class=\"_ _0\"></span>analy<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span> of intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate var<span class=\"_ _0\"></span>iati<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns <span class=\"_ _0\"></span>with<span class=\"_ _0\"></span> the aim <span class=\"_ _0\"></span>of f<span class=\"_ _0\"></span>oreseei<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd prev<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ing the<span class=\"_ _0\"></span> conseq<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>t impact <span class=\"_ _0\"></span>on the<span class=\"_ _0\"></span> fund'<span class=\"_ _0\"></span>s fundi<span class=\"_ _0\"></span>ng leve<span class=\"_ _0\"></span>l.<span class=\"_ _1\"></span> iii) Risk<span class=\"_ _0\"></span> of cha<span class=\"_ _0\"></span>nge <span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> wage<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> pens<span class=\"_ _0\"></span>ion gr<span class=\"_ _0\"></span>owth <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span> iv) Retur<span class=\"_ _0\"></span>n on<span class=\"_ _0\"></span> the fu<span class=\"_ _0\"></span>nd's <span class=\"_ _0\"></span>financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _0\"></span> the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> clos<span class=\"_ _0\"></span>ely mo<span class=\"_ _0\"></span>nitors<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> evolut<span class=\"_ _0\"></span>ion of<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> fund's <span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s, as<span class=\"_ _0\"></span> well a<span class=\"_ _0\"></span>s the evol<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> mai<span class=\"_ _0\"></span>n finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l market <span class=\"_ _0\"></span>indi<span class=\"_ _0\"></span>cators, rev<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iting t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>olicy ap<span class=\"_ _0\"></span>proved<span class=\"_ _0\"></span> f<span class=\"_ _0\"></span>or the management<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s whenev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> just<span class=\"_ _0\"></span>ifiab<span class=\"_ _0\"></span>le, and <span class=\"_ _0\"></span>at l<span class=\"_ _0\"></span>east every<span class=\"_ _0\"></span> thre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icy is <span class=\"_ _0\"></span>alig<span class=\"_ _0\"></span>ned with a <span class=\"_ _0\"></span>conservat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> view<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f asset<span class=\"_ _0\"></span> manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed on the<span class=\"_ _0\"></span> ba<span class=\"_ _0\"></span>sis of<span class=\"_ _0\"></span> the resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sibil<span class=\"_ _0\"></span>ities t<span class=\"_ _0\"></span>o be f<span class=\"_ _0\"></span>inanced<span class=\"_ _0\"></span> by the fund.<span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span>'s go<span class=\"_ _0\"></span>al is t<span class=\"_ _0\"></span>o ma<span class=\"_ _0\"></span>inta<span class=\"_ _0\"></span>in a l<span class=\"_ _0\"></span>iabi<span class=\"_ _0\"></span>lity coverag<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> level<span class=\"_ _0\"></span> of 90<span class=\"_ _0\"></span>%, ther<span class=\"_ _0\"></span>eby s<span class=\"_ _0\"></span>afeg<span class=\"_ _0\"></span>uard<span class=\"_ _0\"></span>ing aga<span class=\"_ _0\"></span>inst t<span class=\"_ _0\"></span>he above<span class=\"_ _1\"></span> risks.<span class=\"_ _38\"></span> Net liab<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es Net li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties reflec<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idat<span class=\"_ _2\"></span>ed statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on and the numb<span class=\"_ _2\"></span>er of benefici<span class=\"_ _2\"></span>aries of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>defined <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>t plans i<span class=\"_ _2\"></span>n forc<span class=\"_ _2\"></span>e in the Gr<span class=\"_ _2\"></span>oup are d<span class=\"_ _2\"></span>etailed <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows: 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>No. of No. of Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Past service li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties    <span class=\"ls0\">Active empl<span class=\"_ _0\"></span>oyees, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng indi<span class=\"_ _0\"></span>vidual accounts<span class=\"_ _0\"></span> </span>367  49,465,578 <span class=\"_ _0\"></span> 408  71,291,405 <span class=\"_ _0\"></span>    <span class=\"ls0\">Al<span class=\"_ _0\"></span>umni </span>140  22,728,925 <span class=\"_ _0\"></span> 126  26,059,672 <span class=\"_ _0\"></span>    <span class=\"ls0\">Reti<span class=\"_ _0\"></span>red employees<span class=\"_ _0\"></span> </span>590  85,075,143 <span class=\"_ _0\"></span> 567  93,651,512 <span class=\"_ _0\"></span> Market val<span class=\"_ _0\"></span>ue of pension funds<span class=\"_ _0\"></span> (154,433,916)<span class=\"_ _0\"></span> (185,327,671)<span class=\"_ _0\"></span> Total net liabilities<span class=\"_ _0\"></span> 1,097  2,835,73<span class=\"_ _0\"></span>0  1,101  5,674,91<span class=\"_ _0\"></span>8  Historic<span class=\"_ _2\"></span>al info<span class=\"_ _2\"></span>rmat<span class=\"_ _2\"></span>ion - la<span class=\"_ _2\"></span>st fi<span class=\"_ _2\"></span>ve yea<span class=\"_ _2\"></span>rs  Amounts in Euro<span class=\"_ _0\"></span> 2018 2019 2020 2021 2022 Present value of l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties  154,456,240  179,880,752  191,253,527  191,002,589  157,269,646  Fair value of assets <span class=\"_ _0\"></span>and reserves<span class=\"_ _0\"></span> 147,131,961  173,292,676  178,691,062  185,327,671  154,433,916  Surplus / (deficit)<span class=\"_ _1\"></span> (7,324<span class=\"_ _0\"></span>,279) (6,588<span class=\"_ _0\"></span>,076) (12,56<span class=\"_ _0\"></span>2,465) (5,674<span class=\"_ _0\"></span>,918) (2,835<span class=\"_ _0\"></span>,730) Evolut<span class=\"_ _2\"></span>ion of <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ned <span class=\"_ _2\"></span>benefit<span class=\"_ _2\"></span> plan lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span> 2022 Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _0\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 191,002,589  26,336  2,349,180  (29<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>69,349)<span class=\"_ _0\"></span> (6,239,110) 157,269,646  191<span class=\"_ _0\"></span>,002,589<span class=\"_ _0\"></span>  26,336<span class=\"_ _0\"></span>  2,349,18<span class=\"_ _0\"></span>0  (29,86<span class=\"_ _0\"></span>9,349) (6,239<span class=\"_ _0\"></span>,110) 157<span class=\"_ _0\"></span>,269,646  2021 Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _0\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 191,253,527  44,883  2,353,176  3,350,242  (5,999,239) 191,002,589  191<span class=\"_ _0\"></span>,253,527<span class=\"_ _0\"></span>  44,883<span class=\"_ _0\"></span>  2,353,17<span class=\"_ _0\"></span>6  3,350,24<span class=\"_ _0\"></span>2  (5,999<span class=\"_ _0\"></span>,239) 191<span class=\"_ _0\"></span>,002,589  The avera<span class=\"_ _2\"></span>ge expec<span class=\"_ _2\"></span>ted dura<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _2\"></span>t liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>s 13.4 <span class=\"_ _2\"></span>years (2021: 15 y<span class=\"_ _2\"></span>ears).<span class=\"_ _2\"></span> Funds<span class=\"_ _2\"></span> Fund<span class=\"_ _2\"></span>s alloc<span class=\"_ _2\"></span>ated t<span class=\"_ _2\"></span>o the <span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>benefit pe<span class=\"_ _2\"></span>nsion <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>ns <span class=\"ffa\">\u2013</span> evolut<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,691,062<span class=\"_ _0\"></span>  Charge for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  5,318,407  Expected i<span class=\"_ _0\"></span>ncome for the perio<span class=\"_ _0\"></span>d 2,277,915  2,195,584  Remeasurement <span class=\"_ _0\"></span> (26<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>32,571)<span class=\"_ _0\"></span> 5,275,230  Pensio<span class=\"_ _0\"></span>ns pa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>d (6,239,099) (5,999,229) Other  (153,383) Closing balance<span class=\"_ _0\"></span> 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  During the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>of 20<span class=\"_ _2\"></span>22 and 20<span class=\"_ _2\"></span>21, <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>ributions <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t plans p<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ted above as al<span class=\"_ _2\"></span>locatio<span class=\"_ _2\"></span>ns were <span class=\"_ _2\"></span>made i<span class=\"_ _2\"></span>n full<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e Group comp<span class=\"_ _2\"></span>anies <span class=\"_ _2\"></span>and no co<span class=\"_ _2\"></span>ntributi<span class=\"_ _2\"></span>ons wer<span class=\"_ _2\"></span>e made by the <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ticipants <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>ese plans<span class=\"_ _2\"></span>, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>this opti<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>exists.  The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e define<span class=\"_ _2\"></span>d ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t plan are und<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>e manag<span class=\"_ _2\"></span>ement of AGE<span class=\"_ _2\"></span>AS <span class=\"ff8\">\u2013</span> Pensio<span class=\"_ _2\"></span>ns, Schro<span class=\"_ _2\"></span>ders, <span class=\"_ _2\"></span>Santande<span class=\"_ _2\"></span>r AM and <span class=\"_ _2\"></span>Julius<span class=\"_ _2\"></span> Baer, <span class=\"_ _2\"></span>as de<span class=\"_ _2\"></span>tailed belo<span class=\"_ _2\"></span>w: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Defined benefi<span class=\"_ _0\"></span>t and <span class=\"ff9\">Conta </span><span class=\"ls78\">1:</span> AGEAS - Pensio<span class=\"_ _0\"></span>ns 105,079  3,938,660  Schroders 62,325,236 <span class=\"_ _0\"></span> 70,993,049 <span class=\"_ _0\"></span> Santander AM<span class=\"_ _0\"></span> 62,244,783 <span class=\"_ _0\"></span> 72,705,468 <span class=\"_ _0\"></span> Conta <span class=\"ff1 ls78\">1 <span class=\"ls0\">-<span class=\"_ _2\"></span> J<span class=\"_ _0\"></span>uli<span class=\"_ _0\"></span>us Baer </span></span>29,758,819 <span class=\"_ _0\"></span> 37,690,494 <span class=\"_ _0\"></span> Total Defined benefit <span class=\"_ _0\"></span>and <span class=\"fff\">Cont<span class=\"_ _0\"></span>a</span> 1 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  Fund<span class=\"_ _2\"></span>s alloc<span class=\"_ _2\"></span>ated t<span class=\"_ _2\"></span>o define<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>benefit <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>- c<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>positi<span class=\"_ _2\"></span>on of a<span class=\"_ _2\"></span>sset<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>Securities listed in<span class=\"_ _0\"></span> the market<span class=\"_ _0\"></span> Bonds 94,778,925 <span class=\"_ _0\"></span> 61.37% 112,303,157  60.60% Shares 40,402,326 <span class=\"_ _0\"></span> 26.16% 50,274,545 <span class=\"_ _0\"></span> 27.13% Publi<span class=\"_ _0\"></span>c debt 17,282,244 <span class=\"_ _0\"></span> 11.19% 14,558,914 <span class=\"_ _0\"></span> 7.86% Liqui<span class=\"_ _0\"></span>dity 1,865,342  1.21% 4,252,394  2.29% Real estate<span class=\"_ _0\"></span> -  0.00% -  0.00% Other short-term i<span class=\"_ _0\"></span>nvestments<span class=\"_ _0\"></span> 105,079  0.07% 3,938,660  2.13% 154<span class=\"_ _0\"></span>,433,916<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>185<span class=\"_ _0\"></span>,327,671<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund <span class=\"_ _2\"></span>do no<span class=\"_ _2\"></span>t incl<span class=\"_ _2\"></span>ude any ass<span class=\"_ _2\"></span>ets o<span class=\"_ _2\"></span>f the Grou<span class=\"_ _2\"></span>p. 7.2.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Defined cont<span class=\"_ _2\"></span>ributi<span class=\"_ _2\"></span>ons plan As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021 and 2<span class=\"_ _2\"></span>020, <span class=\"_ _2\"></span>two defi<span class=\"_ _2\"></span>ned con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on pl<span class=\"_ _2\"></span>ans were in f<span class=\"_ _2\"></span>orc<span class=\"_ _2\"></span>e for mos<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e Employees<span class=\"_ _2\"></span>. The asse<span class=\"_ _2\"></span>ts of the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on fund <span class=\"_ _2\"></span>that fi<span class=\"_ _2\"></span>nance t<span class=\"_ _2\"></span>he define<span class=\"_ _2\"></span>d co<span class=\"_ _2\"></span>ntributio<span class=\"_ _2\"></span>n plans <span class=\"_ _2\"></span>are unde<span class=\"_ _2\"></span>r th<span class=\"_ _2\"></span>e managemen<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>Ageas P<span class=\"_ _2\"></span>ens\u00f5es, <span class=\"_ _2\"></span>as detai<span class=\"_ _2\"></span>led belo<span class=\"_ _2\"></span>w: No. of Profitabili<span class=\"_ _0\"></span>ty No. of Profitabili<span class=\"_ _0\"></span>ty Amounts in Euro<span class=\"_ _0\"></span> Benefi<span class=\"_ _0\"></span>ciaries <span class=\"_ _0\"></span><span class=\"ff6 fc1\"> </span>% 2022 Benefi<span class=\"_ _0\"></span>ciaries % 2021 Defined contri<span class=\"_ _0\"></span>bution (Ageas Pens\u00f5es): Defensive sub-fund<span class=\"_ _0\"></span> 112<span class=\"ff3 fs1 fc1\"> </span>-12.79% 6,804,787  110  2.92% 7,995,969  Conservative sub-fu<span class=\"_ _0\"></span>nd 370  -13.41% 14,513,526 <span class=\"_ _0\"></span> 374  5.89% 19,301,087 <span class=\"_ _0\"></span> Dynamic sub-fu<span class=\"_ _0\"></span>nd 716  -13.40% 14,840,248 <span class=\"_ _0\"></span> 696  10.46% 17,234,845 <span class=\"_ _0\"></span> Agressive-sub-fun<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> 1,899  -14.56% 5,541,395  1,756  16.04% 6,462,291  Total defined cont<span class=\"_ _0\"></span>ribution<span class=\"_ _0\"></span> 3,097  41,699<span class=\"_ _0\"></span>,956  2,936  50,994<span class=\"_ _0\"></span>,193  * of <span class=\"_ _2\"></span>wh<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ch 28<span class=\"_ _2\"></span>4 are<span class=\"_ _2\"></span> f<span class=\"_ _2\"></span>ormer em<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>loyees<span class=\"_ _2\"></span> 7.2.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Expenses inc<span class=\"_ _2\"></span>urred <span class=\"_ _2\"></span>with p<span class=\"_ _2\"></span>ost<span class=\"_ _0\"></span>-empl<span class=\"_ _2\"></span>oyme<span class=\"_ _2\"></span>nt benefit p<span class=\"_ _2\"></span>lans The effec<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stat<span class=\"_ _2\"></span>ement for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>periods en<span class=\"_ _2\"></span>ded 3<span class=\"_ _2\"></span>1 December 2022<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>31 Decemb<span class=\"_ _2\"></span>er 2021 <span class=\"_ _2\"></span>was as fo<span class=\"_ _2\"></span>llows: 2022 2021 Defin<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> Defin<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> Current contribution - Impact on Current contribution - Impact on services Net Contributions net r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>ult services Net Contributions net r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>ult Amounts in Euro<span class=\"_ _0\"></span> cost inter<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> for th<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> period<span class=\"_ _0\"></span> (Note 7.1) cost inter<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> for th<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> period<span class=\"_ _0\"></span> (Note 7.1) Pensio<span class=\"_ _0\"></span>ns with autonomous<span class=\"_ _0\"></span> fund 26,336 <span class=\"_ _0\"></span> 71,265  -  97,601 <span class=\"_ _0\"></span> 44,883  157,591  -  202,474  Defined contri<span class=\"_ _0\"></span>butions pl<span class=\"_ _0\"></span>ans -  -  1,207,399  1,207,399  -  -  1,362,558  1,362,558  26,336<span class=\"_ _0\"></span>  71,265<span class=\"_ _0\"></span>  1,207,39<span class=\"_ _0\"></span>9  1,305,00<span class=\"_ _0\"></span>0  44,883<span class=\"_ _0\"></span>  157<span class=\"_ _0\"></span>,591  1,362,55<span class=\"_ _0\"></span>8  1,565,03<span class=\"_ _0\"></span>2  7.2.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Remeasurem<span class=\"_ _2\"></span>ent recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>in oth<span class=\"_ _2\"></span>er comp<span class=\"_ _2\"></span>rehensi<span class=\"_ _2\"></span>ve income 2022 Remensura\u00e7\u00f5es<span class=\"_ _0\"></span> Demographic Financial Experience Return on Gross Deferred Impact on Amounts in Euro<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> assumptions<span class=\"ff1\"> </span>assumptions<span class=\"ff1\"> </span>Plan Assets<span class=\"ff1\"> </span>amount<span class=\"ff1\"> </span>tax<span class=\"ff1\"> </span>Equit<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Pensio<span class=\"_ _0\"></span>ns with autonomous -  (35<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>26,332)<span class=\"_ _0\"></span> 6,059,525  32,603,596 <span class=\"_ _0\"></span> 2,936,789  67,168  3,003,957  fund -  (35,72<span class=\"_ _0\"></span>6,332) 6,059,52<span class=\"_ _0\"></span>5  32,603<span class=\"_ _0\"></span>,596  2,936,78<span class=\"_ _0\"></span>9  67,168<span class=\"_ _0\"></span>  3,003,95<span class=\"_ _0\"></span>7  2021 Remensura\u00e7\u00f5es<span class=\"_ _0\"></span> Demographic Financial Experience Return on Gross Deferred Impact on Amounts in Euro<span class=\"_ _0\"></span> assumptions<span class=\"_ _0\"></span> assumptions assumptions Plan Assets amount tax Equit<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous - <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,924,988 <span class=\"fc5\"> </span>(223,719)<span class=\"fc5\"> </span>1,701,269 <span class=\"fc5\"> </span>fund - <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,924,98<span class=\"_ _0\"></span>8 <span class=\"fc5\"> </span>(223<span class=\"_ _0\"></span>,719)<span class=\"fc5\"> </span>1,701,26<span class=\"_ _0\"></span>9 <span class=\"fc5\"> </span>The re-measu<span class=\"_ _2\"></span>remen<span class=\"_ _2\"></span>ts ref<span class=\"_ _2\"></span>erred to a<span class=\"_ _2\"></span>bove <span class=\"_ _2\"></span>result fro<span class=\"_ _2\"></span>m exper<span class=\"_ _2\"></span>ience gai<span class=\"_ _2\"></span>ns and l<span class=\"_ _2\"></span>osses, <span class=\"_ _2\"></span>both in<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>and demographi<span class=\"_ _2\"></span>c terms<span class=\"_ _2\"></span>. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty Benefits For<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span> Decree Law no 187/2<span class=\"_ _0\"></span>007 of 10 May<span class=\"_ _0\"></span> Disabili<span class=\"_ _0\"></span>ty table   EKV 80  EKV 80  Mortali<span class=\"_ _0\"></span>ty table TV 88-<span class=\"ls78\">90</span> TV 88-<span class=\"ls78\">90</span> Discount rate<span class=\"_ _0\"></span> 3.50% 1.25% Wage growth rate<span class=\"_ _0\"></span> 2.00% 1.00% Return rate on plan as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span> 3.50% 1.25% Pensio<span class=\"_ _0\"></span>ns gr<span class=\"_ _2\"></span>ow<span class=\"_ _0\"></span>th rate 1.5% or 2.00% 1.00% Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>0.5% decrease in the di<span class=\"_ _0\"></span>scount <span class=\"_ _0\"></span>rate Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 10,585,975 <span class=\"_ _0\"></span> 0.5% increase in the di<span class=\"_ _0\"></span>scount r<span class=\"_ _0\"></span>ate Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (9,619,544) 0.5% decrease in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (2,067,884) 0.5% increase in the <span class=\"_ _0\"></span>wage grow<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 2,174,018  0.5% decrease in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (7,796,773) 0.5% increase in the p<span class=\"_ _0\"></span>ensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,963,146  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>0.25% decrease in<span class=\"_ _0\"></span> the discoun<span class=\"_ _0\"></span>t rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 7,293,802  0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the discou<span class=\"_ _0\"></span>nt rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (6,901,576) 0.25% decrease in<span class=\"_ _0\"></span> the wage growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (1,643,123) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the wag<span class=\"_ _0\"></span>e growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 1,687,898  0.25% decrease in<span class=\"_ _0\"></span> the pensions g<span class=\"_ _0\"></span>rowth rate<span class=\"_ _1\"></span> Decrease in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities assumed (5,167,727) 0.25% in<span class=\"_ _0\"></span>crea<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e in the p<span class=\"_ _0\"></span>ensions growth <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> Increase in l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties assumed<span class=\"_ _0\"></span> 5,375,162  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-162-2": {
   "value": "Num<span class=\"_ _2\"></span>ber of em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oyees <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>segment at<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> end <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>he perio<span class=\"_ _2\"></span>d 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2021<span class=\"_ _2\"></span> </span> Var. 22/<span class=\"_ _2\"></span>21 <span class=\"fc7 sc0\"> </span>Market pul<span class=\"_ _0\"></span>p 262  254  8 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>UWF 1,801  1,778  23 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Ti<span class=\"_ _0\"></span>ssue 410  383  27 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Other 773  735  38 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>3,246  3,150  96 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-164-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Short-term emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>enefits<span class=\"_ _2\"></span> Acquired ri<span class=\"_ _2\"></span>ghts - ho<span class=\"_ _2\"></span>lida<span class=\"_ _2\"></span>ys and hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owanc<span class=\"_ _2\"></span>e In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ollecti<span class=\"_ _2\"></span>ve la<span class=\"_ _2\"></span>bour agreem<span class=\"_ _2\"></span>ent a<span class=\"_ _2\"></span>pplicabl<span class=\"_ _2\"></span>e to The N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. as well<span class=\"_ _2\"></span> as under <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>greement c<span class=\"_ _2\"></span>elebra<span class=\"_ _2\"></span>ted with <span class=\"_ _2\"></span>the L<span class=\"_ _2\"></span>abour Unions<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up comp<span class=\"_ _2\"></span>anies are entitled <span class=\"_ _2\"></span>to a 2<span class=\"_ _2\"></span>5 worki<span class=\"_ _2\"></span>ng days <span class=\"_ _2\"></span>leave, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as to a <span class=\"_ _2\"></span>month\u2019<span class=\"_ _2\"></span>s hol<span class=\"_ _2\"></span>iday all<span class=\"_ _2\"></span>owance.<span class=\"ff1\"> </span>Productivi<span class=\"_ _2\"></span>ty bonus<span class=\"_ _2\"></span> In 2022<span class=\"_ _2\"></span>, the Gro<span class=\"_ _2\"></span>up intro<span class=\"_ _2\"></span>duced a P<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity <span class=\"_ _2\"></span>bonus i<span class=\"_ _2\"></span>n addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the normal bon<span class=\"_ _2\"></span>us p<span class=\"_ _2\"></span>aid to employees<span class=\"_ _2\"></span>. The ai<span class=\"_ _2\"></span>m of thi<span class=\"_ _2\"></span>s bonus<span class=\"_ _2\"></span> is to f<span class=\"_ _2\"></span>ocus on <span class=\"_ _2\"></span>increasi<span class=\"_ _2\"></span>ng produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty and prof<span class=\"_ _2\"></span>itabi<span class=\"_ _2\"></span>lity, <span class=\"_ _2\"></span>which are criti<span class=\"_ _2\"></span>cal and <span class=\"_ _2\"></span>fundament<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>prerequisi<span class=\"_ _2\"></span>tes for co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nued in<span class=\"_ _2\"></span>vestment i<span class=\"_ _2\"></span>n busin<span class=\"_ _2\"></span>ess gro<span class=\"_ _2\"></span>wth and sustain<span class=\"_ _2\"></span>able improv<span class=\"_ _2\"></span>ements <span class=\"_ _2\"></span>in sal<span class=\"_ _2\"></span>aries and <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts. Thus<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>he Producti<span class=\"_ _2\"></span>vity Bonus <span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>the achievemen<span class=\"_ _2\"></span>t of produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> levels a<span class=\"_ _2\"></span>t chal<span class=\"_ _2\"></span>lenging <span class=\"_ _2\"></span>threshol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>corresponding <span class=\"_ _2\"></span>to di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>t level<span class=\"_ _2\"></span>s of remunera<span class=\"_ _2\"></span>tion, bas<span class=\"_ _2\"></span>ed on a b<span class=\"_ _2\"></span>asic<span class=\"_ _2\"></span> monthly s<span class=\"_ _2\"></span>alary. Bonuses Accordin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the current <span class=\"_ _2\"></span>Performan<span class=\"_ _2\"></span>ce Mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>Syste<span class=\"_ _2\"></span>m (<span class=\"ff9\">Si<span class=\"_ _0\"></span>stema d<span class=\"_ _2\"></span>e Gest<span class=\"_ _2\"></span>\u00e3o de </span>Desempenho<span class=\"ff1\">), <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es hav<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>right <span class=\"_ _2\"></span>to a bonus, <span class=\"_ _2\"></span>based o<span class=\"_ _2\"></span>n annuall<span class=\"_ _2\"></span>y defined o<span class=\"_ _2\"></span>bjec<span class=\"_ _2\"></span>tives. <span class=\"_ _2\"></span>The </span>entitlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>this bonus<span class=\"_ _2\"></span> is u<span class=\"_ _2\"></span>sually <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>year <span class=\"_ _2\"></span>preceding i<span class=\"_ _2\"></span>ts p<span class=\"_ _2\"></span>ayment. These li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e year i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>the Empl<span class=\"_ _2\"></span>oyees acquir<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>e respecti<span class=\"_ _2\"></span>ve ri<span class=\"_ _2\"></span>ght, against th<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement and i<span class=\"_ _2\"></span>rrespec<span class=\"_ _2\"></span>tive of <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te o<span class=\"_ _2\"></span>f payment, <span class=\"_ _2\"></span>whil<span class=\"_ _2\"></span>st the bal<span class=\"_ _2\"></span>ance payable <span class=\"_ _2\"></span>at the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n is <span class=\"_ _2\"></span>shown under the caption <span class=\"_ _2\"></span>Payables <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>ther cur<span class=\"_ _2\"></span>rent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. Benefits <span class=\"_ _2\"></span>arising <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> employmen<span class=\"_ _2\"></span>t The benefi<span class=\"_ _2\"></span>ts arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>termina<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of emplo<span class=\"_ _2\"></span>yment are <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecognised wh<span class=\"_ _2\"></span>en the G<span class=\"_ _2\"></span>roup can <span class=\"_ _2\"></span>no longer wi<span class=\"_ _2\"></span>thdraw <span class=\"_ _2\"></span>the offe<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>such benefi<span class=\"_ _2\"></span>ts o<span class=\"_ _2\"></span>r in whi<span class=\"_ _2\"></span>ch the <span class=\"_ _2\"></span>Group recogni<span class=\"_ _2\"></span>ses <span class=\"_ _2\"></span>the cost o<span class=\"_ _2\"></span>f restruc<span class=\"_ _2\"></span>turing un<span class=\"_ _2\"></span>der the <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>ions reco<span class=\"_ _2\"></span>rding. <span class=\"_ _2\"></span>Benefi<span class=\"_ _2\"></span>ts due <span class=\"_ _2\"></span>more than 12 <span class=\"_ _2\"></span>months af<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>e en<span class=\"_ _2\"></span>d of the <span class=\"_ _2\"></span>reporting <span class=\"_ _2\"></span>period a<span class=\"_ _2\"></span>re dis<span class=\"_ _2\"></span>counted <span class=\"_ _2\"></span>to thei<span class=\"_ _2\"></span>r presen<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue.<span class=\"ff4\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined benef<span class=\"_ _2\"></span>it plan<span class=\"_ _2\"></span> Some of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidi<span class=\"_ _2\"></span>aries ha<span class=\"_ _2\"></span>ve assume<span class=\"_ _2\"></span>d the commi<span class=\"_ _2\"></span>tment to <span class=\"_ _2\"></span>make pa<span class=\"_ _2\"></span>yments <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>eir employees i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>form of<span class=\"_ _2\"></span> complemen<span class=\"_ _2\"></span>tary re<span class=\"_ _2\"></span>tiremen<span class=\"_ _2\"></span>t pe<span class=\"_ _0\"></span>nsi<span class=\"_ _2\"></span>ons, di<span class=\"_ _2\"></span>sabili<span class=\"_ _2\"></span>ty, early <span class=\"_ _2\"></span>retir<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>and survivors\u2019<span class=\"_ _2\"></span> pensi<span class=\"_ _2\"></span>ons, havi<span class=\"_ _2\"></span>ng cons<span class=\"_ _2\"></span>titut<span class=\"_ _2\"></span>ed defi<span class=\"_ _2\"></span>ned<span class=\"_ _0\"></span><span class=\"ff1\">-benefi<span class=\"_ _2\"></span>t pl<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>. </span>The Group s<span class=\"_ _2\"></span>et up <span class=\"_ _2\"></span>autonomous<span class=\"_ _2\"></span> pension <span class=\"_ _2\"></span>funds as <span class=\"_ _2\"></span>a means<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>of fundi<span class=\"_ _2\"></span>ng most of<span class=\"_ _2\"></span> the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Based on th<span class=\"_ _2\"></span>e proj<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit u<span class=\"_ _2\"></span>nit me<span class=\"_ _2\"></span>thod, the G<span class=\"_ _2\"></span>roup rec<span class=\"_ _2\"></span>ogni<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>es the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>attributi<span class=\"_ _2\"></span>on of these <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts as <span class=\"_ _2\"></span>the ser<span class=\"_ _2\"></span>vices ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>vided by <span class=\"_ _2\"></span>the em<span class=\"_ _2\"></span>ployees. <span class=\"_ _2\"></span>The total <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity is<span class=\"_ _2\"></span> estima<span class=\"_ _2\"></span>ted separatel<span class=\"_ _2\"></span>y for <span class=\"_ _2\"></span>each plan<span class=\"_ _2\"></span> at l<span class=\"_ _2\"></span>east once <span class=\"_ _2\"></span>every s<span class=\"_ _2\"></span>ix mon<span class=\"_ _2\"></span>ths, o<span class=\"_ _2\"></span>n the da<span class=\"_ _2\"></span>te of c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng of the i<span class=\"_ _2\"></span>nteri<span class=\"_ _2\"></span>m and annual<span class=\"_ _2\"></span> accoun<span class=\"_ _2\"></span>ts, by a s<span class=\"_ _2\"></span>pecial<span class=\"_ _2\"></span>ised and i<span class=\"_ _2\"></span>ndepen<span class=\"_ _2\"></span>dent en<span class=\"_ _2\"></span>tity<span class=\"_ _2\"></span>. The liabi<span class=\"_ _2\"></span>lity thus<span class=\"_ _2\"></span> det<span class=\"_ _2\"></span>ermined is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n, less <span class=\"_ _2\"></span>the fair val<span class=\"_ _2\"></span>ue of <span class=\"_ _2\"></span>the fun<span class=\"_ _2\"></span>ds s<span class=\"_ _2\"></span>et up, und<span class=\"_ _2\"></span>er Pensi<span class=\"_ _2\"></span>on li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties. Actuarial<span class=\"_ _2\"></span> deviati<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>rom ch<span class=\"_ _2\"></span>anges in th<span class=\"_ _2\"></span>e value <span class=\"_ _2\"></span>of esti<span class=\"_ _2\"></span>mated l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities, as <span class=\"_ _2\"></span>a consequence <span class=\"_ _2\"></span>of chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and demo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns used an<span class=\"_ _2\"></span>d experi<span class=\"_ _2\"></span>ence gains, ad<span class=\"_ _2\"></span>ded to<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>tial bet<span class=\"_ _2\"></span>ween the ac<span class=\"_ _2\"></span>tual<span class=\"_ _2\"></span> return <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>fund assets an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed share of<span class=\"_ _2\"></span> net in<span class=\"_ _2\"></span>terest, <span class=\"_ _2\"></span>are d<span class=\"_ _2\"></span>esignat<span class=\"_ _2\"></span>ed as r<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>-measurem<span class=\"_ _2\"></span>ents <span class=\"_ _2\"></span>and recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectl<span class=\"_ _2\"></span>y in the statement <span class=\"_ _2\"></span>of compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome, under <span class=\"_ _2\"></span>retaine<span class=\"_ _2\"></span>d earni<span class=\"_ _2\"></span>ngs. Net inter<span class=\"_ _2\"></span>est cor<span class=\"_ _2\"></span>respon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of the di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span> rate <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>net l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities (value of<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es less <span class=\"_ _2\"></span>the fair v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f fund as<span class=\"_ _2\"></span>sets) <span class=\"_ _2\"></span>and<span class=\"_ _0\"></span> i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome stat<span class=\"_ _2\"></span>ement for the p<span class=\"_ _2\"></span>eriod u<span class=\"_ _2\"></span>nder Pay<span class=\"_ _2\"></span>roll<span class=\"_ _2\"></span> costs. The gains an<span class=\"_ _2\"></span>d l<span class=\"_ _2\"></span>osses gene<span class=\"_ _2\"></span>rated b<span class=\"_ _2\"></span>y a cur<span class=\"_ _2\"></span>tail<span class=\"_ _2\"></span>ment or se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f a defi<span class=\"_ _2\"></span>ned-benefit <span class=\"_ _2\"></span>plan <span class=\"_ _2\"></span>are recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _2\"></span>t for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod when <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>he curtail<span class=\"_ _2\"></span>ment or <span class=\"_ _2\"></span>settlemen<span class=\"_ _2\"></span>t occurs. A curtail<span class=\"_ _2\"></span>ment occurs <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>ere is <span class=\"_ _2\"></span>a ma<span class=\"_ _2\"></span>terial re<span class=\"_ _2\"></span>duction i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he number of <span class=\"_ _2\"></span>emplo<span class=\"_ _2\"></span>yees. Costs <span class=\"_ _2\"></span>for past l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities resu<span class=\"_ _2\"></span>lting f<span class=\"_ _2\"></span>rom the <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new plan or <span class=\"_ _2\"></span>incre<span class=\"_ _2\"></span>ases in<span class=\"_ _2\"></span> benefi<span class=\"_ _2\"></span>ts attribu<span class=\"_ _2\"></span>ted are <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d imm<span class=\"_ _2\"></span>ediately i<span class=\"_ _2\"></span>n the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>tement f<span class=\"_ _2\"></span>or t<span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d. Post-employme<span class=\"_ _2\"></span>nt bene<span class=\"_ _2\"></span>fits - de<span class=\"_ _2\"></span>fined contrib<span class=\"_ _2\"></span>ution<span class=\"_ _2\"></span> plan Most of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p subsidia<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>assumed comm<span class=\"_ _2\"></span>itments <span class=\"_ _2\"></span>reg<span class=\"_ _2\"></span>arding pa<span class=\"_ _2\"></span>yments to <span class=\"_ _2\"></span>a defi<span class=\"_ _2\"></span>ned contributi<span class=\"_ _2\"></span>on plan <span class=\"_ _2\"></span>in a pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>tage of <span class=\"_ _2\"></span>the empl<span class=\"_ _2\"></span>oyees\u2019 sal<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span>, in o<span class=\"_ _2\"></span>rder to pro<span class=\"_ _2\"></span>vide r<span class=\"_ _2\"></span>etir<span class=\"_ _2\"></span>ement, disabil<span class=\"_ _2\"></span>ity, earl<span class=\"_ _2\"></span>y <span class=\"ff8\">retirem<span class=\"_ _2\"></span>ent an<span class=\"_ _2\"></span>d survivo<span class=\"_ _2\"></span>rs\u2019 pensi<span class=\"_ _2\"></span>ons.<span class=\"ff1\"> </span></span>To this <span class=\"_ _2\"></span>end, Pensi<span class=\"_ _2\"></span>on Funds <span class=\"_ _2\"></span>have b<span class=\"_ _2\"></span>een se<span class=\"_ _2\"></span>t up <span class=\"_ _2\"></span>to capital<span class=\"_ _2\"></span>ise <span class=\"_ _2\"></span>on thos<span class=\"_ _2\"></span>e contribu<span class=\"_ _2\"></span>tions, <span class=\"_ _2\"></span>for which employees ma<span class=\"_ _2\"></span>y stil<span class=\"_ _2\"></span>l make <span class=\"_ _2\"></span>voluntar<span class=\"_ _2\"></span>y contri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns, but <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>which the Gro<span class=\"_ _2\"></span>up does<span class=\"_ _2\"></span> not assum<span class=\"_ _2\"></span>e any addi<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> contributi<span class=\"_ _2\"></span>on res<span class=\"_ _2\"></span>ponsibil<span class=\"_ _2\"></span>ities o<span class=\"_ _2\"></span>r a pre-fi<span class=\"_ _2\"></span>xed r<span class=\"_ _2\"></span>eturn. Thus<span class=\"_ _2\"></span>, the co<span class=\"_ _2\"></span>ntribu<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>s made are reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>expenses o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d in whic<span class=\"_ _2\"></span>h they ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>ed, regardl<span class=\"_ _2\"></span>ess of <span class=\"_ _2\"></span>the ti<span class=\"_ _2\"></span>me of their se<span class=\"_ _2\"></span>ttlemen<span class=\"_ _2\"></span>t. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-173-2": {
   "value": "7.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Remunerat<span class=\"_ _2\"></span>ion o<span class=\"_ _2\"></span>f key man<span class=\"_ _2\"></span>agem<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>personne<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> </span></span>Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Corpor<span class=\"_ _0\"></span>ate Bodies<span class=\"_ _0\"></span>   <span class=\"ls0\">Board of Di<span class=\"_ _0\"></span>rectors </span>2,<span class=\"ls0\">980,65<span class=\"_ _0\"></span>2  </span>2,978,880    <span class=\"ls0\">Superviso<span class=\"_ _0\"></span>ry Board<span class=\"_ _0\"></span> </span>53,998  53,998 <span class=\"_ _0\"></span>   <span class=\"ls0\">Envi<span class=\"_ _0\"></span>ronmental Counci<span class=\"_ _0\"></span>l </span>15,250  33,500 <span class=\"_ _0\"></span>   <span class=\"ls0\">General Meeti<span class=\"_ _0\"></span>ng </span>7,000  4,000  3,<span class=\"ls1c\">056</span>,<span class=\"ls1c\">900</span> <span class=\"_ _2\"></span> 3,070,<span class=\"ls1c\">378</span>   Corporate Bodi<span class=\"_ _0\"></span>es of other Group c<span class=\"_ _0\"></span>ompanies <span class=\"_ _1\"></span> 296<span class=\"ls0\">,</span>088<span class=\"ls0\"> <span class=\"_ _2\"></span> </span>288<span class=\"_ _0\"></span>,511 <span class=\"fc5\"> </span>Total (Note 7.1)<span class=\"_ _0\"></span> 3,352,98<span class=\"_ _0\"></span>8  3,358,88<span class=\"_ _0\"></span>9  Remuner<span class=\"_ _2\"></span>ation of the memb<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>f the Boar<span class=\"_ _2\"></span>d of Dir<span class=\"_ _2\"></span>ectors Full<span class=\"_ _2\"></span> details <span class=\"_ _2\"></span>of the remun<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>tion pol<span class=\"_ _2\"></span>icy for <span class=\"_ _2\"></span>the members <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Navigator's <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Direc<span class=\"_ _2\"></span>tors ar<span class=\"_ _2\"></span>e describe<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's Corpora<span class=\"_ _2\"></span>te Gov<span class=\"_ _2\"></span>ernanc<span class=\"_ _2\"></span>e Repor<span class=\"_ _2\"></span>t. Regarding <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits, <span class=\"_ _2\"></span>as at <span class=\"_ _2\"></span>31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span>, the amount of<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es rela<span class=\"_ _2\"></span>ted to post em<span class=\"_ _2\"></span>ploymen<span class=\"_ _2\"></span>t ben<span class=\"_ _2\"></span>efit plans<span class=\"_ _2\"></span>, in r<span class=\"_ _2\"></span>espect <span class=\"_ _2\"></span>of one Bo<span class=\"_ _2\"></span>ard<span class=\"_ _2\"></span> Member of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup, amo<span class=\"_ _2\"></span>unted to Euro 82<span class=\"_ _2\"></span>7,005 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>956,764)<span class=\"_ _2\"></span>. In <span class=\"_ _2\"></span>addi<span class=\"_ _2\"></span>tion, thre<span class=\"_ _2\"></span>e of the cu<span class=\"_ _2\"></span>rren<span class=\"_ _2\"></span>t Board Members ar<span class=\"_ _2\"></span>e members<span class=\"_ _2\"></span> of pensi<span class=\"_ _2\"></span>on plans<span class=\"_ _2\"></span> of Navi<span class=\"_ _2\"></span>gator B<span class=\"_ _2\"></span>ran<span class=\"_ _2\"></span>ds, S.A.<span class=\"_ _2\"></span>, a subsi<span class=\"_ _2\"></span>diary <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Company, as <span class=\"_ _2\"></span>Empl<span class=\"_ _2\"></span>oyees of t<span class=\"_ _2\"></span>hat compan<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>before jo<span class=\"_ _2\"></span>ining <span class=\"_ _2\"></span>management pos<span class=\"_ _2\"></span>itions. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, with <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>pect to the <span class=\"_ _2\"></span>members of<span class=\"_ _2\"></span> the Boa<span class=\"_ _2\"></span>rd of Directors <span class=\"_ _2\"></span>of Navi<span class=\"_ _2\"></span>gator<span class=\"_ _2\"></span>, there <span class=\"_ _2\"></span>were no<span class=\"_ _2\"></span>: i) ad<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span>es all<span class=\"_ _2\"></span>ocated to o<span class=\"_ _2\"></span>ther lo<span class=\"_ _2\"></span>ng-term benefits<span class=\"_ _2\"></span>, ii<span class=\"_ _2\"></span>) benefits <span class=\"_ _2\"></span>arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _2\"></span>terminati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>employme<span class=\"_ _2\"></span>nt, ii<span class=\"_ _2\"></span>i) paym<span class=\"_ _2\"></span>ents bas<span class=\"_ _2\"></span>ed on all<span class=\"_ _2\"></span>ocated shares, an<span class=\"_ _2\"></span>d iv) o<span class=\"_ _2\"></span>utstan<span class=\"_ _2\"></span>ding bal<span class=\"_ _2\"></span>ances<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-174-2": {
   "value": "8.<span class=\"ff7 ls0\"> <span class=\"_ _90\"> </span><span class=\"ff4\">Finan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>instru<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s </span></span>8.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _2\"></span> mana<span class=\"_ _2\"></span>ge<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent </span></span>The Company<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the le<span class=\"_ _2\"></span>vel of the N<span class=\"_ _2\"></span>aviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, has <span class=\"_ _2\"></span>a ri<span class=\"_ _2\"></span>sk<span class=\"_ _0\"></span>-management <span class=\"_ _2\"></span>progr<span class=\"_ _2\"></span>am, which focus<span class=\"_ _2\"></span>es its an<span class=\"_ _2\"></span>alysis <span class=\"_ _2\"></span>on the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>view to<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>tigate the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> advers<span class=\"_ _2\"></span>e effects <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al perform<span class=\"_ _2\"></span>ance. R<span class=\"_ _2\"></span>isk man<span class=\"_ _2\"></span>agement is<span class=\"_ _2\"></span> u<span class=\"_ _2\"></span>ndertaken <span class=\"_ _2\"></span>by the Grou<span class=\"_ _2\"></span>p's Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Management i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>poli<span class=\"_ _2\"></span>cies appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>recto<span class=\"_ _2\"></span>rs and moni<span class=\"_ _2\"></span>tored by the <span class=\"_ _2\"></span>Risks an<span class=\"_ _2\"></span>d Control <span class=\"_ _2\"></span>Commis<span class=\"_ _2\"></span>sion. The Company <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>ts a proac<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>pproach <span class=\"_ _2\"></span>to risk man<span class=\"_ _2\"></span>age<span class=\"_ _2\"></span>ment, as <span class=\"_ _2\"></span>a way to <span class=\"_ _2\"></span>mitigate th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al adve<span class=\"_ _2\"></span>rse effec<span class=\"_ _2\"></span>ts asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with tho<span class=\"_ _2\"></span>se risks<span class=\"_ _2\"></span>, nam<span class=\"_ _2\"></span>ely the fo<span class=\"_ _2\"></span>reign <span class=\"_ _2\"></span>exchange <span class=\"_ _2\"></span>rate <span class=\"_ _2\"></span>risk and interes<span class=\"_ _2\"></span>t rate ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> 8.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Currency ri<span class=\"_ _2\"></span>sk Currency<span class=\"_ _2\"></span> risk manag<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent policy<span class=\"_ _2\"></span> A signif<span class=\"_ _0\"></span>icant<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of the N<span class=\"_ _0\"></span>avig<span class=\"_ _0\"></span>ator Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s sale<span class=\"_ _0\"></span>s is pri<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> in curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ies <span class=\"_ _0\"></span><span class=\"ff1\">ot<span class=\"_ _0\"></span>her t<span class=\"_ _0\"></span>han the<span class=\"_ _0\"></span> Euro,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span>fore<span class=\"_ _0\"></span> its ev<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ion </span>can have<span class=\"_ _0\"></span> a s<span class=\"_ _0\"></span>ignificant<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>mpact o<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>he cas<span class=\"_ _0\"></span>h flows<span class=\"_ _0\"></span> obta<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>from the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span>'s f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> sale<span class=\"_ _0\"></span>s, with t<span class=\"_ _0\"></span>he curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span> w<span class=\"_ _0\"></span>ith the<span class=\"_ _0\"></span> greatest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>ing the U<span class=\"_ _0\"></span>SD. A<span class=\"_ _0\"></span>lso, <span class=\"_ _0\"></span>sales<span class=\"_ _0\"></span> in GB<span class=\"_ _0\"></span>P, P<span class=\"_ _0\"></span>LN and<span class=\"_ _0\"></span> CHF h<span class=\"_ _0\"></span>ave <span class=\"_ _0\"></span>some we<span class=\"_ _0\"></span>ight,<span class=\"_ _0\"></span> hav<span class=\"_ _0\"></span>ing sal<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span> other currenc<span class=\"_ _0\"></span>ies less<span class=\"_ _0\"></span> expre<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion.<span class=\"_ _0\"></span> Purchas<span class=\"_ _0\"></span>es of s<span class=\"_ _0\"></span>ome raw<span class=\"_ _0\"></span> mater<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ls are<span class=\"_ _0\"></span> also <span class=\"_ _0\"></span>made<span class=\"_ _0\"></span> in US<span class=\"_ _0\"></span>D, <span class=\"_ _0\"></span>namely p<span class=\"_ _0\"></span>art <span class=\"_ _0\"></span>of wo<span class=\"_ _0\"></span>od and <span class=\"_ _0\"></span>long<span class=\"_ _1\"></span>-fibre<span class=\"_ _0\"></span> pu<span class=\"_ _0\"></span>lp import<span class=\"_ _0\"></span>s <span class=\"_ _0\"></span>of wo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> and acqu<span class=\"_ _0\"></span>isit<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>f long<span class=\"_ _0\"></span>-fibre<span class=\"_ _0\"></span> pu<span class=\"_ _0\"></span>lp. T<span class=\"_ _0\"></span>herefore, <span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>nges <span class=\"_ _0\"></span>in USD <span class=\"_ _0\"></span>may <span class=\"_ _0\"></span>have<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>ct <span class=\"_ _0\"></span>on acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion val<span class=\"_ _0\"></span>ues.<span class=\"_ _1\"></span> In add<span class=\"_ _0\"></span>ition,<span class=\"_ _0\"></span> once<span class=\"_ _0\"></span> a sa<span class=\"_ _0\"></span>le or purc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>se is ma<span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>in a curr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y other th<span class=\"_ _0\"></span>an t<span class=\"_ _0\"></span>he Eur<span class=\"_ _0\"></span>o, the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> be<span class=\"_ _0\"></span>comes <span class=\"_ _0\"></span>expo<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>o exchange<span class=\"_ _0\"></span> rate r<span class=\"_ _0\"></span>isk u<span class=\"_ _0\"></span>ntil t<span class=\"_ _0\"></span>he rece<span class=\"_ _0\"></span>ipt <span class=\"_ _0\"></span>or payme<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>f su<span class=\"_ _0\"></span>ch s<span class=\"_ _0\"></span>ale or pur<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>se, if n<span class=\"_ _0\"></span>o hedg<span class=\"_ _0\"></span>ing <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s are <span class=\"_ _0\"></span>in p<span class=\"_ _0\"></span>lace. As a res<span class=\"_ _0\"></span>ult, ther<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>is a sign<span class=\"_ _0\"></span>ificant <span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ber of<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s and debt<span class=\"_ _0\"></span>s pay<span class=\"_ _0\"></span>able,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> latter w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> lesse<span class=\"_ _0\"></span>r expre<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on, exposed<span class=\"_ _0\"></span> to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate<span class=\"_ _0\"></span> risk. <span class=\"_ _0\"></span> Use of <span class=\"_ _0\"></span>deriva<span class=\"_ _0\"></span>tive fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstrum<span class=\"_ _0\"></span>ents<span class=\"_ _1\"></span> The Group<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>s fore<span class=\"_ _0\"></span>ign exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risk<span class=\"_ _0\"></span>s by<span class=\"_ _0\"></span> using de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vative f<span class=\"_ _0\"></span>inanc<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, <span class=\"_ _0\"></span>in accord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith a p<span class=\"_ _0\"></span>olicy<span class=\"_ _1\"></span> that is s<span class=\"_ _0\"></span>ubject<span class=\"_ _0\"></span> to per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>ic rev<span class=\"_ _0\"></span>iew and w<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>urpose <span class=\"_ _0\"></span>is t<span class=\"_ _0\"></span>o lim<span class=\"_ _0\"></span>it the exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e r<span class=\"_ _0\"></span>isk asso<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>iated with<span class=\"_ _0\"></span> future<span class=\"_ _0\"></span> sale<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d purchase<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>counts<span class=\"_ _0\"></span> receivab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> and payab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> and ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r assets<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich are<span class=\"_ _0\"></span> de<span class=\"_ _0\"></span>nominate<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncies<span class=\"_ _0\"></span> other t<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span> the Euro.<span class=\"_ _0\"></span> In the per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s prese<span class=\"_ _0\"></span>nted,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> hold<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>rivative<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at are hedg<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> exchang<span class=\"_ _0\"></span>e rate<span class=\"_ _0\"></span> r<span class=\"_ _0\"></span>isk of f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> operati<span class=\"_ _0\"></span>ons in curren<span class=\"_ _0\"></span>cies <span class=\"_ _0\"></span>other tha<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>he pre<span class=\"_ _0\"></span>sentat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span> curren<span class=\"_ _0\"></span>cy (see <span class=\"_ _0\"></span>Note 8.2<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Der<span class=\"_ _0\"></span>ivativ<span class=\"_ _0\"></span>e finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> instrume<span class=\"_ _0\"></span>nts).<span class=\"_ _1\"></span> Expo<span class=\"_ _2\"></span>sure of<span class=\"_ _2\"></span> fina<span class=\"_ _2\"></span>ncial a<span class=\"_ _2\"></span>ssets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s t<span class=\"_ _2\"></span>o ex<span class=\"_ _2\"></span>change<span class=\"_ _2\"></span> rate r<span class=\"_ _2\"></span>isk a<span class=\"_ _2\"></span>nd se<span class=\"_ _2\"></span>nsitiv<span class=\"_ _2\"></span>ity a<span class=\"_ _2\"></span>nalysi<span class=\"_ _2\"></span>s  South  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span>  Polish <span class=\"fc7 sc0\"> </span> Turkish <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Swiss <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Mozambi<span class=\"_ _0\"></span>can  Moroc<span class=\"_ _0\"></span>can African  Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 dollar <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>poun<span class=\"_ _0\"></span>d  zloti <span class=\"fc7 sc0\"> </span>lira <span class=\"fc7 sc0\"> </span>franc <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>metical <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>dirham <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>rand  (Euro) <span class=\"_ _0\"></span> Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 669,343  920,577  628,521  277,417  60,783  69,989,502 <span class=\"_ _0\"></span> 528,284  40,922  3,033,736  Receivables<span class=\"_ _0\"></span> 121,178,751  27,203,259 <span class=\"_ _0\"></span> 22,284,073 <span class=\"_ _0\"></span> 124,322  3,171,682  119,228,330  -  -  158,098,615  Total financial as<span class=\"_ _0\"></span>sets 121<span class=\"_ _0\"></span>,848,094<span class=\"_ _0\"></span>  28,123<span class=\"_ _0\"></span>,836  22,912<span class=\"_ _0\"></span>,594  401<span class=\"_ _0\"></span>,739  3,232,46<span class=\"_ _0\"></span>5  189<span class=\"_ _0\"></span>,217,832<span class=\"_ _0\"></span>  528<span class=\"_ _0\"></span>,284  40,922<span class=\"_ _0\"></span>  161<span class=\"_ _0\"></span>,132,351<span class=\"_ _0\"></span>  Loans Payables<span class=\"_ _0\"></span> (270,975) (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>83)<span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>10)<span class=\"_ _0\"></span> (30<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>85)<span class=\"_ _0\"></span> (98<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>03)<span class=\"_ _0\"></span> (1,373,124) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  (270<span class=\"_ _0\"></span>,975) (11,08<span class=\"_ _0\"></span>3) (22,91<span class=\"_ _0\"></span>0) (30,68<span class=\"_ _0\"></span>5) -  (98,20<span class=\"_ _0\"></span>3) -  (1,373<span class=\"_ _0\"></span>,124) Financial net position i<span class=\"_ _0\"></span>n foreign 121<span class=\"_ _0\"></span>,848,094<span class=\"_ _0\"></span>  27,852<span class=\"_ _0\"></span>,861  22,901<span class=\"_ _0\"></span>,511  378<span class=\"_ _0\"></span>,829  3,201,78<span class=\"_ _0\"></span>0  189<span class=\"_ _0\"></span>,217,832<span class=\"_ _0\"></span>  430<span class=\"_ _0\"></span>,081  40,922<span class=\"_ _0\"></span>  159<span class=\"_ _0\"></span>,759,227<span class=\"_ _0\"></span>  currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 117<span class=\"_ _0\"></span>,308,264<span class=\"_ _0\"></span>  32,454<span class=\"_ _0\"></span>,977  4,882,63<span class=\"_ _0\"></span>5  21,870<span class=\"_ _0\"></span>  3,214,63<span class=\"_ _0\"></span>9  2,847,30<span class=\"_ _0\"></span>8  40,715<span class=\"_ _0\"></span>  2,405  160<span class=\"_ _0\"></span>,772,812<span class=\"_ _0\"></span>  Impact of +10%<span class=\"_ _0\"></span> change in all <span class=\"_ _0\"></span>exchange rat<span class=\"_ _0\"></span>es on results fo<span class=\"_ _0\"></span>r the period<span class=\"_ _1\"></span> 9,305,76<span class=\"_ _0\"></span>0  Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange r<span class=\"_ _0\"></span>ates on results fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (11,37<span class=\"_ _0\"></span>3,706)  South  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span>  Polish <span class=\"fc7 sc0\"> </span> Turkish <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Swiss <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Mozambi<span class=\"_ _0\"></span>can  Moroc<span class=\"_ _0\"></span>can African  Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 dollar <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>poun<span class=\"_ _0\"></span>d <span class=\"fc0\"> </span>zloti <span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>lira <span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>franc <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>metical <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>dirham <span class=\"_ _0\"></span><span class=\"fc0\"><span class=\"fc7 sc0\"> </span></span>rand <span class=\"fc0\"> </span>(Euro) <span class=\"_ _0\"></span><span class=\"fc0\"> </span>Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 3,392,118 <span class=\"fc5\"> </span>442,905 <span class=\"fc5\"> </span>546,861 <span class=\"fc5\"> </span>102,302 <span class=\"fc5\"> </span>117,265 <span class=\"fc5\"> </span>10,352,877 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>651,982 <span class=\"fc5\"> </span>40,922 <span class=\"fc5\"> </span>3,968,677 <span class=\"fc5\"> </span>Receivables<span class=\"_ _0\"></span> 63,112,114 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>7,550,211 <span class=\"fc5\"> </span>6,306,245 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>1,498,477 <span class=\"fc5\"> </span>3,588,455 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>67,580,500 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>Total financial as<span class=\"_ _0\"></span>sets 66,504<span class=\"_ _0\"></span>,232 <span class=\"fc5\"> </span>7,993,11<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>6,853,10<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>102<span class=\"_ _0\"></span>,302 <span class=\"fc5\"> </span>1,615,74<span class=\"_ _0\"></span>2 <span class=\"fc5\"> </span>13,941<span class=\"_ _0\"></span>,332 <span class=\"fc5\"> </span>651<span class=\"_ _0\"></span>,982 <span class=\"fc5\"> </span>40,922<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>71,549<span class=\"_ _0\"></span>,177 <span class=\"fc5\"> </span>Loans Payables<span class=\"_ _0\"></span> (4,349,239) (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>25)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>(12<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>(1,312)<span class=\"fc5\"> </span>(4,062)<span class=\"fc5\"> </span>(6,579,943)<span class=\"fc5\"> </span>(71<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>00)<span class=\"_ _0\"></span><span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>(3,979,758)<span class=\"fc5\"> </span>Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (4,349<span class=\"_ _0\"></span>,239)<span class=\"fc5\"> </span>(24,52<span class=\"_ _0\"></span>5)<span class=\"fc5\"> </span>(12,18<span class=\"_ _0\"></span>0)<span class=\"fc5\"> </span>(1,312<span class=\"_ _0\"></span>)<span class=\"fc5\"> </span>(4,062<span class=\"_ _0\"></span>)<span class=\"fc5\"> </span>(6,579<span class=\"_ _0\"></span>,943)<span class=\"fc5\"> </span>(71,00<span class=\"_ _0\"></span>0)<span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>(3,979<span class=\"_ _0\"></span>,758)<span class=\"fc5\"> </span>Financial net position i<span class=\"_ _0\"></span>n foreign 62,154<span class=\"_ _0\"></span>,993 <span class=\"fc5\"> </span>7,968,59<span class=\"_ _0\"></span>0 <span class=\"fc5\"> </span>6,840,92<span class=\"_ _0\"></span>7 <span class=\"fc5\"> </span>100<span class=\"_ _0\"></span>,990 <span class=\"fc5\"> </span>1,611,68<span class=\"_ _0\"></span>0 <span class=\"fc5\"> </span>7,361,38<span class=\"_ _0\"></span>9 <span class=\"fc5\"> </span>580<span class=\"_ _0\"></span>,982 <span class=\"fc5\"> </span>40,922<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>67,569<span class=\"_ _0\"></span>,419 <span class=\"fc5\"> </span>currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 54,878<span class=\"_ _0\"></span>,150 <span class=\"fc5\"> </span>9,483,25<span class=\"_ _0\"></span>6 <span class=\"fc5\"> </span>1,488,16<span class=\"_ _0\"></span>1 <span class=\"fc5\"> </span>6,629 <span class=\"fc5\"> </span>1,560,04<span class=\"_ _0\"></span>3 <span class=\"fc5\"> </span>101<span class=\"_ _0\"></span>,789 <span class=\"fc5\"> </span>55,245<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>2,266 <span class=\"fc5\"> </span>67,569<span class=\"_ _0\"></span>,419 <span class=\"fc5\"> </span>Impact of +10%<span class=\"_ _0\"></span> change in all <span class=\"_ _0\"></span>exchange rat<span class=\"_ _0\"></span>es on results fo<span class=\"_ _0\"></span>r the period<span class=\"_ _1\"></span> 8,223,51<span class=\"_ _0\"></span>2 <span class=\"fc5\"> </span>Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange rate<span class=\"_ _0\"></span>s on results fo<span class=\"_ _0\"></span>r the <span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>riod (10,19<span class=\"_ _0\"></span>9,055)<span class=\"fc5\"> </span>In this <span class=\"_ _2\"></span>Note, th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>disclo<span class=\"_ _2\"></span>ses th<span class=\"_ _2\"></span>e exposure o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>to for<span class=\"_ _2\"></span>eign exchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s. There ar<span class=\"_ _2\"></span>e curr<span class=\"_ _2\"></span>encies<span class=\"_ _2\"></span> in whi<span class=\"_ _2\"></span>ch the Group has<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>rried ou<span class=\"_ _2\"></span>t trans<span class=\"_ _2\"></span>actions <span class=\"_ _2\"></span>but i<span class=\"_ _2\"></span>n which, a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e balance <span class=\"_ _2\"></span>sheet da<span class=\"_ _2\"></span>te, i<span class=\"_ _2\"></span>t does no<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e relevan<span class=\"_ _2\"></span>t foreign <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge exposu<span class=\"_ _2\"></span>res, whic<span class=\"_ _2\"></span>h is <span class=\"_ _2\"></span>why the <span class=\"_ _2\"></span>exch<span class=\"_ _2\"></span>ange rates di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed in not<span class=\"_ _2\"></span>e 1.4.4 are more num<span class=\"_ _2\"></span>erous <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>ies p<span class=\"_ _2\"></span>resented i<span class=\"_ _2\"></span>n this <span class=\"_ _2\"></span>note. 8.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Interest rate <span class=\"_ _2\"></span>risk<span class=\"_ _2\"></span> Interest <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk managem<span class=\"_ _2\"></span>ent p<span class=\"_ _2\"></span>olicy A signif<span class=\"_ _0\"></span>icant<span class=\"_ _0\"></span> share <span class=\"_ _0\"></span>of the<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span>\u2019s f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>st is i<span class=\"_ _0\"></span>ndexed t<span class=\"_ _0\"></span>o sh<span class=\"_ _0\"></span>ort<span class=\"_ _0\"></span><span class=\"ff1\">-t<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span> referen<span class=\"_ _0\"></span>ce <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rates,<span class=\"_ _0\"></span> wh<span class=\"_ _0\"></span>ich </span>are rev<span class=\"_ _0\"></span>iewed mo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span> once a yea<span class=\"_ _0\"></span>r (ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>lly every<span class=\"_ _1\"></span> six mo<span class=\"_ _0\"></span>nths <span class=\"_ _0\"></span>for med<span class=\"_ _0\"></span>ium a<span class=\"_ _0\"></span>nd <span class=\"_ _0\"></span>long<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>m debt).<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>nce<span class=\"ls80\">, </span>changes<span class=\"_ _0\"></span> in inter<span class=\"_ _0\"></span>est <span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span> can have<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>ct on t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>Group\u2019s ear<span class=\"_ _0\"></span>nings.<span class=\"_ _0\"></span> <span class=\"_ _1\"></span><span class=\"ff1\"> </span>The Group<span class=\"_ _0\"></span> per<span class=\"_ _0\"></span>iodic<span class=\"_ _0\"></span>ally<span class=\"_ _0\"></span> review<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s intere<span class=\"_ _0\"></span>st rate r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span> mana<span class=\"_ _0\"></span>gement<span class=\"_ _0\"></span> strategy.<span class=\"_ _1\"></span> In view<span class=\"_ _0\"></span> of the<span class=\"_ _0\"></span> curre<span class=\"_ _0\"></span>nt <span class=\"_ _0\"></span>leve<span class=\"_ _0\"></span>l of intere<span class=\"_ _0\"></span>st rates, we<span class=\"_ _0\"></span> have<span class=\"_ _0\"></span> favou<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ract<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>f fixed<span class=\"_ _0\"></span> rate deb<span class=\"_ _1\"></span>t.<span class=\"_ _0\"></span> Use of <span class=\"_ _0\"></span>deriva<span class=\"_ _0\"></span>tive fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uments<span class=\"_ _1\"></span> When de<span class=\"_ _0\"></span>emed<span class=\"_ _0\"></span> appr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>iate by the<span class=\"_ _0\"></span> Bo<span class=\"_ _0\"></span>ard, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up use<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> deriv<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>8.2), na<span class=\"_ _0\"></span>mely<span class=\"_ _0\"></span> swaps,<span class=\"_ _0\"></span> with th<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rpose <span class=\"_ _0\"></span>of fixi<span class=\"_ _0\"></span>ng the <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>est rate<span class=\"_ _0\"></span> on<span class=\"_ _0\"></span> loans <span class=\"_ _0\"></span>obta<span class=\"_ _0\"></span>ined, wit<span class=\"_ _0\"></span>hin <span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>in para<span class=\"_ _0\"></span>meter<span class=\"_ _0\"></span>s, dee<span class=\"_ _0\"></span>med appropr<span class=\"_ _0\"></span>iate by<span class=\"_ _0\"></span> the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>'s r<span class=\"_ _0\"></span>isk ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icies.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure to <span class=\"_ _2\"></span>intere<span class=\"_ _2\"></span>st <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _2\"></span>y 6<span class=\"_ _2\"></span>% (31 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21: 5%) of<span class=\"_ _2\"></span> the N<span class=\"_ _2\"></span>avigator Group\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities are <span class=\"_ _2\"></span>indexed to <span class=\"_ _2\"></span>short<span class=\"ff1\">-term <span class=\"_ _2\"></span>refer<span class=\"_ _2\"></span>ence in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ates, re<span class=\"_ _2\"></span>vised in <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>ds </span>below one <span class=\"_ _2\"></span>year (usu<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y 6-month ra<span class=\"_ _2\"></span>tes for l<span class=\"_ _2\"></span>ong-te<span class=\"_ _2\"></span>rm debt<span class=\"_ _2\"></span>), plus dul<span class=\"_ _2\"></span>y negoti<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>risk spr<span class=\"_ _2\"></span>eads<span class=\"_ _2\"></span>. Hence, chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>tes can i<span class=\"_ _2\"></span>mpact th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>s earn<span class=\"_ _2\"></span>ings.<span class=\"ff1\"> </span>The Group h<span class=\"_ _2\"></span>as favou<span class=\"_ _2\"></span>red th<span class=\"_ _2\"></span>e contr<span class=\"_ _2\"></span>acting o<span class=\"_ _2\"></span>f fixe<span class=\"_ _2\"></span>d ra<span class=\"_ _2\"></span>te debt <span class=\"_ _2\"></span>and has de<span class=\"_ _2\"></span>rivat<span class=\"_ _0\"></span>iv<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial instruments <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>cover i<span class=\"_ _2\"></span>ts inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate ri<span class=\"_ _2\"></span>sk, namel<span class=\"_ _2\"></span>y inte<span class=\"_ _2\"></span>rest-rate swaps<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the purpos<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> fixi<span class=\"_ _2\"></span>ng the inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e on <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up\u2019s bo<span class=\"_ _2\"></span>rrowin<span class=\"_ _2\"></span>gs within <span class=\"_ _2\"></span>certai<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>mits. <span class=\"ff1\"> </span>As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the detai<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>the finan<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>al assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities wi<span class=\"_ _2\"></span>th inte<span class=\"_ _2\"></span>rest rate exposu<span class=\"_ _2\"></span>re, con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ering th<span class=\"_ _2\"></span>e maturi<span class=\"_ _2\"></span>ty or <span class=\"_ _2\"></span>the next i<span class=\"_ _2\"></span>nter<span class=\"_ _2\"></span>est-fixing da<span class=\"_ _2\"></span>te is <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows: Up to <span class=\"fc7 sc0\"> </span>1-<span class=\"ls76\">3 </span><span class=\"fc7 sc0\"> </span>3-12 1-<span class=\"ls76\">5 </span><span class=\"fc7 sc0\"> </span>More than<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 1 month<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s month<span class=\"_ _0\"></span>s years 5 years <span class=\"_ _0\"></span> Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 343,083,788  -  -  -  -  343,083,788  Total financial as<span class=\"_ _0\"></span>sets 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  -  -  -  -  343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  492,801,587  123,710,317  616,511,905  Refundabl<span class=\"_ _0\"></span>e grants -  -  -  28,877,757 <span class=\"_ _0\"></span> 1,097,307  29,975,064 <span class=\"_ _0\"></span> Current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  49,857,143 <span class=\"_ _0\"></span> 25,218,254 <span class=\"_ _0\"></span> -  -  75,075,397 <span class=\"_ _0\"></span> Refundabl<span class=\"_ _0\"></span>e grants -  -  7,219,439  -  -  7,219,439  Total financial li<span class=\"_ _0\"></span>abilities<span class=\"_ _0\"></span> -  49,857<span class=\"_ _0\"></span>,143  32,437<span class=\"_ _0\"></span>,693  521<span class=\"_ _0\"></span>,679,344<span class=\"_ _0\"></span>  124<span class=\"_ _0\"></span>,807,625<span class=\"_ _0\"></span>  728<span class=\"_ _0\"></span>,781,805<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  293<span class=\"_ _0\"></span>,226,645<span class=\"_ _0\"></span>  260<span class=\"_ _0\"></span>,788,952<span class=\"_ _0\"></span>  (260<span class=\"_ _0\"></span>,890,392) (385<span class=\"_ _0\"></span>,698,017) Up<span class=\"ls0\"> to <span class=\"fc7 sc0\"> </span></span>1-<span class=\"ls76\">3 </span> 3-12 1-<span class=\"ls76\">5 </span> More than<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 1 month<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s month<span class=\"_ _0\"></span>s years 5 years <span class=\"_ _0\"></span> Total 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 239,171,252  -  -  -  -  239,171,252  Total financial as<span class=\"_ _0\"></span>sets 239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  -  -  -  -  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  647,913,901  32,202,381 <span class=\"_ _0\"></span> 680,116,282  Refundabl<span class=\"_ _0\"></span>e grants -  -  -  28,877,757 <span class=\"_ _0\"></span> 5,631,853  34,509,610 <span class=\"_ _0\"></span> Current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  115,218,254  -  -  -  115,218,254  Refundabl<span class=\"_ _0\"></span>e grants -  -  4,099,903  -  -  4,099,903  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  115<span class=\"_ _0\"></span>,218,254<span class=\"_ _0\"></span>  4,099,90<span class=\"_ _0\"></span>3  676<span class=\"_ _0\"></span>,791,658<span class=\"_ _0\"></span>  37,834<span class=\"_ _0\"></span>,234  833<span class=\"_ _0\"></span>,944,049<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,952,998<span class=\"_ _0\"></span>  119<span class=\"_ _0\"></span>,853,095<span class=\"_ _0\"></span>  (556<span class=\"_ _0\"></span>,938,563) (594<span class=\"_ _0\"></span>,772,797) Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Sensitivi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis The Group us<span class=\"_ _2\"></span>es the s<span class=\"_ _2\"></span>ensi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty analysis <span class=\"_ _2\"></span>techni<span class=\"_ _2\"></span>que to m<span class=\"_ _2\"></span>easu<span class=\"_ _2\"></span>re impacts on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t and equit<span class=\"_ _2\"></span>y of i<span class=\"_ _2\"></span>ncrease o<span class=\"_ _2\"></span>r decr<span class=\"_ _2\"></span>ease on i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>tes maint<span class=\"_ _2\"></span>ainin<span class=\"_ _2\"></span>g the other <span class=\"_ _2\"></span>variabl<span class=\"_ _2\"></span>es constan<span class=\"_ _2\"></span>t. This i<span class=\"_ _2\"></span>s an i<span class=\"_ _2\"></span>llus<span class=\"_ _2\"></span>trative analysis<span class=\"_ _2\"></span> only s<span class=\"_ _2\"></span>ince chang<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> marke<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>rarely o<span class=\"_ _2\"></span>ccur se<span class=\"_ _2\"></span>paratel<span class=\"_ _2\"></span>y. The sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> based on th<span class=\"_ _2\"></span>e fol<span class=\"_ _2\"></span>lowing <span class=\"_ _2\"></span>assumpti<span class=\"_ _2\"></span>ons: i) C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market in<span class=\"_ _2\"></span>terest <span class=\"_ _2\"></span>rates af<span class=\"_ _2\"></span>fect int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t income <span class=\"_ _2\"></span>and ex<span class=\"_ _2\"></span>penses a<span class=\"_ _2\"></span>risi<span class=\"_ _2\"></span>ng from varia<span class=\"_ _2\"></span>ble finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments;<span class=\"_ _2\"></span> ii<span class=\"_ _2\"></span>) Changes i<span class=\"_ _2\"></span>n market i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>tes aff<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrumen<span class=\"_ _2\"></span>ts as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets o<span class=\"_ _2\"></span>r l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties; ii<span class=\"_ _2\"></span>i) Changes <span class=\"_ _2\"></span>in fai<span class=\"_ _2\"></span>r value o<span class=\"_ _2\"></span>f deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>and other fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are measure<span class=\"_ _2\"></span>d using <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>scounted cash f<span class=\"_ _2\"></span>lows m<span class=\"_ _2\"></span>ethod, <span class=\"_ _2\"></span>with marke<span class=\"_ _2\"></span>t inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rates at year end.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>A 0.50% i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes on <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>nterest on <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ans are cal<span class=\"_ _2\"></span>culate<span class=\"_ _2\"></span>d would ha<span class=\"_ _2\"></span>ve an impact o<span class=\"_ _2\"></span>n its earni<span class=\"_ _2\"></span>ngs <span class=\"_ _2\"></span>before <span class=\"_ _2\"></span>taxes, fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>ende<span class=\"_ _2\"></span>d 31<span class=\"_ _2\"></span> December 2022 <span class=\"_ _2\"></span>by ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tely Euro 23<span class=\"_ _2\"></span>3,333 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro<span class=\"_ _2\"></span> 106,250<span class=\"ff9 ls19\">).<span class=\"ls0\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-179-2": {
   "value": "8.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Liquidit<span class=\"_ _2\"></span>y risk Liquid<span class=\"_ _2\"></span>ity ri<span class=\"_ _2\"></span>sk managem<span class=\"_ _2\"></span>ent policy<span class=\"_ _2\"></span> The Group<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>s the <span class=\"_ _0\"></span>liqu<span class=\"_ _0\"></span>idity r<span class=\"_ _0\"></span>isk in tw<span class=\"_ _0\"></span>o way<span class=\"_ _0\"></span>s: <span class=\"_ _1\"></span> i.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">ensur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>its fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l debt <span class=\"_ _0\"></span>has a <span class=\"_ _0\"></span>high<span class=\"_ _0\"></span> med<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span>- a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>ong-ter<span class=\"_ _0\"></span>m com<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ities approp<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ate </span></span>to the c<span class=\"_ _0\"></span>haracter<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ics of t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>ndustrie<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>here it <span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>ates,<span class=\"_ _0\"></span> and<span class=\"_ _1\"></span> ii.<span class=\"_ _0\"></span><span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">b<span class=\"_ _0\"></span>y contra<span class=\"_ _0\"></span>cting w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> institut<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>faci<span class=\"_ _0\"></span>lities a<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le at al<span class=\"_ _0\"></span>l time<span class=\"_ _0\"></span>s for an<span class=\"_ _0\"></span> amou<span class=\"_ _0\"></span>nt t<span class=\"_ _0\"></span>hat </span></span>guarante<span class=\"_ _0\"></span>es adequ<span class=\"_ _0\"></span>ate <span class=\"_ _0\"></span>liqu<span class=\"_ _0\"></span>idity.<span class=\"_ _0\"></span> Availab<span class=\"_ _0\"></span>le but <span class=\"_ _0\"></span>not us<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>cred<span class=\"_ _0\"></span>its<span class=\"_ _0\"></span><span class=\"ff4\"> </span>The Group<span class=\"_ _0\"></span>'s po<span class=\"_ _0\"></span>licy<span class=\"_ _0\"></span> is t<span class=\"_ _0\"></span>o maint<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>in cred<span class=\"_ _0\"></span>it faci<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies at ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uate leve<span class=\"_ _0\"></span>ls to, t<span class=\"_ _0\"></span>ogethe<span class=\"_ _0\"></span>r w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f Ca<span class=\"_ _0\"></span>sh and<span class=\"_ _0\"></span> Cas<span class=\"_ _0\"></span>h Equiva<span class=\"_ _0\"></span>lents <span class=\"_ _0\"></span>in order<span class=\"_ _0\"></span> to gua<span class=\"_ _0\"></span>rantee,<span class=\"_ _0\"></span> wit<span class=\"_ _0\"></span>h so<span class=\"_ _0\"></span>me <span class=\"_ _0\"></span>comfort<span class=\"_ _0\"></span> margi<span class=\"_ _0\"></span>n, the<span class=\"_ _0\"></span> cash cy<span class=\"_ _0\"></span>cle exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted for<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> next 12<span class=\"_ _0\"></span> mont<span class=\"_ _0\"></span>hs.<span class=\"_ _38\"></span> Contra<span class=\"_ _2\"></span>ctual ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>urity of <span class=\"_ _2\"></span>financia<span class=\"_ _2\"></span>l lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span> (undi<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed ca<span class=\"_ _2\"></span>sh flo<span class=\"_ _2\"></span>ws incl<span class=\"_ _2\"></span>udin<span class=\"_ _2\"></span>g inte<span class=\"_ _2\"></span>rest)<span class=\"_ _2\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs  years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 <span class=\"ls0\">De<span class=\"_ _2\"></span>cember <span class=\"_ _2\"></span>2022 </span>Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.7<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000  10,257,500 <span class=\"_ _0\"></span> 19,942,100 <span class=\"_ _0\"></span> 341,457,650  101,310,000  473,387,250  Commercial<span class=\"_ _0\"></span> paper -  35,994,000 <span class=\"_ _0\"></span> 745,500  107,733,500  -  144,473,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  5,150,218  21,558,721 <span class=\"_ _0\"></span> 100,824,499  25,127,815 <span class=\"_ _0\"></span> 152,661,253  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> -  -  -  -  -  -  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  (1,027,675) (5,685,408) (24<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>83,272)<span class=\"_ _0\"></span> (652,775) (31<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>49,130)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es -  -  -  -  -  -  Total liabilities<span class=\"_ _0\"></span> 420<span class=\"_ _0\"></span>,000  50,374<span class=\"_ _0\"></span>,043  40,660<span class=\"_ _0\"></span>,815  554<span class=\"_ _0\"></span>,310,134<span class=\"_ _0\"></span>  131<span class=\"_ _0\"></span>,416,893<span class=\"_ _0\"></span>  777<span class=\"_ _0\"></span>,181,886<span class=\"_ _0\"></span>  Of which in<span class=\"_ _0\"></span>terest (at the rates 41,739<span class=\"_ _0\"></span>,698  prevailing at that <span class=\"_ _0\"></span>date)<span class=\"_ _0\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5.7) Bond lo<span class=\"_ _0\"></span>ans 420,000  2,197,750  6,495,875  457,660,500  -  466,774,125  Commercial<span class=\"_ _0\"></span> paper 65,130,000 <span class=\"_ _0\"></span> 36,242,500 <span class=\"_ _0\"></span> 994,000  144,224,500  -  246,591,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  552,000  13,495,740 <span class=\"_ _0\"></span> 80,570,487 <span class=\"_ _0\"></span> 33,462,507 <span class=\"_ _0\"></span> 128,080,734  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (Note 5.8)<span class=\"_ _0\"></span> -  -  -  -  -  -  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  1,185,597  1,259,307  323,238  -  2,768,142  Other payabl<span class=\"_ _0\"></span>es -  -  -  -  -  -  Total liabilities<span class=\"_ _0\"></span> 65,550<span class=\"_ _0\"></span>,000  40,177<span class=\"_ _0\"></span>,847  26,344<span class=\"_ _0\"></span>,824  711<span class=\"_ _0\"></span>,656,482<span class=\"_ _0\"></span>  39,094<span class=\"_ _0\"></span>,360  882<span class=\"_ _0\"></span>,823,514<span class=\"_ _0\"></span>  Of which interest (a<span class=\"_ _0\"></span>t the rates 37,408<span class=\"_ _0\"></span>,448  prevailing at that <span class=\"_ _0\"></span>date)<span class=\"_ _0\"></span> The tabl<span class=\"_ _2\"></span>e takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt th<span class=\"_ _2\"></span>e debt <span class=\"_ _2\"></span>issued an<span class=\"_ _2\"></span>d the l<span class=\"_ _2\"></span>ong-term d<span class=\"_ _2\"></span>ebt c<span class=\"_ _2\"></span>ontracted <span class=\"_ _2\"></span>and not disbursed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>refinance <span class=\"_ _2\"></span>the deb<span class=\"_ _2\"></span>t maturi<span class=\"_ _2\"></span>ng in 2<span class=\"_ _2\"></span>023 (A<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e and unuse<span class=\"_ _2\"></span>d cre<span class=\"_ _2\"></span>dit facili<span class=\"_ _2\"></span>ties). The cont<span class=\"_ _2\"></span>ractual ma<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>the int<span class=\"_ _2\"></span>erest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabiliti<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>presupposes <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>ulfi<span class=\"_ _2\"></span>lment of f<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>ial covenants<span class=\"_ _2\"></span>, as d<span class=\"_ _2\"></span>etai<span class=\"_ _2\"></span>led<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>in Note <span class=\"_ _2\"></span>5.7 - Inte<span class=\"_ _2\"></span>rest-b<span class=\"_ _2\"></span>earing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities. Credit <span class=\"_ _2\"></span>line<span class=\"_ _2\"></span>s availa<span class=\"_ _2\"></span>ble <span class=\"_ _2\"></span>but not<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Unused credit l<span class=\"_ _0\"></span>ines Commercial<span class=\"_ _0\"></span> paper (wi<span class=\"_ _0\"></span>th long term underw<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>ng) 190,000,000  125,000,000  Long-term fi<span class=\"_ _0\"></span>nancing contracted a<span class=\"_ _0\"></span>nd not disbursed<span class=\"_ _0\"></span> -  -  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 20,450,714 <span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> 210<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  145<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  Commercial<span class=\"_ _0\"></span> paper used (Not<span class=\"_ _0\"></span>e 5.7)<span class=\"_ _0\"></span> 140,000,000  240,000,000  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es used 588,781,805  605,415,068  Contracted credit lin<span class=\"_ _0\"></span>es (nominal value)<span class=\"_ _1\"></span> 939<span class=\"_ _0\"></span>,232,519<span class=\"_ _0\"></span>  990<span class=\"_ _0\"></span>,865,782<span class=\"_ _0\"></span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-182-3": {
   "value": "8.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Credit ri<span class=\"_ _2\"></span>sk Credit<span class=\"_ _2\"></span> risk m<span class=\"_ _2\"></span>anagement pol<span class=\"_ _2\"></span>icy The Group<span class=\"_ _0\"></span> is exp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed to cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span> risk on<span class=\"_ _0\"></span> ba<span class=\"_ _0\"></span>lance<span class=\"_ _0\"></span>s receiv<span class=\"_ _0\"></span>able<span class=\"_ _0\"></span> from Tr<span class=\"_ _0\"></span>ade re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> ot<span class=\"_ _0\"></span>her de<span class=\"_ _0\"></span>btor<span class=\"_ _0\"></span>s and <span class=\"_ _0\"></span>has adopted <span class=\"_ _0\"></span>a pol<span class=\"_ _0\"></span>icy of <span class=\"_ _0\"></span>manag<span class=\"_ _0\"></span>ing ri<span class=\"_ _0\"></span>sk <span class=\"_ _0\"></span>coverage<span class=\"_ _0\"></span> w<span class=\"_ _0\"></span>ithin cert<span class=\"_ _0\"></span>ain <span class=\"_ _0\"></span>levels t<span class=\"_ _0\"></span>hrough<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce with<span class=\"_ _0\"></span> a spe<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span>ised independe<span class=\"_ _0\"></span>nt c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any. <span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ha<span class=\"_ _0\"></span>s adopte<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> a po<span class=\"_ _0\"></span>licy of<span class=\"_ _0\"></span> credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>urance <span class=\"_ _0\"></span>for th<span class=\"_ _0\"></span>e major<span class=\"_ _0\"></span>ity <span class=\"_ _0\"></span>of Trade r<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les, wit<span class=\"_ _0\"></span>h a 5<span class=\"_ _0\"></span>% ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ible. A<span class=\"_ _0\"></span>s such, <span class=\"_ _0\"></span>its expo<span class=\"_ _0\"></span>sure to<span class=\"_ _0\"></span> cred<span class=\"_ _0\"></span>it risk <span class=\"_ _0\"></span>is c<span class=\"_ _0\"></span>onside<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>o have be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>itigated<span class=\"_ _0\"></span> up<span class=\"_ _0\"></span> to ac<span class=\"_ _0\"></span>ceptab<span class=\"_ _0\"></span>le leve<span class=\"_ _0\"></span>ls,<span class=\"_ _0\"></span> when <span class=\"_ _0\"></span>compare<span class=\"_ _0\"></span>d w<span class=\"_ _0\"></span>ith its sale<span class=\"_ _0\"></span>s. Mo<span class=\"_ _0\"></span>st sales t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span> are not<span class=\"_ _0\"></span> cove<span class=\"_ _0\"></span>red <span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>y credit<span class=\"_ _0\"></span> ins<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce are <span class=\"_ _0\"></span>covered<span class=\"_ _0\"></span> by<span class=\"_ _0\"></span> bank<span class=\"_ _0\"></span> guarantee<span class=\"_ _0\"></span>s, <span class=\"_ _0\"></span>letters<span class=\"_ _0\"></span> of cred<span class=\"_ _0\"></span>it, document<span class=\"_ _0\"></span>ary <span class=\"_ _0\"></span>cred<span class=\"_ _0\"></span>its or ret<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ion of<span class=\"_ _0\"></span> title ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ents,<span class=\"_ _0\"></span> and any<span class=\"_ _0\"></span> unhedg<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> expo<span class=\"_ _0\"></span>sure is w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in lim<span class=\"_ _0\"></span>its pre<span class=\"_ _0\"></span>viou<span class=\"_ _0\"></span>sly approved<span class=\"_ _0\"></span> by the<span class=\"_ _0\"></span> Exe<span class=\"_ _0\"></span>cut<span class=\"_ _0\"></span>ive Com<span class=\"_ _0\"></span>mittee.<span class=\"_ _1\"></span> However,<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> wor<span class=\"_ _0\"></span>sening<span class=\"_ _0\"></span> of glob<span class=\"_ _0\"></span>al ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span> cond<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ions or<span class=\"_ _0\"></span> advers<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span> affecti<span class=\"_ _0\"></span>ng <span class=\"_ _0\"></span>only e<span class=\"_ _0\"></span>conomie<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span> a loca<span class=\"_ _0\"></span>l sc<span class=\"_ _0\"></span>ale ma<span class=\"_ _0\"></span>y lead to d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on in the<span class=\"_ _0\"></span> ab<span class=\"_ _0\"></span>ility o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>Navig<span class=\"_ _0\"></span>ator Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s Custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s to me<span class=\"_ _0\"></span>et the<span class=\"_ _0\"></span>ir ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions, lead<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>ies providi<span class=\"_ _0\"></span>ng cred<span class=\"_ _0\"></span>it <span class=\"_ _0\"></span>insura<span class=\"_ _0\"></span>nce to<span class=\"_ _0\"></span> sign<span class=\"_ _0\"></span>ificant<span class=\"_ _0\"></span>ly decrea<span class=\"_ _0\"></span>se t<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>amou<span class=\"_ _0\"></span>nt of<span class=\"_ _1\"></span> cred<span class=\"_ _0\"></span>it faci<span class=\"_ _0\"></span>lities t<span class=\"_ _0\"></span>hat are<span class=\"_ _0\"></span> ava<span class=\"_ _0\"></span>ilable<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span> Custome<span class=\"_ _0\"></span>rs. T<span class=\"_ _0\"></span>his sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>io may<span class=\"_ _0\"></span> resu<span class=\"_ _0\"></span>lt in l<span class=\"_ _0\"></span>imitat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> am<span class=\"_ _0\"></span>ounts t<span class=\"_ _0\"></span>hat <span class=\"_ _0\"></span>can be<span class=\"_ _0\"></span> sold<span class=\"_ _0\"></span> to s<span class=\"_ _0\"></span>ome Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span> Cust<span class=\"_ _0\"></span>omers without d<span class=\"_ _0\"></span>irectly<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>incurr<span class=\"_ _0\"></span>ing cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk leve<span class=\"_ _0\"></span>ls that<span class=\"_ _0\"></span> are<span class=\"_ _0\"></span> not c<span class=\"_ _0\"></span>ompatib<span class=\"_ _0\"></span>le w<span class=\"_ _0\"></span>ith the<span class=\"_ _0\"></span> risk p<span class=\"_ _0\"></span>olicy <span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>is are<span class=\"_ _1\"></span><span class=\"lsa\">a.<span class=\"_ _0\"></span></span> Cash e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>alents<span class=\"_ _0\"></span> The Group<span class=\"_ _0\"></span> ad<span class=\"_ _0\"></span>opts str<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span> pol<span class=\"_ _0\"></span>icies in <span class=\"_ _0\"></span>approv<span class=\"_ _0\"></span>ing <span class=\"_ _0\"></span>its f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l counterp<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ies, <span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>iting<span class=\"_ _0\"></span> its exp<span class=\"_ _0\"></span>osure <span class=\"_ _0\"></span>in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce w<span class=\"_ _0\"></span>ith <span class=\"_ _0\"></span>an indiv<span class=\"_ _0\"></span>idual ri<span class=\"_ _0\"></span>sk ana<span class=\"_ _0\"></span>lysis<span class=\"_ _0\"></span> and w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in prev<span class=\"_ _0\"></span>ious<span class=\"_ _0\"></span>ly approve<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> limit<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> Maximum<span class=\"_ _2\"></span> ex<span class=\"_ _2\"></span>posure<span class=\"_ _2\"></span> to c<span class=\"_ _2\"></span>redit <span class=\"_ _2\"></span>ri<span class=\"ls82\">sk<span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>The Group's <span class=\"_ _2\"></span>maximu<span class=\"_ _2\"></span>m exposu<span class=\"_ _2\"></span>re to the <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>eir ne<span class=\"_ _2\"></span>t amount, as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 25,282,858 <span class=\"_ _0\"></span> 8,604,547  Current Receivables (Not<span class=\"_ _0\"></span>e 4.2)<span class=\"_ _0\"></span> 499,143,408  317,882,760  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.9)<span class=\"_ _0\"></span> 343,083,788  239,171,252  867<span class=\"_ _0\"></span>,510,055<span class=\"_ _0\"></span>  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>  Agein<span class=\"_ _2\"></span>g str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les bala<span class=\"_ _2\"></span>nce<span class=\"_ _2\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Trad<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>eivables sho<span class=\"_ _2\"></span>wed <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ageing st<span class=\"_ _2\"></span>ructur<span class=\"_ _2\"></span>e, consi<span class=\"_ _2\"></span>dering th<span class=\"_ _2\"></span>e due <span class=\"_ _2\"></span>dates fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es ou<span class=\"_ _2\"></span>tstandin<span class=\"_ _2\"></span>g before <span class=\"_ _2\"></span>impairmen<span class=\"_ _2\"></span>t: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts not due<span class=\"_ _0\"></span> 300,633,239  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> 40,593,683 <span class=\"_ _0\"></span> 2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> 339,640  199,088  from 181 to 360 days<span class=\"_ _0\"></span> 22,940  83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> 2,224  -  from 541 to 720 days<span class=\"_ _0\"></span> 8,507  -  more than 721 days<span class=\"_ _0\"></span> 1,226  -  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Balances consi<span class=\"_ _0\"></span>dered impai<span class=\"_ _0\"></span>red 6,621,084  2,173,128  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> (6,621,084) (2,173,128) Net balance of trade <span class=\"_ _0\"></span>receivables (N<span class=\"_ _0\"></span>ote 4.2)<span class=\"_ _0\"></span> 341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  Trade receivabl<span class=\"_ _0\"></span>es covered by credit i<span class=\"_ _0\"></span>nsurance<span class=\"_ _0\"></span> 314,114,794  191,731,227  Trade receivabl<span class=\"_ _0\"></span>es covered by bank g<span class=\"_ _0\"></span>uarantees<span class=\"_ _0\"></span> 3,133,247  2,761,574  Trade receivabl<span class=\"_ _0\"></span>es covered by ti<span class=\"_ _0\"></span>tle reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n agr<span class=\"_ _2\"></span>eem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> 12,271,335 <span class=\"_ _0\"></span> 5,464,991  Trade receivabl<span class=\"_ _0\"></span>es covered by let<span class=\"_ _0\"></span>ters of credit / docum<span class=\"_ _0\"></span>entary remi<span class=\"_ _0\"></span>ttances<span class=\"_ _0\"></span> 9,310,135  5,765,396  Covered receivables<span class=\"_ _0\"></span> 338<span class=\"_ _0\"></span>,829,511<span class=\"_ _0\"></span>  205<span class=\"_ _0\"></span>,723,188<span class=\"_ _0\"></span>  Credit facili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ava<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>e and unused 459,495,787  353,731,395  Credit hedging fa<span class=\"_ _0\"></span>cilities contr<span class=\"_ _0\"></span>acted<span class=\"_ _0\"></span> 798<span class=\"_ _0\"></span>,325,298<span class=\"_ _0\"></span>  559<span class=\"_ _0\"></span>,454,583<span class=\"_ _0\"></span>  The amounts s<span class=\"_ _2\"></span>hown <span class=\"_ _2\"></span>above co<span class=\"_ _2\"></span>rrespond <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>amounts <span class=\"_ _2\"></span>outs<span class=\"_ _2\"></span>tanding accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>ontracte<span class=\"_ _2\"></span>d due da<span class=\"_ _2\"></span>tes.  The amounts n<span class=\"_ _2\"></span>ot c<span class=\"_ _2\"></span>overed <span class=\"_ _2\"></span>relate <span class=\"_ _2\"></span>to amounts <span class=\"_ _2\"></span>pre<span class=\"_ _2\"></span>viously ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the E<span class=\"_ _2\"></span>xecuti<span class=\"_ _2\"></span>ve Committe<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p (Euro 2<span class=\"_ _2\"></span>,771,947).<span class=\"_ _2\"></span> Despite some <span class=\"_ _2\"></span>delays <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e se<span class=\"_ _2\"></span>ttlement o<span class=\"_ _2\"></span>f those amo<span class=\"_ _2\"></span>unts<span class=\"_ _2\"></span>, t<span class=\"_ _2\"></span>hat does no<span class=\"_ _2\"></span>t resul<span class=\"_ _2\"></span>t, i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with the a<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation<span class=\"_ _2\"></span>, in the i<span class=\"_ _2\"></span>denti<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of i<span class=\"_ _2\"></span>mpairment l<span class=\"_ _2\"></span>osses othe<span class=\"_ _2\"></span>r than <span class=\"_ _2\"></span>the ones consi<span class=\"_ _2\"></span>dered through <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>espective l<span class=\"_ _2\"></span>osses<span class=\"_ _2\"></span>. Thes<span class=\"_ _2\"></span>e are c<span class=\"_ _2\"></span>alculated <span class=\"_ _2\"></span>based on <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nforma<span class=\"_ _2\"></span>tion periodical<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>llected on <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al beha<span class=\"_ _2\"></span>viour of<span class=\"_ _2\"></span> the Gro<span class=\"_ _2\"></span>up\u2019s C<span class=\"_ _2\"></span>ustomers, <span class=\"_ _2\"></span>which al<span class=\"_ _2\"></span>low, in conjunc<span class=\"_ _2\"></span>tion with <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>perienc<span class=\"_ _2\"></span>e obtaine<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>lient <span class=\"_ _2\"></span>port<span class=\"_ _2\"></span>foli<span class=\"_ _2\"></span>o analysi<span class=\"_ _2\"></span>s and with <span class=\"_ _2\"></span>the histor<span class=\"_ _2\"></span>y of credit d<span class=\"_ _2\"></span>efaults<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the part no<span class=\"_ _2\"></span>t at<span class=\"_ _2\"></span>tributabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the insuran<span class=\"_ _2\"></span>ce c<span class=\"_ _2\"></span>ompany, to <span class=\"_ _2\"></span>defin<span class=\"_ _2\"></span>e the amo<span class=\"_ _2\"></span>unt of loss<span class=\"_ _2\"></span>es to be reco<span class=\"_ _2\"></span>gnised <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees in pl<span class=\"_ _2\"></span>ace f<span class=\"_ _2\"></span>or a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant part o<span class=\"_ _2\"></span>f outstanding <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>ong-term <span class=\"_ _2\"></span>balances, <span class=\"_ _2\"></span>justi<span class=\"_ _2\"></span>fy <span class=\"_ _2\"></span>the fact <span class=\"_ _2\"></span>that n<span class=\"_ _2\"></span>o impai<span class=\"_ _2\"></span>rment loss <span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>as been <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded for tho<span class=\"_ _2\"></span>se balances<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>The rules d<span class=\"_ _2\"></span>efined b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t risk in<span class=\"_ _2\"></span>suran<span class=\"_ _2\"></span>ce polic<span class=\"_ _2\"></span>y appli<span class=\"_ _2\"></span>ed by the Navigator G<span class=\"_ _2\"></span>roup, <span class=\"_ _2\"></span>ensure <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t coverage o<span class=\"_ _2\"></span>f all<span class=\"_ _2\"></span> outst<span class=\"_ _2\"></span>anding balanc<span class=\"_ _2\"></span>es. The analysi<span class=\"_ _2\"></span>s of th<span class=\"_ _2\"></span>e open <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es, by busi<span class=\"_ _2\"></span>ness a<span class=\"_ _2\"></span>rea<span class=\"_ _2\"></span>, is as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:<span class=\"_ _0\"></span> 31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>22 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 18,354,214 <span class=\"_ _0\"></span> 205,260,083  41,107,860 <span class=\"_ _0\"></span> 23,335,066 <span class=\"_ _0\"></span> 12,576,016 <span class=\"_ _0\"></span> 300,633,239  from 1 to 90 days<span class=\"_ _0\"></span> 578,572  35,168,534 <span class=\"_ _0\"></span> 3,229,499  124,008  1,493,070  40,593,683 <span class=\"_ _0\"></span> from 91 to 180 days<span class=\"_ _0\"></span> 7,275  -  42,050 <span class=\"_ _0\"></span> -  290,315  339,640  from 181 to 360 days<span class=\"_ _0\"></span> -  -  9,449  -  13,490 <span class=\"_ _0\"></span> 22,939 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  2,224  -  -  2,224  from 541 to 720 days<span class=\"_ _0\"></span> -  -  8,507  -  -  8,507  more than 721 days<span class=\"_ _0\"></span> -  -  1,226  -  -  1,226  18,940<span class=\"_ _0\"></span>,061  240<span class=\"_ _0\"></span>,428,617<span class=\"_ _0\"></span>  44,400<span class=\"_ _0\"></span>,815  23,459<span class=\"_ _0\"></span>,074  14,372<span class=\"_ _0\"></span>,891  341<span class=\"_ _0\"></span>,601,458<span class=\"_ _0\"></span>  31 Decemb<span class=\"_ _2\"></span>er 20<span class=\"_ _2\"></span>21 Market<span class=\"_ _0\"></span> UWF <span class=\"_ _0\"></span> Tissu<span class=\"_ _0\"></span>e  Amounts in Euro<span class=\"_ _0\"></span> Pulp<span class=\"_ _0\"></span> Paper<span class=\"_ _0\"></span> paper<span class=\"_ _0\"></span> Energy<span class=\"_ _0\"></span> Support<span class=\"_ _0\"></span> Total Amounts not due<span class=\"_ _0\"></span> 27,781,181 <span class=\"_ _0\"></span> 145,229,659  29,844,012 <span class=\"_ _0\"></span> 791,242  4,405,378  208,051,472  from 1 to 90 days<span class=\"_ _0\"></span> -  -  1,127,754  -  1,327,312  2,455,066  from 91 to 180 days<span class=\"_ _0\"></span> -  -  96,945 <span class=\"_ _0\"></span> -  102,143  199,088  from 181 to 360 days<span class=\"_ _0\"></span> -  -  45,744 <span class=\"_ _0\"></span> -  37,713 <span class=\"_ _0\"></span> 83,457 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> -  -  -  -  -  -  from 541 to 720 days<span class=\"_ _0\"></span> -  -  -  -  -  -  more than 721 days<span class=\"_ _0\"></span> -  -  -  -  -  -  27,781<span class=\"_ _0\"></span>,181  145<span class=\"_ _0\"></span>,229,659<span class=\"_ _0\"></span>  31,114<span class=\"_ _0\"></span>,455  791<span class=\"_ _0\"></span>,242  5,872,54<span class=\"_ _0\"></span>6  210<span class=\"_ _0\"></span>,789,083<span class=\"_ _0\"></span>  The tabl<span class=\"_ _2\"></span>e belo<span class=\"_ _2\"></span>w represen<span class=\"_ _2\"></span>ts th<span class=\"_ _2\"></span>e quality of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>oup\u2019s <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk, as a<span class=\"_ _2\"></span>t 31 <span class=\"_ _2\"></span>December 2022 <span class=\"_ _2\"></span>and 31 Decembe<span class=\"_ _2\"></span>r 202<span class=\"_ _2\"></span>1, for fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>(cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equivalen<span class=\"_ _2\"></span>ts), (Hi<span class=\"_ _2\"></span>ghest <span class=\"_ _2\"></span>credit rating b<span class=\"_ _2\"></span>y one of <span class=\"_ _2\"></span>the thr<span class=\"_ _2\"></span>ee ra<span class=\"_ _2\"></span>ting ag<span class=\"_ _2\"></span>encies, <span class=\"ff10\">Stand<span class=\"_ _2\"></span>ard &amp; <span class=\"_ _2\"></span>Poo<span class=\"_ _2\"></span>r\u2019s, Fitc<span class=\"_ _2\"></span>h<span class=\"ff9\"> </span>or <span class=\"_ _2\"></span>Moody\u2019s<span class=\"ff1 ls79\">): <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span></span>Financial<span class=\"_ _2\"></span> Institut<span class=\"_ _2\"></span>ions  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Rating AA<span class=\"ls0\"> </span>6,231,679  9,801,253  AA<span class=\"ls0\">- </span>74,995,499 <span class=\"_ _0\"></span> -  A+<span class=\"ls0\"> </span>122,316,040  84,976,652 <span class=\"_ _0\"></span> A 476,414  6,609,078  A- 83,063,488 <span class=\"_ _0\"></span> 61,586,886 <span class=\"_ _0\"></span> BBB+<span class=\"ls0\"> </span>-  -  BBB<span class=\"ls0\"> </span>51,917,908 <span class=\"_ _0\"></span> 73,253,991 <span class=\"_ _0\"></span> BBB<span class=\"ls0\">- </span>-  -  BB+<span class=\"ls0\"> </span>186,584  60,468 <span class=\"_ _0\"></span> BB   -  108,006  BB<span class=\"ls0\">- </span>899,601  -  B+<span class=\"ls0\"> </span>-  -  B -  179,662  B- -  -  Other 2,996,574  2,595,255  343<span class=\"_ _0\"></span>,083,788<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,171,252<span class=\"_ _0\"></span>  \"Other\" amo<span class=\"_ _2\"></span>unts inc<span class=\"_ _2\"></span>lude <span class=\"_ _2\"></span>bank deposi<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>with banks <span class=\"_ _2\"></span>or en<span class=\"_ _2\"></span>titi<span class=\"_ _2\"></span>es with no<span class=\"_ _2\"></span> rating<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>namel<span class=\"_ _2\"></span>y local<span class=\"_ _2\"></span> banks in <span class=\"_ _2\"></span>Mozambiqu<span class=\"_ _2\"></span>e and o<span class=\"_ _2\"></span>ther for<span class=\"_ _2\"></span>eign br<span class=\"_ _2\"></span>anches. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup ado<span class=\"_ _2\"></span>pts stri<span class=\"_ _2\"></span>ct poli<span class=\"_ _2\"></span>cies i<span class=\"_ _2\"></span>n approvi<span class=\"_ _2\"></span>ng its<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> counterpar<span class=\"_ _2\"></span>ties, li<span class=\"_ _2\"></span>miting i<span class=\"_ _2\"></span>ts exposur<span class=\"_ _2\"></span>e in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with an i<span class=\"_ _2\"></span>ndividu<span class=\"_ _2\"></span>al ris<span class=\"_ _2\"></span>k analysis<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d within pr<span class=\"_ _2\"></span>eviousl<span class=\"_ _2\"></span>y approv<span class=\"_ _2\"></span>ed limi<span class=\"_ _2\"></span>ts. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-187-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impair<span class=\"_ _2\"></span>ment of debt in<span class=\"_ _2\"></span>strument<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>assesses<span class=\"_ _2\"></span>, on <span class=\"_ _2\"></span>a prospec<span class=\"_ _2\"></span>tive basi<span class=\"_ _2\"></span>s, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit l<span class=\"_ _2\"></span>osses ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed with i<span class=\"_ _2\"></span>ts finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>mpreh<span class=\"_ _2\"></span>ensive inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p recognis<span class=\"_ _2\"></span>es exp<span class=\"_ _2\"></span>ected cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>throughout <span class=\"_ _2\"></span>the lif<span class=\"_ _2\"></span>etime of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>ncreases<span class=\"_ _2\"></span> in c<span class=\"_ _2\"></span>redit risk si<span class=\"_ _2\"></span>nce its <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _2\"></span>ther indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or <span class=\"_ _2\"></span>collec<span class=\"_ _2\"></span>tively, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>idering al<span class=\"_ _2\"></span>l reasonabl<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>able pros<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation.<span class=\"_ _2\"></span> If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit ris<span class=\"_ _2\"></span>k associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument has<span class=\"_ _2\"></span> not inc<span class=\"_ _2\"></span>reased signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>its in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n, the Gro<span class=\"_ _2\"></span>up measu<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>impairme<span class=\"_ _2\"></span>nt of tha<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrument <span class=\"_ _2\"></span>by an amo<span class=\"_ _2\"></span>unt equi<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ent to the <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit lo<span class=\"_ _2\"></span>sses. IFRS 9 provi<span class=\"_ _2\"></span>des tha<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> these imp<span class=\"_ _2\"></span>airme<span class=\"_ _2\"></span>nts, one of<span class=\"_ _2\"></span> two mo<span class=\"_ _2\"></span>dels i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor's <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets, s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t a fin<span class=\"_ _2\"></span>ancial insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _2\"></span>ere a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _2\"></span>dopted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _2\"></span>th IFRS 9 i<span class=\"_ _2\"></span>s as f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _2\"></span>dit sal<span class=\"_ _2\"></span>es mad<span class=\"_ _2\"></span>e by the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>e last <span class=\"_ _2\"></span>12 months, as<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>well as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _2\"></span>ers\u2019 <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t profil<span class=\"_ _2\"></span>e, by se<span class=\"_ _2\"></span>tting <span class=\"_ _2\"></span>buc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _2\"></span>requenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based<span class=\"_ _0\"></span> on I<span class=\"_ _2\"></span>. and <span class=\"_ _2\"></span>II. abo<span class=\"_ _2\"></span>ve, esti<span class=\"_ _2\"></span>mate th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of def<span class=\"_ _2\"></span>aul<span class=\"_ _2\"></span>t (i.e., <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _2\"></span>t I<span class=\"_ _2\"></span>. compar<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>balan<span class=\"_ _2\"></span>ce of o<span class=\"_ _2\"></span>utstand<span class=\"_ _2\"></span>ing sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tages of<span class=\"_ _2\"></span> future <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>tions obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _2\"></span>the def<span class=\"_ _2\"></span>ault pe<span class=\"_ _2\"></span>rcentages <span class=\"_ _2\"></span>as calc<span class=\"_ _2\"></span>ulat<span class=\"_ _2\"></span>ed in IV<span class=\"_ _2\"></span>. to <span class=\"_ _2\"></span>the balan<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>Customers s<span class=\"_ _2\"></span>till </span></span>outstanding <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _2\"></span>days as \u201c<span class=\"_ _2\"></span>defaul<span class=\"_ _2\"></span>t\u201d, th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Group c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ered a <span class=\"_ _2\"></span>period o<span class=\"_ _2\"></span>f 180 days, sinc<span class=\"_ _2\"></span>e the e<span class=\"_ _2\"></span>xperi<span class=\"_ _2\"></span>ence of r<span class=\"_ _2\"></span>eal l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before this <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>s low. This <span class=\"_ _2\"></span>period is<span class=\"_ _2\"></span> aligne<span class=\"_ _2\"></span>d with the curr<span class=\"_ _2\"></span>ent ris<span class=\"_ _2\"></span>k managem<span class=\"_ _2\"></span>ent pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es of the c<span class=\"_ _2\"></span>ompany, na<span class=\"_ _2\"></span>mely i<span class=\"_ _2\"></span>n what r<span class=\"_ _2\"></span>egards th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit insu<span class=\"_ _2\"></span>rance hired<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>to the fac<span class=\"_ _2\"></span>t tha<span class=\"_ _2\"></span>t there i<span class=\"_ _2\"></span>s no s<span class=\"_ _2\"></span>ales with<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant components <span class=\"_ _2\"></span>of fun<span class=\"_ _2\"></span>ding in li<span class=\"_ _2\"></span>ght of IFRS 1<span class=\"_ _2\"></span>5. Additi<span class=\"_ _2\"></span>onally, <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y ev<span class=\"_ _2\"></span>aluated <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>mpact of co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>180 d<span class=\"_ _2\"></span>ays of \u201cdefault\u201d i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>ead of <span class=\"_ _2\"></span>the 90 da<span class=\"_ _2\"></span>ys and th<span class=\"_ _2\"></span>e Ex<span class=\"_ _2\"></span>pected Cre<span class=\"_ _2\"></span>dit L<span class=\"_ _2\"></span>oss woul<span class=\"_ _2\"></span>d not change si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantl<span class=\"_ _2\"></span>y.<span class=\"ff1\"> </span>In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>this pe<span class=\"_ _2\"></span>riod, in<span class=\"_ _2\"></span> the ev<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>an acciden<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>redit insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>the<span class=\"_ _0\"></span> model c<span class=\"_ _2\"></span>onsiders th<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>mit of<span class=\"_ _2\"></span> 5% paid by <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Gro<span class=\"_ _2\"></span>up (10% for n<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal Cu<span class=\"_ _2\"></span>stomers). Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _2\"></span>the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> level.<span class=\"_ _2\"></span> In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk val<span class=\"_ _2\"></span>ue was <span class=\"_ _2\"></span>increase<span class=\"_ _2\"></span>d by Eu<span class=\"_ _2\"></span>ro 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: decreas<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>y Euro 123<span class=\"_ _2\"></span>,146).<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>es impai<span class=\"_ _2\"></span>rment on<span class=\"_ _2\"></span> a case-<span class=\"ls24\">by</span>-case <span class=\"_ _2\"></span>basis, bas<span class=\"_ _2\"></span>ed on s<span class=\"_ _2\"></span>pecific balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _2\"></span>, cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the his<span class=\"_ _2\"></span>tori<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>nformation <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>whether <span class=\"_ _2\"></span>there are <span class=\"_ _2\"></span>objecti<span class=\"_ _2\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets. <span class=\"_ _2\"></span>The Gr<span class=\"_ _2\"></span>oup uses the <span class=\"_ _2\"></span>write-off<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>edure onl<span class=\"_ _2\"></span>y when th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>definitely <span class=\"_ _2\"></span>uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a cour<span class=\"_ _2\"></span>t decis<span class=\"_ _2\"></span>ion. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-187-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impair<span class=\"_ _2\"></span>ment of debt in<span class=\"_ _2\"></span>strument<span class=\"_ _2\"></span>s The Group <span class=\"_ _2\"></span>assesses<span class=\"_ _2\"></span>, on <span class=\"_ _2\"></span>a prospec<span class=\"_ _2\"></span>tive basi<span class=\"_ _2\"></span>s, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>credit l<span class=\"_ _2\"></span>osses ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed with i<span class=\"_ _2\"></span>ts finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _2\"></span>ther co<span class=\"_ _2\"></span>mpreh<span class=\"_ _2\"></span>ensive inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p recognis<span class=\"_ _2\"></span>es exp<span class=\"_ _2\"></span>ected cre<span class=\"_ _2\"></span>dit loss<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>throughout <span class=\"_ _2\"></span>the lif<span class=\"_ _2\"></span>etime of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject to <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>ncreases<span class=\"_ _2\"></span> in c<span class=\"_ _2\"></span>redit risk si<span class=\"_ _2\"></span>nce its <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _2\"></span>ther indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or <span class=\"_ _2\"></span>collec<span class=\"_ _2\"></span>tively, c<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>idering al<span class=\"_ _2\"></span>l reasonabl<span class=\"_ _2\"></span>e an<span class=\"_ _2\"></span>d sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, in<span class=\"_ _2\"></span>cluding a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>able pros<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation.<span class=\"_ _2\"></span> If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit ris<span class=\"_ _2\"></span>k associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument has<span class=\"_ _2\"></span> not inc<span class=\"_ _2\"></span>reased signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>its in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n, the Gro<span class=\"_ _2\"></span>up measu<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>impairme<span class=\"_ _2\"></span>nt of tha<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrument <span class=\"_ _2\"></span>by an amo<span class=\"_ _2\"></span>unt equi<span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>ent to the <span class=\"_ _2\"></span>expec<span class=\"_ _2\"></span>ted cre<span class=\"_ _2\"></span>dit lo<span class=\"_ _2\"></span>sses. IFRS 9 provi<span class=\"_ _2\"></span>des tha<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the c<span class=\"_ _2\"></span>alcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> these imp<span class=\"_ _2\"></span>airme<span class=\"_ _2\"></span>nts, one of<span class=\"_ _2\"></span> two mo<span class=\"_ _2\"></span>dels i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor's <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets, s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>t is no<span class=\"_ _2\"></span>t a fin<span class=\"_ _2\"></span>ancial insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _2\"></span>ere a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _2\"></span>t hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _2\"></span>dopted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _2\"></span>th IFRS 9 i<span class=\"_ _2\"></span>s as f<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span>ows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _2\"></span>dit sal<span class=\"_ _2\"></span>es mad<span class=\"_ _2\"></span>e by the G<span class=\"_ _2\"></span>roup o<span class=\"_ _2\"></span>ver th<span class=\"_ _2\"></span>e last <span class=\"_ _2\"></span>12 months, as<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>well as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _2\"></span>ers\u2019 <span class=\"_ _2\"></span>paymen<span class=\"_ _2\"></span>t profil<span class=\"_ _2\"></span>e, by se<span class=\"_ _2\"></span>tting <span class=\"_ _2\"></span>buc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _2\"></span>requenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based<span class=\"_ _0\"></span> on I<span class=\"_ _2\"></span>. and <span class=\"_ _2\"></span>II. abo<span class=\"_ _2\"></span>ve, esti<span class=\"_ _2\"></span>mate th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of def<span class=\"_ _2\"></span>aul<span class=\"_ _2\"></span>t (i.e., <span class=\"_ _2\"></span>the amoun<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _2\"></span>t I<span class=\"_ _2\"></span>. compar<span class=\"_ _2\"></span>ed to the <span class=\"_ _2\"></span>balan<span class=\"_ _2\"></span>ce of o<span class=\"_ _2\"></span>utstand<span class=\"_ _2\"></span>ing sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tages of<span class=\"_ _2\"></span> future <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>tions obtai<span class=\"_ _2\"></span>ned i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _2\"></span>the def<span class=\"_ _2\"></span>ault pe<span class=\"_ _2\"></span>rcentages <span class=\"_ _2\"></span>as calc<span class=\"_ _2\"></span>ulat<span class=\"_ _2\"></span>ed in IV<span class=\"_ _2\"></span>. to <span class=\"_ _2\"></span>the balan<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>Customers s<span class=\"_ _2\"></span>till </span></span>outstanding <span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _2\"></span>days as \u201c<span class=\"_ _2\"></span>defaul<span class=\"_ _2\"></span>t\u201d, th<span class=\"_ _2\"></span>e Navig<span class=\"_ _2\"></span>ator Group c<span class=\"_ _2\"></span>onsid<span class=\"_ _2\"></span>ered a <span class=\"_ _2\"></span>period o<span class=\"_ _2\"></span>f 180 days, sinc<span class=\"_ _2\"></span>e the e<span class=\"_ _2\"></span>xperi<span class=\"_ _2\"></span>ence of r<span class=\"_ _2\"></span>eal l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before this <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>s low. This <span class=\"_ _2\"></span>period is<span class=\"_ _2\"></span> aligne<span class=\"_ _2\"></span>d with the curr<span class=\"_ _2\"></span>ent ris<span class=\"_ _2\"></span>k managem<span class=\"_ _2\"></span>ent pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es of the c<span class=\"_ _2\"></span>ompany, na<span class=\"_ _2\"></span>mely i<span class=\"_ _2\"></span>n what r<span class=\"_ _2\"></span>egards th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit insu<span class=\"_ _2\"></span>rance hired<span class=\"_ _2\"></span>, and <span class=\"_ _2\"></span>to the fac<span class=\"_ _2\"></span>t tha<span class=\"_ _2\"></span>t there i<span class=\"_ _2\"></span>s no s<span class=\"_ _2\"></span>ales with<span class=\"_ _2\"></span> si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant components <span class=\"_ _2\"></span>of fun<span class=\"_ _2\"></span>ding in li<span class=\"_ _2\"></span>ght of IFRS 1<span class=\"_ _2\"></span>5. Additi<span class=\"_ _2\"></span>onally, <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y ev<span class=\"_ _2\"></span>aluated <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>mpact of co<span class=\"_ _2\"></span>nsidering <span class=\"_ _2\"></span>180 d<span class=\"_ _2\"></span>ays of \u201cdefault\u201d i<span class=\"_ _2\"></span>nst<span class=\"_ _2\"></span>ead of <span class=\"_ _2\"></span>the 90 da<span class=\"_ _2\"></span>ys and th<span class=\"_ _2\"></span>e Ex<span class=\"_ _2\"></span>pected Cre<span class=\"_ _2\"></span>dit L<span class=\"_ _2\"></span>oss woul<span class=\"_ _2\"></span>d not change si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantl<span class=\"_ _2\"></span>y.<span class=\"ff1\"> </span>In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>this pe<span class=\"_ _2\"></span>riod, in<span class=\"_ _2\"></span> the ev<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>an acciden<span class=\"_ _2\"></span>t in<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>redit insur<span class=\"_ _2\"></span>ance c<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>the<span class=\"_ _0\"></span> model c<span class=\"_ _2\"></span>onsiders th<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>mit of<span class=\"_ _2\"></span> 5% paid by <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Gro<span class=\"_ _2\"></span>up (10% for n<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal Cu<span class=\"_ _2\"></span>stomers). Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _2\"></span>the macro<span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> level.<span class=\"_ _2\"></span> In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk val<span class=\"_ _2\"></span>ue was <span class=\"_ _2\"></span>increase<span class=\"_ _2\"></span>d by Eu<span class=\"_ _2\"></span>ro 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _2\"></span>ber 2021<span class=\"_ _2\"></span>: decreas<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>y Euro 123<span class=\"_ _2\"></span>,146).<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the G<span class=\"_ _2\"></span>roup r<span class=\"_ _2\"></span>ecognis<span class=\"_ _2\"></span>es impai<span class=\"_ _2\"></span>rment on<span class=\"_ _2\"></span> a case-<span class=\"ls24\">by</span>-case <span class=\"_ _2\"></span>basis, bas<span class=\"_ _2\"></span>ed on s<span class=\"_ _2\"></span>pecific balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _2\"></span>, cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the his<span class=\"_ _2\"></span>tori<span class=\"_ _2\"></span>cal i<span class=\"_ _2\"></span>nformation <span class=\"_ _2\"></span>of the co<span class=\"_ _2\"></span>unterpar<span class=\"_ _2\"></span>ties, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _2\"></span>ess <span class=\"_ _2\"></span>whether <span class=\"_ _2\"></span>there are <span class=\"_ _2\"></span>objecti<span class=\"_ _2\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets. <span class=\"_ _2\"></span>The Gr<span class=\"_ _2\"></span>oup uses the <span class=\"_ _2\"></span>write-off<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>edure onl<span class=\"_ _2\"></span>y when th<span class=\"_ _2\"></span>e credi<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>definitely <span class=\"_ _2\"></span>uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a cour<span class=\"_ _2\"></span>t decis<span class=\"_ _2\"></span>ion. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-193-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _2\"></span>ayables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>, when negative, an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r Recei<span class=\"_ _2\"></span>vables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.2), wh<span class=\"_ _2\"></span>en posi<span class=\"_ _2\"></span>tive. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 - Financ<span class=\"_ _2\"></span>ial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue appl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _2\"></span>dgin<span class=\"_ _2\"></span>g) proj<span class=\"_ _2\"></span>ect cur<span class=\"_ _2\"></span>rently i<span class=\"_ _2\"></span>n progress. Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _2\"></span>exchang<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rates so jus<span class=\"_ _2\"></span>tif<span class=\"_ _2\"></span>y, the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange coll<span class=\"_ _2\"></span>ars<span class=\"_ _2\"></span>, forwards, <span class=\"_ _2\"></span>etc<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _2\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _2\"></span>vativ<span class=\"_ _2\"></span>es contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p re<span class=\"_ _2\"></span>present eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve economic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks<span class=\"_ _2\"></span>, not al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>them qualif<span class=\"_ _2\"></span>y as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>truments i<span class=\"_ _2\"></span>n accou<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ng terms to<span class=\"_ _2\"></span> satisfy <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>able rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>rements. <span class=\"_ _2\"></span>Instruments <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>do not <span class=\"_ _2\"></span>qualify a<span class=\"_ _2\"></span>s h<span class=\"_ _2\"></span>edging instrum<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>at their fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value and c<span class=\"_ _2\"></span>hanges i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results (N<span class=\"_ _2\"></span>ote 5.11<span class=\"_ _2\"></span>), wh<span class=\"_ _2\"></span>en relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>tions, or <span class=\"_ _2\"></span>in Ex<span class=\"_ _2\"></span>ternal services<span class=\"_ _2\"></span> and suppli<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 2.3) o<span class=\"_ _2\"></span>r Rev<span class=\"_ _2\"></span>enue (Not<span class=\"_ _2\"></span>e 2.1)<span class=\"_ _2\"></span>, when ref<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rring to he<span class=\"_ _2\"></span>dging of<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable flo<span class=\"_ _2\"></span>ws in a c<span class=\"_ _2\"></span>urrency oth<span class=\"_ _2\"></span>er than <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>enta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _2\"></span>y. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts used fo<span class=\"_ _2\"></span>r hedgi<span class=\"_ _2\"></span>ng purpos<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>may be reco<span class=\"_ _2\"></span>gnised as h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instruments <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at they co<span class=\"_ _2\"></span>mply, c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns set ou<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _2\"></span>. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _2\"></span>ting, <span class=\"_ _2\"></span>any cumu<span class=\"_ _2\"></span>lativ<span class=\"_ _2\"></span>e gain or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled to the <span class=\"_ _2\"></span>income statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _2\"></span>em is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n, in whi<span class=\"_ _2\"></span>ch case an<span class=\"_ _2\"></span>y cumula<span class=\"_ _2\"></span>tive gain<span class=\"_ _2\"></span> or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>time remains<span class=\"_ _2\"></span> in equi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Income statem<span class=\"_ _2\"></span>ent.<span class=\"ff9\"> </span>Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BH<span class=\"_ _2\"></span>KP) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e to int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t rate risk an<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>xchange rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, the Grou<span class=\"_ _2\"></span>p ent<span class=\"_ _2\"></span>ers into <span class=\"_ _2\"></span>cash fl<span class=\"_ _2\"></span>ow hedges.<span class=\"_ _2\"></span> Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _2\"></span>tive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly recognised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>. The gain<span class=\"_ _2\"></span> or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>relating to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>neffectiv<span class=\"_ _2\"></span>e portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _2\"></span>reclas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>the periods wh<span class=\"_ _2\"></span>en the h<span class=\"_ _2\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _2\"></span>exampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _2\"></span>kes place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>temen<span class=\"_ _2\"></span>t withi<span class=\"_ _2\"></span>n \"Net financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts\" (Not<span class=\"_ _2\"></span>e 5.11). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t), <span class=\"_ _2\"></span>the gai<span class=\"_ _2\"></span>ns and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re tran<span class=\"_ _2\"></span>sferred f<span class=\"_ _2\"></span>rom e<span class=\"_ _2\"></span>quity and in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>. Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g deri<span class=\"_ _2\"></span>vatives The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposu<span class=\"_ _2\"></span>re on s<span class=\"_ _2\"></span>ales i<span class=\"_ _2\"></span>nvoi<span class=\"_ _2\"></span>ced in f<span class=\"_ _2\"></span>oreign currenci<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>namely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _2\"></span>d pounds <span class=\"_ _2\"></span>sterli<span class=\"_ _2\"></span>ng (G<span class=\"_ _2\"></span>BP). As <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> fi<span class=\"ff1\">nancial<span class=\"_ _2\"></span> statements a<span class=\"_ _2\"></span>re pres<span class=\"_ _2\"></span>ented </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _2\"></span>ke cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e same currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purposes, <span class=\"_ _2\"></span>act as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>natural he<span class=\"_ _2\"></span>dge. Thus<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e hedge i<span class=\"_ _2\"></span>s aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _2\"></span>et <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> items i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve curr<span class=\"_ _2\"></span>ency fluc<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns. Th<span class=\"ls0\">e he<span class=\"_ _2\"></span>dging i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d in thi<span class=\"_ _2\"></span>s operati<span class=\"_ _2\"></span>on are fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e forwa<span class=\"_ _2\"></span>rd cont<span class=\"_ _2\"></span>racts </span>covering th<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>t exposu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>currencies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than th<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>esentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y, for amou<span class=\"_ _2\"></span>nts <span class=\"_ _2\"></span>and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>risk h<span class=\"_ _2\"></span>edged is<span class=\"_ _2\"></span> the chan<span class=\"_ _2\"></span>ge <span class=\"_ _0\"></span>in the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>expresse<span class=\"_ _2\"></span>d in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the present<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>y. At <span class=\"_ _2\"></span>the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables e<span class=\"_ _2\"></span>xpressed in<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>ag<span class=\"_ _0\"></span>ainst <span class=\"_ _2\"></span>the fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the forwards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _2\"></span>UR/<span class=\"_ _2\"></span>GBP The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup makes <span class=\"_ _2\"></span>use of <span class=\"_ _2\"></span>deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in ord<span class=\"_ _2\"></span>er to li<span class=\"_ _2\"></span>mit th<span class=\"_ _2\"></span>e net exchange <span class=\"_ _2\"></span>risk asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>sales and f<span class=\"_ _2\"></span>uture pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>USD and G<span class=\"_ _2\"></span>BP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _2\"></span>Interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup hedges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t pa<span class=\"_ _2\"></span>yments ass<span class=\"_ _2\"></span>ociated with <span class=\"_ _2\"></span>comm<span class=\"_ _2\"></span>ercial <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span>sues by hirin<span class=\"_ _2\"></span>g an inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>p, whi<span class=\"_ _2\"></span>ch pays a f<span class=\"_ _2\"></span>ixed ra<span class=\"_ _2\"></span>te an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>es a fl<span class=\"_ _2\"></span>oating ra<span class=\"_ _2\"></span>te. This<span class=\"_ _2\"></span> instrument i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>esignate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws from <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper prog<span class=\"_ _2\"></span>ram and <span class=\"_ _2\"></span>the bond lo<span class=\"_ _2\"></span>an. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _2\"></span>- BHK<span class=\"_ _2\"></span>P The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup uses d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the <span class=\"_ _2\"></span>exposure risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e variati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the pul<span class=\"_ _2\"></span>p price<span class=\"_ _2\"></span>, inde<span class=\"_ _2\"></span>xed to PIX<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>USD. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-193-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _2\"></span>ayables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.3)<span class=\"_ _2\"></span>, when negative, an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>r Recei<span class=\"_ _2\"></span>vables <span class=\"_ _2\"></span>(Note 4<span class=\"_ _2\"></span>.2), wh<span class=\"_ _2\"></span>en posi<span class=\"_ _2\"></span>tive. In accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>IFRS <span class=\"_ _2\"></span>9 - Financ<span class=\"_ _2\"></span>ial Ins<span class=\"_ _2\"></span>truments<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Grou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue appl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _2\"></span>dgin<span class=\"_ _2\"></span>g) proj<span class=\"_ _2\"></span>ect cur<span class=\"_ _2\"></span>rently i<span class=\"_ _2\"></span>n progress. Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _2\"></span>exchang<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rates so jus<span class=\"_ _2\"></span>tif<span class=\"_ _2\"></span>y, the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange coll<span class=\"_ _2\"></span>ars<span class=\"_ _2\"></span>, forwards, <span class=\"_ _2\"></span>etc<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _2\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _2\"></span>vativ<span class=\"_ _2\"></span>es contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p re<span class=\"_ _2\"></span>present eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve economic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks<span class=\"_ _2\"></span>, not al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>them qualif<span class=\"_ _2\"></span>y as he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>truments i<span class=\"_ _2\"></span>n accou<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>ng terms to<span class=\"_ _2\"></span> satisfy <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>able rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>rements. <span class=\"_ _2\"></span>Instruments <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>do not <span class=\"_ _2\"></span>qualify a<span class=\"_ _2\"></span>s h<span class=\"_ _2\"></span>edging instrum<span class=\"_ _2\"></span>ents a<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>ecorded i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>at their fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value and c<span class=\"_ _2\"></span>hanges i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>gnised in<span class=\"_ _2\"></span> Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results (N<span class=\"_ _2\"></span>ote 5.11<span class=\"_ _2\"></span>), wh<span class=\"_ _2\"></span>en relat<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>tions, or <span class=\"_ _2\"></span>in Ex<span class=\"_ _2\"></span>ternal services<span class=\"_ _2\"></span> and suppli<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 2.3) o<span class=\"_ _2\"></span>r Rev<span class=\"_ _2\"></span>enue (Not<span class=\"_ _2\"></span>e 2.1)<span class=\"_ _2\"></span>, when ref<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rring to he<span class=\"_ _2\"></span>dging of<span class=\"_ _2\"></span> sales <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>vable flo<span class=\"_ _2\"></span>ws in a c<span class=\"_ _2\"></span>urrency oth<span class=\"_ _2\"></span>er than <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>enta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _2\"></span>y. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts used fo<span class=\"_ _2\"></span>r hedgi<span class=\"_ _2\"></span>ng purpos<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>may be reco<span class=\"_ _2\"></span>gnised as h<span class=\"_ _2\"></span>edgin<span class=\"_ _2\"></span>g instruments <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>at they co<span class=\"_ _2\"></span>mply, c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns set ou<span class=\"_ _2\"></span>t i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _2\"></span>. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _2\"></span>ting, <span class=\"_ _2\"></span>any cumu<span class=\"_ _2\"></span>lativ<span class=\"_ _2\"></span>e gain or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled to the <span class=\"_ _2\"></span>income statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _2\"></span>em is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n, in whi<span class=\"_ _2\"></span>ch case an<span class=\"_ _2\"></span>y cumula<span class=\"_ _2\"></span>tive gain<span class=\"_ _2\"></span> or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>time remains<span class=\"_ _2\"></span> in equi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Income statem<span class=\"_ _2\"></span>ent.<span class=\"ff9\"> </span>Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BH<span class=\"_ _2\"></span>KP) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposur<span class=\"_ _2\"></span>e to int<span class=\"_ _2\"></span>eres<span class=\"_ _2\"></span>t rate risk an<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>xchange rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, the Grou<span class=\"_ _2\"></span>p ent<span class=\"_ _2\"></span>ers into <span class=\"_ _2\"></span>cash fl<span class=\"_ _2\"></span>ow hedges.<span class=\"_ _2\"></span> Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _2\"></span>tive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the f<span class=\"_ _2\"></span>air value <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span>ly recognised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>. The gain<span class=\"_ _2\"></span> or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>relating to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>neffectiv<span class=\"_ _2\"></span>e portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _2\"></span>reclas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>the periods wh<span class=\"_ _2\"></span>en the h<span class=\"_ _2\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _2\"></span>exampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _2\"></span>kes place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ncome sta<span class=\"_ _2\"></span>temen<span class=\"_ _2\"></span>t withi<span class=\"_ _2\"></span>n \"Net financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts\" (Not<span class=\"_ _2\"></span>e 5.11). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _2\"></span>ecogni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _2\"></span>ty, pl<span class=\"_ _2\"></span>ant an<span class=\"_ _2\"></span>d equipmen<span class=\"_ _2\"></span>t), <span class=\"_ _2\"></span>the gai<span class=\"_ _2\"></span>ns and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re tran<span class=\"_ _2\"></span>sferred f<span class=\"_ _2\"></span>rom e<span class=\"_ _2\"></span>quity and in<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d in the i<span class=\"_ _2\"></span>nitial<span class=\"_ _2\"></span> measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>. Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g deri<span class=\"_ _2\"></span>vatives The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposu<span class=\"_ _2\"></span>re on s<span class=\"_ _2\"></span>ales i<span class=\"_ _2\"></span>nvoi<span class=\"_ _2\"></span>ced in f<span class=\"_ _2\"></span>oreign currenci<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>namely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _2\"></span>d pounds <span class=\"_ _2\"></span>sterli<span class=\"_ _2\"></span>ng (G<span class=\"_ _2\"></span>BP). As <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up\u2019s<span class=\"_ _2\"></span> fi<span class=\"ff1\">nancial<span class=\"_ _2\"></span> statements a<span class=\"_ _2\"></span>re pres<span class=\"_ _2\"></span>ented </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _2\"></span>ke cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>thos<span class=\"_ _2\"></span>e same currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purposes, <span class=\"_ _2\"></span>act as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>natural he<span class=\"_ _2\"></span>dge. Thus<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e hedge i<span class=\"_ _2\"></span>s aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _2\"></span>et <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> items i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve curr<span class=\"_ _2\"></span>ency fluc<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>ns. Th<span class=\"ls0\">e he<span class=\"_ _2\"></span>dging i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> use<span class=\"_ _2\"></span>d in thi<span class=\"_ _2\"></span>s operati<span class=\"_ _2\"></span>on are fo<span class=\"_ _2\"></span>reig<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e forwa<span class=\"_ _2\"></span>rd cont<span class=\"_ _2\"></span>racts </span>covering th<span class=\"_ _2\"></span>e ne<span class=\"_ _2\"></span>t exposu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>currencies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than th<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>esentatio<span class=\"_ _2\"></span>n currenc<span class=\"_ _2\"></span>y, for amou<span class=\"_ _2\"></span>nts <span class=\"_ _2\"></span>and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>risk h<span class=\"_ _2\"></span>edged is<span class=\"_ _2\"></span> the chan<span class=\"_ _2\"></span>ge <span class=\"_ _0\"></span>in the <span class=\"_ _2\"></span>book v<span class=\"_ _2\"></span>alue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>expresse<span class=\"_ _2\"></span>d in currenc<span class=\"_ _2\"></span>ies o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the present<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>currenc<span class=\"_ _2\"></span>y. At <span class=\"_ _2\"></span>the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables e<span class=\"_ _2\"></span>xpressed in<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>ag<span class=\"_ _0\"></span>ainst <span class=\"_ _2\"></span>the fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the forwards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _2\"></span>UR/<span class=\"_ _2\"></span>GBP The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup makes <span class=\"_ _2\"></span>use of <span class=\"_ _2\"></span>deriva<span class=\"_ _2\"></span>tive fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in ord<span class=\"_ _2\"></span>er to li<span class=\"_ _2\"></span>mit th<span class=\"_ _2\"></span>e net exchange <span class=\"_ _2\"></span>risk asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>sales and f<span class=\"_ _2\"></span>uture pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>estimate<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>USD and G<span class=\"_ _2\"></span>BP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _2\"></span>Interes<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup hedges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t pa<span class=\"_ _2\"></span>yments ass<span class=\"_ _2\"></span>ociated with <span class=\"_ _2\"></span>comm<span class=\"_ _2\"></span>ercial <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span>sues by hirin<span class=\"_ _2\"></span>g an inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>p, whi<span class=\"_ _2\"></span>ch pays a f<span class=\"_ _2\"></span>ixed ra<span class=\"_ _2\"></span>te an<span class=\"_ _2\"></span>d receiv<span class=\"_ _2\"></span>es a fl<span class=\"_ _2\"></span>oating ra<span class=\"_ _2\"></span>te. This<span class=\"_ _2\"></span> instrument i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>esignate<span class=\"_ _2\"></span>d as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws from <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper prog<span class=\"_ _2\"></span>ram and <span class=\"_ _2\"></span>the bond lo<span class=\"_ _2\"></span>an. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _2\"></span>- BHK<span class=\"_ _2\"></span>P The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup uses d<span class=\"_ _2\"></span>eriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the <span class=\"_ _2\"></span>exposure risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e variati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the pul<span class=\"_ _2\"></span>p price<span class=\"_ _2\"></span>, inde<span class=\"_ _2\"></span>xed to PIX<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>USD. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-194-5": {
   "value": "When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _2\"></span>ting, <span class=\"_ _2\"></span>any cumu<span class=\"_ _2\"></span>lativ<span class=\"_ _2\"></span>e gain or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled to the <span class=\"_ _2\"></span>income statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _2\"></span>em is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n, in whi<span class=\"_ _2\"></span>ch case an<span class=\"_ _2\"></span>y cumula<span class=\"_ _2\"></span>tive gain<span class=\"_ _2\"></span> or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>time remains<span class=\"_ _2\"></span> in equi<span class=\"_ _2\"></span>ty an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Income statem<span class=\"_ _2\"></span>ent.<span class=\"ff9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-198-3": {
   "value": "8.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es </span></span>8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Categories o<span class=\"_ _2\"></span>f Group<span class=\"_ _2\"></span> Financial<span class=\"_ _2\"></span> Instrum<span class=\"_ _2\"></span>ents The finan<span class=\"_ _2\"></span>cial i<span class=\"_ _2\"></span>nstruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h capti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial assets<span class=\"_ _0\"></span> at fair value  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial through<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at fair  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and value throu<span class=\"_ _0\"></span>gh  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at loss other derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide  Non-amortised (excluding compreh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> financial financial the scope<span class=\"_ _0\"></span> financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> income <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>of IFRS <span class=\"_ _0\"></span>9 <span class=\"fc7 sc0\"> </span>assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 25,282,859 <span class=\"_ _0\"></span> -  -  -  -  -  -  25,282,859 <span class=\"_ _0\"></span>  Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 363,009,769  -  -  46,938,143 <span class=\"_ _0\"></span> 1,576,300  -  87,619,196 <span class=\"_ _0\"></span> 499,143,408   Cash and cash 5.9 343,083,788  -  -  -  -  -  -  343,083,788  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 731<span class=\"_ _0\"></span>,376,417<span class=\"_ _0\"></span>  -  -  46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  -  87,619<span class=\"_ _0\"></span>,196  867<span class=\"_ _0\"></span>,510,056<span class=\"_ _0\"></span>  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 8.3 8,604,547  -  -  -  -  -  -  8,604,547   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 236,454,808  -  -  1,630,982  -  -  79,796,970 <span class=\"_ _0\"></span> 317,882,760   Cash and cash 5.9 239,171,252  -  -  -  -  -  -  239,171,252  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 484<span class=\"_ _0\"></span>,230,607<span class=\"_ _0\"></span>  -  -  1,630,98<span class=\"_ _0\"></span>2  -  -  79,796<span class=\"_ _0\"></span>,970  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at fair value through<span class=\"_ _0\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and  Hedging<span class=\"_ _0\"></span>  Trading  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at loss derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve liabilities  Non-amortised (excluding financial financial outs<span class=\"_ _0\"></span>ide the financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> scope of <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>liabilities <span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 725,301,722  -  -  -  -  -  725,301,722   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  61,641,049 <span class=\"_ _0\"></span> -  61,641,049 <span class=\"_ _0\"></span>  Payables  4.3 605,630,951  -  -  4,682,533  -  -  610,313,484  Total liabilities<span class=\"_ _0\"></span> 1,330,93<span class=\"_ _0\"></span>2,673  -  -  4,682,53<span class=\"_ _0\"></span>3  61,641<span class=\"_ _0\"></span>,049  -  1,397,25<span class=\"_ _0\"></span>6,255  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 833,944,049  -  -  -  -  -  833,944,049   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  53,240,925 <span class=\"_ _0\"></span> -  53,240,925 <span class=\"_ _0\"></span>  Payables  4.3 422,045,733  -  6,402,130  1,728,458  -  -  430,176,321  Total liabilities<span class=\"_ _0\"></span> 1,255,98<span class=\"_ _0\"></span>9,782  -  6,402,13<span class=\"_ _0\"></span>0  1,728,45<span class=\"_ _0\"></span>8  53,240<span class=\"_ _0\"></span>,925  -  1,317,36<span class=\"_ _0\"></span>1,295  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-198-4": {
   "value": "8.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es </span></span>8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Categories o<span class=\"_ _2\"></span>f Group<span class=\"_ _2\"></span> Financial<span class=\"_ _2\"></span> Instrum<span class=\"_ _2\"></span>ents The finan<span class=\"_ _2\"></span>cial i<span class=\"_ _2\"></span>nstruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h capti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial assets<span class=\"_ _0\"></span> at fair value  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial through<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at fair  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and value throu<span class=\"_ _0\"></span>gh  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at loss other derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide  Non-amortised (excluding compreh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> financial financial the scope<span class=\"_ _0\"></span> financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> income <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>of IFRS <span class=\"_ _0\"></span>9 <span class=\"fc7 sc0\"> </span>assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 25,282,859 <span class=\"_ _0\"></span> -  -  -  -  -  -  25,282,859 <span class=\"_ _0\"></span>  Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 363,009,769  -  -  46,938,143 <span class=\"_ _0\"></span> 1,576,300  -  87,619,196 <span class=\"_ _0\"></span> 499,143,408   Cash and cash 5.9 343,083,788  -  -  -  -  -  -  343,083,788  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 731<span class=\"_ _0\"></span>,376,417<span class=\"_ _0\"></span>  -  -  46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  -  87,619<span class=\"_ _0\"></span>,196  867<span class=\"_ _0\"></span>,510,056<span class=\"_ _0\"></span>  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 8.3 8,604,547  -  -  -  -  -  -  8,604,547   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 236,454,808  -  -  1,630,982  -  -  79,796,970 <span class=\"_ _0\"></span> 317,882,760   Cash and cash 5.9 239,171,252  -  -  -  -  -  -  239,171,252  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 484<span class=\"_ _0\"></span>,230,607<span class=\"_ _0\"></span>  -  -  1,630,98<span class=\"_ _0\"></span>2  -  -  79,796<span class=\"_ _0\"></span>,970  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at fair value through<span class=\"_ _0\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and  Hedging<span class=\"_ _0\"></span>  Trading  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at loss derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve liabilities  Non-amortised (excluding financial financial outs<span class=\"_ _0\"></span>ide the financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> scope of <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>liabilities <span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 725,301,722  -  -  -  -  -  725,301,722   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  61,641,049 <span class=\"_ _0\"></span> -  61,641,049 <span class=\"_ _0\"></span>  Payables  4.3 605,630,951  -  -  4,682,533  -  -  610,313,484  Total liabilities<span class=\"_ _0\"></span> 1,330,93<span class=\"_ _0\"></span>2,673  -  -  4,682,53<span class=\"_ _0\"></span>3  61,641<span class=\"_ _0\"></span>,049  -  1,397,25<span class=\"_ _0\"></span>6,255  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 833,944,049  -  -  -  -  -  833,944,049   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  53,240,925 <span class=\"_ _0\"></span> -  53,240,925 <span class=\"_ _0\"></span>  Payables  4.3 422,045,733  -  6,402,130  1,728,458  -  -  430,176,321  Total liabilities<span class=\"_ _0\"></span> 1,255,98<span class=\"_ _0\"></span>9,782  -  6,402,13<span class=\"_ _0\"></span>0  1,728,45<span class=\"_ _0\"></span>8  53,240<span class=\"_ _0\"></span>,925  -  1,317,36<span class=\"_ _0\"></span>1,295  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-198-5": {
   "value": "8.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Financ<span class=\"_ _2\"></span>ial ass<span class=\"_ _2\"></span>ets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es </span></span>8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Categories o<span class=\"_ _2\"></span>f Group<span class=\"_ _2\"></span> Financial<span class=\"_ _2\"></span> Instrum<span class=\"_ _2\"></span>ents The finan<span class=\"_ _2\"></span>cial i<span class=\"_ _2\"></span>nstruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h capti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>onsoli<span class=\"_ _2\"></span>dated statem<span class=\"_ _2\"></span>ent of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial assets<span class=\"_ _0\"></span> at fair value  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial through<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at fair  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and value throu<span class=\"_ _0\"></span>gh  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span> at loss other derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide  Non-amortised (excluding compreh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> financial financial the scope<span class=\"_ _0\"></span> financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> income <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>of IFRS <span class=\"_ _0\"></span>9 <span class=\"fc7 sc0\"> </span>assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 25,282,859 <span class=\"_ _0\"></span> -  -  -  -  -  -  25,282,859 <span class=\"_ _0\"></span>  Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 363,009,769  -  -  46,938,143 <span class=\"_ _0\"></span> 1,576,300  -  87,619,196 <span class=\"_ _0\"></span> 499,143,408   Cash and cash 5.9 343,083,788  -  -  -  -  -  -  343,083,788  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 731<span class=\"_ _0\"></span>,376,417<span class=\"_ _0\"></span>  -  -  46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  -  87,619<span class=\"_ _0\"></span>,196  867<span class=\"_ _0\"></span>,510,056<span class=\"_ _0\"></span>  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 8.3 8,604,547  -  -  -  -  -  -  8,604,547   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 236,454,808  -  -  1,630,982  -  -  79,796,970 <span class=\"_ _0\"></span> 317,882,760   Cash and cash 5.9 239,171,252  -  -  -  -  -  -  239,171,252  equivalents <span class=\"_ _0\"></span>  Non-current assets h<span class=\"_ _0\"></span>eld 3.8 -  -  -  -  -  -  -  -  for sale  Total assets<span class=\"_ _0\"></span> 484<span class=\"_ _0\"></span>,230,607<span class=\"_ _0\"></span>  -  -  1,630,98<span class=\"_ _0\"></span>2  -  -  79,796<span class=\"_ _0\"></span>,970  565<span class=\"_ _0\"></span>,658,559<span class=\"_ _0\"></span>   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at fair value through<span class=\"_ _0\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial profit and  Hedging<span class=\"_ _0\"></span>  Trading  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial liabilities <span class=\"_ _0\"></span>at loss derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve liabilities  Non-amortised (excluding financial financial outs<span class=\"_ _0\"></span>ide the financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves) <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> scope of <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>liabilities <span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 725,301,722  -  -  -  -  -  725,301,722   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  61,641,049 <span class=\"_ _0\"></span> -  61,641,049 <span class=\"_ _0\"></span>  Payables  4.3 605,630,951  -  -  4,682,533  -  -  610,313,484  Total liabilities<span class=\"_ _0\"></span> 1,330,93<span class=\"_ _0\"></span>2,673  -  -  4,682,53<span class=\"_ _0\"></span>3  61,641<span class=\"_ _0\"></span>,049  -  1,397,25<span class=\"_ _0\"></span>6,255  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>  Interest-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 833,944,049  -  -  -  -  -  833,944,049   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.8 -  -  -  -  53,240,925 <span class=\"_ _0\"></span> -  53,240,925 <span class=\"_ _0\"></span>  Payables  4.3 422,045,733  -  6,402,130  1,728,458  -  -  430,176,321  Total liabilities<span class=\"_ _0\"></span> 1,255,98<span class=\"_ _0\"></span>9,782  -  6,402,13<span class=\"_ _0\"></span>0  1,728,45<span class=\"_ _0\"></span>8  53,240<span class=\"_ _0\"></span>,925  -  1,317,36<span class=\"_ _0\"></span>1,295  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-201-4": {
   "value": "8.3.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Fair val<span class=\"_ _2\"></span>ue of financial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties Financia<span class=\"_ _2\"></span>l as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s me<span class=\"_ _2\"></span>asure<span class=\"_ _2\"></span>d at fai<span class=\"_ _2\"></span>r va<span class=\"_ _2\"></span>lue 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span>  Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span>  Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (N<span class=\"_ _0\"></span>ote 8.2) -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Assets measured a<span class=\"_ _0\"></span>t fair value<span class=\"_ _0\"></span>      <span class=\"ls0\">Bi<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogical<span class=\"_ _0\"></span> asset<span class=\"_ _2\"></span>s (Note 3.<span class=\"_ _0\"></span>8)<span class=\"_ _0\"></span> </span>-  -  122,499,875  -  -  147,324,061  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  122<span class=\"_ _0\"></span>,499,875<span class=\"_ _0\"></span>  -  1,630,98<span class=\"_ _0\"></span>2  147<span class=\"_ _0\"></span>,324,061<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> (Note 8.2)<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2)<span class=\"_ _0\"></span> -  -  -  -  (6,402,130) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,588) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Fair value <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>fixed-inter<span class=\"_ _2\"></span>est inter<span class=\"_ _2\"></span>est-bea<span class=\"_ _2\"></span>ring liab<span class=\"_ _2\"></span>ilitie<span class=\"_ _2\"></span>s The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _2\"></span>dance wi<span class=\"_ _2\"></span>th th<span class=\"_ _2\"></span>e charact<span class=\"_ _2\"></span>eristic<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>each financin<span class=\"_ _2\"></span>g, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-203-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _2\"></span>IFRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Based on quo<span class=\"_ _2\"></span>tes f<span class=\"_ _2\"></span>rom ac<span class=\"_ _2\"></span>tive net mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>at r<span class=\"_ _2\"></span>eporting da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are obser<span class=\"_ _2\"></span>vable in </span>the mar<span class=\"_ _2\"></span>ket. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are not o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble </span>in the <span class=\"_ _2\"></span>market.<span class=\"_ _2\"></span><span class=\"fs0 fc1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-203-4": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _2\"></span>IFRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Based on quo<span class=\"_ _2\"></span>tes f<span class=\"_ _2\"></span>rom ac<span class=\"_ _2\"></span>tive net mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>at r<span class=\"_ _2\"></span>eporting da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are obser<span class=\"_ _2\"></span>vable in </span>the mar<span class=\"_ _2\"></span>ket. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are not o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble </span>in the <span class=\"_ _2\"></span>market.<span class=\"_ _2\"></span><span class=\"fs0 fc1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-203-5": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _2\"></span>IFRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Based on quo<span class=\"_ _2\"></span>tes f<span class=\"_ _2\"></span>rom ac<span class=\"_ _2\"></span>tive net mar<span class=\"_ _2\"></span>kets <span class=\"_ _2\"></span>at r<span class=\"_ _2\"></span>eporting da<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are obser<span class=\"_ _2\"></span>vable in </span>the mar<span class=\"_ _2\"></span>ket. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>Determi<span class=\"_ _2\"></span>ned using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch are not o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble </span>in the <span class=\"_ _2\"></span>market.<span class=\"_ _2\"></span><span class=\"fs0 fc1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-204-2": {
   "value": "9.<span class=\"ff7 ls0\"> <span class=\"_\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>iona<span class=\"_ _2\"></span>l r<span class=\"_ _2\"></span>isk m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>t </span></span>The Group o<span class=\"_ _2\"></span>perates <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try s<span class=\"_ _2\"></span>ectors, <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> eucalyptus f<span class=\"_ _2\"></span>or us<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>the production <span class=\"_ _2\"></span>of BEKP <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span>, which i<span class=\"_ _2\"></span>s essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y incorporat<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>in the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of UWF an<span class=\"_ _2\"></span>d Tissue paper but i<span class=\"_ _2\"></span>s als<span class=\"_ _2\"></span>o sol<span class=\"_ _2\"></span>d in the mar<span class=\"_ _2\"></span>ket, an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n energy p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n, essen<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y through <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>est biomass<span class=\"_ _2\"></span> that is <span class=\"_ _2\"></span>genera<span class=\"_ _2\"></span>ted in th<span class=\"_ _2\"></span>e BEKP pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n proc<span class=\"_ _2\"></span>ess. All <span class=\"_ _2\"></span>the activiti<span class=\"_ _2\"></span>es in whi<span class=\"_ _2\"></span>ch th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>involved <span class=\"_ _2\"></span>are subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>risks whi<span class=\"_ _2\"></span>ch coul<span class=\"_ _2\"></span>d have a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant impact on<span class=\"_ _2\"></span> its ope<span class=\"_ _2\"></span>rations, <span class=\"_ _2\"></span>its o<span class=\"_ _2\"></span>perati<span class=\"_ _2\"></span>ng resul<span class=\"_ _2\"></span>ts, the cash<span class=\"_ _2\"></span> flow <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span>rated and i<span class=\"_ _2\"></span>n its finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n. The risk fac<span class=\"_ _2\"></span>tors <span class=\"_ _2\"></span>analys<span class=\"_ _2\"></span>ed in thi<span class=\"_ _2\"></span>s chap<span class=\"_ _2\"></span>ter c<span class=\"_ _2\"></span>an be s<span class=\"_ _2\"></span>tructured<span class=\"_ _2\"></span> as f<span class=\"_ _2\"></span>ollows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Specifi<span class=\"_ _2\"></span>c risks <span class=\"_ _2\"></span>inheren<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e secto<span class=\"_ _2\"></span>rs of <span class=\"_ _2\"></span>activit<span class=\"_ _2\"></span>y in whic<span class=\"_ _2\"></span>h th<span class=\"_ _2\"></span>e Navigato<span class=\"_ _2\"></span>r Group op<span class=\"_ _2\"></span>erates: </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>estr<span class=\"_ _2\"></span>y sector<span class=\"_ _2\"></span> </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on and sal<span class=\"_ _2\"></span>e of BE<span class=\"_ _2\"></span>KP pul<span class=\"_ _2\"></span>p, UWF pa<span class=\"_ _2\"></span>per an<span class=\"_ _2\"></span>d tissue </span></span>paper \uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>energy </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Risks asso<span class=\"_ _2\"></span>ciated with cl<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>e change </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Human resources <span class=\"_ _2\"></span>and tal<span class=\"_ _2\"></span>ent managem<span class=\"_ _2\"></span>ent </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">I<span class=\"_ _0\"></span>nformatio<span class=\"_ _2\"></span>n sys<span class=\"_ _2\"></span>tems </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Context ris<span class=\"_ _2\"></span>ks </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Navigator Grou<span class=\"_ _2\"></span>p risks an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e way i<span class=\"_ _2\"></span>t perfo<span class=\"_ _2\"></span>rms its ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. </span></span>The Group h<span class=\"_ _2\"></span>as a ri<span class=\"_ _2\"></span>sk-managem<span class=\"_ _2\"></span>ent pro<span class=\"_ _2\"></span>gram in pl<span class=\"_ _2\"></span>ace whi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>is f<span class=\"_ _2\"></span>ocused on <span class=\"_ _2\"></span>the analysis<span class=\"_ _2\"></span> of the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>markets in ord<span class=\"_ _2\"></span>er to mi<span class=\"_ _2\"></span>tigate <span class=\"_ _2\"></span>the po<span class=\"_ _2\"></span>tenti<span class=\"_ _2\"></span>al advers<span class=\"_ _2\"></span>e eff<span class=\"_ _2\"></span>ects on i<span class=\"_ _2\"></span>ts fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> performan<span class=\"_ _2\"></span>ce. Ris<span class=\"_ _2\"></span>k management i<span class=\"_ _2\"></span>s conduc<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Finance <span class=\"_ _2\"></span>Depa<span class=\"_ _2\"></span>rtment i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>polici<span class=\"_ _2\"></span>es approved <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _2\"></span>rs. <span class=\"_ _2\"></span>The Financ<span class=\"_ _2\"></span>e Depar<span class=\"_ _2\"></span>tment e<span class=\"_ _2\"></span>valuates an<span class=\"_ _2\"></span>d unde<span class=\"_ _2\"></span>rtakes <span class=\"_ _2\"></span>the hedging of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial ri<span class=\"_ _2\"></span>sks in<span class=\"_ _2\"></span> strict co<span class=\"_ _2\"></span>ordi<span class=\"_ _2\"></span>nation with <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup\u2019s<span class=\"_ _2\"></span> operati<span class=\"_ _2\"></span>ng unit<span class=\"ff1\">s. <span class=\"_ _2\"></span> </span>The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>provides <span class=\"_ _2\"></span>the prin<span class=\"_ _2\"></span>ciples <span class=\"_ _2\"></span>of ris<span class=\"_ _2\"></span>k man<span class=\"_ _2\"></span>agement <span class=\"_ _2\"></span>as a whol<span class=\"_ _2\"></span>e and po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es covering s<span class=\"_ _2\"></span>pecif<span class=\"_ _2\"></span>ic areas <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>foreign <span class=\"_ _2\"></span>exchan<span class=\"_ _2\"></span>ge risk<span class=\"_ _2\"></span>, inte<span class=\"_ _2\"></span>rest rate <span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>k, liquidi<span class=\"_ _2\"></span>ty ris<span class=\"_ _2\"></span>k, credi<span class=\"_ _2\"></span>t risk, th<span class=\"_ _2\"></span>e use of<span class=\"_ _2\"></span> deri<span class=\"_ _2\"></span>vatives an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r non-deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> instruments an<span class=\"_ _2\"></span>d the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t of l<span class=\"_ _2\"></span>iquidi<span class=\"_ _2\"></span>ty surplus. <span class=\"_ _2\"></span>The Ris<span class=\"_ _2\"></span>k Managemen<span class=\"_ _2\"></span>t Depar<span class=\"_ _2\"></span>tment mo<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tors the impl<span class=\"_ _2\"></span>ementa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f risk managemen<span class=\"_ _2\"></span>t polici<span class=\"_ _2\"></span>es defin<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors. 9.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _91\"> </span><span class=\"ff4\">Speci<span class=\"_ _2\"></span>fic risks<span class=\"_ _2\"></span> inher<span class=\"_ _2\"></span>ent to<span class=\"_ _2\"></span> the se<span class=\"_ _2\"></span>ctors o<span class=\"_ _2\"></span>f </span></span>activit<span class=\"_ _2\"></span>y in <span class=\"_ _2\"></span>which t<span class=\"_ _2\"></span>he Nav<span class=\"_ _2\"></span>igator <span class=\"_ _2\"></span>Group operat<span class=\"_ _2\"></span>es 9.1.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>restry <span class=\"_ _2\"></span>sector As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup mana<span class=\"_ _2\"></span>ged arou<span class=\"_ _2\"></span>nd 106,8 tho<span class=\"_ _2\"></span>usand <span class=\"_ _2\"></span>hectares (2021: <span class=\"_ _2\"></span>105.5 thous<span class=\"_ _2\"></span>and h<span class=\"_ _2\"></span>ectares) di<span class=\"_ _2\"></span>stri<span class=\"_ _2\"></span>buted across<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>and Po<span class=\"_ _2\"></span>rtugal, <span class=\"_ _2\"></span>the Azo<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d Galic<span class=\"_ _2\"></span>ia (Spain)<span class=\"_ _2\"></span>, in 1,3<span class=\"_ _2\"></span>24 Managemen<span class=\"_ _2\"></span>t Units i<span class=\"_ _2\"></span>n 169 <span class=\"_ _2\"></span>munici<span class=\"_ _2\"></span>palities<span class=\"_ _2\"></span> in Po<span class=\"_ _2\"></span>rtugal, an<span class=\"_ _2\"></span>d 42 Mana<span class=\"_ _2\"></span>gement Units di<span class=\"_ _2\"></span>stribute<span class=\"_ _2\"></span>d across<span class=\"_ _2\"></span> 3 pro<span class=\"_ _2\"></span>vinces i<span class=\"_ _2\"></span>n Gal<span class=\"_ _2\"></span>icia, Spai<span class=\"_ _2\"></span>n, in ac<span class=\"_ _2\"></span>cordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>nciples expressed i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>Forestr<span class=\"_ _2\"></span>y Pol<span class=\"_ _2\"></span>icy. Eucal<span class=\"_ _2\"></span>yptus an<span class=\"_ _2\"></span>d ar<span class=\"_ _2\"></span>eas und<span class=\"_ _2\"></span>er ongoin<span class=\"_ _2\"></span>g affores<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>on with thi<span class=\"_ _2\"></span>s sort of s<span class=\"_ _2\"></span>pecies occ<span class=\"_ _2\"></span>upy 73% of t<span class=\"_ _2\"></span>his<span class=\"_ _2\"></span> area, namel<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Eucaly<span class=\"_ _2\"></span>ptus <span class=\"_ _2\"></span>globulus <span class=\"_ _2\"></span>species, d<span class=\"_ _2\"></span>eemed to <span class=\"_ _2\"></span>have the perf<span class=\"_ _2\"></span>ect fib<span class=\"_ _2\"></span>re for hi<span class=\"_ _2\"></span>gh-quali<span class=\"_ _2\"></span>ty pap<span class=\"_ _2\"></span>ers. <span class=\"_ _2\"></span>In the remai<span class=\"_ _2\"></span>ning <span class=\"_ _2\"></span>area, in <span class=\"_ _2\"></span>additi<span class=\"_ _2\"></span>on to con<span class=\"_ _2\"></span>serva<span class=\"_ _2\"></span>tion areas tha<span class=\"_ _2\"></span>t accoun<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r about 12<span class=\"_ _2\"></span>.1% of <span class=\"_ _2\"></span>the tot<span class=\"_ _2\"></span>al area u<span class=\"_ _2\"></span>nde<span class=\"_ _2\"></span>r managem<span class=\"_ _2\"></span>ent in Portu<span class=\"_ _2\"></span>gal, pine <span class=\"_ _2\"></span>and cork oak f<span class=\"_ _2\"></span>orests <span class=\"_ _2\"></span>are amo<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>largest <span class=\"_ _2\"></span>priva<span class=\"_ _2\"></span>tely own<span class=\"_ _2\"></span>ed nati<span class=\"_ _2\"></span>onal produc<span class=\"_ _2\"></span>ers. As a pi<span class=\"_ _2\"></span>oneer in Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _2\"></span> in promo<span class=\"_ _2\"></span>ting c<span class=\"_ _2\"></span>ertifie<span class=\"_ _2\"></span>d forest m<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>agement, mo<span class=\"_ _2\"></span>st of i<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>restry as<span class=\"_ _2\"></span>sets \u00ae\u00ae\u00aelocated i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal are c<span class=\"_ _2\"></span>ertifi<span class=\"_ _2\"></span>ed by FSC (Fores<span class=\"_ _2\"></span>t S<span class=\"_ _2\"></span>tew<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>rdshi<span class=\"_ _2\"></span>p Council) (FSC-C010<span class=\"_ _2\"></span>852) and b<span class=\"_ _2\"></span>y PEFC\u2122 <span class=\"_ _2\"></span>(Programme fo<span class=\"_ _2\"></span>r the En<span class=\"_ _2\"></span>dorsemen<span class=\"_ _2\"></span>t of Fo<span class=\"_ _2\"></span>rest C<span class=\"_ _2\"></span>ertif<span class=\"_ _2\"></span>ication <span class=\"_ _2\"></span>schemes) (PE<span class=\"_ _2\"></span>FC\u2122/1<span class=\"_ _2\"></span>3<span class=\"_ _0\"></span><span class=\"ff1\">-<span class=\"ls18\">23</span>-001), </span>recogniti<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t management o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>these a<span class=\"_ _2\"></span>reas is c<span class=\"_ _2\"></span>arri<span class=\"_ _2\"></span>ed out i<span class=\"_ _2\"></span>n an envi<span class=\"_ _2\"></span>ronmentally<span class=\"_ _2\"></span>, economi<span class=\"_ _2\"></span>call<span class=\"_ _2\"></span>y and soc<span class=\"_ _2\"></span>iall<span class=\"_ _2\"></span>y responsible <span class=\"_ _2\"></span>way, fol<span class=\"_ _2\"></span>lowing a <span class=\"_ _2\"></span>strict an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nterna<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span>ly recogni<span class=\"_ _2\"></span>sed cri<span class=\"_ _2\"></span>teria<span class=\"_ _2\"></span>. Navigator o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tes in so<span class=\"_ _2\"></span>phistica<span class=\"_ _2\"></span>ted ma<span class=\"_ _2\"></span>rkets arou<span class=\"_ _2\"></span>nd the <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>rld where <span class=\"_ _2\"></span>the deman<span class=\"_ _2\"></span>d for c<span class=\"_ _2\"></span>ertif<span class=\"_ _2\"></span>ied products i<span class=\"_ _2\"></span>s an una<span class=\"_ _2\"></span>voidabl<span class=\"_ _2\"></span>e real<span class=\"_ _2\"></span>ity. Si<span class=\"_ _2\"></span>nce only <span class=\"_ _2\"></span>a small<span class=\"_ _2\"></span> part <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the national<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>certified<span class=\"_ _2\"></span>, in 2016, <span class=\"_ _2\"></span>the Company s<span class=\"_ _2\"></span>tarted <span class=\"_ _2\"></span>a prog<span class=\"_ _2\"></span>ram to <span class=\"_ _2\"></span>encourag<span class=\"_ _2\"></span>e producers <span class=\"_ _2\"></span>to join<span class=\"_ _2\"></span> sustainabl<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>orest managemen<span class=\"_ _2\"></span>t models th<span class=\"_ _2\"></span>at, <span class=\"_ _2\"></span>once cer<span class=\"_ _2\"></span>tified, al<span class=\"_ _2\"></span>low <span class=\"_ _2\"></span>the conti<span class=\"_ _2\"></span>nuo<span class=\"_ _2\"></span>us improvemen<span class=\"_ _2\"></span>t of man<span class=\"_ _2\"></span>agement practices<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion valuati<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>the ans<span class=\"_ _2\"></span>wer to <span class=\"_ _2\"></span>the demand <span class=\"_ _2\"></span>for c<span class=\"_ _2\"></span>ertified <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts tha<span class=\"_ _2\"></span>t is felt worl<span class=\"_ _2\"></span>dwide. <span class=\"_ _2\"></span>This eff<span class=\"_ _2\"></span>ort has<span class=\"_ _2\"></span> been i<span class=\"_ _2\"></span>ncreasin<span class=\"_ _2\"></span>g the ar<span class=\"_ _2\"></span>ea of<span class=\"_ _2\"></span> certi<span class=\"_ _2\"></span>fied for<span class=\"_ _2\"></span>est i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal be<span class=\"_ _2\"></span>tween \u00ae2016 <span class=\"_ _2\"></span>and 2022 <span class=\"_ _2\"></span>both via FSC <span class=\"ff8\">(f<span class=\"_ _2\"></span>rom 370<span class=\"_ _2\"></span>,000 ha to<span class=\"_ _2\"></span> 550,6<span class=\"_ _2\"></span>00 ha) <span class=\"_ _2\"></span>and PEFC\u2122 <span class=\"_ _2\"></span>(from 260<span class=\"_ _2\"></span>,000 ha </span>to 318<span class=\"_ _2\"></span>,230 ha).<span class=\"_ _2\"></span> Even so, i<span class=\"_ _2\"></span>t is c<span class=\"_ _2\"></span>lear <span class=\"_ _2\"></span>that the <span class=\"_ _2\"></span>effo<span class=\"_ _2\"></span>rt should <span class=\"_ _2\"></span>continue i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the future<span class=\"_ _2\"></span>, given <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>weight tha<span class=\"_ _2\"></span>t stil<span class=\"_ _2\"></span>l represents <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>orest ar<span class=\"_ _2\"></span>ea not <span class=\"_ _2\"></span>cover<span class=\"_ _2\"></span>ed by an<span class=\"_ _2\"></span>y sus<span class=\"_ _2\"></span>tainable <span class=\"_ _2\"></span>forest man<span class=\"_ _2\"></span>agemen<span class=\"_ _2\"></span>t system <span class=\"_ _2\"></span>in Portugal<span class=\"_ _2\"></span>. As an <span class=\"_ _2\"></span>example<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the end o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span> the fores<span class=\"_ _2\"></span>try a<span class=\"_ _2\"></span>rea manag<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Group<span class=\"_ _2\"></span>, altho<span class=\"_ _2\"></span>ugh it repr<span class=\"_ _2\"></span>esented a<span class=\"_ _2\"></span>bout 3% of<span class=\"_ _2\"></span> Por<span class=\"_ _2\"></span>tugal\u2019s <span class=\"_ _2\"></span>tota<span class=\"ff1\">l fo<span class=\"_ _2\"></span>rested a<span class=\"_ _2\"></span>rea, i<span class=\"_ _2\"></span>t represen<span class=\"_ _2\"></span>ted, ho<span class=\"_ _2\"></span>wever, 34<span class=\"_ _2\"></span>% of al<span class=\"_ _2\"></span>l </span>certifi<span class=\"_ _2\"></span>ed Portugu<span class=\"_ _2\"></span>ese fo<span class=\"_ _2\"></span>rests <span class=\"_ _2\"></span>according <span class=\"_ _2\"></span>with PEF<span class=\"_ _2\"></span>C\u2122 stan<span class=\"_ _2\"></span>dards <span class=\"_ _2\"></span>and 19% of<span class=\"_ _2\"></span> all <span class=\"_ _2\"></span>certified \u00aePortugues<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>ts acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>with FSC s<span class=\"_ _2\"></span>tandards<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> We are, ho<span class=\"_ _2\"></span>wever, o<span class=\"_ _2\"></span>ptimi<span class=\"_ _2\"></span>stic about <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>ath t<span class=\"_ _2\"></span>aken, which<span class=\"_ _2\"></span> demons<span class=\"_ _2\"></span>trates the adh<span class=\"_ _2\"></span>erenc<span class=\"_ _2\"></span>e of Forestr<span class=\"_ _2\"></span>y Produc<span class=\"_ _2\"></span>tion to s<span class=\"_ _2\"></span>ustaina<span class=\"_ _2\"></span>ble fo<span class=\"_ _2\"></span>rest managem<span class=\"_ _2\"></span>ent mo<span class=\"_ _2\"></span>dels. In 2<span class=\"_ _2\"></span>022, 65<span class=\"_ _2\"></span>% of <span class=\"_ _2\"></span>wood from national<span class=\"_ _2\"></span> sources<span class=\"_ _2\"></span>, excl<span class=\"_ _2\"></span>uding self-su<span class=\"_ _2\"></span>ffici<span class=\"_ _2\"></span>ency, al<span class=\"_ _2\"></span>ready cam<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>from prope<span class=\"_ _2\"></span>rties <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>d their fo<span class=\"_ _2\"></span>rest managemen<span class=\"_ _2\"></span>t certi<span class=\"_ _2\"></span>fied (2021<span class=\"_ _2\"></span>: 63%). <span class=\"_ _2\"></span>It shou<span class=\"_ _2\"></span>ld also<span class=\"_ _2\"></span> be not<span class=\"_ _2\"></span>ed that, <span class=\"_ _2\"></span>within<span class=\"_ _2\"></span> this i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ve, th<span class=\"_ _2\"></span>e Group has <span class=\"_ _2\"></span>seen a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant incr<span class=\"_ _2\"></span>ease i<span class=\"_ _2\"></span>n the num<span class=\"_ _2\"></span>ber of <span class=\"_ _2\"></span>wo<span class=\"_ _2\"></span>od Supplier c<span class=\"_ _2\"></span>hain of<span class=\"_ _2\"></span> custo<span class=\"_ _2\"></span>dy / li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty certifi<span class=\"_ _2\"></span>cation, r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ting a <span class=\"_ _2\"></span>step f<span class=\"_ _2\"></span>urther o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>developme<span class=\"_ _2\"></span>nt of a <span class=\"_ _2\"></span>Supplier\u2019s <span class=\"_ _2\"></span>portfo<span class=\"_ _2\"></span>lio <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l make it pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to ensur<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>purposes<span class=\"_ _2\"></span> defined i<span class=\"_ _2\"></span>n terms <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> wood from <span class=\"_ _2\"></span>sources wi<span class=\"_ _2\"></span>th cer<span class=\"_ _2\"></span>tifi<span class=\"_ _2\"></span>ed forest mana<span class=\"_ _2\"></span>gemen<span class=\"_ _2\"></span>t. As a way of<span class=\"_ _2\"></span> promo<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>the certi<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>forest man<span class=\"_ _2\"></span>agement i<span class=\"_ _2\"></span>n the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> eucalyp<span class=\"_ _2\"></span>tus fores<span class=\"_ _2\"></span>t, sinc<span class=\"_ _2\"></span>e 2007, the G<span class=\"_ _2\"></span>roup has co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nuously <span class=\"_ _2\"></span>differen<span class=\"_ _2\"></span>tiated th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> t<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>wood rec<span class=\"_ _2\"></span>eived at i<span class=\"_ _2\"></span>ts factori<span class=\"_ _2\"></span>es, pos<span class=\"_ _2\"></span>itively <span class=\"_ _2\"></span>discri<span class=\"_ _2\"></span>minating <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>rice of<span class=\"_ _2\"></span> wood fro<span class=\"_ _2\"></span>m managemen<span class=\"_ _2\"></span>t uni<span class=\"_ _2\"></span>ts that h<span class=\"_ _2\"></span>ave certifi<span class=\"_ _2\"></span>ed thei<span class=\"_ _2\"></span>r managemen<span class=\"_ _2\"></span>t. sust<span class=\"_ _2\"></span>ainabl<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try. <span class=\"_ _2\"></span>This sup<span class=\"_ _2\"></span>port to <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>ystem was <span class=\"_ _2\"></span>innovati<span class=\"_ _2\"></span>ve worldwid<span class=\"_ _2\"></span>e and all<span class=\"_ _2\"></span>owed the s<span class=\"_ _2\"></span>tabili<span class=\"_ _2\"></span>zation<span class=\"_ _2\"></span> of fo<span class=\"_ _2\"></span>rest manage<span class=\"_ _2\"></span>ment certi<span class=\"_ _2\"></span>fied as <span class=\"_ _2\"></span>a practi<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>recognized in the <span class=\"_ _2\"></span>market an<span class=\"_ _2\"></span>d which, <span class=\"_ _2\"></span>being r<span class=\"_ _2\"></span>emunera<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>ducts <span class=\"_ _2\"></span>it inc<span class=\"_ _2\"></span>orporates, mu<span class=\"_ _2\"></span>st remun<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>te the res<span class=\"_ _2\"></span>pective p<span class=\"_ _2\"></span>roductio<span class=\"_ _2\"></span>n chain.<span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, to d<span class=\"_ _2\"></span>emonstra<span class=\"_ _2\"></span>te its o<span class=\"_ _2\"></span>ngoi<span class=\"_ _2\"></span>ng commi<span class=\"_ _2\"></span>tment to i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>sustainabl<span class=\"_ _2\"></span>e developmen<span class=\"_ _2\"></span>t objectiv<span class=\"_ _2\"></span>es, in Jun<span class=\"_ _2\"></span>e 2022 <span class=\"_ _2\"></span>the Group is<span class=\"_ _2\"></span>sued a <span class=\"_ _2\"></span>Euro 150<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>euro bond under <span class=\"_ _2\"></span>the Sus<span class=\"_ _2\"></span>tainabil<span class=\"_ _2\"></span>ity Li<span class=\"_ _2\"></span>nked Bonds f<span class=\"_ _2\"></span>ramework, <span class=\"_ _2\"></span>with an in<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>est rate l<span class=\"_ _2\"></span>inke<span class=\"_ _2\"></span>d to three E<span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>G indi<span class=\"_ _2\"></span>cators: CO2 emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>(EU ETS basis); <span class=\"_ _2\"></span>% of ce<span class=\"_ _2\"></span>rtified woo<span class=\"_ _2\"></span>d purchas<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Portuguese <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t;<span class=\"_ _0\"></span> energ<span class=\"_ _2\"></span>y consumpti<span class=\"_ _2\"></span>on from renewable <span class=\"_ _2\"></span>sources<span class=\"_ _2\"></span>. With <span class=\"_ _2\"></span>this o<span class=\"_ _2\"></span>peration, <span class=\"_ _2\"></span>we en<span class=\"_ _2\"></span>ded the y<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>with almos<span class=\"_ _2\"></span>t 40% of <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>funding issu<span class=\"_ _2\"></span>ed being of a <span class=\"_ _2\"></span>sust<span class=\"_ _2\"></span>ainable natu<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>. The Group <span class=\"_ _2\"></span>was a<span class=\"_ _2\"></span>warded Land <span class=\"_ _2\"></span>Use and <span class=\"_ _2\"></span>Use Ri<span class=\"_ _2\"></span>ghts (DU<span class=\"_ _2\"></span>AT) i<span class=\"_ _2\"></span>n Mozambique, l<span class=\"_ _2\"></span>ocated i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e provinces <span class=\"_ _2\"></span>of Man<span class=\"_ _2\"></span>ica and Zamb<span class=\"_ _2\"></span>ezia, c<span class=\"_ _2\"></span>omprisin<span class=\"_ _2\"></span>g about <span class=\"_ _2\"></span>50 n<span class=\"_ _2\"></span>on-contiguous<span class=\"_ _2\"></span> plots<span class=\"_ _2\"></span>, and a pl<span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>ng permit for <span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>246,000 <span class=\"_ _2\"></span>hectares<span class=\"_ _2\"></span>, mad<span class=\"_ _2\"></span>e availabl<span class=\"_ _2\"></span>e un<span class=\"_ _2\"></span>der t<span class=\"_ _2\"></span>he Investmen<span class=\"_ _2\"></span>t Agreem<span class=\"_ _2\"></span>ent si<span class=\"_ _2\"></span>gned with the <span class=\"_ _2\"></span>Mozambican<span class=\"_ _2\"></span> Governmen<span class=\"_ _2\"></span>t, of <span class=\"_ _2\"></span>which a<span class=\"_ _2\"></span>round 14<span class=\"_ _2\"></span>.0 t<span class=\"_ _2\"></span>housan<span class=\"_ _2\"></span>d hectares <span class=\"_ _2\"></span>have be<span class=\"_ _2\"></span>en plant<span class=\"_ _2\"></span>ed. The project <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>resees the <span class=\"_ _2\"></span>inst<span class=\"_ _2\"></span>allati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>an industri<span class=\"_ _2\"></span>al uni<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the pro<span class=\"_ _2\"></span>duction o<span class=\"_ _2\"></span>f BEKP pul<span class=\"_ _2\"></span>p an<span class=\"_ _2\"></span>d electric<span class=\"_ _2\"></span> power i<span class=\"_ _2\"></span>n tha<span class=\"_ _2\"></span>t countr<span class=\"_ _2\"></span>y. In Jul<span class=\"_ _2\"></span>y 2018, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Mozambic<span class=\"_ _2\"></span>an Governmen<span class=\"_ _2\"></span>t and Po<span class=\"_ _2\"></span>rtucel Mo\u00e7ambique si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>Memoran<span class=\"_ _2\"></span>dum of <span class=\"_ _2\"></span>Understan<span class=\"_ _2\"></span>ding (<span class=\"_ _2\"></span>MoU) th<span class=\"_ _2\"></span>rough which <span class=\"_ _2\"></span>they a<span class=\"_ _2\"></span>greed on a set of <span class=\"_ _2\"></span>preceding c<span class=\"_ _2\"></span>ondi<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>required to <span class=\"_ _2\"></span>procee<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the in<span class=\"_ _2\"></span>vestmen<span class=\"_ _2\"></span>t, namely an<span class=\"_ _2\"></span>d par<span class=\"_ _2\"></span>ticul<span class=\"_ _2\"></span>arly of a lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> nature, <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l be impl<span class=\"_ _2\"></span>emented i<span class=\"_ _2\"></span>n two phas<span class=\"_ _2\"></span>es. In <span class=\"_ _2\"></span>the fi<span class=\"_ _2\"></span>rst <span class=\"_ _2\"></span>phase, th<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>rest base will<span class=\"_ _2\"></span> be increased <span class=\"_ _2\"></span>to app<span class=\"_ _2\"></span>roximat<span class=\"_ _2\"></span>ely 40,000<span class=\"_ _2\"></span> hec<span class=\"_ _2\"></span>tares, whic<span class=\"_ _2\"></span>h will<span class=\"_ _2\"></span> guarante<span class=\"_ _2\"></span>e the su<span class=\"_ _2\"></span>pply of a <span class=\"_ _2\"></span>unit (to be <span class=\"_ _2\"></span>built) f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>eucaly<span class=\"_ _2\"></span>ptus woo<span class=\"_ _2\"></span>d chips f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>export<span class=\"_ _2\"></span>, of app<span class=\"_ _2\"></span>roximatel<span class=\"_ _2\"></span>y 1 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n tons per <span class=\"_ _2\"></span>year, i<span class=\"_ _2\"></span>n an es<span class=\"_ _2\"></span>timate<span class=\"_ _2\"></span>d addi<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>investmen<span class=\"_ _2\"></span>t of US<span class=\"_ _2\"></span>D 140 mi<span class=\"_ _2\"></span>llion. In a sta<span class=\"_ _2\"></span>tement mad<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e mark<span class=\"_ _2\"></span>et in No<span class=\"_ _2\"></span>vember <span class=\"_ _2\"></span>2021, the <span class=\"_ _2\"></span>concessi<span class=\"_ _2\"></span>onaire o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>Macuze po<span class=\"_ _2\"></span>rt and the Am<span class=\"_ _2\"></span>erican f<span class=\"_ _2\"></span>und, Etho<span class=\"_ _2\"></span>s Ass<span class=\"_ _2\"></span>et Manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>Inc, info<span class=\"_ _2\"></span>rmed th<span class=\"_ _2\"></span>at they h<span class=\"_ _2\"></span>ad si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>long-term finan<span class=\"_ _2\"></span>cing ag<span class=\"_ _2\"></span>reement i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> USD 40<span class=\"_ _2\"></span>0 mil<span class=\"_ _2\"></span>lion, which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>ensure th<span class=\"_ _2\"></span>e construc<span class=\"_ _2\"></span>tion of the <span class=\"_ _2\"></span>first ph<span class=\"_ _2\"></span>ase of<span class=\"_ _2\"></span> the Macus<span class=\"_ _2\"></span>e port <span class=\"_ _2\"></span>and roa<span class=\"_ _2\"></span>d accessi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty, which <span class=\"_ _2\"></span>involves <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>nstruc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> terminals<span class=\"_ _2\"></span> for th<span class=\"_ _2\"></span>e oper<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> agricul<span class=\"_ _2\"></span>tural<span class=\"_ _2\"></span> products<span class=\"_ _2\"></span>, woodc<span class=\"_ _2\"></span>hips, <span class=\"_ _2\"></span>fertil<span class=\"_ _2\"></span>izers <span class=\"_ _2\"></span>and fuel, wi<span class=\"_ _2\"></span>th the capacity <span class=\"_ _2\"></span>to oper<span class=\"_ _2\"></span>ate ships <span class=\"_ _2\"></span>up to<span class=\"_ _2\"></span> 65,000 <span class=\"_ _2\"></span>DWT. Ta<span class=\"_ _2\"></span>king in<span class=\"_ _2\"></span>to ac<span class=\"_ _2\"></span>count the d<span class=\"_ _2\"></span>elays i<span class=\"_ _2\"></span>n the s<span class=\"_ _2\"></span>tart of<span class=\"_ _2\"></span> constructi<span class=\"_ _2\"></span>on, <span class=\"_ _2\"></span>the infras<span class=\"_ _2\"></span>tructu<span class=\"_ _2\"></span>re is <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>to be o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>26/2027. Navigator <span class=\"_ _2\"></span>and th<span class=\"_ _2\"></span>e Governm<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>Mozambique h<span class=\"_ _2\"></span>ave <span class=\"_ _2\"></span>been workin<span class=\"_ _2\"></span>g under <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms of <span class=\"_ _2\"></span>the Mo<span class=\"_ _2\"></span>U signed i<span class=\"_ _2\"></span>n 2018<span class=\"_ _2\"></span>, namely on th<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>eme of l<span class=\"_ _2\"></span>and and <span class=\"_ _2\"></span>develo<span class=\"_ _2\"></span>pment, ha<span class=\"_ _2\"></span>ving ad<span class=\"_ _2\"></span>vanced the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t Forest De<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t programm<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>Mozambique, <span class=\"_ _2\"></span>a Gover<span class=\"_ _2\"></span>nment i<span class=\"_ _2\"></span>nitiative <span class=\"_ _2\"></span>with fu<span class=\"_ _2\"></span>nding f<span class=\"_ _2\"></span>rom the World Bank<span class=\"_ _2\"></span>. The goal<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>to pro<span class=\"_ _2\"></span>mote small<span class=\"_ _2\"></span> and me<span class=\"_ _2\"></span>dium-scal<span class=\"_ _2\"></span>e sustai<span class=\"_ _2\"></span>nable commerci<span class=\"_ _2\"></span>al fo<span class=\"_ _2\"></span>rest plantation<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>the res<span class=\"_ _2\"></span>toratio<span class=\"_ _2\"></span>n of deg<span class=\"_ _2\"></span>raded ar<span class=\"_ _2\"></span>eas, <span class=\"_ _2\"></span>with abo<span class=\"_ _2\"></span>ut 2,000 h<span class=\"_ _2\"></span>a having <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>plant<span class=\"_ _0\"></span>ed betweeb <span class=\"_ _2\"></span>2019 and <span class=\"_ _2\"></span>2022. Portuc<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Mo\u00e7ambiqu<span class=\"_ _2\"></span>e plays <span class=\"_ _2\"></span>an a<span class=\"_ _2\"></span>ctive role <span class=\"_ _2\"></span>in de<span class=\"_ _2\"></span>veloping an<span class=\"_ _2\"></span>d implementi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>programme<span class=\"_ _2\"></span>, provi<span class=\"_ _2\"></span>ding a ran<span class=\"_ _2\"></span>ge of s<span class=\"_ _2\"></span>uppo<span class=\"_ _2\"></span>rt, defi<span class=\"_ _2\"></span>ning the f<span class=\"_ _2\"></span>orest<span class=\"_ _2\"></span>ry mod<span class=\"_ _2\"></span>el, supplying <span class=\"_ _2\"></span>cloned pl<span class=\"_ _2\"></span>ants <span class=\"_ _2\"></span>at subs<span class=\"_ _2\"></span>idised p<span class=\"_ _2\"></span>rices an<span class=\"_ _2\"></span>d access <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>raw materi<span class=\"_ _2\"></span>als an<span class=\"_ _2\"></span>d know-<span class=\"ls39\">ho<span class=\"ls85\">w.<span class=\"_ _2\"></span><span class=\"ls0\"> </span></span></span>Work also <span class=\"_ _2\"></span>starte<span class=\"_ _2\"></span>d on har<span class=\"_ _2\"></span>vesting <span class=\"_ _2\"></span>timber f<span class=\"_ _2\"></span>rom Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span> Mo\u00e7ambi<span class=\"_ _2\"></span>que's plan<span class=\"_ _2\"></span>tation<span class=\"_ _2\"></span>s in Mani<span class=\"_ _2\"></span>ca, for export f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e Port of B<span class=\"_ _2\"></span>eira, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>make it possi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span>, amon<span class=\"_ _2\"></span>gst other <span class=\"_ _2\"></span>goals, <span class=\"_ _2\"></span>to pu<span class=\"_ _2\"></span>t 3Mozambique o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>world map <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>this f<span class=\"_ _2\"></span>orest-base<span class=\"_ _2\"></span>d indust<span class=\"_ _2\"></span>ry. Duri<span class=\"_ _2\"></span>ng 2022, aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m3of wood <span class=\"_ _2\"></span>were har<span class=\"_ _2\"></span>vested<span class=\"_ _2\"></span>, and thre<span class=\"_ _2\"></span>e vess<span class=\"_ _2\"></span>els wer<span class=\"_ _2\"></span>e shippe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>Portugal, <span class=\"_ _2\"></span>with aroun<span class=\"_ _2\"></span>d 100<span class=\"_ _2\"></span>,000 m. In terms<span class=\"_ _2\"></span> of f<span class=\"_ _2\"></span>orestry p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span>, the mai<span class=\"_ _2\"></span>n fac<span class=\"_ _2\"></span>tor th<span class=\"_ _2\"></span>reateni<span class=\"_ _2\"></span>ng the c<span class=\"_ _2\"></span>ompetiti<span class=\"_ _2\"></span>veness <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e eucalyptus f<span class=\"_ _2\"></span>orest<span class=\"_ _2\"></span>ry sec<span class=\"_ _2\"></span>tor li<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the low p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese fo<span class=\"_ _2\"></span>rest, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>has a l<span class=\"_ _2\"></span>ow intensi<span class=\"_ _2\"></span>ty of mana<span class=\"_ _2\"></span>gement, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>contribut<span class=\"_ _2\"></span>es to d<span class=\"_ _2\"></span>ecreasin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>profitabil<span class=\"_ _2\"></span>ity an<span class=\"_ _2\"></span>d increasi<span class=\"_ _2\"></span>ng ris<span class=\"_ _2\"></span>ks of<span class=\"_ _2\"></span> forest f<span class=\"_ _2\"></span>ire an<span class=\"_ _2\"></span>d plant h<span class=\"_ _2\"></span>ealth. <span class=\"_ _2\"></span>The com<span class=\"_ _2\"></span>binatio<span class=\"_ _2\"></span>n of al<span class=\"_ _2\"></span>l these f<span class=\"_ _2\"></span>actors<span class=\"_ _2\"></span>, in r<span class=\"_ _2\"></span>ecent <span class=\"_ _2\"></span>years, wi<span class=\"_ _2\"></span>thout an<span class=\"_ _2\"></span>y strategi<span class=\"_ _2\"></span>c measur<span class=\"_ _2\"></span>es of the S<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>te in the i<span class=\"_ _2\"></span>ndus<span class=\"_ _2\"></span>try, has f<span class=\"_ _2\"></span>orced<span class=\"_ _2\"></span> the i<span class=\"_ _2\"></span>mport of <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>terial, <span class=\"_ _2\"></span>a process c<span class=\"_ _2\"></span>ondition<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e profita<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of the i<span class=\"_ _2\"></span>ndustr<span class=\"_ _2\"></span>y. Since<span class=\"_ _2\"></span> the en<span class=\"_ _2\"></span>tire fo<span class=\"_ _2\"></span>rest-based indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> production <span class=\"_ _2\"></span>secto<span class=\"_ _2\"></span>r depen<span class=\"_ _2\"></span>ds on the a<span class=\"_ _2\"></span>vail<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty of ra<span class=\"_ _2\"></span>w mater<span class=\"_ _2\"></span>ials<span class=\"_ _2\"></span> in the qual<span class=\"_ _2\"></span>ity and <span class=\"_ _2\"></span>quantit<span class=\"_ _2\"></span>y necessary <span class=\"_ _2\"></span>to mai<span class=\"_ _2\"></span>ntain th<span class=\"_ _2\"></span>e industri<span class=\"_ _2\"></span>al uni<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>our count<span class=\"_ _2\"></span>ry, i<span class=\"_ _2\"></span>t is <span class=\"_ _2\"></span>shocking to <span class=\"_ _2\"></span>concl<span class=\"_ _2\"></span>ude that <span class=\"_ _2\"></span>the lac<span class=\"_ _2\"></span>k of i<span class=\"_ _2\"></span>nvestment i<span class=\"_ _2\"></span>n the r<span class=\"_ _2\"></span>ehabili<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> national<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t ar<span class=\"_ _2\"></span>eas <span class=\"_ _2\"></span>is currentl<span class=\"_ _2\"></span>y jeopar<span class=\"_ _2\"></span>disi<span class=\"_ _2\"></span>ng the sustain<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f such <span class=\"_ _2\"></span>an import<span class=\"_ _2\"></span>ant sec<span class=\"_ _2\"></span>tor for <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>. The Group con<span class=\"_ _2\"></span>sid<span class=\"_ _2\"></span>ers the <span class=\"_ _2\"></span>challenge o<span class=\"_ _2\"></span>f p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>vity and <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ve fores<span class=\"_ _2\"></span>t management <span class=\"_ _2\"></span>as a <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gic axis o<span class=\"_ _2\"></span>f develo<span class=\"_ _2\"></span>pment. As a <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y with <span class=\"_ _2\"></span>responsibi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the secto<span class=\"_ _2\"></span>r, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r has be<span class=\"_ _2\"></span>en promoting s<span class=\"_ _2\"></span>ever<span class=\"_ _2\"></span>al ini<span class=\"_ _2\"></span>tiatives ai<span class=\"_ _2\"></span>med at <span class=\"_ _2\"></span>helping <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>verse t<span class=\"_ _2\"></span>his <span class=\"_ _2\"></span>trend. Thes<span class=\"_ _2\"></span>e initiatives co<span class=\"_ _2\"></span>ver several<span class=\"_ _2\"></span> areas<span class=\"_ _2\"></span>, from th<span class=\"_ _2\"></span>e supply of<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>roved pl<span class=\"_ _2\"></span>ants s<span class=\"_ _2\"></span>temmi<span class=\"_ _2\"></span>ng from a gen<span class=\"_ _2\"></span>etic i<span class=\"_ _2\"></span>mprovemen<span class=\"_ _2\"></span>t programme <span class=\"_ _2\"></span>with decad<span class=\"_ _2\"></span>es of<span class=\"_ _2\"></span> develo<span class=\"_ _2\"></span>pment, <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt to for<span class=\"_ _2\"></span>estry <span class=\"_ _2\"></span>producers <span class=\"_ _2\"></span>(with programs suc<span class=\"_ _2\"></span>h as P<span class=\"_ _2\"></span>remium, e<span class=\"_ _2\"></span>-globulus<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt through <span class=\"_ _2\"></span>dozens of ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ons of trainin<span class=\"_ _2\"></span>g that, co<span class=\"_ _2\"></span>mplementi<span class=\"_ _2\"></span>ng tho<span class=\"_ _2\"></span>se or<span class=\"_ _2\"></span>ganized with <span class=\"_ _2\"></span>the Su<span class=\"_ _2\"></span>ppliers <span class=\"_ _2\"></span>we use, <span class=\"_ _2\"></span>extend <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>ransfer of<span class=\"_ _2\"></span> knowledge <span class=\"_ _2\"></span>to o<span class=\"_ _2\"></span>ther compan<span class=\"_ _2\"></span>ies i<span class=\"_ _2\"></span>n the sec<span class=\"_ _2\"></span>tor). Moreover<span class=\"_ _2\"></span>, throu<span class=\"_ _2\"></span>gh Biond <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Associ<span class=\"_ _2\"></span>a\u00e7\u00e3o das Bi<span class=\"_ _2\"></span>oind\u00fast<span class=\"_ _2\"></span>rias <span class=\"_ _2\"></span>de Base F<span class=\"_ _2\"></span>lores<span class=\"_ _2\"></span>tal (repres<span class=\"_ _2\"></span>enting <span class=\"_ _2\"></span>the main <span class=\"_ _2\"></span>ind<span class=\"ff8\">ustrial<span class=\"_ _2\"></span> groups in<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>ector), Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r has <span class=\"_ _2\"></span>also c<span class=\"_ _2\"></span>ollaborated i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e \u201cMelho<span class=\"_ _2\"></span>r Eucali<span class=\"_ _2\"></span>pto\u201d </span>Program<span class=\"_ _2\"></span>, in whic<span class=\"_ _2\"></span>h \u201cLi<span class=\"_ _2\"></span>mpa &amp; Aduba\u201d i<span class=\"_ _2\"></span>s devel<span class=\"_ _2\"></span>oped<span class=\"_ _2\"></span>. Under t<span class=\"_ _2\"></span>his i<span class=\"_ _2\"></span>nitiati<span class=\"_ _2\"></span>ve, Biond car<span class=\"_ _2\"></span>ries <span class=\"_ _2\"></span>out at <span class=\"_ _2\"></span>its own expens<span class=\"_ _2\"></span>e the f<span class=\"_ _2\"></span>ertil<span class=\"_ _2\"></span>isatio<span class=\"_ _2\"></span>n of the pl<span class=\"_ _2\"></span>ots of <span class=\"_ _2\"></span>land o<span class=\"_ _2\"></span>wned <span class=\"_ _2\"></span>by privat<span class=\"_ _2\"></span>e individuals <span class=\"_ _2\"></span>who appl<span class=\"_ _2\"></span>y to the programme, an<span class=\"_ _2\"></span>d who c<span class=\"_ _2\"></span>lean up <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>eucal<span class=\"_ _2\"></span>yptus fo<span class=\"_ _2\"></span>rest pro<span class=\"_ _2\"></span>perties<span class=\"_ _2\"></span>. Thi<span class=\"_ _2\"></span>s measure<span class=\"_ _2\"></span>, empowering producti<span class=\"_ _2\"></span>vity, al<span class=\"_ _2\"></span>so enabl<span class=\"_ _2\"></span>es a <span class=\"_ _2\"></span>reducti<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>the risk of<span class=\"_ _2\"></span> wildfi<span class=\"_ _2\"></span>re by re<span class=\"_ _2\"></span>ducing th<span class=\"_ _2\"></span>e fuel<span class=\"_ _2\"></span> load o<span class=\"_ _2\"></span>n the plots, i<span class=\"_ _2\"></span>mpacti<span class=\"_ _2\"></span>ng on 15<span class=\"_ _2\"></span>,000 ha duri<span class=\"_ _2\"></span>ng 2021 <span class=\"_ _2\"></span>and on mor<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>an 14,550 <span class=\"_ _2\"></span>ha in <span class=\"_ _2\"></span>2022, acc<span class=\"_ _2\"></span>umulating more than 4<span class=\"_ _2\"></span>7,000 ha <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady inter<span class=\"_ _2\"></span>vened. CBi<span class=\"_ _2\"></span>ond is<span class=\"_ _2\"></span> also <span class=\"_ _2\"></span>implementin<span class=\"_ _2\"></span>g 2 a<span class=\"_ _2\"></span>dditional<span class=\"_ _2\"></span> programs - \"Replantar<span class=\"_ _2\"></span>\" - which<span class=\"_ _2\"></span> aims to<span class=\"_ _2\"></span> provide <span class=\"_ _2\"></span>lan<span class=\"_ _2\"></span>downers with <span class=\"_ _2\"></span>direc<span class=\"_ _2\"></span>t fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> support fo<span class=\"_ _2\"></span>r the r<span class=\"_ _2\"></span>eplanti<span class=\"_ _2\"></span>ng of thei<span class=\"_ _2\"></span>r eucaly<span class=\"_ _2\"></span>ptus for<span class=\"_ _2\"></span>est plots <span class=\"_ _2\"></span>(31 <span class=\"_ _2\"></span>hectares <span class=\"_ _2\"></span>comple<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>2022<span class=\"_ _2\"></span> in the mu<span class=\"_ _2\"></span>nicipal<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>Pedr\u00f3g\u00e3o Grande), as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as an<span class=\"_ _2\"></span> initi<span class=\"_ _2\"></span>ative of th<span class=\"_ _2\"></span>e same <span class=\"_ _2\"></span>nature <span class=\"_ _2\"></span>- Recu<span class=\"_ _2\"></span>pera\u00e7\u00e3o de <span class=\"_ _2\"></span>\u00c1reas Ar<span class=\"_ _2\"></span>didas - ai<span class=\"_ _2\"></span>med at the reco<span class=\"_ _2\"></span>very of<span class=\"_ _2\"></span> burned ar<span class=\"_ _2\"></span>eas hi<span class=\"_ _2\"></span>t by f<span class=\"_ _2\"></span>ires from <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>to 201<span class=\"_ _2\"></span>8 seekin<span class=\"_ _2\"></span>g the reh<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>itation of thes<span class=\"_ _2\"></span>e areas for <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>est mana<span class=\"_ _2\"></span>gement (400<span class=\"_ _2\"></span> hectares<span class=\"_ _2\"></span> comple<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span>).<span class=\"_ _0\"></span> In addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the ri<span class=\"_ _2\"></span>sks rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>rural fi<span class=\"_ _2\"></span>res <span class=\"_ _2\"></span>and plant he<span class=\"_ _2\"></span>alth, <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s a regulato<span class=\"_ _2\"></span>ry envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>that stron<span class=\"_ _2\"></span>gly af<span class=\"_ _2\"></span>fects <span class=\"_ _2\"></span>professi<span class=\"_ _2\"></span>onal f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y activi<span class=\"_ _2\"></span>ty, <span class=\"_ _2\"></span>leading <span class=\"_ _2\"></span>to a con<span class=\"ls0\">tinued dec<span class=\"_ _2\"></span>rease in <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>evels<span class=\"_ _2\"></span> of fo<span class=\"_ _2\"></span>restry i<span class=\"_ _2\"></span>nterventi<span class=\"_ _2\"></span>on at<span class=\"_ _2\"></span> scal<span class=\"_ _2\"></span>e, whose lea<span class=\"_ _2\"></span>ding in<span class=\"_ _2\"></span>dicator i<span class=\"_ _2\"></span>s the </span>evolutio<span class=\"_ _2\"></span>n (contin<span class=\"_ _2\"></span>uous re<span class=\"_ _2\"></span>duction) o<span class=\"_ _2\"></span>f for<span class=\"_ _2\"></span>ested <span class=\"_ _2\"></span>or refo<span class=\"_ _2\"></span>rested <span class=\"_ _2\"></span>areas i<span class=\"_ _2\"></span>n our co<span class=\"_ _2\"></span>untry. <span class=\"_ _2\"></span>The sustain<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f an en<span class=\"_ _2\"></span>tire sec<span class=\"_ _2\"></span>tor, <span class=\"_ _2\"></span>based on a <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>rge number<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>small <span class=\"_ _2\"></span>suppliers of s<span class=\"_ _2\"></span>ervices and products<span class=\"_ _2\"></span>, is de<span class=\"_ _2\"></span>pendent o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>activi<span class=\"_ _2\"></span>ty level<span class=\"_ _2\"></span>s (regar<span class=\"_ _2\"></span>dless <span class=\"_ _2\"></span>of the speci<span class=\"_ _2\"></span>es) <span class=\"_ _2\"></span>that ou<span class=\"_ _2\"></span>r count<span class=\"_ _2\"></span>ry has not been a<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>ensure<span class=\"_ _2\"></span>. This c<span class=\"_ _2\"></span>ompromises <span class=\"_ _2\"></span>the su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty of this<span class=\"_ _2\"></span> business <span class=\"_ _2\"></span>networ<span class=\"_ _2\"></span>k, whic<span class=\"_ _2\"></span>h is essential<span class=\"_ _2\"></span> to ensu<span class=\"_ _2\"></span>re th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>ventio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>rural areas <span class=\"_ _2\"></span>that re<span class=\"_ _2\"></span>duce ri<span class=\"_ _2\"></span>sk and <span class=\"_ _2\"></span>promote pro<span class=\"_ _2\"></span>ductivi<span class=\"_ _2\"></span>ty and inc<span class=\"_ _2\"></span>ome in <span class=\"_ _2\"></span>regions of<span class=\"_ _2\"></span> the coun<span class=\"_ _2\"></span>try <span class=\"_ _2\"></span>where the fo<span class=\"_ _2\"></span>rest i<span class=\"_ _2\"></span>s a<span class=\"_ _2\"></span> signi<span class=\"_ _2\"></span>ficant c<span class=\"_ _2\"></span>omponent of <span class=\"_ _2\"></span>the income of man<span class=\"_ _2\"></span>y famili<span class=\"_ _2\"></span>es. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s acti<span class=\"_ _2\"></span>vity i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>risks r<span class=\"_ _2\"></span>elate<span class=\"_ _2\"></span>d to f<span class=\"_ _2\"></span>ires i<span class=\"_ _2\"></span>n rural areas<span class=\"_ _2\"></span>, in<span class=\"_ _2\"></span>cludi<span class=\"ff1\">ng: </span>i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Destruc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> current <span class=\"_ _2\"></span>and futu<span class=\"_ _2\"></span>re woo<span class=\"_ _2\"></span>d inven<span class=\"_ _2\"></span>tory, belo<span class=\"_ _2\"></span>ngin<span class=\"_ _2\"></span>g to the N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Group <span class=\"_ _2\"></span>as </span></span>well as<span class=\"_ _2\"></span> to third <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ties; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">I<span class=\"_ _0\"></span>ncreasing <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>ts of f<span class=\"_ _2\"></span>orestry an<span class=\"_ _2\"></span>d subse<span class=\"_ _2\"></span>quent lan<span class=\"_ _2\"></span>d pre<span class=\"_ _2\"></span>parati<span class=\"_ _2\"></span>on f<span class=\"_ _2\"></span>or plantatio<span class=\"_ _2\"></span>n. </span></span>In this <span class=\"_ _2\"></span>respect<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>manner in <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the Navig<span class=\"_ _2\"></span>ator Grou<span class=\"_ _2\"></span>p manages <span class=\"_ _2\"></span>its woo<span class=\"_ _2\"></span>dlands i<span class=\"_ _2\"></span>s the fron<span class=\"_ _2\"></span>t li<span class=\"_ _2\"></span>ne for mi<span class=\"_ _2\"></span>tigating this<span class=\"_ _2\"></span> risk<span class=\"_ _2\"></span>. In a<span class=\"_ _2\"></span>ddition, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Innovatio<span class=\"_ _2\"></span>n and Devel<span class=\"_ _2\"></span>opment <span class=\"_ _2\"></span>effort is<span class=\"_ _2\"></span> aimed a<span class=\"_ _2\"></span>t adaptin<span class=\"_ _2\"></span>g forest<span class=\"_ _2\"></span>ry techni<span class=\"_ _2\"></span>ques <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>reality of <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>nal fo<span class=\"_ _2\"></span>rest, with a <span class=\"_ _2\"></span>view <span class=\"_ _2\"></span>to mi<span class=\"_ _2\"></span>tigating impacts, r<span class=\"_ _2\"></span>educing <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d impro<span class=\"_ _2\"></span>ving manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>practic<span class=\"_ _2\"></span>es, by the C<span class=\"_ _2\"></span>ompany an<span class=\"_ _2\"></span>d by mar<span class=\"_ _2\"></span>ket operators<span class=\"_ _2\"></span>. Among the <span class=\"_ _2\"></span>diff<span class=\"_ _2\"></span>erent manag<span class=\"_ _2\"></span>ement m<span class=\"_ _2\"></span>easures un<span class=\"_ _2\"></span>dertak<span class=\"_ _2\"></span>en by the N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Group<span class=\"_ _2\"></span>, the s<span class=\"_ _2\"></span>trict compli<span class=\"_ _2\"></span>ance with bi<span class=\"_ _2\"></span>odivers<span class=\"_ _2\"></span>ity rul<span class=\"_ _2\"></span>es, a <span class=\"_ _2\"></span>proper pl<span class=\"_ _2\"></span>anning o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e forest fac<span class=\"_ _2\"></span>iliti<span class=\"_ _2\"></span>es to <span class=\"_ _2\"></span>be implemen<span class=\"_ _2\"></span>ted and the con<span class=\"_ _2\"></span>structi<span class=\"_ _2\"></span>on and m<span class=\"_ _2\"></span>aintenanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>roads and <span class=\"_ _2\"></span>acces<span class=\"_ _2\"></span>s ro<span class=\"_ _2\"></span>ads to each o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the areas <span class=\"_ _2\"></span>under developmen<span class=\"_ _2\"></span>t are pa<span class=\"_ _2\"></span>rticul<span class=\"_ _2\"></span>arly r<span class=\"_ _2\"></span>elevant i<span class=\"_ _2\"></span>n miti<span class=\"_ _2\"></span>gating <span class=\"_ _2\"></span>the fire<span class=\"_ _2\"></span> risk. In addi<span class=\"_ _2\"></span>tion, the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group h<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a share in<span class=\"_ _2\"></span> the Af<span class=\"_ _2\"></span>ocel<span class=\"_ _2\"></span>ca groupin<span class=\"_ _2\"></span>g <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> an <span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rest grouping b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup and <span class=\"_ _2\"></span>the AL<span class=\"_ _2\"></span>TRI Gro<span class=\"_ _2\"></span>up, whose mi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>n is <span class=\"_ _2\"></span>to provide assi<span class=\"_ _2\"></span>stance in <span class=\"_ _2\"></span>the figh<span class=\"_ _2\"></span>t against f<span class=\"_ _2\"></span>ores<span class=\"_ _2\"></span>t fir<span class=\"_ _2\"></span>es at th<span class=\"_ _2\"></span>e grou<span class=\"_ _2\"></span>ped compani<span class=\"_ _2\"></span>es\u2019 prop<span class=\"_ _2\"></span>erties<span class=\"_ _2\"></span>, in stri<span class=\"_ _2\"></span>ct coordi<span class=\"_ _2\"></span>nation and c<span class=\"_ _2\"></span>ollabo<span class=\"_ _2\"></span>ration<span class=\"_ _2\"></span> with the N<span class=\"_ _2\"></span>ational<span class=\"_ _2\"></span> Ci<span class=\"_ _2\"></span>vil Prote<span class=\"_ _2\"></span>ction <span class=\"_ _2\"></span>Authorit<span class=\"_ _2\"></span>y (Autori<span class=\"_ _2\"></span>dade Nacional<span class=\"_ _2\"></span> de Prot<span class=\"_ _2\"></span>ec\u00e7\u00e3o Ci<span class=\"_ _2\"></span>vil <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>ANEPC). This <span class=\"_ _2\"></span>groupi<span class=\"_ _2\"></span>ng manages<span class=\"_ _2\"></span> an a<span class=\"_ _2\"></span>nnual <span class=\"_ _2\"></span>budget of abo<span class=\"_ _2\"></span>ut Euro<span class=\"_ _2\"></span> 3 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n, without pu<span class=\"_ _2\"></span>blic<span class=\"_ _2\"></span> funds, and h<span class=\"_ _2\"></span>as c<span class=\"_ _2\"></span>reated an <span class=\"_ _2\"></span>effi<span class=\"_ _2\"></span>cient and <span class=\"_ _2\"></span>fle<span class=\"_ _2\"></span>xible struc<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>mplements practices <span class=\"_ _2\"></span>aimed <span class=\"_ _2\"></span>at reduci<span class=\"_ _2\"></span>ng prot<span class=\"_ _2\"></span>ection <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d minimi<span class=\"_ _2\"></span>sing the dama<span class=\"_ _2\"></span>ge caus<span class=\"_ _2\"></span>ed by fo<span class=\"_ _2\"></span>rest fi<span class=\"_ _2\"></span>res to the ACE<span class=\"_ _2\"></span> companies<span class=\"_ _2\"></span>, whic<span class=\"_ _2\"></span>h own an<span class=\"_ _2\"></span>d manag<span class=\"_ _2\"></span>e more <span class=\"_ _2\"></span>than 1<span class=\"_ _2\"></span>90 thous<span class=\"_ _2\"></span>and hectares <span class=\"_ _2\"></span>of fo<span class=\"_ _2\"></span>rests i<span class=\"_ _2\"></span>n Portugal<span class=\"_ _2\"></span>. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has al<span class=\"_ _2\"></span>so a res<span class=\"_ _2\"></span>earch i<span class=\"_ _2\"></span>nstitu<span class=\"_ _2\"></span>te, RAIZ<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>whose activi<span class=\"_ _2\"></span>ty is<span class=\"_ _2\"></span> focused <span class=\"_ _2\"></span>on 3 mai<span class=\"_ _2\"></span>n areas: A<span class=\"_ _2\"></span>pplied Res<span class=\"_ _2\"></span>earch<span class=\"_ _2\"></span>, Cons<span class=\"_ _2\"></span>ulting and T<span class=\"_ _2\"></span>raining. <span class=\"_ _2\"></span>In the f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y research<span class=\"_ _2\"></span> area, R<span class=\"_ _2\"></span>AIZ se<span class=\"_ _2\"></span>eks: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">To improv<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity of <span class=\"_ _2\"></span>eucalyp<span class=\"_ _2\"></span>tus fores<span class=\"_ _2\"></span>ts;  </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o enhance <span class=\"_ _2\"></span>the qu<span class=\"_ _2\"></span>ali<span class=\"_ _2\"></span>ty of the fi<span class=\"_ _2\"></span>bre p<span class=\"_ _2\"></span>roduce<span class=\"_ _2\"></span>d from tha<span class=\"_ _2\"></span>t woo<span class=\"_ _2\"></span>d; </span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>o impl<span class=\"_ _2\"></span>ement a sus<span class=\"_ _2\"></span>tained fo<span class=\"_ _2\"></span>rest<span class=\"_ _2\"></span>ry mana<span class=\"_ _2\"></span>gement pro<span class=\"_ _2\"></span>gram <span class=\"_ _2\"></span>from an eco<span class=\"_ _2\"></span>nomic, </span></span>environment<span class=\"_ _2\"></span>al and s<span class=\"_ _2\"></span>ocial<span class=\"_ _2\"></span> perspecti<span class=\"_ _2\"></span>ves; iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>To f<span class=\"_ _2\"></span>oster <span class=\"_ _2\"></span>practic<span class=\"_ _2\"></span>es and p<span class=\"_ _2\"></span>rocesses ai<span class=\"_ _2\"></span>med at r<span class=\"_ _2\"></span>educin<span class=\"_ _2\"></span>g wood<span class=\"_ _2\"></span> productio<span class=\"_ _2\"></span>n costs<span class=\"_ _2\"></span>. 9.1.2.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>e of BEKP <span class=\"_ _2\"></span>pulp, UWF <span class=\"_ _2\"></span>paper and <span class=\"_ _2\"></span>Tissue p<span class=\"_ _2\"></span>aper Suppl<span class=\"_ _2\"></span>y of raw<span class=\"_ _2\"></span> mat<span class=\"_ _2\"></span>eria<span class=\"_ _2\"></span>ls Navigator's <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>supply of <span class=\"_ _2\"></span>wood (f<span class=\"_ _2\"></span>rom i<span class=\"_ _2\"></span>ts own ass<span class=\"_ _2\"></span>ets and <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>es) for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction o<span class=\"_ _2\"></span>f BEKP pulp i<span class=\"_ _2\"></span>s only <span class=\"_ _2\"></span>about 11% of <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up's ne<span class=\"_ _2\"></span>eds (2021<span class=\"_ _2\"></span>: 18%)<span class=\"_ _2\"></span>. Theref<span class=\"_ _2\"></span>ore, i<span class=\"_ _2\"></span>s a re<span class=\"_ _2\"></span>gular ne<span class=\"_ _2\"></span>ed for <span class=\"_ _2\"></span>the Company to <span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>e wood <span class=\"_ _2\"></span>in the dom<span class=\"_ _2\"></span>estic <span class=\"_ _2\"></span>market <span class=\"_ _2\"></span>(still<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>uffici<span class=\"_ _2\"></span>ent), u<span class=\"_ _0\"></span>sing <span class=\"_ _2\"></span>the Spani<span class=\"_ _2\"></span>sh mar<span class=\"_ _2\"></span>ket and the non<span class=\"_ _2\"></span>-Europe<span class=\"_ _2\"></span>an (outsi<span class=\"_ _2\"></span>de the <span class=\"_ _2\"></span>Iberian<span class=\"_ _2\"></span> Peninsu<span class=\"_ _2\"></span>la) mar<span class=\"_ _2\"></span>kets, mai<span class=\"_ _2\"></span>nly Brazi<span class=\"_ _2\"></span>l, Urugua<span class=\"_ _2\"></span>y and Mozambique (m<span class=\"_ _2\"></span>ainl<span class=\"_ _2\"></span>y from NVG'<span class=\"_ _2\"></span>s lo<span class=\"_ _2\"></span>cal plan<span class=\"_ _2\"></span>tations) a<span class=\"_ _2\"></span>t an a<span class=\"_ _2\"></span>ddition<span class=\"_ _2\"></span>al compare<span class=\"_ _2\"></span>d to th<span class=\"_ _2\"></span>e nation<span class=\"_ _2\"></span>al market due <span class=\"_ _2\"></span>to tr<span class=\"_ _2\"></span>anspor<span class=\"_ _2\"></span>t.  The sup<span class=\"_ _2\"></span>ply of wood <span class=\"_ _2\"></span>from int<span class=\"_ _2\"></span>erna<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>markets, nam<span class=\"_ _2\"></span>ely e<span class=\"_ _2\"></span>ucalyptus<span class=\"_ _2\"></span>, is s<span class=\"_ _2\"></span>ubject to <span class=\"_ _2\"></span>pric<span class=\"_ _2\"></span>e variations<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y due to <span class=\"_ _2\"></span>exchange <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e effec<span class=\"_ _2\"></span>t, which has<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onsequentl<span class=\"_ _2\"></span>y impli<span class=\"_ _2\"></span>cations <span class=\"_ _2\"></span>in the production <span class=\"_ _2\"></span>cost of<span class=\"_ _2\"></span> Na<span class=\"_ _2\"></span>vigator an<span class=\"_ _2\"></span>d BEKP pul<span class=\"_ _2\"></span>p produci<span class=\"_ _2\"></span>ng co<span class=\"_ _2\"></span>mpanies. <span class=\"_ _2\"></span>Moreover<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>volatil<span class=\"_ _2\"></span>ity of wood tr<span class=\"_ _2\"></span>ansportatio<span class=\"_ _2\"></span>n costs <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>units al<span class=\"_ _2\"></span>so has <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>ts m<span class=\"_ _2\"></span>ainly due to <span class=\"_ _2\"></span>the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of fuel<span class=\"_ _2\"></span> prices<span class=\"_ _2\"></span>, oil<span class=\"_ _2\"></span> prices, l<span class=\"_ _2\"></span>ower scarci<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>large <span class=\"_ _2\"></span>ships witho<span class=\"_ _2\"></span>ut o<span class=\"_ _2\"></span>ptimisatio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f returns an<span class=\"_ _2\"></span>d sea f<span class=\"_ _2\"></span>reight osci<span class=\"_ _2\"></span>llati<span class=\"_ _2\"></span>on. The real<span class=\"_ _2\"></span>isatio<span class=\"_ _2\"></span>n of new f<span class=\"_ _2\"></span>orest pl<span class=\"_ _2\"></span>antati<span class=\"_ _2\"></span>ons is<span class=\"_ _2\"></span> subjec<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e autho<span class=\"_ _2\"></span>risation of<span class=\"_ _2\"></span> the com<span class=\"_ _2\"></span>petent entities <span class=\"_ _2\"></span>and to <span class=\"_ _2\"></span>a poli<span class=\"_ _2\"></span>cy of ar<span class=\"_ _2\"></span>ea in<span class=\"_ _2\"></span>crease <span class=\"_ _2\"></span>restricti<span class=\"_ _2\"></span>ons, whic<span class=\"_ _2\"></span>h may <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>t the national<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>tion potenti<span class=\"_ _2\"></span>al, altho<span class=\"_ _2\"></span>ugh ther<span class=\"_ _2\"></span>e are man<span class=\"_ _2\"></span>y ini<span class=\"_ _2\"></span>tiativ<span class=\"_ _2\"></span>es to hel<span class=\"_ _2\"></span>p for<span class=\"_ _2\"></span>est produc<span class=\"_ _2\"></span>ers, <span class=\"_ _2\"></span>among th<span class=\"_ _2\"></span>em the su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>t in woo<span class=\"_ _2\"></span>d certific<span class=\"_ _2\"></span>ation to <span class=\"_ _2\"></span>meet <span class=\"_ _2\"></span>the comme<span class=\"_ _2\"></span>rcial demand f<span class=\"_ _2\"></span>or c<span class=\"_ _2\"></span>ertified p<span class=\"_ _2\"></span>roducts <span class=\"_ _2\"></span>(pa<span class=\"_ _2\"></span>per and pul<span class=\"_ _2\"></span>p), and to i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e the produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the exi<span class=\"_ _2\"></span>sting ar<span class=\"_ _2\"></span>eas, fo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>a greater a<span class=\"_ _2\"></span>vailabi<span class=\"_ _2\"></span>lity of<span class=\"_ _2\"></span> raw mat<span class=\"_ _2\"></span>erial<span class=\"_ _2\"></span> in the <span class=\"_ _2\"></span>domestic ma<span class=\"_ _2\"></span>rket, <span class=\"_ _2\"></span>the use o<span class=\"_ _2\"></span>f impor<span class=\"_ _2\"></span>ts wil<span class=\"_ _2\"></span>l always b<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>an unavoi<span class=\"_ _2\"></span>dable n<span class=\"_ _2\"></span>eed in th<span class=\"_ _2\"></span>e short/me<span class=\"_ _2\"></span>dium/long <span class=\"_ _2\"></span>term. Due to th<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient domestic<span class=\"_ _2\"></span> producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>wood in qu<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ntity, n<span class=\"_ _2\"></span>amely in t<span class=\"_ _2\"></span>erms of<span class=\"_ _2\"></span> cer<span class=\"_ _2\"></span>tified wood, <span class=\"_ _2\"></span>the Company h<span class=\"_ _2\"></span>as to i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>quanti<span class=\"_ _2\"></span>ty of impor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ed wood, eith<span class=\"_ _2\"></span>er from <span class=\"_ _2\"></span>Spai<span class=\"_ _2\"></span>n or from other mor<span class=\"_ _2\"></span>e distan<span class=\"_ _2\"></span>t mark<span class=\"_ _2\"></span>ets, to en<span class=\"_ _2\"></span>sure th<span class=\"_ _2\"></span>e suppl<span class=\"_ _2\"></span>y to th<span class=\"_ _2\"></span>e m<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ls, without restri<span class=\"_ _2\"></span>ctions, i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e next decade(s)<span class=\"_ _2\"></span>. It shoul<span class=\"_ _2\"></span>d be no<span class=\"_ _2\"></span>ted tha<span class=\"_ _2\"></span>t, since <span class=\"_ _2\"></span>wood i<span class=\"_ _2\"></span>s one o<span class=\"_ _2\"></span>f the main<span class=\"_ _2\"></span> pul<span class=\"_ _2\"></span>p producti<span class=\"_ _2\"></span>on cos<span class=\"_ _2\"></span>ts, any i<span class=\"_ _2\"></span>ncrease i<span class=\"_ _2\"></span>n 3the cost <span class=\"_ _2\"></span>of m of <span class=\"_ _2\"></span>eucaly<span class=\"_ _2\"></span>ptus woo<span class=\"_ _2\"></span>d consumed i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e pulp p<span class=\"_ _2\"></span>roduction BE<span class=\"_ _2\"></span>KP alwa<span class=\"_ _2\"></span>ys represen<span class=\"_ _2\"></span>ts a negative <span class=\"_ _2\"></span>impact on <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany'<span class=\"_ _2\"></span>s operating <span class=\"_ _2\"></span>profi<span class=\"_ _2\"></span>t. For other <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>terials, i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng chemic<span class=\"_ _2\"></span>als, <span class=\"_ _2\"></span>the main ri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k identifi<span class=\"_ _2\"></span>ed is th<span class=\"_ _2\"></span>e scarci<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>ts under th<span class=\"_ _2\"></span>e growi<span class=\"_ _2\"></span>ng demand f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>these produc<span class=\"_ _2\"></span>ts i<span class=\"_ _2\"></span>n emerging<span class=\"_ _2\"></span> markets, p<span class=\"_ _2\"></span>articul<span class=\"_ _2\"></span>arly in <span class=\"_ _2\"></span>Asia an<span class=\"_ _2\"></span>d markets <span class=\"_ _2\"></span>supplyin<span class=\"_ _2\"></span>g them, whi<span class=\"_ _2\"></span>ch can <span class=\"_ _2\"></span>create oc<span class=\"_ _2\"></span>casion<span class=\"_ _2\"></span>al imbal<span class=\"_ _2\"></span>ances o<span class=\"_ _2\"></span>f supply and <span class=\"_ _2\"></span>deman<span class=\"_ _2\"></span>d. In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up, <span class=\"_ _2\"></span>together <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Altr<span class=\"_ _2\"></span>i G<span class=\"_ _2\"></span>roup, establi<span class=\"_ _2\"></span>shed in<span class=\"_ _2\"></span> 2018 <span class=\"_ _2\"></span>a Compl<span class=\"_ _2\"></span>ementary Groupi<span class=\"_ _2\"></span>ng of C<span class=\"_ _2\"></span>ompanies - Pul<span class=\"_ _2\"></span>p C<span class=\"_ _2\"></span>hem, ACE<span class=\"_ _2\"></span> <span class=\"ff8\">\u2013</span> in<span class=\"_ _2\"></span>tended for <span class=\"_ _2\"></span>the join<span class=\"_ _2\"></span>t acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of chemic<span class=\"_ _2\"></span>al products<span class=\"_ _2\"></span>, benef<span class=\"_ _2\"></span>iting f<span class=\"_ _2\"></span>rom economies<span class=\"_ _2\"></span> of sc<span class=\"_ _2\"></span>ale an<span class=\"_ _2\"></span>d thus mi<span class=\"_ _2\"></span>tigati<span class=\"_ _2\"></span>ng this ri<span class=\"_ _2\"></span>sk. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup seeks <span class=\"_ _2\"></span>to mitig<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>risks throu<span class=\"_ _2\"></span>gh<span class=\"_ _2\"></span> proactiv<span class=\"_ _2\"></span>e sourci<span class=\"_ _2\"></span>ng, by i<span class=\"_ _2\"></span>dentifyi<span class=\"_ _2\"></span>ng sources <span class=\"_ _2\"></span>of suppl<span class=\"_ _2\"></span>y geogr<span class=\"_ _2\"></span>aphicall<span class=\"_ _2\"></span>y dispe<span class=\"_ _2\"></span>rsed, whil<span class=\"_ _2\"></span>st se<span class=\"_ _2\"></span>eking <span class=\"_ _2\"></span>to secure l<span class=\"_ _2\"></span>ong-term su<span class=\"_ _2\"></span>pply con<span class=\"_ _2\"></span>tracts that ensu<span class=\"_ _2\"></span>re volume<span class=\"_ _2\"></span>, pri<span class=\"_ _2\"></span>ce and quali<span class=\"_ _2\"></span>ty l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>consis<span class=\"_ _2\"></span>tent wit<span class=\"_ _2\"></span>h its<span class=\"_ _2\"></span> requirements<span class=\"_ _2\"></span>. Final<span class=\"_ _2\"></span>ly, another <span class=\"_ _2\"></span>resourc<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>quired for <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>proce<span class=\"_ _2\"></span>ss i<span class=\"_ _2\"></span>s water. C<span class=\"_ _2\"></span>onsidering <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>water i<span class=\"_ _2\"></span>s a fi<span class=\"_ _2\"></span>nite resource <span class=\"_ _2\"></span>and gi<span class=\"_ _2\"></span>ven i<span class=\"_ _2\"></span>ts rele<span class=\"_ _2\"></span>vance <span class=\"_ _2\"></span>to the pul<span class=\"_ _2\"></span>p and <span class=\"_ _2\"></span>paper p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>proces<span class=\"_ _2\"></span>s, the G<span class=\"_ _2\"></span>roup has taken on<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>special <span class=\"_ _2\"></span>concern f<span class=\"_ _2\"></span>or its <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ervation, an<span class=\"_ _2\"></span>d ov<span class=\"_ _2\"></span>er the las<span class=\"_ _2\"></span>t few <span class=\"_ _2\"></span>years, i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>ts have been <span class=\"_ _2\"></span>made to <span class=\"_ _2\"></span>reduce <span class=\"_ _2\"></span>the use o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>this i<span class=\"_ _2\"></span>mportant reso<span class=\"_ _2\"></span>urce. As<span class=\"_ _2\"></span> par<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p's Water <span class=\"_ _2\"></span>Use Reduction<span class=\"_ _2\"></span> Programm<span class=\"_ _2\"></span>e (PR<span class=\"_ _2\"></span>UA -<span class=\"_ _0\"></span> \"P<span class=\"_ _2\"></span>rograma <span class=\"_ _2\"></span>de Redu\u00e7<span class=\"_ _2\"></span>\u00e3o do <span class=\"_ _2\"></span>Uso de \u00c1<span class=\"_ _2\"></span>gua\"), i<span class=\"_ _2\"></span>t has b<span class=\"_ _2\"></span>een possi<span class=\"_ _2\"></span>ble to reduc<span class=\"_ _2\"></span>e the us<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>water in <span class=\"_ _2\"></span>Navigator's<span class=\"_ _2\"></span> indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>comple<span class=\"_ _2\"></span>xes by 1<span class=\"_ _2\"></span>0% between <span class=\"_ _2\"></span>2019 (bas<span class=\"_ _2\"></span>e year) an<span class=\"_ _2\"></span>d 2022, an<span class=\"_ _2\"></span>d it <span class=\"_ _2\"></span>is ex<span class=\"_ _2\"></span>pected th<span class=\"_ _2\"></span>at the <span class=\"_ _2\"></span>use of thi<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>eso<span class=\"_ _2\"></span>urce will<span class=\"_ _2\"></span> be reduc<span class=\"_ _2\"></span>ed by a<span class=\"_ _2\"></span>t least 3<span class=\"_ _2\"></span>3% by 2030. <span class=\"_ _2\"></span>This <span class=\"_ _2\"></span>is part of<span class=\"_ _2\"></span> a comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e stra<span class=\"_ _2\"></span>tegy <span class=\"_ _2\"></span>that is <span class=\"_ _2\"></span>being pursu<span class=\"_ _2\"></span>ed rigo<span class=\"_ _2\"></span>rousl<span class=\"_ _2\"></span>y, bri<span class=\"_ _2\"></span>nging th<span class=\"_ _2\"></span>e Group cl<span class=\"_ _2\"></span>oser to ac<span class=\"_ _2\"></span>hie<span class=\"_ _2\"></span>ving the <span class=\"_ _2\"></span>goals o<span class=\"_ _2\"></span>f its \"Ag<span class=\"_ _2\"></span>enda 203<span class=\"_ _2\"></span>0\". Mar<span class=\"_ _2\"></span>ket Price<span class=\"_ _2\"></span> for <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, BEKP <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d Tiss<span class=\"_ _2\"></span>ue pape<span class=\"_ _2\"></span>r Imbalances <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e supply<span class=\"_ _2\"></span>/demand ra<span class=\"_ _2\"></span>tio <span class=\"_ _2\"></span>in the BEKP, <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>paper and ti<span class=\"_ _2\"></span>ssue <span class=\"_ _2\"></span>paper mar<span class=\"_ _2\"></span>kets m<span class=\"_ _2\"></span>ay have a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant impac<span class=\"_ _2\"></span>t on pri<span class=\"_ _2\"></span>ces an<span class=\"_ _2\"></span>d, as a cons<span class=\"_ _2\"></span>equence<span class=\"_ _2\"></span>, on the Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rmance. Th<span class=\"_ _2\"></span>e market pri<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>BEKP <span class=\"_ _2\"></span>pulp, <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F an<span class=\"_ _2\"></span>d Tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>are def<span class=\"_ _2\"></span>ined i<span class=\"_ _2\"></span>n the worl<span class=\"_ _2\"></span>d glo<span class=\"_ _2\"></span>bal mar<span class=\"_ _2\"></span>ket in perfec<span class=\"_ _2\"></span>t competi<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>have a s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant impac<span class=\"_ _2\"></span>t on <span class=\"_ _2\"></span>the N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group\u2019s re<span class=\"_ _2\"></span>venues <span class=\"_ _2\"></span>and on i<span class=\"_ _2\"></span>ts profitabi<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>. Cycli<span class=\"_ _2\"></span>cal fl<span class=\"_ _2\"></span>uctuations <span class=\"_ _2\"></span>in BEKP <span class=\"_ _2\"></span>pulp, <span class=\"_ _2\"></span>Tissue pap<span class=\"_ _2\"></span>er and <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F Pa<span class=\"_ _2\"></span>per pri<span class=\"_ _2\"></span>ces mainl<span class=\"_ _2\"></span>y arise from both <span class=\"_ _2\"></span>changes<span class=\"_ _2\"></span> in the wo<span class=\"_ _2\"></span>rld s<span class=\"_ _2\"></span>upply an<span class=\"_ _2\"></span>d demand an<span class=\"_ _2\"></span>d t<span class=\"_ _2\"></span>he finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>situation<span class=\"_ _2\"></span> of each<span class=\"_ _2\"></span> of the internatio<span class=\"_ _2\"></span>nal mar<span class=\"_ _2\"></span>ket pl<span class=\"_ _2\"></span>ayers (Pro<span class=\"_ _2\"></span>ducers<span class=\"_ _2\"></span>, Trad<span class=\"_ _2\"></span>ers, Dis<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>ors, Customers<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>tc.), cr<span class=\"_ _2\"></span>eating success<span class=\"_ _2\"></span>ive changes i<span class=\"_ _2\"></span>n e<span class=\"_ _2\"></span>quili<span class=\"_ _2\"></span>brium prices<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>raising <span class=\"_ _2\"></span>the glo<span class=\"_ _2\"></span>bal market\u2019<span class=\"_ _2\"></span>s volati<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>The BEKP pul<span class=\"_ _2\"></span>p and <span class=\"_ _2\"></span>UWF pa<span class=\"_ _2\"></span>per marke<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>highly co<span class=\"_ _2\"></span>mpet<span class=\"_ _2\"></span>itive. Signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>varia<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> in exis<span class=\"_ _2\"></span>ting production <span class=\"_ _2\"></span>capaci<span class=\"_ _2\"></span>ties co<span class=\"_ _2\"></span>uld hav<span class=\"_ _2\"></span>e a stron<span class=\"_ _2\"></span>g inf<span class=\"_ _2\"></span>luence o<span class=\"_ _2\"></span>n worl<span class=\"_ _2\"></span>d market pric<span class=\"_ _2\"></span>es. These f<span class=\"_ _2\"></span>actors<span class=\"_ _2\"></span> have encourage<span class=\"_ _2\"></span>d the N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>to fol<span class=\"_ _2\"></span>low a defi<span class=\"_ _2\"></span>ned mark<span class=\"_ _2\"></span>eting and <span class=\"_ _2\"></span>brandin<span class=\"_ _2\"></span>g stra<span class=\"_ _2\"></span>tegy and <span class=\"_ _2\"></span>to invest i<span class=\"_ _2\"></span>n rele<span class=\"_ _2\"></span>vant ca<span class=\"_ _2\"></span>pital e<span class=\"_ _2\"></span>xpenditure <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>mprove pro<span class=\"_ _2\"></span>ductiv<span class=\"_ _2\"></span>ity and g<span class=\"_ _2\"></span>enerate hi<span class=\"_ _2\"></span>gh-qualit<span class=\"_ _2\"></span>y and differenti<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts.  Dema<span class=\"_ _2\"></span>nd for t<span class=\"_ _2\"></span>he Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gator Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p\u2019s prod<span class=\"_ _2\"></span>ucts<span class=\"ff4\"> </span>Notwithst<span class=\"_ _2\"></span>anding th<span class=\"_ _2\"></span>e ref<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>below <span class=\"_ _2\"></span>to the conc<span class=\"_ _2\"></span>entra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the por<span class=\"_ _2\"></span>tfoli<span class=\"_ _2\"></span>o of the <span class=\"_ _2\"></span>Navigator Group\u2019s <span class=\"_ _2\"></span>Customers<span class=\"_ _2\"></span>, any d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>in de<span class=\"ff1\">mand <span class=\"_ _2\"></span>for BEKP, <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>and tissue <span class=\"_ _2\"></span>paper <span class=\"_ _2\"></span>in the Eu<span class=\"_ _2\"></span>ropean </span>and the <span class=\"_ _2\"></span>United <span class=\"_ _2\"></span>States ma<span class=\"_ _2\"></span>rkets c<span class=\"_ _2\"></span>ould hav<span class=\"_ _2\"></span>e a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant impact o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p\u2019s turnover. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>demand fo<span class=\"_ _2\"></span>r BEKP pro<span class=\"_ _2\"></span>duced b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Group al<span class=\"_ _2\"></span>so depen<span class=\"_ _2\"></span>ds on the <span class=\"_ _2\"></span>evoluti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the capacity f<span class=\"_ _2\"></span>or pap<span class=\"_ _2\"></span>er pro<span class=\"_ _2\"></span>ductio<span class=\"ff8\">n in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>world, since <span class=\"_ _2\"></span>variou<span class=\"_ _2\"></span>s N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>Group\u2019s maj<span class=\"_ _2\"></span>or Cus<span class=\"_ _2\"></span>tomers </span>are th<span class=\"_ _2\"></span>emselves <span class=\"_ _2\"></span>paper pro<span class=\"_ _2\"></span>ducers<span class=\"_ _2\"></span>. The demand f<span class=\"_ _2\"></span>or uncoa<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>printing an<span class=\"_ _2\"></span>d wri<span class=\"_ _2\"></span>ting pap<span class=\"_ _2\"></span>er has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>historic<span class=\"_ _2\"></span>ally rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>with macroecono<span class=\"_ _2\"></span>mic f<span class=\"_ _2\"></span>actors (e<span class=\"_ _2\"></span>.g., GD<span class=\"_ _2\"></span>P growth<span class=\"_ _2\"></span>, employm<span class=\"_ _2\"></span>ent, p<span class=\"_ _2\"></span>articul<span class=\"_ _2\"></span>arly in <span class=\"_ _2\"></span>white<span class=\"_ _0\"></span> coll<span class=\"_ _2\"></span>ar jo<span class=\"_ _2\"></span>bs, confi<span class=\"_ _2\"></span>dence indi<span class=\"_ _2\"></span>ces), <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal (e<span class=\"_ _2\"></span>.g., p<span class=\"_ _2\"></span>enetra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation techno<span class=\"_ _2\"></span>log<span class=\"_ _2\"></span>y and hardwa<span class=\"_ _2\"></span>re / softwar<span class=\"_ _2\"></span>e, and demog<span class=\"_ _2\"></span>raphic <span class=\"_ _2\"></span>(e.g<span class=\"_ _2\"></span>., populati<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>, average <span class=\"_ _2\"></span>level<span class=\"_ _2\"></span> of educati<span class=\"_ _2\"></span>on, a<span class=\"_ _2\"></span>ge struc<span class=\"_ _2\"></span>ture of<span class=\"_ _2\"></span> soci<span class=\"_ _2\"></span>ety). The <span class=\"_ _2\"></span>evolution <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>ese facto<span class=\"_ _2\"></span>rs driv<span class=\"_ _2\"></span>es th<span class=\"_ _2\"></span>e demand <span class=\"_ _2\"></span>for pape<span class=\"_ _2\"></span>r positivel<span class=\"_ _2\"></span>y or <span class=\"_ _2\"></span>negativ<span class=\"_ _2\"></span>ely, and in <span class=\"_ _2\"></span>the recent <span class=\"_ _2\"></span>past<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>trend of<span class=\"_ _2\"></span> paper co<span class=\"_ _2\"></span>nsumpti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> negative <span class=\"_ _2\"></span>in the mor<span class=\"_ _2\"></span>e de<span class=\"_ _2\"></span>veloped countri<span class=\"_ _2\"></span>es and posi<span class=\"_ _2\"></span>tive or <span class=\"_ _2\"></span>stabl<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e emer<span class=\"_ _2\"></span>ging / <span class=\"_ _2\"></span>developi<span class=\"_ _2\"></span>ng countries<span class=\"_ _2\"></span>. Natur<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y, the performanc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up also <span class=\"_ _2\"></span>depends <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>evolution<span class=\"_ _2\"></span> of deman<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the vario<span class=\"_ _2\"></span>us markets <span class=\"_ _2\"></span>in which<span class=\"_ _2\"></span> it oper<span class=\"_ _2\"></span>ates.<span class=\"_ _2\"></span> Regarding <span class=\"_ _2\"></span>the d<span class=\"_ _2\"></span>emand for <span class=\"_ _2\"></span>eucalyp<span class=\"_ _2\"></span>tus mar<span class=\"_ _2\"></span>ket pul<span class=\"_ _2\"></span>p, this<span class=\"_ _2\"></span> is l<span class=\"_ _2\"></span>argely depen<span class=\"_ _2\"></span>dent on <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roduction progress<span class=\"_ _2\"></span> in the n<span class=\"_ _2\"></span>on-int<span class=\"_ _2\"></span>egrated <span class=\"_ _2\"></span>producers <span class=\"_ _2\"></span>of p<span class=\"_ _2\"></span>rinting and <span class=\"_ _2\"></span>writin<span class=\"_ _2\"></span>g paper<span class=\"_ _2\"></span>, tissue an<span class=\"_ _2\"></span>d special<span class=\"_ _2\"></span>ity papers. C<span class=\"_ _2\"></span>hinese d<span class=\"_ _2\"></span>emand for <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>s type of<span class=\"_ _2\"></span> pulp r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts more than<span class=\"_ _2\"></span> 1/3 of<span class=\"_ _2\"></span> the worl<span class=\"_ _2\"></span>d'<span class=\"_ _2\"></span>s demand, making C<span class=\"_ _2\"></span>hina one <span class=\"_ _2\"></span>of the mos<span class=\"_ _2\"></span>t brea<span class=\"_ _2\"></span>kthrough <span class=\"_ _2\"></span>drivers <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>demand. Regarding <span class=\"_ _2\"></span>Tissue s<span class=\"_ _2\"></span>egment<span class=\"_ _2\"></span>, the ke<span class=\"_ _2\"></span>y vari<span class=\"_ _2\"></span>ables aff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ng the demand <span class=\"_ _2\"></span>are: \uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Ex<span class=\"_ _0\"></span>pected f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c growth;<span class=\"_ _2\"></span> </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Population grow<span class=\"_ _2\"></span>th and o<span class=\"_ _2\"></span>ther soc<span class=\"_ _2\"></span>ial an<span class=\"_ _2\"></span>d demogra<span class=\"_ _2\"></span>phic c<span class=\"_ _2\"></span>hanges; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Level of dev<span class=\"_ _2\"></span>elopmen<span class=\"_ _2\"></span>t of the se<span class=\"_ _2\"></span>rvice s<span class=\"_ _2\"></span>ector<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>touris<span class=\"_ _2\"></span>m; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Hyg<span class=\"_ _0\"></span>iene st<span class=\"_ _2\"></span>andar<span class=\"_ _2\"></span>ds and p<span class=\"_ _2\"></span>roduct pene<span class=\"_ _2\"></span>trati<span class=\"_ _2\"></span>on levels<span class=\"_ _2\"></span>; </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">De<span class=\"_ _0\"></span>velopm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>the qual<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>Tissu<span class=\"_ _2\"></span>e paper an<span class=\"_ _2\"></span>d produc<span class=\"_ _2\"></span>t s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ations; and </span></span>\uf02d<span class=\"ffb\"> <span class=\"_ _37\"> </span><span class=\"ff1\">Substitutio<span class=\"_ _2\"></span>n effects<span class=\"_ _2\"></span>. </span></span>Tissue pap<span class=\"_ _2\"></span>er cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n is n<span class=\"_ _2\"></span>ot very sens<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>e to cycli<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>econo<span class=\"_ _2\"></span>mical <span class=\"_ _2\"></span>changes, altho<span class=\"_ _2\"></span>ugh i<span class=\"_ _2\"></span>t tends <span class=\"_ _2\"></span>to grow f<span class=\"_ _2\"></span>aster wi<span class=\"_ _2\"></span>th high<span class=\"_ _2\"></span>er economi<span class=\"_ _2\"></span>c gro<span class=\"_ _2\"></span>wth. On <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>other hand<span class=\"_ _2\"></span>, an incre<span class=\"_ _2\"></span>ase i<span class=\"_ _2\"></span>n production <span class=\"_ _2\"></span>costs an<span class=\"_ _2\"></span>d, cons<span class=\"_ _2\"></span>equen<span class=\"_ _2\"></span>tly, sales <span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ces can c<span class=\"_ _2\"></span>reate a downg<span class=\"_ _2\"></span>rading <span class=\"_ _2\"></span>effect o<span class=\"_ _2\"></span>n consumpti<span class=\"_ _2\"></span>on. The impor<span class=\"_ _2\"></span>tance of <span class=\"_ _2\"></span>economic<span class=\"_ _2\"></span> growth f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the consump<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of Tissu<span class=\"_ _2\"></span>e is mo<span class=\"_ _2\"></span>re obvious i<span class=\"_ _2\"></span>n developin<span class=\"_ _2\"></span>g countri<span class=\"_ _2\"></span>es. When <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>evel o<span class=\"_ _2\"></span>f the inc<span class=\"_ _2\"></span>ome per <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>ta is ver<span class=\"_ _2\"></span>y low, <span class=\"_ _2\"></span>the consu<span class=\"_ _2\"></span>mption<span class=\"_ _2\"></span> of Tissue ten<span class=\"_ _2\"></span>ds to b<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>w. There <span class=\"_ _2\"></span>is a thr<span class=\"_ _2\"></span>eshold af<span class=\"_ _2\"></span>ter whic<span class=\"_ _2\"></span>h co<span class=\"_ _2\"></span>nsumption <span class=\"_ _2\"></span>accelera<span class=\"_ _2\"></span>tes. E<span class=\"_ _2\"></span>conomic<span class=\"_ _2\"></span> growth al<span class=\"_ _2\"></span>lows grea<span class=\"_ _2\"></span>ter pen<span class=\"_ _2\"></span>etrati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>t, which<span class=\"_ _2\"></span> is<span class=\"_ _2\"></span> one o<span class=\"_ _2\"></span>f the main <span class=\"_ _2\"></span>drivers <span class=\"_ _2\"></span>of d<span class=\"_ _2\"></span>emand for s<span class=\"_ _2\"></span>uch paper <span class=\"_ _2\"></span>in the po<span class=\"_ _2\"></span>pulati<span class=\"_ _2\"></span>on with l<span class=\"_ _2\"></span>ower i<span class=\"_ _2\"></span>ncomes. <span class=\"_ _2\"></span>In ec<span class=\"_ _2\"></span>onomies <span class=\"_ _2\"></span>with strong <span class=\"_ _2\"></span>dependenc<span class=\"_ _2\"></span>e on tourism, <span class=\"_ _2\"></span>a gradual<span class=\"_ _2\"></span> recove<span class=\"_ _2\"></span>ry in c<span class=\"_ _2\"></span>onsumption<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e profess<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>nal sector <span class=\"_ _2\"></span>is expec<span class=\"_ _2\"></span>ted, as restrictio<span class=\"_ _2\"></span>ns on mo<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty are l<span class=\"_ _2\"></span>ifted <span class=\"_ _2\"></span>and tou<span class=\"_ _2\"></span>rist fl<span class=\"_ _2\"></span>ows are no<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>malized. The <span class=\"_ _2\"></span>Tissue <span class=\"_ _2\"></span>paper is<span class=\"_ _2\"></span> a product <span class=\"_ _2\"></span>that does<span class=\"_ _2\"></span> not fac<span class=\"_ _2\"></span>e major <span class=\"_ _2\"></span>threa<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>substi<span class=\"_ _2\"></span>tution b<span class=\"_ _2\"></span>y other m<span class=\"_ _2\"></span>aterial<span class=\"_ _2\"></span>s, and <span class=\"_ _2\"></span>there <span class=\"_ _2\"></span>are no expecte<span class=\"_ _2\"></span>d changes a<span class=\"_ _2\"></span>t this <span class=\"_ _2\"></span>level<span class=\"_ _2\"></span>. In c<span class=\"_ _2\"></span>ontrast, c<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in hy<span class=\"_ _2\"></span>giene and cl<span class=\"_ _2\"></span>eaning s<span class=\"_ _2\"></span>tanda<span class=\"_ _2\"></span>rds that may be assoc<span class=\"_ _2\"></span>iated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e curren<span class=\"_ _2\"></span>t health <span class=\"_ _2\"></span>cri<span class=\"_ _2\"></span>sis <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>tend to boo<span class=\"_ _2\"></span>st Tissue c<span class=\"_ _2\"></span>onsump<span class=\"_ _2\"></span>tion. Cons<span class=\"_ _2\"></span>umer preferences <span class=\"_ _2\"></span>may hav<span class=\"_ _2\"></span>e an i<span class=\"_ _2\"></span>mpact <span class=\"_ _2\"></span>on global<span class=\"_ _2\"></span> paper deman<span class=\"_ _2\"></span>d or i<span class=\"_ _2\"></span>n cer<span class=\"_ _2\"></span>tain particu<span class=\"_ _2\"></span>lar types o<span class=\"_ _2\"></span>f paper, su<span class=\"_ _2\"></span>ch as <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>demand for <span class=\"_ _2\"></span>rec<span class=\"_ _2\"></span>ycled pro<span class=\"_ _2\"></span>ducts <span class=\"_ _2\"></span>or produc<span class=\"_ _2\"></span>ts with ce<span class=\"_ _2\"></span>rtifi<span class=\"_ _2\"></span>ed virgi<span class=\"_ _2\"></span>n fibre<span class=\"_ _2\"></span>.<span class=\"fc1\"> </span>Regarding <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>matter<span class=\"_ _2\"></span>, and in th<span class=\"_ _2\"></span>e par<span class=\"_ _2\"></span>ticular <span class=\"_ _2\"></span>case of <span class=\"_ _2\"></span>UWF a<span class=\"_ _2\"></span>nd Tissue <span class=\"_ _2\"></span>paper<span class=\"_ _2\"></span>, the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up believes <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the mar<span class=\"_ _2\"></span>keting str<span class=\"_ _2\"></span>ategy an<span class=\"_ _2\"></span>d bran<span class=\"_ _2\"></span>ding tha<span class=\"_ _2\"></span>t has been f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wed, combin<span class=\"_ _2\"></span>ed with th<span class=\"_ _2\"></span>e signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>investments <span class=\"_ _2\"></span>made to <span class=\"_ _2\"></span>improve <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>vity and <span class=\"_ _2\"></span>produce h<span class=\"_ _2\"></span>igh <span class=\"_ _2\"></span>quality p<span class=\"_ _2\"></span>roducts<span class=\"_ _2\"></span>, allo<span class=\"_ _2\"></span>w it to <span class=\"_ _2\"></span>deliver <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>ducts in<span class=\"_ _2\"></span> market s<span class=\"_ _2\"></span>egmen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are l<span class=\"_ _2\"></span>ess sensi<span class=\"_ _2\"></span>tive to <span class=\"_ _2\"></span>variations<span class=\"_ _2\"></span> in dem<span class=\"_ _2\"></span>and, resulti<span class=\"_ _2\"></span>ng in a <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>exp<span class=\"_ _0\"></span>osu<span class=\"_ _2\"></span>re to <span class=\"_ _2\"></span>this ri<span class=\"_ _2\"></span>sk. Ener<span class=\"_ _2\"></span>gy The pulp an<span class=\"_ _2\"></span>d pa<span class=\"_ _2\"></span>per produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>process ar<span class=\"_ _2\"></span>e depend<span class=\"_ _2\"></span>ent on <span class=\"_ _2\"></span>the cons<span class=\"_ _2\"></span>tant s<span class=\"_ _2\"></span>upply o<span class=\"_ _2\"></span>f electric<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d steam ene<span class=\"_ _2\"></span>rgy. <span class=\"_ _2\"></span>The Grou<span class=\"_ _2\"></span>p has sev<span class=\"_ _2\"></span>eral cogen<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on combi<span class=\"_ _2\"></span>ned hea<span class=\"_ _2\"></span>t and power <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion un<span class=\"_ _2\"></span>its, which en<span class=\"_ _2\"></span>sure this s<span class=\"_ _2\"></span>upply, <span class=\"_ _2\"></span>and r<span class=\"_ _2\"></span>edundancies <span class=\"_ _2\"></span>have <span class=\"_ _2\"></span>been plann<span class=\"_ _2\"></span>ed between th<span class=\"_ _2\"></span>e va<span class=\"_ _2\"></span>rious <span class=\"_ _2\"></span>units i<span class=\"_ _2\"></span>n order <span class=\"_ _2\"></span>to mitigat<span class=\"_ _2\"></span>e the <span class=\"_ _2\"></span>risk of<span class=\"_ _2\"></span> any un<span class=\"_ _2\"></span>planned shu<span class=\"_ _2\"></span>tdowns<span class=\"_ _2\"></span>.  Moreover<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup owns <span class=\"_ _2\"></span>two biomas<span class=\"_ _2\"></span>s po<span class=\"_ _2\"></span>wer plants <span class=\"_ _2\"></span>that<span class=\"_ _2\"></span> are in<span class=\"_ _2\"></span>dependent o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e pulp and paper produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> process an<span class=\"_ _2\"></span>d are <span class=\"_ _2\"></span>dedica<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> of renewa<span class=\"_ _2\"></span>ble electric<span class=\"_ _2\"></span>ity for sal<span class=\"_ _2\"></span>e to the g<span class=\"_ _2\"></span>rid. Under the c<span class=\"_ _2\"></span>urren<span class=\"_ _2\"></span>t regul<span class=\"_ _2\"></span>atory f<span class=\"_ _2\"></span>ramework<span class=\"_ _2\"></span>, all <span class=\"_ _2\"></span>electrici<span class=\"_ _2\"></span>ty pro<span class=\"_ _2\"></span>duced by th<span class=\"_ _2\"></span>e cogene<span class=\"_ _2\"></span>ration <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>ts is sold <span class=\"_ _2\"></span>on the mark<span class=\"_ _2\"></span>et. <span class=\"_ _2\"></span> In fact<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>2022, al<span class=\"_ _2\"></span>l renewabl<span class=\"_ _2\"></span>e cogen<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n plants s<span class=\"_ _2\"></span>old th<span class=\"_ _2\"></span>eir entire <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>on the mar<span class=\"_ _2\"></span>ket under Dec<span class=\"_ _2\"></span>ree-Law No<span class=\"_ _2\"></span>. 119-<span class=\"_ _2\"></span>A/2021 of<span class=\"_ _2\"></span> 22 Decemb<span class=\"_ _2\"></span>er, mo<span class=\"_ _2\"></span>re s<span class=\"_ _2\"></span>pecific<span class=\"_ _2\"></span>ally Artic<span class=\"_ _2\"></span>le 35-Y Excep<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> regime ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e to cog<span class=\"_ _2\"></span>enerati<span class=\"_ _2\"></span>on activi<span class=\"_ _2\"></span>ty. <span class=\"_ _2\"></span>This dipl<span class=\"_ _2\"></span>oma al<span class=\"_ _2\"></span>lowed co<span class=\"_ _2\"></span>genera<span class=\"_ _2\"></span>tors to mov<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the general r<span class=\"_ _2\"></span>egime of <span class=\"_ _2\"></span>remunera<span class=\"_ _2\"></span>tion, s<span class=\"_ _2\"></span>ale <span class=\"_ _2\"></span>to the ma<span class=\"_ _2\"></span>rket, <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the possibi<span class=\"_ _2\"></span>lity of<span class=\"_ _2\"></span> lat<span class=\"_ _2\"></span>er returning <span class=\"_ _2\"></span>to the special<span class=\"_ _2\"></span> mode of <span class=\"_ _2\"></span>origin, u<span class=\"_ _2\"></span>nder th<span class=\"_ _2\"></span>e terms<span class=\"_ _2\"></span> of Ar<span class=\"_ _2\"></span>ticl<span class=\"_ _2\"></span>e 6(2) of <span class=\"_ _2\"></span>Decree-Law N<span class=\"_ _2\"></span>o. 23/201<span class=\"_ _2\"></span>0, o<span class=\"_ _2\"></span>f 25 March, i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>curren<span class=\"_ _2\"></span>t wording. Fu<span class=\"_ _2\"></span>rthe<span class=\"_ _2\"></span>rmore, th<span class=\"_ _2\"></span>e natur<span class=\"_ _2\"></span>al ga<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>mbined cycle <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>t in Set\u00fa<span class=\"_ _2\"></span>bal, which h<span class=\"_ _2\"></span>ad alrea<span class=\"_ _2\"></span>dy been sel<span class=\"_ _2\"></span>ling par<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>its elec<span class=\"_ _2\"></span>trici<span class=\"_ _2\"></span>ty, sta<span class=\"_ _2\"></span>rted to sell<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>entire <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on on the market duri<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - Port<span class=\"_ _2\"></span>uga<span class=\"_ _2\"></span>l The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>strong p<span class=\"_ _2\"></span>resenc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>. It<span class=\"_ _2\"></span>s activi<span class=\"_ _2\"></span>ty is bas<span class=\"_ _2\"></span>ed on ass<span class=\"_ _2\"></span>ets mai<span class=\"_ _2\"></span>nly located i<span class=\"_ _2\"></span>n Portu<span class=\"_ _2\"></span>gal. Simi<span class=\"_ _2\"></span>larly, <span class=\"_ _2\"></span>about 20% o<span class=\"_ _2\"></span>f its <span class=\"_ _2\"></span>raw ma<span class=\"_ _2\"></span>teri<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>mes from Portugu<span class=\"_ _2\"></span>ese fores<span class=\"_ _2\"></span>ts. The Group i<span class=\"_ _2\"></span>s the <span class=\"_ _2\"></span>thir<span class=\"_ _2\"></span>d larges<span class=\"_ _2\"></span>t expor<span class=\"_ _2\"></span>ter in Por<span class=\"_ _2\"></span>tugal an<span class=\"_ _2\"></span>d the<span class=\"_ _2\"></span> largest <span class=\"_ _2\"></span>gene<span class=\"_ _2\"></span>rator of Na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> Added Value, r<span class=\"_ _2\"></span>epresenti<span class=\"_ _2\"></span>ng appro<span class=\"_ _2\"></span>ximatel<span class=\"_ _2\"></span>y 1% of <span class=\"_ _2\"></span>the n<span class=\"_ _2\"></span>ational <span class=\"_ _2\"></span>GDP, abou<span class=\"_ _2\"></span>t 3% o<span class=\"_ _2\"></span>f nation<span class=\"_ _2\"></span>al expo<span class=\"_ _2\"></span>rts of goods, cl<span class=\"_ _2\"></span>ose to 6% o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>total con<span class=\"_ _2\"></span>taineri<span class=\"_ _2\"></span>sed ca<span class=\"_ _2\"></span>rgo exported <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>y national <span class=\"_ _2\"></span>ports.<span class=\"_ _2\"></span> Although <span class=\"_ _2\"></span>open to <span class=\"_ _2\"></span>the worl<span class=\"_ _2\"></span>d, the s<span class=\"_ _2\"></span>trong <span class=\"_ _2\"></span>dependenc<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>country of<span class=\"_ _2\"></span> origin <span class=\"_ _2\"></span>in te<span class=\"_ _2\"></span>rms of production <span class=\"_ _2\"></span>fac<span class=\"_ _2\"></span>tors expos<span class=\"_ _2\"></span>es the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>to Portu<span class=\"_ _2\"></span>gal's ri<span class=\"_ _2\"></span>sk in<span class=\"_ _2\"></span>dex. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - Mo<span class=\"_ _2\"></span>zam<span class=\"_ _2\"></span>bique<span class=\"_ _2\"></span> Due to th<span class=\"_ _2\"></span>e investm<span class=\"_ _2\"></span>ent in <span class=\"_ _2\"></span>the Moz<span class=\"_ _2\"></span>ambican <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>t, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup is <span class=\"_ _2\"></span>expose<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the specif<span class=\"_ _2\"></span>ic ris<span class=\"_ _2\"></span>k in thi<span class=\"_ _2\"></span>s country<span class=\"_ _2\"></span>. However<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>deratio<span class=\"_ _2\"></span>n has b<span class=\"_ _2\"></span>een given <span class=\"_ _2\"></span>to in<span class=\"_ _2\"></span>vestments i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>terms of timin<span class=\"_ _2\"></span>g, choice o<span class=\"_ _2\"></span>f suppli<span class=\"_ _2\"></span>ers/par<span class=\"_ _2\"></span>tners an<span class=\"_ _2\"></span>d geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span> loc<span class=\"_ _2\"></span>ation, taking <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> risk i<span class=\"_ _2\"></span>nto accoun<span class=\"_ _2\"></span>t, and the Group <span class=\"_ _2\"></span>ensures <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>these steps <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>taken <span class=\"_ _2\"></span>with reas<span class=\"_ _2\"></span>onabl<span class=\"_ _2\"></span>e certai<span class=\"_ _2\"></span>nty that <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e will <span class=\"_ _2\"></span>be no effects <span class=\"_ _2\"></span>arising f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>the risk<span class=\"_ _2\"></span>. At this <span class=\"_ _2\"></span>moment, th<span class=\"_ _2\"></span>e Mozambi<span class=\"_ _2\"></span>que pro<span class=\"_ _2\"></span>ject is<span class=\"_ _2\"></span> ess<span class=\"_ _2\"></span>entially <span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>orestry pro<span class=\"_ _2\"></span>ject<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>an option <span class=\"_ _2\"></span>to develop <span class=\"_ _2\"></span>an indus<span class=\"_ _2\"></span>trial p<span class=\"_ _2\"></span>roject. <span class=\"_ _2\"></span>The plann<span class=\"_ _2\"></span>ed in<span class=\"_ _2\"></span>vestment <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be implemented i<span class=\"_ _2\"></span>n two phas<span class=\"_ _2\"></span>es, th<span class=\"_ _2\"></span>e first <span class=\"_ _2\"></span>being a shi<span class=\"_ _2\"></span>p produc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n (woodchip<span class=\"_ _2\"></span>) proj<span class=\"_ _2\"></span>ect an<span class=\"_ _2\"></span>d a sec<span class=\"_ _2\"></span>ond phase th<span class=\"_ _2\"></span>e cons<span class=\"_ _2\"></span>tructi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a large-scal<span class=\"_ _2\"></span>e pulp mil<span class=\"_ _2\"></span>l. The Group i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, prepa<span class=\"_ _2\"></span>red to mo<span class=\"_ _2\"></span>ve fo<span class=\"_ _2\"></span>rward with th<span class=\"_ _2\"></span>e fores<span class=\"_ _2\"></span>try <span class=\"_ _2\"></span>plan foreseen<span class=\"_ _2\"></span>, once th<span class=\"_ _2\"></span>e necess<span class=\"_ _2\"></span>ary co<span class=\"_ _2\"></span>nditions<span class=\"ff8\">\u2014</span>most <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>which are un<span class=\"_ _2\"></span>der dis<span class=\"_ _2\"></span>cussio<span class=\"_ _2\"></span>n with the Mozambican<span class=\"_ _2\"></span> authori<span class=\"_ _2\"></span>ties<span class=\"ff8\">\u2014</span>are m<span class=\"_ _2\"></span>et.<span class=\"_ _2\"></span> Until 3<span class=\"_ _2\"></span>1 Decemb<span class=\"_ _2\"></span>er 2022, th<span class=\"_ _2\"></span>e expens<span class=\"_ _2\"></span>es incur<span class=\"_ _2\"></span>red in <span class=\"_ _2\"></span>this p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ject amount <span class=\"_ _2\"></span>to Euro <span class=\"_ _2\"></span>132,688<span class=\"_ _2\"></span>,730 (31 Decemb<span class=\"_ _2\"></span>er 2021<span class=\"_ _2\"></span>: Euro 12<span class=\"_ _2\"></span>4.9 mil<span class=\"_ _2\"></span>lion), mai<span class=\"_ _2\"></span>nly rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>plantation, l<span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>preparati<span class=\"_ _2\"></span>on and forest mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e, to l<span class=\"_ _2\"></span>and mana<span class=\"_ _2\"></span>gement, <span class=\"_ _2\"></span>environmen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>and soc<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>licens<span class=\"_ _2\"></span>ing and the construc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> what i<span class=\"_ _2\"></span>s now one <span class=\"_ _2\"></span>of Afri<span class=\"_ _2\"></span>ca's l<span class=\"_ _2\"></span>argest f<span class=\"_ _2\"></span>orest n<span class=\"_ _2\"></span>urseri<span class=\"_ _2\"></span>es. Cons<span class=\"_ _2\"></span>idering that Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor is <span class=\"_ _2\"></span>still<span class=\"_ _2\"></span> working on <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>ndition<span class=\"_ _2\"></span>s prece<span class=\"_ _2\"></span>dent fo<span class=\"_ _2\"></span>r Phase 1<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>MoU, as pre<span class=\"_ _2\"></span>viousl<span class=\"_ _2\"></span>y mentioned, th<span class=\"_ _2\"></span>e estima<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>probable <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>are duly <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ned. Count<span class=\"_ _2\"></span>ry ri<span class=\"_ _2\"></span>sk - US<span class=\"_ _2\"></span>A The US mark<span class=\"_ _2\"></span>et has a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant <span class=\"_ _2\"></span>weight <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>total tu<span class=\"_ _2\"></span>rnov<span class=\"_ _2\"></span>er of UWF <span class=\"_ _2\"></span>paper, i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ing th<span class=\"_ _2\"></span>e exposur<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>countr<span class=\"_ _2\"></span>y\u2019s speci<span class=\"_ _2\"></span>fic ri<span class=\"_ _2\"></span>sk.<span class=\"ff1\"> </span>This exposu<span class=\"_ _2\"></span>re r<span class=\"_ _2\"></span>equires a c<span class=\"_ _2\"></span>areful<span class=\"_ _2\"></span> eval<span class=\"_ _2\"></span>uation of<span class=\"_ _2\"></span> the impac<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>resultin<span class=\"_ _2\"></span>g, for <span class=\"_ _2\"></span>example, f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>changes in regul<span class=\"_ _2\"></span>ations an<span class=\"_ _2\"></span>d taxes<span class=\"_ _2\"></span>, or e<span class=\"_ _2\"></span>ven from <span class=\"_ _2\"></span>their a<span class=\"_ _2\"></span>pplic<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d in<span class=\"_ _2\"></span>terpretatio<span class=\"_ _2\"></span>n by G<span class=\"_ _2\"></span>overnmental entities <span class=\"_ _2\"></span>and tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties. <span class=\"_ _2\"></span> Simil<span class=\"_ _2\"></span>arly to produc<span class=\"_ _2\"></span>ers o<span class=\"_ _2\"></span>f othe<span class=\"_ _2\"></span>r national<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>(Austral<span class=\"_ _2\"></span>ians, B<span class=\"_ _2\"></span>razil<span class=\"_ _2\"></span>ians, C<span class=\"_ _2\"></span>hinese and Indon<span class=\"_ _2\"></span>esians), with re<span class=\"_ _2\"></span>gard to U<span class=\"_ _2\"></span>WF paper i<span class=\"_ _2\"></span>mports<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>the USA, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p <span class=\"_ _2\"></span>has, sinc<span class=\"_ _2\"></span>e 2015, be<span class=\"_ _2\"></span>en the <span class=\"_ _2\"></span>target of<span class=\"_ _2\"></span> anti-dumping <span class=\"_ _2\"></span>measures <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>the Depar<span class=\"_ _2\"></span>tment of <span class=\"_ _2\"></span>Commerc<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>country, <span class=\"_ _2\"></span>and its <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ts are subject <span class=\"_ _2\"></span>to anti-<span class=\"_ _2\"></span>dumping du<span class=\"_ _2\"></span>ties defi<span class=\"_ _2\"></span>ned b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>United Sta<span class=\"_ _2\"></span>tes Depa<span class=\"_ _2\"></span>rtment o<span class=\"_ _2\"></span>f Commerc<span class=\"_ _2\"></span>e - see Note 4.2. <span class=\"_ _2\"></span>Until <span class=\"_ _2\"></span>2022 thes<span class=\"_ _2\"></span>e duties<span class=\"_ _2\"></span> aff<span class=\"_ _2\"></span>ected the <span class=\"_ _2\"></span>Group'<span class=\"_ _2\"></span>s ea<span class=\"_ _2\"></span>rni<span class=\"_ _2\"></span>ngs by Euro 32<span class=\"_ _2\"></span>,334<span class=\"_ _2\"></span>,413 - review periods 1<span class=\"_ _2\"></span> to 7 (20<span class=\"_ _2\"></span>21: Eu<span class=\"_ _2\"></span>ro 30,48<span class=\"_ _2\"></span>2,935)<span class=\"_ _2\"></span>. Competit<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> Increas<span class=\"_ _2\"></span>ed competi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n the p<span class=\"_ _2\"></span>aper and pul<span class=\"_ _2\"></span>p mark<span class=\"_ _2\"></span>ets ma<span class=\"_ _2\"></span>y have a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant impac<span class=\"_ _2\"></span>t in pri<span class=\"_ _2\"></span>ce and cons<span class=\"_ _2\"></span>equently<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p\u2019s profi<span class=\"_ _2\"></span>tabil<span class=\"_ _2\"></span>ity. <span class=\"ff1\"> </span>The pulp an<span class=\"_ _2\"></span>d pa<span class=\"_ _2\"></span>per marke<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>highly c<span class=\"_ _2\"></span>ompetiti<span class=\"_ _2\"></span>ve and th<span class=\"_ _2\"></span>us the <span class=\"_ _2\"></span>entry in<span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t of new production <span class=\"_ _2\"></span>units <span class=\"_ _2\"></span>with i<span class=\"_ _2\"></span>ncreased <span class=\"_ _2\"></span>available <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>capaci<span class=\"_ _2\"></span>ty could h<span class=\"_ _2\"></span>ave a rel<span class=\"_ _2\"></span>evant i<span class=\"_ _2\"></span>mpact on prices worl<span class=\"_ _2\"></span>dwide<span class=\"_ _2\"></span>.  BEKP produce<span class=\"_ _2\"></span>rs f<span class=\"_ _2\"></span>rom the sou<span class=\"_ _2\"></span>thern h<span class=\"_ _2\"></span>emispher<span class=\"_ _2\"></span>e (namel<span class=\"_ _2\"></span>y fr<span class=\"_ _2\"></span>om Brazi<span class=\"_ _2\"></span>l, Chi<span class=\"_ _2\"></span>le, Urugua<span class=\"_ _2\"></span>y and Indonesia)<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tion co<span class=\"_ _2\"></span>sts stil<span class=\"_ _2\"></span>l si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cantly lo<span class=\"_ _2\"></span>wer than thos<span class=\"_ _2\"></span>e in the n<span class=\"_ _2\"></span>orthe<span class=\"_ _2\"></span>rn hemis<span class=\"_ _2\"></span>phere,<span class=\"_ _2\"></span> have been <span class=\"_ _2\"></span>gaining <span class=\"_ _2\"></span>weight i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>market, <span class=\"_ _2\"></span>undermin<span class=\"_ _2\"></span>ing the c<span class=\"_ _2\"></span>ompetitive <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span>pean pulp produc<span class=\"_ _2\"></span>ers. <span class=\"_ _2\"></span>In the <span class=\"_ _2\"></span>coming yea<span class=\"_ _2\"></span>rs capaci<span class=\"_ _2\"></span>ty i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>planned in <span class=\"_ _2\"></span>South <span class=\"_ _2\"></span>America<span class=\"_ _2\"></span>, strengtheni<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the positio<span class=\"_ _2\"></span>n of th<span class=\"_ _2\"></span>ese p<span class=\"_ _2\"></span>roducers i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>global<span class=\"_ _2\"></span> market. These fac<span class=\"_ _2\"></span>tors ha<span class=\"_ _2\"></span>ve force<span class=\"_ _2\"></span>d the Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Group <span class=\"_ _2\"></span>to mak<span class=\"_ _2\"></span>e signi<span class=\"_ _2\"></span>ficant investm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>kee<span class=\"_ _2\"></span>p production <span class=\"_ _2\"></span>costs co<span class=\"_ _2\"></span>mpetiti<span class=\"_ _2\"></span>ve and <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>e high-qualit<span class=\"_ _2\"></span>y pro<span class=\"_ _2\"></span>ducts as i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>at this competitiv<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>essure <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>remain strong i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e futur<span class=\"_ _2\"></span>e.  There has<span class=\"_ _2\"></span> been s<span class=\"_ _2\"></span>ome disi<span class=\"_ _2\"></span>nvestment i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the paper s<span class=\"_ _2\"></span>ector i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the US, wi<span class=\"_ _2\"></span>th clo<span class=\"_ _2\"></span>sures/<span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersions <span class=\"_ _2\"></span>of instal<span class=\"_ _2\"></span>led capaci<span class=\"_ _2\"></span>ty by some <span class=\"_ _2\"></span>UWF <span class=\"_ _2\"></span>producers, i<span class=\"_ _2\"></span>n a cl<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>atte<span class=\"_ _2\"></span>mpt to adjus<span class=\"_ _2\"></span>t su<span class=\"_ _2\"></span>pply accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the negative <span class=\"_ _2\"></span>evolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> demand. On <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>y, investme<span class=\"_ _2\"></span>nts i<span class=\"_ _2\"></span>n new UWF capac<span class=\"_ _2\"></span>ity i<span class=\"_ _2\"></span>n Chi<span class=\"_ _2\"></span>na in the short<span class=\"_ _2\"></span>- and m<span class=\"_ _2\"></span>edium-term <span class=\"_ _2\"></span>have oc<span class=\"_ _2\"></span>curred and <span class=\"_ _2\"></span>are e<span class=\"_ _2\"></span>xpec<span class=\"_ _2\"></span>ted. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has b<span class=\"_ _2\"></span>een adju<span class=\"_ _2\"></span>sting its<span class=\"_ _2\"></span> comme<span class=\"_ _2\"></span>rcial <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gy to <span class=\"_ _2\"></span>the evol<span class=\"_ _2\"></span>ution of<span class=\"_ _2\"></span> regional<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on patterns<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e Group has <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e in the US<span class=\"_ _2\"></span>, accounti<span class=\"_ _2\"></span>ng fo<span class=\"_ _2\"></span>r about half <span class=\"_ _2\"></span>of European <span class=\"_ _2\"></span>producer <span class=\"_ _2\"></span>sales <span class=\"_ _2\"></span>to this<span class=\"_ _2\"></span> market<span class=\"_ _2\"></span>. The turno<span class=\"_ _2\"></span>ver i<span class=\"_ _2\"></span>ntended to<span class=\"_ _2\"></span> the Eu<span class=\"_ _2\"></span>ropean ma<span class=\"_ _2\"></span>rkets r<span class=\"_ _2\"></span>epresent<span class=\"_ _2\"></span>ed 65% (2021<span class=\"_ _2\"></span>: 55%), <span class=\"_ _2\"></span>achie<span class=\"_ _2\"></span>ving particul<span class=\"_ _2\"></span>arly s<span class=\"_ _2\"></span>trong marke<span class=\"_ _2\"></span>t shar<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>Western Euro<span class=\"_ _2\"></span>pean co<span class=\"_ _2\"></span>untri<span class=\"_ _2\"></span>es and <span class=\"_ _2\"></span>relevant <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>t shares in<span class=\"_ _2\"></span> the othe<span class=\"_ _2\"></span>r main E<span class=\"_ _2\"></span>uropean mar<span class=\"_ _2\"></span>kets<span class=\"_ _2\"></span>. Conce<span class=\"_ _2\"></span>ntratio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>Cust<span class=\"_ _2\"></span>omers<span class=\"_ _2\"></span>\u2019 portf<span class=\"_ _2\"></span>olio<span class=\"ff4\"> </span>As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the <span class=\"ff8\">Grou<span class=\"_ _2\"></span>p\u2019s 10 <span class=\"_ _2\"></span>main BEKP <span class=\"_ _2\"></span>Customer groups<span class=\"_ _2\"></span> ac<span class=\"_ _2\"></span>counted <span class=\"_ _2\"></span>for 15% o<span class=\"_ _2\"></span>f </span>the peri<span class=\"_ _2\"></span>od\u2019s pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P pulp (202<span class=\"_ _2\"></span>1: 15%<span class=\"_ _2\"></span>) and 71<span class=\"_ _2\"></span>% of <span class=\"_ _2\"></span>external sal<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>BEKP pulp (2021: <span class=\"_ _2\"></span>71%). This<span class=\"_ _2\"></span> asymmetr<span class=\"_ _2\"></span>y is <span class=\"_ _2\"></span>a result o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e strate<span class=\"_ _2\"></span>gy pursu<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Group<span class=\"_ _2\"></span>, consi<span class=\"_ _2\"></span>sting of<span class=\"_ _2\"></span> a growing i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the BEKP pul<span class=\"_ _2\"></span>p produ<span class=\"_ _2\"></span>ced i<span class=\"_ _2\"></span>nto the <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper pro<span class=\"_ _2\"></span>duced and sol<span class=\"_ _2\"></span>d. Never<span class=\"_ _2\"></span>theless<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup belie<span class=\"_ _2\"></span>ves th<span class=\"_ _2\"></span>ere is l<span class=\"_ _2\"></span>ittle <span class=\"_ _2\"></span>expos<span class=\"_ _2\"></span>ure to <span class=\"_ _2\"></span>risks of<span class=\"_ _2\"></span> Custome<span class=\"_ _2\"></span>r concentra<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in the mar<span class=\"_ _2\"></span>keting of <span class=\"_ _2\"></span>BEKP <span class=\"_ _2\"></span>pulp. In 2022<span class=\"_ _2\"></span>, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup\u2019s i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>ed slightl<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>ts<span class=\"_ _0\"></span><span class=\"ff1\"> reli<span class=\"_ _2\"></span>ance <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>10 mai<span class=\"_ _2\"></span>n Customer grou<span class=\"_ _2\"></span>ps </span>for UWF p<span class=\"_ _2\"></span>aper whi<span class=\"_ _2\"></span>ch accou<span class=\"_ _2\"></span>nted fo<span class=\"_ _2\"></span>r 39% of <span class=\"_ _2\"></span>this p<span class=\"_ _2\"></span>roduct\u2019s <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>es during th<span class=\"_ _2\"></span>e pe<span class=\"_ _2\"></span>riod (2021<span class=\"_ _2\"></span>: 37%). <span class=\"fff\"> </span>The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup reco<span class=\"_ _2\"></span>rded 171<span class=\"_ _2\"></span> new Custome<span class=\"_ _2\"></span>rs with <span class=\"_ _2\"></span>sal<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>2022. Al<span class=\"_ _2\"></span>so, regardi<span class=\"_ _2\"></span>ng UWF paper, th<span class=\"_ _2\"></span>e Group f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>ws a risk mi<span class=\"_ _2\"></span>tigatio<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>rategy for i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>Cu<span class=\"_ _2\"></span>stomer concent<span class=\"_ _2\"></span>ration. <span class=\"_ _2\"></span>The Navigator G<span class=\"_ _2\"></span>roup sel<span class=\"_ _2\"></span>ls UW<span class=\"_ _2\"></span>F paper to <span class=\"_ _2\"></span>aroun<span class=\"_ _2\"></span>d 130 co<span class=\"_ _2\"></span>untries <span class=\"_ _2\"></span>and to arou<span class=\"_ _2\"></span>nd 1,0<span class=\"_ _2\"></span>00 indi<span class=\"_ _2\"></span>vidual Customers, <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>eby allowi<span class=\"_ _2\"></span>ng a <span class=\"_ _2\"></span>dispersion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e risk o<span class=\"_ _2\"></span>f sal<span class=\"_ _2\"></span>es co<span class=\"_ _2\"></span>ncentrati<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>a reduc<span class=\"_ _2\"></span>ed number of marke<span class=\"_ _2\"></span>ts and/o<span class=\"_ _2\"></span>r Customers<span class=\"_ _2\"></span>. In 2021<span class=\"_ _2\"></span>, the Na<span class=\"_ _2\"></span>vigator G<span class=\"_ _2\"></span>roup launc<span class=\"_ _2\"></span>hed i<span class=\"_ _2\"></span>ts omnic<span class=\"_ _2\"></span>hannel pl<span class=\"_ _2\"></span>atform, <span class=\"_ _2\"></span>NVG Hu<span class=\"_ _2\"></span>b, to imp<span class=\"_ _2\"></span>rove <span class=\"_ _2\"></span>the level o<span class=\"_ _2\"></span>f service<span class=\"_ _2\"></span>, tran<span class=\"_ _2\"></span>sparency an<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nformation<span class=\"_ _2\"></span> provide<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>its c<span class=\"_ _2\"></span>ustomers<span class=\"_ _2\"></span>. In 2022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p extende<span class=\"_ _2\"></span>d the NVG Hu<span class=\"_ _2\"></span>b platfo<span class=\"_ _2\"></span>rm to <span class=\"_ _2\"></span>the Tis<span class=\"_ _2\"></span>sue Busi<span class=\"_ _2\"></span>ness <span class=\"_ _2\"></span>Uni<span class=\"_ _2\"></span>t, signif<span class=\"_ _2\"></span>icantly i<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>provin<span class=\"_ _2\"></span>g the us<span class=\"_ _2\"></span>er experienc<span class=\"_ _2\"></span>e (UX) <span class=\"_ _2\"></span>thanks <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e 360  redesign <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the po<span class=\"_ _2\"></span>rtal <span class=\"_ _2\"></span>and introduci<span class=\"_ _2\"></span>ng a num<span class=\"_ _2\"></span>ber of functi<span class=\"_ _2\"></span>onali<span class=\"_ _2\"></span>ties to i<span class=\"_ _2\"></span>mprove cus<span class=\"_ _2\"></span>tomer s<span class=\"_ _2\"></span>ervice an<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>ess optimi<span class=\"_ _2\"></span>sation. Onli<span class=\"_ _2\"></span>ne <span class=\"_ _2\"></span>quotati<span class=\"_ _2\"></span>on requests, <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the clai<span class=\"_ _2\"></span>ms modul<span class=\"_ _2\"></span>e, a n<span class=\"_ _2\"></span>ew sect<span class=\"_ _2\"></span>ion <span class=\"_ _2\"></span>dedi<span class=\"_ _0\"></span>cated to <span class=\"_ _2\"></span>notifi<span class=\"_ _2\"></span>cations <span class=\"_ _2\"></span>and shipment mo<span class=\"_ _2\"></span>nitoring <span class=\"_ _2\"></span>are jus<span class=\"_ _2\"></span>t so<span class=\"_ _2\"></span>me of the n<span class=\"_ _2\"></span>ew fea<span class=\"_ _2\"></span>tures <span class=\"_ _2\"></span>that u<span class=\"_ _2\"></span>sers can no<span class=\"_ _2\"></span>w fi<span class=\"_ _2\"></span>nd onli<span class=\"_ _2\"></span>ne. The NVG Hub <span class=\"_ _2\"></span>ended the <span class=\"_ _2\"></span>year wi<span class=\"_ _2\"></span>th a <span class=\"_ _2\"></span>presence i<span class=\"_ _2\"></span>n 22 <span class=\"_ _2\"></span>markets, 7<span class=\"_ _2\"></span>00 c<span class=\"_ _2\"></span>ustomer onboar<span class=\"_ _2\"></span>dings an<span class=\"_ _2\"></span>d a high level o<span class=\"_ _2\"></span>f activa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>and loyalt<span class=\"_ _2\"></span>y to th<span class=\"_ _2\"></span>e por<span class=\"_ _2\"></span>tal.  The developm<span class=\"_ _2\"></span>ent of<span class=\"_ _2\"></span> the n<span class=\"_ _2\"></span>ew Packa<span class=\"_ _2\"></span>ging segm<span class=\"_ _2\"></span>ent also<span class=\"_ _2\"></span> cont<span class=\"_ _2\"></span>inued to s<span class=\"_ _2\"></span>how ver<span class=\"_ _2\"></span>y positi<span class=\"_ _2\"></span>ve signs i<span class=\"_ _2\"></span>n 2022, <span class=\"_ _2\"></span>reflected <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>growing cus<span class=\"_ _2\"></span>tomer <span class=\"_ _2\"></span>base<span class=\"_ _2\"></span>, the reco<span class=\"_ _2\"></span>gni<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the quali<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's products an<span class=\"_ _2\"></span>d, cons<span class=\"_ _2\"></span>equen<span class=\"_ _2\"></span>tly, of <span class=\"_ _2\"></span>the gKfr<span class=\"_ _2\"></span>aft b<span class=\"_ _2\"></span>rand, whi<span class=\"_ _2\"></span>ch s<span class=\"_ _2\"></span>erves bran<span class=\"_ _2\"></span>ds with a hi<span class=\"_ _2\"></span>gh prof<span class=\"_ _2\"></span>ile i<span class=\"_ _2\"></span>n sectors as<span class=\"_ _2\"></span> divers<span class=\"_ _2\"></span>e as <span class=\"_ _2\"></span>fashio<span class=\"_ _2\"></span>n, food re<span class=\"_ _2\"></span>tail, <span class=\"_ _2\"></span>e-commerce<span class=\"_ _2\"></span>, ind<span class=\"_ _2\"></span>ustry or <span class=\"_ _2\"></span>agricultur<span class=\"_ _2\"></span>e. <span class=\"_ _2\"></span>The products developed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e company fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>packa<span class=\"_ _2\"></span>ging mar<span class=\"_ _2\"></span>ket ser<span class=\"_ _2\"></span>ve the <span class=\"_ _2\"></span>segments o<span class=\"_ _2\"></span>f fle<span class=\"_ _2\"></span>xible <span class=\"_ _2\"></span>packaging (gKraft FL<span class=\"_ _2\"></span>EX), <span class=\"_ _2\"></span>the sac<span class=\"_ _2\"></span>k indus<span class=\"_ _2\"></span>try (gK<span class=\"_ _2\"></span>raft B<span class=\"_ _2\"></span>AG), and corru<span class=\"_ _2\"></span>gated c<span class=\"_ _2\"></span>ardboa<span class=\"_ _2\"></span>rd (gKraf<span class=\"_ _2\"></span>t BOX<span class=\"_ _2\"></span>).  Despite <span class=\"_ _2\"></span>the unfa<span class=\"_ _2\"></span>vourable mac<span class=\"_ _2\"></span>roeco<span class=\"_ _2\"></span>nomic <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup achieve<span class=\"_ _2\"></span>d sales <span class=\"_ _2\"></span>of more th<span class=\"_ _2\"></span>an Eu<span class=\"_ _2\"></span>ro 90 mi<span class=\"_ _2\"></span>llion <span class=\"_ _2\"></span>in 202<span class=\"_ _2\"></span>2, doublin<span class=\"_ _2\"></span>g its 20<span class=\"_ _2\"></span>21 sal<span class=\"_ _2\"></span>es. <span class=\"fsc\">The <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>Kr<span class=\"_ _2\"></span>aft <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nu<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span>se i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>wth </span>str<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>egy<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>hig<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>er v<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e-a<span class=\"_ _2\"></span>dde<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>cts, <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>rad<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span>ly<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>g i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s dif<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d sus<span class=\"_ _2\"></span>tai<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>abil<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ty <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>gum<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s, w<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>arg<span class=\"_ _2\"></span>ely<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>aw <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>als <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>euc<span class=\"_ _2\"></span>aly<span class=\"_ _2\"></span>pt<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s gl<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bulu<span class=\"_ _2\"></span>s fib<span class=\"_ _2\"></span>re)<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>sig<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>sp<span class=\"_ _2\"></span>ecif<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns t<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ph<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ise<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>surf<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tics<span class=\"_ _2\"></span>, pri<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>uali<span class=\"_ _2\"></span>ty<span class=\"_ _2\"></span>, r<span class=\"_ _2\"></span>ed<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ced <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>eigh<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>wit<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>be<span class=\"_ _2\"></span>nefi<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ack<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ger<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>d c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>rs,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> ou<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span>and<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>phy<span class=\"_ _2\"></span>sic<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>erf<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>essi<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>e). <span class=\"_ _2\"></span><span class=\"fsb\"> </span>Regarding <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Tissue segm<span class=\"_ _2\"></span>ent, ti<span class=\"_ _2\"></span>ssue pa<span class=\"_ _2\"></span>per sal<span class=\"_ _2\"></span>es amoun<span class=\"_ _2\"></span>ted to a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>ximately Eu<span class=\"_ _2\"></span>ro 198<span class=\"_ _2\"></span> mill<span class=\"_ _2\"></span>ion in 2<span class=\"_ _2\"></span>022 (+36% co<span class=\"_ _2\"></span>mpared to 2<span class=\"_ _2\"></span>021) stron<span class=\"_ _2\"></span>gly d<span class=\"_ _2\"></span>riven by th<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> price fac<span class=\"_ _2\"></span>tor. Th<span class=\"_ _2\"></span>e global<span class=\"_ _2\"></span> custom<span class=\"_ _2\"></span>er base rem<span class=\"_ _2\"></span>ained wel<span class=\"_ _2\"></span>l diversi<span class=\"_ _2\"></span>fied<span class=\"_ _2\"></span>, with a<span class=\"_ _2\"></span>round 600 <span class=\"_ _2\"></span>custome<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>with activ<span class=\"_ _2\"></span>e purchas<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> 2022, thu<span class=\"_ _2\"></span>s ensuring <span class=\"_ _2\"></span>a sustain<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>diversi<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>business<span class=\"_ _2\"></span>. The Group con<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>ues with <span class=\"_ _2\"></span>the go<span class=\"_ _2\"></span>al of <span class=\"_ _2\"></span>expanding <span class=\"_ _2\"></span>its comm<span class=\"_ _2\"></span>ercial<span class=\"_ _2\"></span> activity in <span class=\"_ _2\"></span>the Tis<span class=\"_ _2\"></span>sue s<span class=\"_ _2\"></span>egment for the f<span class=\"_ _2\"></span>orei<span class=\"_ _2\"></span>gn market<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>by increasi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>g Navigator'<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>resence in <span class=\"_ _2\"></span>Spain, an<span class=\"_ _2\"></span>d by strengtheni<span class=\"_ _2\"></span>ng sales <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nished <span class=\"_ _2\"></span>goods. 9.1.3.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Risks associat<span class=\"_ _2\"></span>ed with <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roducti<span class=\"_ _2\"></span>on of en<span class=\"_ _2\"></span>erg<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> 2002 <span class=\"_ _2\"></span>was a year of <span class=\"_ _2\"></span>exce<span class=\"_ _2\"></span>ptionall<span class=\"_ _2\"></span>y high ene<span class=\"_ _2\"></span>rgy pri<span class=\"_ _2\"></span>ces, esp<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>ally f<span class=\"_ _2\"></span>or natural <span class=\"_ _2\"></span>gas, whi<span class=\"_ _2\"></span>ch had a direct i<span class=\"_ _2\"></span>mpact on<span class=\"_ _2\"></span> elect<span class=\"_ _2\"></span>ricity p<span class=\"_ _2\"></span>rices. <span class=\"_ _2\"></span>In thi<span class=\"_ _2\"></span>s conte<span class=\"_ _2\"></span>xt, th<span class=\"_ _2\"></span>e lega<span class=\"_ _2\"></span>l framewor<span class=\"_ _2\"></span>k under<span class=\"_ _2\"></span>went sev<span class=\"_ _2\"></span>eral changes i<span class=\"_ _2\"></span>n orde<span class=\"_ _2\"></span>r to cop<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>this exce<span class=\"_ _2\"></span>ptional<span class=\"_ _2\"></span> conte<span class=\"_ _2\"></span>xt. The produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> elec<span class=\"_ _2\"></span>tricity i<span class=\"_ _2\"></span>s an i<span class=\"_ _2\"></span>mportant ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty for <span class=\"_ _2\"></span>the Group, <span class=\"_ _2\"></span>enabling th<span class=\"_ _2\"></span>e valu<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n of an endogenous r<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>wable reso<span class=\"_ _2\"></span>urce, the <span class=\"_ _2\"></span>biomas<span class=\"_ _2\"></span>s gene<span class=\"_ _2\"></span>rated i<span class=\"_ _2\"></span>n the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of BEK<span class=\"_ _2\"></span>P pulp<span class=\"_ _2\"></span>. The energy gen<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>on assets <span class=\"_ _2\"></span>also al<span class=\"_ _2\"></span>low the G<span class=\"_ _2\"></span>roup's<span class=\"_ _2\"></span> wood su<span class=\"_ _2\"></span>ppl<span class=\"_ _2\"></span>iers to gen<span class=\"_ _2\"></span>erate ad<span class=\"_ _2\"></span>ditio<span class=\"_ _2\"></span>nal i<span class=\"_ _2\"></span>ncome from the <span class=\"_ _2\"></span>sale of <span class=\"_ _2\"></span>resi<span class=\"_ _2\"></span>dual fo<span class=\"_ _2\"></span>rest bi<span class=\"_ _2\"></span>omass from <span class=\"_ _2\"></span>their fa<span class=\"_ _2\"></span>rms, <span class=\"_ _2\"></span>and in thi<span class=\"_ _2\"></span>s way con<span class=\"_ _2\"></span>tribut<span class=\"_ _2\"></span>e to r<span class=\"_ _2\"></span>educing the risk o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>re in th<span class=\"_ _2\"></span>e countr<span class=\"_ _2\"></span>y. As a way of<span class=\"_ _2\"></span> boos<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e use of<span class=\"_ _2\"></span> fores<span class=\"_ _2\"></span>t residual<span class=\"_ _2\"></span> biomass<span class=\"_ _2\"></span> made av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able by <span class=\"_ _2\"></span>the for<span class=\"_ _2\"></span>estry secto<span class=\"_ _2\"></span>r, two biomass<span class=\"_ _2\"></span> thermoel<span class=\"_ _2\"></span>ectri<span class=\"_ _2\"></span>c plants <span class=\"_ _2\"></span>to produc<span class=\"_ _2\"></span>e ren<span class=\"_ _2\"></span>ewabl<span class=\"_ _2\"></span>e el<span class=\"_ _2\"></span>ectric ener<span class=\"_ _2\"></span>gy were buil<span class=\"_ _2\"></span>t by the Group i<span class=\"_ _2\"></span>n 2009 <span class=\"_ _2\"></span>and are ful<span class=\"_ _2\"></span>ly ope<span class=\"_ _2\"></span>rational.<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as playe<span class=\"_ _2\"></span>d a pio<span class=\"_ _2\"></span>neerin<span class=\"_ _2\"></span>g role an<span class=\"_ _2\"></span>d has be<span class=\"_ _2\"></span>en de<span class=\"_ _2\"></span>velopi<span class=\"_ _2\"></span>ng a mark<span class=\"_ _2\"></span>et for <span class=\"_ _2\"></span>the sale o<span class=\"_ _2\"></span>f biomass<span class=\"_ _2\"></span> for su<span class=\"_ _2\"></span>pplying its <span class=\"_ _2\"></span>rene<span class=\"_ _2\"></span>wable cog<span class=\"_ _2\"></span>eneratio<span class=\"_ _2\"></span>n power s<span class=\"_ _2\"></span>tatio<span class=\"_ _2\"></span>ns and bio<span class=\"_ _2\"></span>mass po<span class=\"_ _2\"></span>wer plan<span class=\"_ _2\"></span>ts. The fost<span class=\"_ _2\"></span>ering of<span class=\"_ _2\"></span> this mar<span class=\"_ _2\"></span>ket i<span class=\"_ _2\"></span>n a phase <span class=\"_ _2\"></span>prior <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e start-u<span class=\"_ _2\"></span>p of the ne<span class=\"_ _2\"></span>w power-<span class=\"_ _2\"></span>generating u<span class=\"_ _2\"></span>nits has enabl<span class=\"_ _2\"></span>ed it <span class=\"_ _2\"></span>to secur<span class=\"_ _2\"></span>e a sus<span class=\"_ _2\"></span>tained <span class=\"_ _2\"></span>raw-material<span class=\"_ _2\"></span> supply n<span class=\"_ _2\"></span>etwork. <span class=\"_ _2\"></span> The incenti<span class=\"_ _2\"></span>ves i<span class=\"_ _2\"></span>n place <span class=\"_ _2\"></span>in Portu<span class=\"_ _2\"></span>gal on<span class=\"_ _2\"></span>ly cons<span class=\"_ _2\"></span>ider the <span class=\"_ _2\"></span>use o<span class=\"_ _2\"></span>f residual<span class=\"_ _2\"></span> forest <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>mass, ra<span class=\"_ _2\"></span>ther than the use of<span class=\"_ _2\"></span> wood <span class=\"_ _2\"></span>to produc<span class=\"_ _2\"></span>e elec<span class=\"_ _2\"></span>trical <span class=\"_ _2\"></span>power.  In terms<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal frame<span class=\"_ _2\"></span>work, w<span class=\"_ _2\"></span>e highli<span class=\"_ _2\"></span>ght the <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>owing dip<span class=\"_ _2\"></span>lomas:  i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Decree-Law N<span class=\"_ _2\"></span>o. 68-<span class=\"_ _2\"></span>A/2015 of<span class=\"_ _2\"></span> 30 Apri<span class=\"_ _2\"></span>l, which <span class=\"_ _2\"></span>establi<span class=\"_ _2\"></span>shes <span class=\"_ _2\"></span>provisi<span class=\"_ _2\"></span>ons on <span class=\"_ _2\"></span>energy </span></span>effi<span class=\"_ _2\"></span>ciency and c<span class=\"_ _2\"></span>ogenera<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d amends <span class=\"_ _2\"></span>Decree-Law No<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>23/2010 <span class=\"_ _2\"></span>and Order 140/20<span class=\"_ _2\"></span>12, revise<span class=\"_ _2\"></span>d by Or<span class=\"_ _2\"></span>der 325-A/2<span class=\"_ _2\"></span>012, ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e regime <span class=\"_ _2\"></span>of PRE- S<span class=\"_ _2\"></span>pecial Regime Pro<span class=\"_ _2\"></span>ductio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>cogenerati<span class=\"_ _2\"></span>on;  ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">For the Biomass<span class=\"_ _2\"></span> Power <span class=\"_ _2\"></span>Plants (C<span class=\"_ _2\"></span>TB - \"Cen<span class=\"_ _2\"></span>trais <span class=\"_ _2\"></span>Termoel\u00e9<span class=\"_ _2\"></span>tric<span class=\"_ _2\"></span>as a Bi<span class=\"_ _2\"></span>omassa\") i<span class=\"_ _2\"></span>n </span></span>operati<span class=\"_ _2\"></span>on, dedi<span class=\"_ _2\"></span>cated to <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>duction<span class=\"_ _2\"></span> of el<span class=\"_ _2\"></span>ectric<span class=\"_ _2\"></span>ity the <span class=\"_ _2\"></span>legal<span class=\"_ _2\"></span> framework is <span class=\"_ _2\"></span>supporte<span class=\"_ _2\"></span>d by Decree-La<span class=\"_ _2\"></span>w 33-A/200<span class=\"_ _2\"></span>5 r<span class=\"_ _2\"></span>evised by D<span class=\"_ _2\"></span>ecre<span class=\"_ _2\"></span>e-Law 225/20<span class=\"_ _2\"></span>07, whic<span class=\"_ _2\"></span>h changes f<span class=\"_ _2\"></span>rom 15 to 25 <span class=\"_ _2\"></span>years the p<span class=\"_ _2\"></span>eriod o<span class=\"_ _2\"></span>f gua<span class=\"_ _2\"></span>ranteed <span class=\"_ _2\"></span>remunerati<span class=\"_ _2\"></span>on in <span class=\"_ _2\"></span>PRE - Special<span class=\"_ _2\"></span> Regime Genera<span class=\"_ _2\"></span>tion. For th<span class=\"_ _2\"></span>ese ass<span class=\"_ _2\"></span>ets, <span class=\"_ _2\"></span>the leg<span class=\"_ _2\"></span>al f<span class=\"_ _2\"></span>ramework <span class=\"_ _2\"></span>thus supports a <span class=\"_ _2\"></span>tari<span class=\"_ _2\"></span>ff fram<span class=\"_ _2\"></span>ework that is <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>to be s<span class=\"_ _2\"></span>table o<span class=\"_ _2\"></span>ver <span class=\"_ _2\"></span>the comin<span class=\"_ _2\"></span>g years<span class=\"_ _2\"></span>. iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">M<span class=\"_ _0\"></span>ore rec<span class=\"_ _2\"></span>ently, <span class=\"_ _2\"></span>the Dec<span class=\"_ _2\"></span>ree-Law no. 1<span class=\"_ _2\"></span>20/2019 <span class=\"_ _2\"></span>of 22 <span class=\"_ _2\"></span>August<span class=\"_ _2\"></span> create<span class=\"_ _2\"></span>d a sp<span class=\"_ _2\"></span>ecial <span class=\"_ _2\"></span>and </span></span>extraordin<span class=\"_ _2\"></span>ary r<span class=\"_ _2\"></span>egime for <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nstall<span class=\"_ _2\"></span>ation and o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> new biomass<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>very plants<span class=\"_ _2\"></span>, located n<span class=\"_ _2\"></span>ear fo<span class=\"_ _2\"></span>rest areas <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered <span class=\"_ _2\"></span>critical <span class=\"_ _2\"></span>in terms of<span class=\"_ _2\"></span> wil<span class=\"_ _2\"></span>dfire ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Decree<span class=\"_ _2\"></span>-Law no. 11<span class=\"_ _2\"></span>9-A/202<span class=\"_ _2\"></span>1, of 2<span class=\"_ _2\"></span>2 Dec<span class=\"_ _2\"></span>ember, which <span class=\"_ _2\"></span>ame<span class=\"_ _2\"></span>nds a s<span class=\"_ _2\"></span>et of measu<span class=\"_ _2\"></span>res wi<span class=\"_ _2\"></span>thin the scope o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the COVID-19 di<span class=\"_ _2\"></span>sease <span class=\"_ _2\"></span>pandemic<span class=\"_ _2\"></span>, namel<span class=\"_ _2\"></span>y withi<span class=\"_ _2\"></span>n the sco<span class=\"_ _2\"></span>pe of th<span class=\"_ _2\"></span>e legal <span class=\"_ _2\"></span>and remunera<span class=\"_ _2\"></span>tion regime <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable <span class=\"_ _2\"></span>to elect<span class=\"_ _2\"></span>ric an<span class=\"_ _2\"></span>d mechanical<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>nergy and us<span class=\"_ _2\"></span>eful he<span class=\"_ _2\"></span>at produce<span class=\"_ _2\"></span>d in co<span class=\"_ _2\"></span>generation, <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>ved by D<span class=\"_ _2\"></span>ecree-Law no<span class=\"_ _2\"></span>. 23/20<span class=\"_ _2\"></span>10, of 2<span class=\"_ _2\"></span>5 March<span class=\"_ _2\"></span>, which revised <span class=\"_ _2\"></span>the rules <span class=\"_ _2\"></span>of acc<span class=\"_ _2\"></span>ess an<span class=\"_ _2\"></span>d opera<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of the acti<span class=\"_ _2\"></span>vity<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>regard to a<span class=\"_ _2\"></span>dmiss<span class=\"_ _2\"></span>ible technolo<span class=\"_ _2\"></span>gies and p<span class=\"_ _2\"></span>roduction<span class=\"_ _2\"></span> proc<span class=\"_ _2\"></span>esses an<span class=\"_ _2\"></span>d the ch<span class=\"_ _2\"></span>ange <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the differen<span class=\"_ _2\"></span>t modali<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>the remun<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span> system <span class=\"_ _2\"></span>to mitiga<span class=\"_ _2\"></span>te th<span class=\"_ _2\"></span>e rise<span class=\"_ _2\"></span> in pri<span class=\"_ _2\"></span>ces of <span class=\"_ _2\"></span>fossi<span class=\"_ _2\"></span>l fuel<span class=\"_ _2\"></span>s, namely natu<span class=\"_ _2\"></span>ral gas<span class=\"_ _2\"></span>, in th<span class=\"_ _2\"></span>e post-pan<span class=\"_ _2\"></span>demic <span class=\"_ _2\"></span>recover<span class=\"_ _2\"></span>y peri<span class=\"_ _2\"></span>od. v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Decree<span class=\"_ _2\"></span>-Law No. 33<span class=\"_ _2\"></span>/2022<span class=\"_ _2\"></span>, of 1<span class=\"_ _2\"></span>4 May, whic<span class=\"_ _2\"></span>h se<span class=\"_ _2\"></span>ts out an <span class=\"_ _2\"></span>exc<span class=\"_ _2\"></span>eptional an<span class=\"_ _2\"></span>d tempor<span class=\"_ _2\"></span>ary </span></span>mechanis<span class=\"_ _2\"></span>m for the ad<span class=\"_ _2\"></span>justmen<span class=\"_ _2\"></span>t of el<span class=\"_ _2\"></span>ectric<span class=\"_ _2\"></span>ity gener<span class=\"_ _2\"></span>ation <span class=\"_ _2\"></span>costs withi<span class=\"_ _2\"></span>n the f<span class=\"_ _2\"></span>rame<span class=\"_ _2\"></span>work of the Iberi<span class=\"_ _2\"></span>an Elec<span class=\"_ _2\"></span>trici<span class=\"_ _2\"></span>ty Mechanis<span class=\"_ _2\"></span>m. The progress<span class=\"_ _2\"></span>ive ta<span class=\"_ _2\"></span>riff<span class=\"_ _2\"></span> reducti<span class=\"_ _2\"></span>on asso<span class=\"_ _2\"></span>ciated <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e sale o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>electrici<span class=\"_ _2\"></span>ty in sp<span class=\"_ _2\"></span>ecial<span class=\"_ _2\"></span> regime, may conditi<span class=\"_ _2\"></span>on the econ<span class=\"_ _2\"></span>omic vi<span class=\"_ _2\"></span>ability o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the sale to <span class=\"_ _2\"></span>the el<span class=\"_ _2\"></span>ectricit<span class=\"_ _2\"></span>y grid<span class=\"_ _2\"></span>. Therefor<span class=\"_ _2\"></span>e, af<span class=\"_ _2\"></span>ter the <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable legal <span class=\"_ _2\"></span>periods, <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>generations<span class=\"_ _2\"></span> may ha<span class=\"_ _2\"></span>ve to <span class=\"_ _2\"></span>operate un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the sel<span class=\"_ _2\"></span>f-<span class=\"_ _0\"></span>consumpti<span class=\"_ _2\"></span>on r<span class=\"_ _2\"></span>egime, i<span class=\"_ _2\"></span>.e. directly s<span class=\"_ _2\"></span>upplyi<span class=\"_ _2\"></span>ng the i<span class=\"_ _2\"></span>ndust<span class=\"_ _2\"></span>rial un<span class=\"_ _2\"></span>its, or al<span class=\"_ _2\"></span>terna<span class=\"_ _2\"></span>tively s<span class=\"_ _2\"></span>ell<span class=\"_ _2\"></span> the energ<span class=\"_ _2\"></span>y unde<span class=\"_ _2\"></span>r the marke<span class=\"_ _2\"></span>t r<span class=\"_ _2\"></span>egime.<span class=\"_ _0\"></span> The Group i<span class=\"_ _2\"></span>s se<span class=\"_ _2\"></span>eking to <span class=\"_ _2\"></span>mitigat<span class=\"_ _2\"></span>e this ri<span class=\"_ _2\"></span>sk by c<span class=\"_ _2\"></span>onstan<span class=\"_ _2\"></span>tly seeki<span class=\"_ _2\"></span>ng to op<span class=\"_ _2\"></span>timise <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on costs and the <span class=\"_ _2\"></span>effic<span class=\"_ _2\"></span>iency of<span class=\"_ _2\"></span> generatio<span class=\"_ _2\"></span>n units<span class=\"_ _2\"></span>, analysi<span class=\"_ _2\"></span>ng ne<span class=\"_ _2\"></span>w rene<span class=\"_ _2\"></span>wable en<span class=\"_ _2\"></span>ergy gen<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span> projects<span class=\"_ _2\"></span>, long-term <span class=\"_ _2\"></span>energy c<span class=\"_ _2\"></span>ontracti<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d acti<span class=\"_ _2\"></span>ve risk man<span class=\"_ _2\"></span>agement<span class=\"_ _2\"></span>, as well<span class=\"_ _2\"></span> as promo<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>several photovoltai<span class=\"_ _2\"></span>c sol<span class=\"_ _2\"></span>ar energ<span class=\"_ _2\"></span>y projec<span class=\"_ _2\"></span>ts in th<span class=\"_ _2\"></span>e sel<span class=\"_ _2\"></span>f-consumpti<span class=\"_ _2\"></span>on regime.<span class=\"_ _2\"></span> 9.1.4.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Environmental<span class=\"_ _2\"></span> risk<span class=\"_ _2\"></span>s Regulat<span class=\"_ _2\"></span>ory e<span class=\"_ _2\"></span>nviron<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span> In recen<span class=\"_ _2\"></span>t years<span class=\"_ _2\"></span>, environm<span class=\"_ _2\"></span>ental <span class=\"_ _2\"></span>legislati<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> the E<span class=\"_ _2\"></span>U has b<span class=\"_ _2\"></span>ecome increas<span class=\"_ _2\"></span>ingly r<span class=\"_ _2\"></span>estric<span class=\"_ _2\"></span>tive regardin<span class=\"_ _2\"></span>g the c<span class=\"_ _2\"></span>ontrol of<span class=\"_ _2\"></span> effl<span class=\"_ _2\"></span>uents. <span class=\"_ _2\"></span>The compani<span class=\"_ _2\"></span>es of t<span class=\"_ _2\"></span>he N<span class=\"_ _2\"></span>avigator G<span class=\"_ _2\"></span>roup comply <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e prevail<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>egislatio<span class=\"_ _2\"></span>n, in i<span class=\"_ _2\"></span>ts various<span class=\"_ _2\"></span> paramet<span class=\"_ _2\"></span>ers (<span class=\"_ _2\"></span>VLEs).  On Septem<span class=\"_ _2\"></span>ber 2014, <span class=\"_ _2\"></span>the Co<span class=\"_ _2\"></span>mmissi<span class=\"_ _2\"></span>on's i<span class=\"_ _2\"></span>mplementing deci<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ion 20<span class=\"_ _2\"></span>14/687 <span class=\"_ _2\"></span>/ EU approved <span class=\"_ _2\"></span>the BREF (Best <span class=\"_ _2\"></span>Avail<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>Technologi<span class=\"_ _2\"></span>es Refer<span class=\"_ _2\"></span>ence Documen<span class=\"_ _2\"></span>ts) <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Concl<span class=\"_ _2\"></span>usions<span class=\"_ _2\"></span> on Best Avail<span class=\"_ _2\"></span>able </span></span>Techniques o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the Refe<span class=\"_ _2\"></span>rence Pa<span class=\"_ _2\"></span>per <span class=\"ff8\">\u2013</span> for <span class=\"_ _2\"></span>the pape<span class=\"_ _2\"></span>r and pul<span class=\"_ _2\"></span>p secto<span class=\"_ _2\"></span>rs con<span class=\"_ _2\"></span>taini<span class=\"_ _2\"></span>ng the n<span class=\"_ _2\"></span>ew limits and requir<span class=\"_ _2\"></span>ements <span class=\"_ _2\"></span>for thes<span class=\"_ _2\"></span>e secto<span class=\"_ _2\"></span>rs. <span class=\"_ _2\"></span>The companies <span class=\"_ _2\"></span>have f<span class=\"_ _2\"></span>our <span class=\"_ _2\"></span>years to <span class=\"_ _2\"></span>promote th<span class=\"_ _2\"></span>e re<span class=\"_ _2\"></span>quired adjustmen<span class=\"_ _2\"></span>ts to its <span class=\"_ _2\"></span>prac<span class=\"_ _2\"></span>tices <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment. Fur<span class=\"_ _2\"></span>thermo<span class=\"_ _2\"></span>re,<span class=\"_ _2\"></span> the technic<span class=\"_ _2\"></span>al disc<span class=\"_ _2\"></span>ussion<span class=\"_ _2\"></span> on the L<span class=\"_ _2\"></span>arge Combusti<span class=\"_ _2\"></span>on Faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es Reference Do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>was final<span class=\"_ _2\"></span>ised a<span class=\"_ _2\"></span>nd publi<span class=\"_ _2\"></span>shed. This<span class=\"_ _2\"></span> documen<span class=\"_ _2\"></span>t has an impact o<span class=\"_ _2\"></span>n the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s e<span class=\"_ _2\"></span>quipmen<span class=\"_ _2\"></span>t, parti<span class=\"_ _2\"></span>cularly i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>boilers <span class=\"_ _2\"></span>and combustio<span class=\"_ _2\"></span>n faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es, which wi<span class=\"_ _2\"></span>ll be c<span class=\"_ _2\"></span>overed b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ew legi<span class=\"_ _2\"></span>slation, the<span class=\"_ _2\"></span>refor<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>uirin<span class=\"_ _2\"></span>g new inves<span class=\"_ _2\"></span>tments, suc<span class=\"_ _2\"></span>h as particle <span class=\"_ _2\"></span>filters <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r biomass <span class=\"_ _2\"></span>boilers.<span class=\"_ _2\"></span> In 2015<span class=\"_ _2\"></span>, an en<span class=\"_ _2\"></span>vironmental s<span class=\"_ _2\"></span>trat<span class=\"_ _2\"></span>egic plan <span class=\"_ _2\"></span>was an<span class=\"_ _2\"></span>alysed <span class=\"_ _2\"></span>and esta<span class=\"_ _2\"></span>bli<span class=\"_ _2\"></span>shed, aiming <span class=\"_ _2\"></span>to adap<span class=\"_ _2\"></span>t Navigator G<span class=\"_ _2\"></span>roup to <span class=\"_ _2\"></span>a s<span class=\"_ _2\"></span>et of ne<span class=\"_ _2\"></span>w and fu<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>requirements <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the en<span class=\"_ _2\"></span>vironmental area<span class=\"_ _2\"></span>, namely <span class=\"_ _2\"></span>to the ref<span class=\"_ _2\"></span>erence do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e sector <span class=\"_ _2\"></span>(Conc<span class=\"_ _2\"></span>lusio<span class=\"_ _2\"></span>ns on Bes<span class=\"_ _2\"></span>t Available <span class=\"_ _2\"></span>Techniques <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the Reference Do<span class=\"_ _2\"></span>cument <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the sec<span class=\"_ _2\"></span>tor - BREF<span class=\"_ _2\"></span>. Commi<span class=\"_ _2\"></span>ssion <span class=\"_ _2\"></span>Decisi<span class=\"_ _2\"></span>on 2014<span class=\"_ _2\"></span>/687/EU) and for <span class=\"_ _2\"></span>Lar<span class=\"_ _2\"></span>ge Combusti<span class=\"_ _2\"></span>on Faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. The refer<span class=\"_ _2\"></span>ence docu<span class=\"_ _2\"></span>ments c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>d to the impl<span class=\"_ _2\"></span>ementa<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f Directiv<span class=\"_ _2\"></span>e 2010/7<span class=\"_ _2\"></span>5/EU on in<span class=\"_ _2\"></span>dustrial emi<span class=\"_ _2\"></span>ssio<span class=\"_ _2\"></span>ns. Proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re underwa<span class=\"_ _2\"></span>y to impl<span class=\"_ _2\"></span>ement the a<span class=\"_ _2\"></span>ppro<span class=\"_ _2\"></span>priate technolo<span class=\"_ _2\"></span>gical <span class=\"_ _2\"></span>changes, <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>as a ne<span class=\"_ _2\"></span>w versi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Envi<span class=\"_ _2\"></span>ronmental Mas<span class=\"_ _2\"></span>ter Plan<span class=\"_ _2\"></span>, which inco<span class=\"_ _2\"></span>rporates new en<span class=\"_ _2\"></span>vironmen<span class=\"_ _2\"></span>tal <span class=\"_ _2\"></span>challenges <span class=\"_ _2\"></span>that ha<span class=\"_ _2\"></span>ve aris<span class=\"_ _2\"></span>en in <span class=\"_ _2\"></span>the meanti<span class=\"_ _2\"></span>me. The Environm<span class=\"_ _2\"></span>ental S<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>tegic Plan <span class=\"_ _2\"></span>aimed for <span class=\"_ _2\"></span>areas o<span class=\"_ _2\"></span>ther <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>an the en<span class=\"_ _2\"></span>vironment<span class=\"_ _2\"></span>al cover<span class=\"_ _2\"></span>ed by thi<span class=\"_ _2\"></span>s document<span class=\"_ _2\"></span>. It was pos<span class=\"_ _2\"></span>sible <span class=\"_ _2\"></span>to c<span class=\"_ _2\"></span>onfirm tha<span class=\"_ _2\"></span>t Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p i<span class=\"_ _2\"></span>s broadly i<span class=\"_ _2\"></span>n compli<span class=\"_ _2\"></span>ance with <span class=\"_ _2\"></span>this<span class=\"_ _2\"></span> future r<span class=\"_ _2\"></span>eferenti<span class=\"_ _2\"></span>al and <span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>dentify som<span class=\"_ _2\"></span>e areas fo<span class=\"_ _2\"></span>r impro<span class=\"_ _2\"></span>vem<span class=\"_ _2\"></span>ent as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>technologi<span class=\"_ _2\"></span>cal so<span class=\"_ _2\"></span>lution<span class=\"_ _2\"></span>s such <span class=\"_ _2\"></span>as atmospher<span class=\"_ _2\"></span>e emissi<span class=\"_ _2\"></span>ons f<span class=\"_ _2\"></span>rom biomass<span class=\"_ _2\"></span> boilers<span class=\"_ _2\"></span>.  On the o<span class=\"_ _2\"></span>ther han<span class=\"_ _2\"></span>d, under <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>erms se<span class=\"_ _2\"></span>t in Decre<span class=\"_ _2\"></span>e-Law 14<span class=\"_ _2\"></span>7/2008, dat<span class=\"_ _2\"></span>ed 29 June <span class=\"_ _2\"></span>that transpose<span class=\"_ _2\"></span>d direc<span class=\"_ _2\"></span>tive 2004<span class=\"_ _2\"></span>/35/CE <span class=\"_ _2\"></span>to the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> law, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Navigator G<span class=\"_ _2\"></span>roup<span class=\"_ _0\"></span> secur<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the environment<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nsurances <span class=\"_ _2\"></span>demande<span class=\"_ _2\"></span>d by that l<span class=\"_ _2\"></span>aw, <span class=\"_ _2\"></span>thus gu<span class=\"_ _2\"></span>aranteei<span class=\"_ _2\"></span>ng compli<span class=\"_ _2\"></span>ance and <span class=\"_ _2\"></span>reducing exposur<span class=\"_ _2\"></span>e to en<span class=\"_ _2\"></span>vironmental<span class=\"_ _2\"></span> risks.<span class=\"_ _2\"></span> Regarding <span class=\"_ _2\"></span>the e<span class=\"_ _2\"></span>volution <span class=\"_ _2\"></span>of the E<span class=\"_ _2\"></span>U Emis<span class=\"_ _2\"></span>sions <span class=\"_ _2\"></span>Trading Sch<span class=\"_ _2\"></span>eme (EU E<span class=\"_ _2\"></span>TS), th<span class=\"_ _2\"></span>e EU Direc<span class=\"_ _2\"></span>tive 2018/4<span class=\"_ _2\"></span>10, of 1<span class=\"_ _2\"></span>4 March, <span class=\"_ _2\"></span>was approv<span class=\"_ _2\"></span>ed, amending <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tive 20<span class=\"_ _2\"></span>03/87/EC <span class=\"_ _2\"></span>to reinfo<span class=\"_ _2\"></span>rce the <span class=\"_ _2\"></span>cost-effective<span class=\"_ _2\"></span>ness o<span class=\"_ _2\"></span>f emiss<span class=\"_ _2\"></span>ion reduc<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span> and inves<span class=\"_ _2\"></span>tment in <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>w carbon <span class=\"_ _2\"></span>technolo<span class=\"_ _2\"></span>gies. E<span class=\"_ _2\"></span>U 2018/410<span class=\"_ _2\"></span> Directive s<span class=\"_ _2\"></span>ets ou<span class=\"_ _2\"></span>t, among <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>things, <span class=\"_ _2\"></span>the ne<span class=\"_ _2\"></span>w EU E<span class=\"_ _2\"></span>TS period <span class=\"_ _2\"></span>to be i<span class=\"_ _2\"></span>n force <span class=\"_ _2\"></span>between 2<span class=\"_ _2\"></span>021-2030, <span class=\"_ _2\"></span>which wil<span class=\"_ _2\"></span>l show a <span class=\"_ _2\"></span>reductio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>the amount of <span class=\"_ _2\"></span>CO2 e<span class=\"_ _2\"></span>missi<span class=\"_ _2\"></span>on all<span class=\"_ _2\"></span>owances al<span class=\"_ _2\"></span>located free of<span class=\"_ _2\"></span> charge<span class=\"_ _2\"></span>. This dev<span class=\"_ _2\"></span>elopment <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>bring inc<span class=\"_ _2\"></span>reased co<span class=\"_ _2\"></span>sts for <span class=\"_ _2\"></span>the t<span class=\"_ _2\"></span>ransfo<span class=\"_ _2\"></span>rmation <span class=\"_ _2\"></span>industr<span class=\"_ _2\"></span>y in gene<span class=\"_ _2\"></span>ral and <span class=\"_ _2\"></span>in particul<span class=\"_ _2\"></span>ar for <span class=\"_ _2\"></span>the paper <span class=\"_ _2\"></span>and pul<span class=\"_ _2\"></span>p indus<span class=\"_ _2\"></span>try, <span class=\"_ _2\"></span>without an<span class=\"_ _2\"></span>y co<span class=\"_ _2\"></span>mpensatio<span class=\"_ _2\"></span>n for th<span class=\"_ _2\"></span>e CO2 tha<span class=\"_ _2\"></span>t, annu<span class=\"_ _2\"></span>ally, is <span class=\"_ _2\"></span>absorbed by <span class=\"_ _2\"></span>the fores<span class=\"_ _2\"></span>ts of<span class=\"_ _2\"></span> this i<span class=\"_ _2\"></span>ndustry<span class=\"_ _2\"></span>. In orde<span class=\"_ _2\"></span>r to miti<span class=\"_ _2\"></span>gate <span class=\"_ _2\"></span>the impact o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>this chan<span class=\"_ _2\"></span>ge, th<span class=\"_ _2\"></span>e Group <span class=\"_ _2\"></span>has l<span class=\"_ _2\"></span>ong under<span class=\"_ _2\"></span>taken a s<span class=\"_ _2\"></span>eries of investmen<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>an environm<span class=\"_ _2\"></span>ental na<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>that, amo<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>ther advan<span class=\"_ _2\"></span>tages, ha<span class=\"_ _2\"></span>ve all<span class=\"_ _2\"></span>owed the contin<span class=\"_ _2\"></span>ued reducti<span class=\"_ _2\"></span>on of C<span class=\"_ _2\"></span>O2 emiss<span class=\"_ _2\"></span>ions. <span class=\"_ _2\"></span> In addi<span class=\"_ _2\"></span>tion, the <span class=\"_ _2\"></span>group has <span class=\"_ _2\"></span>a C<span class=\"_ _2\"></span>arbon Neu<span class=\"_ _2\"></span>tral C<span class=\"_ _2\"></span>ompany Pro<span class=\"_ _2\"></span>gram tha<span class=\"_ _2\"></span>t aims<span class=\"_ _2\"></span> to impl<span class=\"_ _2\"></span>ement, <span class=\"_ _2\"></span>by 2035, <span class=\"_ _2\"></span>changes in <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>process<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>minimi<span class=\"_ _2\"></span>se the use o<span class=\"_ _2\"></span>f foss<span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>fuels an<span class=\"_ _2\"></span>d consequentl<span class=\"_ _2\"></span>y reduc<span class=\"_ _2\"></span>e th<span class=\"_ _2\"></span>eir CO2 emiss<span class=\"_ _2\"></span>ions.<span class=\"_ _2\"></span> It shoul<span class=\"_ _2\"></span>d be remem<span class=\"_ _2\"></span>bered <span class=\"_ _2\"></span>that Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>was the f<span class=\"_ _2\"></span>irst Por<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>uguese compan<span class=\"_ _2\"></span>y, and <span class=\"_ _2\"></span>one of th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst in the <span class=\"_ _2\"></span>world, to <span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>cipate <span class=\"_ _2\"></span>by 15 y<span class=\"_ _2\"></span>ears, to <span class=\"_ _2\"></span>2035, th<span class=\"_ _2\"></span>e com<span class=\"_ _2\"></span>mitment to <span class=\"_ _2\"></span>have i<span class=\"_ _2\"></span>ts indus<span class=\"_ _2\"></span>trial<span class=\"_ _2\"></span> complexes c<span class=\"_ _2\"></span>arbon <span class=\"_ _2\"></span>neutral<span class=\"_ _2\"></span>. To thi<span class=\"_ _2\"></span>s end, <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany ha<span class=\"_ _2\"></span>d al<span class=\"_ _2\"></span>ready defin<span class=\"_ _2\"></span>ed, in <span class=\"_ _2\"></span>2019, a <span class=\"_ _2\"></span>Roadmap that inc<span class=\"_ _2\"></span>ludes p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>based o<span class=\"_ _2\"></span>n the us<span class=\"_ _2\"></span>e of rene<span class=\"_ _2\"></span>wable <span class=\"_ _2\"></span>energy so<span class=\"_ _2\"></span>urces, <span class=\"_ _2\"></span>namely <span class=\"_ _2\"></span>biomass an<span class=\"_ _2\"></span>d solar, <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>aim of<span class=\"_ _2\"></span> minimi<span class=\"_ _2\"></span>zing <span class=\"_ _2\"></span>CO2 emiss<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>resulting f<span class=\"_ _2\"></span>rom <span class=\"_ _2\"></span>its acti<span class=\"_ _2\"></span>vity and p<span class=\"_ _2\"></span>romoti<span class=\"_ _2\"></span>ng the improvemen<span class=\"_ _2\"></span>t of i<span class=\"_ _2\"></span>ts energ<span class=\"_ _2\"></span>y perfo<span class=\"_ _2\"></span>rmance<span class=\"_ _2\"></span>.  In 2021<span class=\"_ _2\"></span>, Naviga<span class=\"_ _2\"></span>tor joine<span class=\"_ _2\"></span>d the Scienc<span class=\"_ _2\"></span>e Base<span class=\"_ _2\"></span>d Targe<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tiative (S<span class=\"_ _2\"></span>BTi), f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing the commi<span class=\"_ _2\"></span>tment made i<span class=\"_ _2\"></span>n the \"A<span class=\"_ _2\"></span>genda 20<span class=\"_ _2\"></span>30\", and in<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>ved<span class=\"_ _0\"></span> SB<span class=\"_ _2\"></span>Ti approval<span class=\"_ _2\"></span> for i<span class=\"_ _2\"></span>ts greenhous<span class=\"_ _2\"></span>e gas (GHG) <span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span> reduction ta<span class=\"_ _2\"></span>rgets. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>endors<span class=\"_ _2\"></span>ement of<span class=\"_ _2\"></span> cli<span class=\"_ _2\"></span>mate science-based targets w<span class=\"_ _2\"></span>as con<span class=\"_ _2\"></span>sidered b<span class=\"_ _2\"></span>y SBTi <span class=\"_ _2\"></span>to be a \"<span class=\"_ _2\"></span>key elemen<span class=\"_ _2\"></span>t\" of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>net<span class=\"_ _0\"></span>-ze<span class=\"_ _2\"></span>ro deca<span class=\"_ _2\"></span>rbonisation<span class=\"_ _2\"></span> trajec<span class=\"_ _2\"></span>tory, as advoca<span class=\"_ _2\"></span>ted by th<span class=\"_ _2\"></span>e In<span class=\"_ _2\"></span>tergove<span class=\"_ _2\"></span>rnmental<span class=\"_ _2\"></span> Panel o<span class=\"_ _2\"></span>n Cli<span class=\"_ _2\"></span>mate Change (IPCC<span class=\"_ _2\"></span>) repor<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>with a vie<span class=\"_ _2\"></span>w to achievi<span class=\"_ _2\"></span>ng net-zero <span class=\"_ _2\"></span>emissio<span class=\"_ _2\"></span>ns by mid<span class=\"_ _2\"></span>-century<span class=\"_ _2\"></span>. Thus, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r reinforces<span class=\"_ _2\"></span> its co<span class=\"_ _2\"></span>mmitm<span class=\"_ _2\"></span>ent and <span class=\"_ _2\"></span>objectives <span class=\"_ _2\"></span>for the ne<span class=\"_ _2\"></span>xt <span class=\"_ _2\"></span>decade aroun<span class=\"_ _2\"></span>d one <span class=\"_ _2\"></span>of the rele<span class=\"_ _2\"></span>vant them<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>dentified <span class=\"_ _2\"></span>within <span class=\"_ _2\"></span>the sco<span class=\"_ _2\"></span>pe of i<span class=\"_ _2\"></span>ts \"Agen<span class=\"_ _2\"></span>da 2030\" f<span class=\"_ _2\"></span>or responsi<span class=\"_ _2\"></span>ble <span class=\"_ _2\"></span>business managemen<span class=\"_ _2\"></span>t <span class=\"ff8\">\u2013</span> <span class=\"ff8\">\u201cCli<span class=\"_ _2\"></span>mate Change an<span class=\"_ _2\"></span>d CO</span>2 <span class=\"ff8\">Fixa<span class=\"_ _2\"></span>tion\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff1\">, purs<span class=\"_ _2\"></span>uing the ambiti<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>to contri<span class=\"_ _2\"></span>bute fo<span class=\"_ _2\"></span>r </span></span>the Sust<span class=\"_ _2\"></span>ainable De<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t Goal<span class=\"_ _2\"></span> 13 (Cl<span class=\"_ _2\"></span>imate Acti<span class=\"_ _2\"></span>on) an<span class=\"_ _2\"></span>d make a <span class=\"_ _2\"></span>positive i<span class=\"_ _2\"></span>mpact o<span class=\"_ _2\"></span>n People and the Pl<span class=\"_ _2\"></span>anet. Also <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22, Navigator w<span class=\"_ _2\"></span>as awa<span class=\"_ _2\"></span>rded the hi<span class=\"_ _2\"></span>ghest r<span class=\"_ _2\"></span>ating (<span class=\"_ _2\"></span>\"<span class=\"_ _2\"></span>A\") for wo<span class=\"_ _2\"></span>rld l<span class=\"_ _2\"></span>eadershi<span class=\"_ _2\"></span>p in fi<span class=\"_ _2\"></span>ghting cli<span class=\"_ _2\"></span>mate change<span class=\"_ _2\"></span>, a distincti<span class=\"_ _2\"></span>on aw<span class=\"_ _2\"></span>arded b<span class=\"_ _2\"></span>y Discl<span class=\"_ _2\"></span>osure, <span class=\"_ _2\"></span>Insigh<span class=\"_ _2\"></span>t, Actio<span class=\"_ _2\"></span>n - CDP. <span class=\"_ _2\"></span>The compan<span class=\"_ _2\"></span>y also participa<span class=\"_ _2\"></span>tes in<span class=\"_ _2\"></span> CDP Fo<span class=\"_ _2\"></span>rest, which<span class=\"_ _2\"></span> focus<span class=\"_ _2\"></span>es on fo<span class=\"_ _2\"></span>rest man<span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>ement, and f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the secon<span class=\"_ _2\"></span>d year i<span class=\"_ _2\"></span>ts performanc<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>this cate<span class=\"_ _2\"></span>gory <span class=\"_ _2\"></span>was reco<span class=\"_ _2\"></span>gnised wi<span class=\"_ _2\"></span>th an \"A-\" <span class=\"_ _2\"></span>ratin<span class=\"_ _2\"></span>g, making <span class=\"_ _2\"></span>it a l<span class=\"_ _2\"></span>eade<span class=\"_ _2\"></span>r in thi<span class=\"_ _2\"></span>s area. In 2022<span class=\"_ _2\"></span>, the com<span class=\"_ _2\"></span>pany's eff<span class=\"_ _2\"></span>orts <span class=\"_ _2\"></span>to reduc<span class=\"_ _2\"></span>e its<span class=\"_ _2\"></span> environm<span class=\"_ _2\"></span>ental<span class=\"_ _2\"></span> impact wer<span class=\"_ _2\"></span>e once agai<span class=\"_ _2\"></span>n r<span class=\"_ _2\"></span>ecognised in the <span class=\"_ _2\"></span>annual as<span class=\"_ _2\"></span>sessmen<span class=\"_ _2\"></span>t by the r<span class=\"_ _2\"></span>ating a<span class=\"_ _2\"></span>gency Sus<span class=\"_ _2\"></span>tainal<span class=\"_ _2\"></span>yt<span class=\"_ _2\"></span>ics, whi<span class=\"_ _2\"></span>ch evaluat<span class=\"_ _2\"></span>es th<span class=\"_ _2\"></span>e Environmental<span class=\"_ _2\"></span>, Soc<span class=\"_ _2\"></span>ial an<span class=\"_ _2\"></span>d Corpora<span class=\"_ _2\"></span>te Governan<span class=\"_ _2\"></span>ce perfo<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ance of<span class=\"_ _2\"></span> compani<span class=\"_ _2\"></span>es and issues an<span class=\"_ _2\"></span> annual <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e ratin<span class=\"_ _2\"></span>g (in the <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>text of th<span class=\"_ _2\"></span>e pul<span class=\"_ _2\"></span>p and paper s<span class=\"_ _2\"></span>ector<span class=\"_ _2\"></span>), an<span class=\"_ _2\"></span>d Naviga<span class=\"_ _2\"></span>tor was once agai<span class=\"_ _2\"></span>n rated as<span class=\"_ _2\"></span> a \"Lo<span class=\"_ _2\"></span>w ESG R<span class=\"_ _2\"></span>isk Co<span class=\"_ _2\"></span>mpany\" for i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ors.  The Euro<span class=\"_ _2\"></span>pean Commi<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>'s pol<span class=\"_ _2\"></span>icy ini<span class=\"_ _2\"></span>tiatives wil<span class=\"_ _2\"></span>l i<span class=\"_ _2\"></span>n future <span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>lude poli<span class=\"_ _2\"></span>cy and legi<span class=\"_ _2\"></span>slative de<span class=\"ls0\">velopm<span class=\"_ _2\"></span>ents in <span class=\"_ _2\"></span>areas s<span class=\"_ _2\"></span>uch as <span class=\"_ _2\"></span>the EU f<span class=\"_ _2\"></span>orestr<span class=\"_ _2\"></span>y and biodi<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ersity s<span class=\"_ _2\"></span>trategies<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e Renewabl<span class=\"_ _2\"></span>e </span>Energy Di<span class=\"_ _2\"></span>rectiv<span class=\"_ _2\"></span>e, the E<span class=\"_ _2\"></span>U Emis<span class=\"_ _2\"></span>sions <span class=\"_ _2\"></span>Trading Syst<span class=\"_ _2\"></span>em (EU E<span class=\"_ _2\"></span>TS) as <span class=\"_ _2\"></span>well as the <span class=\"_ _2\"></span>EU ta<span class=\"_ _2\"></span>xonomy<span class=\"_ _2\"></span>, the Corporate <span class=\"_ _2\"></span>Sustainabi<span class=\"_ _2\"></span>lity R<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>ting Directi<span class=\"_ _2\"></span>ve (CSR<span class=\"_ _2\"></span>D) an<span class=\"_ _2\"></span>d the C<span class=\"_ _2\"></span>orporate Sus<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>bility Due Dili<span class=\"_ _2\"></span>gence Directi<span class=\"_ _2\"></span>ve (CSDDD)<span class=\"_ _2\"></span>. The EU taxono<span class=\"_ _2\"></span>my re<span class=\"_ _2\"></span>gulatio<span class=\"_ _2\"></span>n evolv<span class=\"_ _2\"></span>ed durin<span class=\"_ _2\"></span>g 2022, bu<span class=\"_ _2\"></span>t unc<span class=\"_ _2\"></span>ertaint<span class=\"_ _2\"></span>y remai<span class=\"_ _2\"></span>ns as to <span class=\"_ _2\"></span>how much Navigator G<span class=\"_ _2\"></span>roup's <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c activiti<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>fall <span class=\"_ _2\"></span>within the s<span class=\"_ _2\"></span>cope of the <span class=\"_ _2\"></span>taxonom<span class=\"_ _2\"></span>y, as <span class=\"_ _2\"></span>the legisl<span class=\"_ _2\"></span>ation evol<span class=\"_ _2\"></span>ves. Go<span class=\"_ _2\"></span>od manag<span class=\"_ _2\"></span>ement of finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>and sus<span class=\"_ _2\"></span>tainabil<span class=\"_ _2\"></span>ity risks <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>pportuniti<span class=\"_ _2\"></span>es, as<span class=\"_ _2\"></span> well as<span class=\"_ _2\"></span> their dis<span class=\"_ _2\"></span>closure<span class=\"_ _2\"></span>, will<span class=\"_ _2\"></span> improve <span class=\"_ _2\"></span>the li<span class=\"_ _2\"></span>kelihoo<span class=\"_ _2\"></span>d of a f<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e percep<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the capi<span class=\"_ _2\"></span>tal markets <span class=\"_ _2\"></span>and, con<span class=\"_ _2\"></span>sequentl<span class=\"_ _2\"></span>y, the cos<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> capital<span class=\"_ _2\"></span>. For more <span class=\"_ _2\"></span>detail<span class=\"_ _2\"></span>ed informa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>on these an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r ini<span class=\"_ _2\"></span>tiatives <span class=\"_ _2\"></span>within the sc<span class=\"_ _2\"></span>ope o<span class=\"_ _2\"></span>f the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group's <span class=\"_ _2\"></span>roadmap f<span class=\"_ _2\"></span>or car<span class=\"_ _2\"></span>bon neut<span class=\"_ _2\"></span>rality<span class=\"_ _2\"></span>, we advis<span class=\"_ _2\"></span>e you <span class=\"_ _2\"></span>to c<span class=\"_ _2\"></span>onsult o<span class=\"_ _2\"></span>ur Sustainabi<span class=\"_ _2\"></span>lity Re<span class=\"_ _2\"></span>port. Risks a<span class=\"_ _2\"></span>ssocia<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d with c<span class=\"_ _2\"></span>limat<span class=\"_ _2\"></span>e chan<span class=\"_ _2\"></span>ge Navigator h<span class=\"_ _2\"></span>as bee<span class=\"_ _2\"></span>n devel<span class=\"_ _2\"></span>oping a s<span class=\"_ _2\"></span>et of <span class=\"_ _2\"></span>strate<span class=\"_ _2\"></span>gies to <span class=\"_ _2\"></span>measure an<span class=\"_ _2\"></span>d reduce i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>total GHG footprin<span class=\"_ _2\"></span>t, as well<span class=\"_ _2\"></span> as to <span class=\"_ _2\"></span>promot<span class=\"_ _2\"></span>e miti<span class=\"_ _2\"></span>gation and <span class=\"_ _2\"></span>adap<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>to the ris<span class=\"_ _2\"></span>ks gene<span class=\"_ _2\"></span>rated b<span class=\"_ _2\"></span>y cli<span class=\"_ _2\"></span>mate change. In Decem<span class=\"_ _2\"></span>ber 2015, <span class=\"_ _2\"></span>the Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Stabil<span class=\"_ _2\"></span>ity Boar<span class=\"_ _2\"></span>d (FSB<span class=\"_ _2\"></span>) created <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Task Forc<span class=\"_ _2\"></span>e on Cl<span class=\"_ _2\"></span>imate<span class=\"_ _0\"></span>-relate<span class=\"_ _2\"></span>d Financi<span class=\"_ _2\"></span>al Di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ures (TCFD) <span class=\"_ _2\"></span>to develo<span class=\"_ _2\"></span>p a se<span class=\"_ _2\"></span>t of re<span class=\"_ _2\"></span>commendations to <span class=\"_ _2\"></span>clea<span class=\"_ _2\"></span>rly and consi<span class=\"_ _2\"></span>stently disc<span class=\"_ _2\"></span>lose i<span class=\"_ _2\"></span>nformatio<span class=\"_ _2\"></span>n that <span class=\"_ _2\"></span>helps fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>understan<span class=\"_ _2\"></span>d risks <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>mpacts relate<span class=\"_ _2\"></span>d to cli<span class=\"_ _2\"></span>mate chan<span class=\"_ _2\"></span>ge. In 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup integr<span class=\"_ _2\"></span>ated th<span class=\"_ _2\"></span>e TCFD r<span class=\"_ _2\"></span>ecommenda<span class=\"_ _2\"></span>tions into <span class=\"_ _2\"></span>corporate ri<span class=\"_ _2\"></span>sk mana<span class=\"_ _2\"></span>gement st<span class=\"_ _2\"></span>rategy an<span class=\"_ _2\"></span>d proc<span class=\"_ _2\"></span>esses, <span class=\"_ _2\"></span>taking the <span class=\"_ _2\"></span>oppor<span class=\"_ _2\"></span>tunity <span class=\"_ _2\"></span>to assess<span class=\"_ _2\"></span> potenti<span class=\"_ _2\"></span>al fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and strat<span class=\"_ _2\"></span>egic i<span class=\"_ _2\"></span>mplicati<span class=\"_ _2\"></span>ons aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>climate <span class=\"_ _2\"></span>change an<span class=\"_ _2\"></span>d develop appropri<span class=\"_ _2\"></span>ate respons<span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>More detai<span class=\"_ _2\"></span>led inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on on thi<span class=\"_ _2\"></span>s in<span class=\"_ _2\"></span>itiative can<span class=\"_ _2\"></span> be f<span class=\"_ _2\"></span>ound in <span class=\"_ _2\"></span>the managemen<span class=\"_ _2\"></span>t report<span class=\"_ _2\"></span>.  The Group moni<span class=\"_ _2\"></span>tors<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> impacts o<span class=\"_ _2\"></span>n its f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion, pe<span class=\"_ _2\"></span>rformance an<span class=\"_ _2\"></span>d cas<span class=\"_ _2\"></span>h flows arisi<span class=\"_ _2\"></span>ng from c<span class=\"_ _2\"></span>limate ch<span class=\"_ _2\"></span>ange, namely <span class=\"_ _2\"></span>impac<span class=\"_ _2\"></span>ts on r<span class=\"_ _2\"></span>elevan<span class=\"_ _2\"></span>t ac<span class=\"_ _2\"></span>counting es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and judgements<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Long-term <span class=\"_ _2\"></span>(25 to <span class=\"_ _2\"></span>30 years<span class=\"_ _2\"></span>) chan<span class=\"_ _2\"></span>ges in <span class=\"_ _2\"></span>rainfall<span class=\"_ _2\"></span> patterns<span class=\"_ _2\"></span>, p<span class=\"_ _2\"></span>eriods of<span class=\"_ _2\"></span> drough<span class=\"_ _2\"></span>t, frequ<span class=\"_ _2\"></span>ent ext<span class=\"_ _2\"></span>re<span class=\"_ _0\"></span>me weather e<span class=\"_ _2\"></span>vents <span class=\"_ _2\"></span>and highe<span class=\"_ _2\"></span>r averag<span class=\"_ _2\"></span>e temper<span class=\"_ _2\"></span>atures<span class=\"_ _2\"></span> that i<span class=\"_ _2\"></span>ncrease t<span class=\"_ _2\"></span>he risk o<span class=\"_ _2\"></span>f for<span class=\"_ _2\"></span>est fi<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d insec<span class=\"_ _2\"></span>t outbreaks c<span class=\"_ _2\"></span>an c<span class=\"_ _2\"></span>ause dama<span class=\"_ _2\"></span>ge to the <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p's oper<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns and fo<span class=\"_ _2\"></span>rests, af<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ng the f<span class=\"_ _2\"></span>air value of<span class=\"_ _2\"></span> biol<span class=\"_ _2\"></span>ogical <span class=\"_ _2\"></span>assets and <span class=\"_ _2\"></span>wood prices<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>More fr<span class=\"_ _2\"></span>equent <span class=\"_ _2\"></span>extreme <span class=\"_ _2\"></span>weather even<span class=\"_ _2\"></span>ts also<span class=\"_ _2\"></span> increase the risk o<span class=\"_ _2\"></span>f disru<span class=\"_ _2\"></span>ptions<span class=\"_ _2\"></span> in produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span>, logisti<span class=\"_ _2\"></span>cs and <span class=\"_ _2\"></span>the sup<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>y of raw mat<span class=\"_ _2\"></span>erials<span class=\"_ _2\"></span> and en<span class=\"_ _2\"></span>ergy. Uncertai<span class=\"_ _2\"></span>nties re<span class=\"_ _2\"></span>gardin<span class=\"_ _2\"></span>g climate <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>may also r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>t in ch<span class=\"_ _2\"></span>anges in the <span class=\"_ _2\"></span>group's<span class=\"_ _2\"></span> cash f<span class=\"_ _2\"></span>low projec<span class=\"_ _2\"></span>tions o<span class=\"_ _2\"></span>r in the re<span class=\"_ _2\"></span>view of <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>eful l<span class=\"_ _2\"></span>ives of ass<span class=\"_ _2\"></span>ets.<span class=\"_ _2\"></span> The Group h<span class=\"_ _2\"></span>as sev<span class=\"_ _2\"></span>eral mechan<span class=\"_ _2\"></span>isms i<span class=\"_ _2\"></span>n place <span class=\"_ _2\"></span>aimed a<span class=\"_ _2\"></span>t mon<span class=\"_ _2\"></span>itoring an<span class=\"_ _2\"></span>d mitiga<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>ese risks through p<span class=\"_ _2\"></span>roactiv<span class=\"_ _2\"></span>e management <span class=\"_ _2\"></span>and ea<span class=\"_ _2\"></span>rly de<span class=\"_ _2\"></span>tecti<span class=\"_ _2\"></span>on. The <span class=\"_ _2\"></span>Group h<span class=\"_ _2\"></span>as inco<span class=\"_ _2\"></span>rporated cl<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>e change co<span class=\"_ _2\"></span>nsidera<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>nto its <span class=\"_ _2\"></span>reforesta<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> practi<span class=\"_ _2\"></span>ces, suc<span class=\"_ _2\"></span>h as <span class=\"_ _2\"></span>establ<span class=\"_ _0\"></span>ishi<span class=\"_ _2\"></span>ng and main<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span>ing paths and fi<span class=\"_ _2\"></span>rebr<span class=\"_ _2\"></span>eaks, c<span class=\"_ _2\"></span>onser<span class=\"_ _2\"></span>ving species <span class=\"_ _2\"></span>bio<span class=\"_ _2\"></span>diversi<span class=\"_ _2\"></span>ty, and <span class=\"_ _2\"></span>inc<span class=\"_ _2\"></span>reasing moni<span class=\"_ _2\"></span>toring durin<span class=\"_ _2\"></span>g perio<span class=\"_ _2\"></span>ds of f<span class=\"_ _2\"></span>ire danger. <span class=\"_ _2\"></span> In terms<span class=\"_ _2\"></span> of prop<span class=\"_ _2\"></span>erty, <span class=\"_ _2\"></span>plant and <span class=\"_ _2\"></span>equipm<span class=\"_ _2\"></span>ent, the <span class=\"_ _2\"></span>Group pe<span class=\"_ _2\"></span>riodi<span class=\"_ _2\"></span>cally reques<span class=\"_ _2\"></span>ts i<span class=\"_ _2\"></span>ndependen<span class=\"_ _2\"></span>t assessments<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>reviews of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>economic u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ives of<span class=\"_ _2\"></span> its ass<span class=\"_ _2\"></span>ets. As m<span class=\"_ _2\"></span>entione<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 3.7, during 20<span class=\"_ _2\"></span>22, th<span class=\"_ _2\"></span>e Group r<span class=\"_ _2\"></span>equeste<span class=\"_ _2\"></span>d an ex<span class=\"_ _2\"></span>ternal <span class=\"_ _2\"></span>valuation <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> its ass<span class=\"_ _2\"></span>ets by an <span class=\"_ _2\"></span>inde<span class=\"_ _2\"></span>pendent en<span class=\"_ _2\"></span>tity, which es<span class=\"_ _2\"></span>timated th<span class=\"_ _2\"></span>e usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>fe of <span class=\"_ _2\"></span>the asse<span class=\"_ _2\"></span>ts, takin<span class=\"_ _2\"></span>g into a<span class=\"_ _2\"></span>ccou<span class=\"_ _2\"></span>nt curren<span class=\"_ _2\"></span>t conditio<span class=\"_ _2\"></span>ns and functi<span class=\"_ _2\"></span>onal o<span class=\"_ _2\"></span>bsolescence. Bas<span class=\"_ _2\"></span>ed on<span class=\"_ _2\"></span> the res<span class=\"_ _2\"></span>ults of<span class=\"_ _2\"></span> the s<span class=\"_ _2\"></span>tudie<span class=\"_ _2\"></span>s c<span class=\"_ _2\"></span>arried out<span class=\"_ _2\"></span>, as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>on the Group's <span class=\"_ _2\"></span>investm<span class=\"_ _2\"></span>ent prospec<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>2023-2027 <span class=\"_ _2\"></span>period, n<span class=\"_ _2\"></span>amely as<span class=\"_ _2\"></span> a resul<span class=\"_ _2\"></span>t of<span class=\"_ _2\"></span> decarboni<span class=\"_ _2\"></span>sation commi<span class=\"_ _2\"></span>tments and <span class=\"_ _2\"></span>projects <span class=\"_ _2\"></span>under the R<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>ry and R<span class=\"_ _2\"></span>esil<span class=\"_ _2\"></span>ience Pl<span class=\"_ _2\"></span>an, Naviga<span class=\"_ _2\"></span>tor r<span class=\"_ _2\"></span>eviewe<span class=\"_ _0\"></span>d <span class=\"_ _2\"></span>the useful<span class=\"_ _2\"></span> lif<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>ts assets wi<span class=\"_ _2\"></span>th referenc<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>1 Janu<span class=\"_ _2\"></span>ary 2022<span class=\"_ _2\"></span>, which <span class=\"_ _2\"></span>resulte<span class=\"_ _2\"></span>d in an <span class=\"_ _2\"></span>increase of<span class=\"_ _2\"></span> Euro 36.8 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on in<span class=\"_ _2\"></span> depreciation <span class=\"_ _2\"></span>for the y<span class=\"_ _2\"></span>ear, as <span class=\"_ _2\"></span>a res<span class=\"_ _2\"></span>ult of <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>average r<span class=\"_ _2\"></span>eduction of<span class=\"_ _2\"></span> approxi<span class=\"_ _2\"></span>mately 7<span class=\"_ _2\"></span> years in <span class=\"_ _2\"></span>useful <span class=\"_ _2\"></span>life.<span class=\"_ _2\"></span> Physical<span class=\"_ _2\"></span> risks <span class=\"_ _2\"></span>arisin<span class=\"_ _2\"></span>g from fi<span class=\"_ _2\"></span>res and <span class=\"_ _2\"></span>droughts <span class=\"_ _2\"></span>are la<span class=\"_ _2\"></span>rgely c<span class=\"_ _2\"></span>overed by <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p's pro<span class=\"_ _2\"></span>perty an<span class=\"_ _2\"></span>d operati<span class=\"_ _2\"></span>ng loss<span class=\"_ _2\"></span> insuran<span class=\"_ _2\"></span>ce programs<span class=\"_ _2\"></span>. Howev<span class=\"_ _2\"></span>er, if <span class=\"_ _2\"></span>the fre<span class=\"_ _2\"></span>quenc<span class=\"_ _2\"></span>y and se<span class=\"_ _2\"></span>verity of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>events increase <span class=\"_ _2\"></span>as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f cli<span class=\"_ _2\"></span>mate chang<span class=\"_ _2\"></span>e, the c<span class=\"_ _2\"></span>ost of <span class=\"_ _2\"></span>such co<span class=\"_ _2\"></span>vera<span class=\"_ _2\"></span>ge could i<span class=\"_ _2\"></span>ncreas<span class=\"_ _2\"></span>e. The Group <span class=\"_ _2\"></span>believ<span class=\"_ _2\"></span>es that s<span class=\"_ _2\"></span>ustainable <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rest managem<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>, as well <span class=\"_ _2\"></span>as the a<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty to react <span class=\"_ _2\"></span>to events <span class=\"_ _2\"></span>such as <span class=\"_ _2\"></span>forest fi<span class=\"_ _2\"></span>res an<span class=\"_ _2\"></span>d di<span class=\"_ _2\"></span>seases, <span class=\"_ _2\"></span>play an impo<span class=\"_ _2\"></span>rtan<span class=\"_ _2\"></span>t role i<span class=\"_ _2\"></span>n miti<span class=\"_ _2\"></span>gating <span class=\"_ _2\"></span>the negativ<span class=\"_ _2\"></span>e impacts <span class=\"_ _2\"></span>of cl<span class=\"_ _2\"></span>imate change<span class=\"_ _2\"></span>. As widely di<span class=\"_ _2\"></span>sclos<span class=\"_ _2\"></span>ed, th<span class=\"_ _2\"></span>e Group's <span class=\"_ _2\"></span>strat<span class=\"_ _2\"></span>egy, wi<span class=\"_ _2\"></span>th a co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e purpos<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span> and a Res<span class=\"_ _2\"></span>ponsi<span class=\"_ _2\"></span>ble Management \"<span class=\"_ _2\"></span>Agenda <span class=\"_ _2\"></span>2030\" i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>ne with the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nation<span class=\"_ _2\"></span>s Sustai<span class=\"_ _2\"></span>nable De<span class=\"_ _2\"></span>velopment <span class=\"_ _2\"></span>Goals, i<span class=\"_ _2\"></span>s to provid<span class=\"_ _2\"></span>e sustai<span class=\"_ _2\"></span>nabl<span class=\"_ _2\"></span>e and renew<span class=\"_ _2\"></span>able alt<span class=\"_ _2\"></span>ernati<span class=\"_ _2\"></span>ves to fo<span class=\"_ _2\"></span>ssil-based sol<span class=\"_ _2\"></span>uti<span class=\"_ _2\"></span>ons, off<span class=\"_ _2\"></span>ering a<span class=\"_ _2\"></span>ttractiv<span class=\"_ _2\"></span>e growth o<span class=\"_ _2\"></span>pportuni<span class=\"_ _2\"></span>ties in <span class=\"_ _2\"></span>the fu<span class=\"_ _2\"></span>ture and <span class=\"_ _2\"></span>promoti<span class=\"_ _2\"></span>ng the deca<span class=\"_ _2\"></span>rbonisati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the econom<span class=\"_ _2\"></span>y. The Group's <span class=\"_ _2\"></span>innovatio<span class=\"_ _2\"></span>n, the d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ent of su<span class=\"_ _2\"></span>stai<span class=\"_ _2\"></span>nable pro<span class=\"_ _2\"></span>ducts<span class=\"_ _2\"></span> and inves<span class=\"_ _2\"></span>tments <span class=\"_ _2\"></span>in energ<span class=\"_ _2\"></span>y effi<span class=\"_ _2\"></span>ciency wil<span class=\"_ _2\"></span>l enable <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>to ac<span class=\"_ _2\"></span>hieve i<span class=\"_ _2\"></span>ts cl<span class=\"_ _2\"></span>imate goals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d an adequat<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>ponse to cli<span class=\"_ _2\"></span>mate chall<span class=\"_ _2\"></span>enges. The Company con<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>ues to sho<span class=\"_ _2\"></span>w a rema<span class=\"_ _2\"></span>rkabl<span class=\"_ _2\"></span>e free c<span class=\"_ _2\"></span>ash-fl<span class=\"_ _2\"></span>ow generati<span class=\"_ _2\"></span>on and a s<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>engthened finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n, and it i<span class=\"_ _2\"></span>s the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>\u2019 beli<span class=\"_ _2\"></span>ef that, gi<span class=\"_ _2\"></span>ven i<span class=\"_ _2\"></span>ts fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>quidity positi<span class=\"_ _2\"></span>on, rele<span class=\"_ _2\"></span>vant nega<span class=\"_ _2\"></span>tive impac<span class=\"_ _2\"></span>ts ari<span class=\"_ _2\"></span>sing f<span class=\"_ _2\"></span>rom cli<span class=\"_ _2\"></span>mate ch<span class=\"_ _2\"></span>ange are <span class=\"_ _2\"></span>not expec<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>d to <span class=\"_ _2\"></span>justif<span class=\"_ _2\"></span>y the recogniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>additi<span class=\"_ _2\"></span>onal i<span class=\"_ _2\"></span>mpairments or <span class=\"_ _2\"></span>that j<span class=\"_ _2\"></span>eopardi<span class=\"_ _2\"></span>ze th<span class=\"_ _2\"></span>e going c<span class=\"_ _2\"></span>oncern p<span class=\"_ _2\"></span>rincipl<span class=\"_ _2\"></span>e applied i<span class=\"_ _2\"></span>n the prepa<span class=\"_ _2\"></span>ration <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statements<span class=\"_ _2\"></span>. 9.1.5.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Human resou<span class=\"_ _2\"></span>rces and<span class=\"_ _2\"></span> talent m<span class=\"_ _2\"></span>anag<span class=\"_ _2\"></span>ement Human res<span class=\"_ _2\"></span>ources mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>in the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group in <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 was marke<span class=\"_ _2\"></span>d by an <span class=\"_ _2\"></span>innovativ<span class=\"_ _2\"></span>e and impactf<span class=\"_ _2\"></span>ul ag<span class=\"_ _2\"></span>reement f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's appro<span class=\"_ _2\"></span>ximatel<span class=\"_ _2\"></span>y 1,700 oper<span class=\"_ _2\"></span>ational<span class=\"_ _2\"></span> technici<span class=\"_ _2\"></span>ans. <span class=\"_ _2\"></span>The agreement<span class=\"_ _2\"></span>, which wi<span class=\"_ _2\"></span>ll h<span class=\"_ _2\"></span>ave a term o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>two years<span class=\"_ _2\"></span>, is <span class=\"_ _2\"></span>a histo<span class=\"_ _2\"></span>ric <span class=\"_ _2\"></span>mileston<span class=\"_ _2\"></span>e for the co<span class=\"_ _2\"></span>mpany<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly at a <span class=\"_ _2\"></span>time of<span class=\"_ _2\"></span> economi<span class=\"_ _2\"></span>c and so<span class=\"_ _2\"></span>cial unc<span class=\"_ _2\"></span>ertainty<span class=\"_ _2\"></span>. The agre<span class=\"_ _2\"></span>ement, whi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>was develo<span class=\"_ _2\"></span>ped with the <span class=\"_ _2\"></span>trade un<span class=\"_ _2\"></span>ions <span class=\"_ _2\"></span>and worke<span class=\"_ _2\"></span>r repres<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>ve organi<span class=\"_ _2\"></span>sati<span class=\"_ _2\"></span>ons (WROs), is<span class=\"_ _2\"></span> cruci<span class=\"_ _2\"></span>al to <span class=\"_ _2\"></span>ensurin<span class=\"_ _2\"></span>g soci<span class=\"_ _2\"></span>al peace i<span class=\"_ _2\"></span>n the compan<span class=\"_ _2\"></span>y. Fu<span class=\"_ _2\"></span>rthermore<span class=\"_ _2\"></span>, th<span class=\"_ _2\"></span>e balance ac<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>eved<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>also provi<span class=\"_ _2\"></span>de increase<span class=\"_ _2\"></span>d inco<span class=\"_ _2\"></span>me for emplo<span class=\"_ _2\"></span>yees, bas<span class=\"_ _2\"></span>ed on fou<span class=\"_ _2\"></span>r fund<span class=\"_ _2\"></span>amental <span class=\"_ _2\"></span>principl<span class=\"_ _2\"></span>es: str<span class=\"_ _2\"></span>engthenin<span class=\"_ _2\"></span>g variabl<span class=\"_ _2\"></span>e remunera<span class=\"_ _2\"></span>tion by sha<span class=\"_ _2\"></span>ring the <span class=\"_ _2\"></span>Comp<span class=\"_ _2\"></span>any's resul<span class=\"_ _2\"></span>ts, me<span class=\"_ _2\"></span>rit as <span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>actor in <span class=\"_ _2\"></span>increasi<span class=\"_ _2\"></span>ng remun<span class=\"_ _2\"></span>eration<span class=\"_ _2\"></span>, harmoni<span class=\"_ _2\"></span>sation o<span class=\"_ _2\"></span>f condi<span class=\"_ _2\"></span>tions bet<span class=\"_ _2\"></span>ween the co<span class=\"_ _2\"></span>mpanies of<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> Navi<span class=\"_ _2\"></span>gator Grou<span class=\"_ _2\"></span>p and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in the inc<span class=\"_ _2\"></span>ome availabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span>. In the a<span class=\"_ _2\"></span>rea of <span class=\"_ _2\"></span>Talent<span class=\"_ _2\"></span>, 2022 <span class=\"_ _2\"></span>also s<span class=\"_ _2\"></span>aw a number <span class=\"_ _2\"></span>of impo<span class=\"_ _2\"></span>rtant mi<span class=\"_ _2\"></span>lestones, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g: the success<span class=\"_ _2\"></span>ful c<span class=\"_ _2\"></span>ompletion <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>nternshi<span class=\"_ _2\"></span>p programme <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>oped in par<span class=\"_ _2\"></span>tners<span class=\"_ _2\"></span>hip with <span class=\"_ _2\"></span>the IE<span class=\"_ _2\"></span>FP, with an i<span class=\"_ _2\"></span>ntegratio<span class=\"_ _2\"></span>n rate a<span class=\"_ _2\"></span>t Navi<span class=\"_ _2\"></span>gator of<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>ver 70%; the co<span class=\"_ _2\"></span>mpletio<span class=\"_ _2\"></span>n of the <span class=\"_ _2\"></span>implemen<span class=\"_ _2\"></span>tation of<span class=\"_ _2\"></span> the Functio<span class=\"_ _2\"></span>nal Fami<span class=\"_ _2\"></span>ly model, <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>ding indi<span class=\"_ _2\"></span>vidual co<span class=\"_ _2\"></span>mmunicati<span class=\"_ _2\"></span>on to al<span class=\"_ _2\"></span>l employees i<span class=\"_ _2\"></span>nvolv<span class=\"_ _2\"></span>ed; and <span class=\"_ _2\"></span>the launc<span class=\"_ _2\"></span>h of the C<span class=\"_ _2\"></span>RESCER<span class=\"_ _2\"></span> project, with <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>omple<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>agnosis <span class=\"_ _2\"></span>phase and <span class=\"_ _2\"></span>the developmen<span class=\"_ _2\"></span>t of a ro<span class=\"_ _2\"></span>admap of<span class=\"_ _2\"></span> initi<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>v<span class=\"_ _0\"></span>es to <span class=\"_ _2\"></span>be address<span class=\"_ _2\"></span>ed b<span class=\"_ _2\"></span>etween 202<span class=\"_ _2\"></span>3 and 202<span class=\"_ _2\"></span>4. From the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ties plan <span class=\"_ _2\"></span>implemen<span class=\"_ _2\"></span>ted i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span>, the foll<span class=\"_ _2\"></span>owing sho<span class=\"_ _2\"></span>uld be hi<span class=\"_ _2\"></span>ghlight<span class=\"_ _2\"></span>ed: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Conti<span class=\"_ _2\"></span>nued focus<span class=\"_ _2\"></span> on Recrui<span class=\"_ _2\"></span>tment, t<span class=\"_ _2\"></span>raini<span class=\"_ _2\"></span>ng and int<span class=\"_ _2\"></span>ernships <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or future o<span class=\"_ _2\"></span>perators<span class=\"_ _2\"></span> throu<span class=\"_ _2\"></span>gh </span></span>partnershi<span class=\"_ _2\"></span>ps with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>IEFP. Las<span class=\"_ _2\"></span>t year, 58 <span class=\"_ _2\"></span>new ope<span class=\"_ _2\"></span>rators<span class=\"_ _2\"></span> were r<span class=\"_ _2\"></span>ecruite<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>trained un<span class=\"_ _2\"></span>der this <span class=\"_ _2\"></span>programme, <span class=\"_ _2\"></span>which ac<span class=\"_ _2\"></span>hieved a <span class=\"_ _2\"></span>92% succes<span class=\"_ _2\"></span>s rate <span class=\"_ _2\"></span>(tran<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n from trai<span class=\"_ _2\"></span>ning to internshi<span class=\"_ _2\"></span>p) an<span class=\"_ _2\"></span>d a 72% in<span class=\"_ _2\"></span>tegrati<span class=\"_ _2\"></span>on rate<span class=\"_ _2\"></span>;  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The focus<span class=\"_ _2\"></span> on absen<span class=\"_ _2\"></span>teei<span class=\"_ _2\"></span>sm as a <span class=\"_ _2\"></span>critical<span class=\"_ _2\"></span> factor <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the comp<span class=\"_ _2\"></span>any's produc<span class=\"_ _2\"></span>tivit<span class=\"_ _2\"></span>y throu<span class=\"_ _2\"></span>gh </span></span>various <span class=\"_ _2\"></span>actions to<span class=\"_ _2\"></span> suppo<span class=\"_ _2\"></span>rt emplo<span class=\"_ _2\"></span>yees, from <span class=\"_ _2\"></span>the mo<span class=\"_ _2\"></span>nitorin<span class=\"_ _2\"></span>g of <span class=\"_ _2\"></span>short and l<span class=\"_ _2\"></span>ong <span class=\"_ _2\"></span>term lea<span class=\"_ _2\"></span>ve; health at <span class=\"_ _2\"></span>work <span class=\"_ _2\"></span>through occ<span class=\"_ _2\"></span>upatio<span class=\"_ _2\"></span>nal heal<span class=\"_ _2\"></span>th ac<span class=\"_ _2\"></span>tions; pen<span class=\"_ _2\"></span>alt<span class=\"_ _2\"></span>ies and i<span class=\"_ _2\"></span>ncreases i<span class=\"_ _2\"></span>n va<span class=\"_ _2\"></span>riable remunera<span class=\"_ _2\"></span>tion; and su<span class=\"_ _2\"></span>ppor<span class=\"_ _2\"></span>t and clari<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on fo<span class=\"_ _2\"></span>r emplo<span class=\"_ _2\"></span>yees on<span class=\"_ _2\"></span> time managem<span class=\"_ _2\"></span>ent poli<span class=\"_ _2\"></span>cies, among other i<span class=\"_ _2\"></span>nitia<span class=\"_ _2\"></span>tives;<span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The intro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of a pro<span class=\"_ _2\"></span>ductivi<span class=\"_ _2\"></span>ty bonus <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>an increas<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>n achievabl<span class=\"_ _2\"></span>e variabl<span class=\"_ _2\"></span>e </span></span>remunera<span class=\"_ _2\"></span>tion, which <span class=\"_ _2\"></span>has all<span class=\"_ _2\"></span>owed a <span class=\"_ _2\"></span>great<span class=\"_ _2\"></span>er focus <span class=\"_ _2\"></span>on maxi<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng assets and <span class=\"_ _2\"></span>impro<span class=\"_ _2\"></span>ving the remun<span class=\"_ _2\"></span>eratio<span class=\"_ _2\"></span>n availabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span>;  \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">A foc<span class=\"_ _2\"></span>us on attrac<span class=\"_ _2\"></span>ting youn<span class=\"_ _2\"></span>g talen<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>enabled by <span class=\"_ _2\"></span>the st<span class=\"_ _2\"></span>rengt<span class=\"_ _2\"></span>hening o<span class=\"_ _2\"></span>f our empl<span class=\"_ _2\"></span>oyer </span></span>branding s<span class=\"_ _2\"></span>trateg<span class=\"_ _2\"></span>y, whi<span class=\"_ _2\"></span>ch resulte<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the recrui<span class=\"_ _2\"></span>tment o<span class=\"_ _2\"></span>f 54<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span>terns, the ho<span class=\"_ _2\"></span>lding o<span class=\"_ _2\"></span>f 35 summer i<span class=\"_ _2\"></span>nternships an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e promotio<span class=\"_ _2\"></span>n of 2<span class=\"_ _2\"></span>0 disser<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>projec<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>a busines<span class=\"_ _2\"></span>s environment<span class=\"_ _2\"></span>. The d<span class=\"_ _2\"></span>evelopm<span class=\"_ _2\"></span>ent of pa<span class=\"_ _2\"></span>rtnershi<span class=\"_ _2\"></span>ps betw<span class=\"_ _2\"></span>een busi<span class=\"_ _2\"></span>ness and <span class=\"_ _2\"></span>academia is<span class=\"_ _2\"></span> a fundamental <span class=\"_ _2\"></span>part of<span class=\"_ _2\"></span> id<span class=\"_ _2\"></span>entifying an<span class=\"_ _2\"></span>d at<span class=\"_ _2\"></span>tracti<span class=\"_ _2\"></span>ng talen<span class=\"_ _2\"></span>t, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as a s<span class=\"_ _2\"></span>ource of <span class=\"_ _2\"></span>innovation<span class=\"_ _2\"></span> and conti<span class=\"_ _2\"></span>nuous l<span class=\"_ _2\"></span>earning; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The implemen<span class=\"_ _2\"></span>tation <span class=\"_ _2\"></span>of a ne<span class=\"_ _2\"></span>w care<span class=\"_ _2\"></span>er model<span class=\"_ _2\"></span> for the <span class=\"_ _2\"></span>compa<span class=\"_ _2\"></span>ny's <span class=\"_ _2\"></span>managers, ai<span class=\"_ _2\"></span>med at </span></span>promoting g<span class=\"_ _2\"></span>rowth <span class=\"_ _2\"></span>by diversif<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g career an<span class=\"_ _2\"></span>d dev<span class=\"_ _2\"></span>elopmen<span class=\"_ _2\"></span>t opportuni<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>(great<span class=\"_ _2\"></span>er equal<span class=\"_ _2\"></span>ity between <span class=\"_ _2\"></span>technical<span class=\"_ _2\"></span> and mana<span class=\"_ _2\"></span>gement <span class=\"_ _2\"></span>careers)<span class=\"_ _2\"></span>. All <span class=\"_ _2\"></span>employees<span class=\"_ _2\"></span> were posi<span class=\"_ _2\"></span>tioned <span class=\"_ _2\"></span>within thi<span class=\"_ _2\"></span>s new model an<span class=\"_ _2\"></span>d the co<span class=\"_ _2\"></span>mmunicati<span class=\"_ _2\"></span>on p<span class=\"_ _2\"></span>rocess i<span class=\"_ _2\"></span>nvolved mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>90% of <span class=\"_ _2\"></span>the popul<span class=\"_ _2\"></span>ation covered <span class=\"_ _2\"></span>by the e<span class=\"_ _2\"></span>nd of 20<span class=\"_ _2\"></span>22; <span class=\"_ _2\"></span> \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Conti<span class=\"_ _2\"></span>nued design of<span class=\"_ _2\"></span> new s<span class=\"_ _2\"></span>kills<span class=\"_ _2\"></span> programs, i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>ne with th<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>ew Career <span class=\"_ _2\"></span>Plan, con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>ng </span></span>signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y to the <span class=\"_ _2\"></span>expansi<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the Group's L<span class=\"_ _2\"></span>earni<span class=\"_ _2\"></span>ng Cent<span class=\"_ _2\"></span>re special<span class=\"_ _2\"></span>ized of<span class=\"_ _2\"></span>fer an<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the developmen<span class=\"_ _2\"></span>t of Emplo<span class=\"_ _2\"></span>yees; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Review of <span class=\"_ _2\"></span>individual<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>emuneratio<span class=\"_ _2\"></span>n plans <span class=\"_ _2\"></span>to ensure th<span class=\"_ _2\"></span>eir <span class=\"_ _2\"></span>competitiv<span class=\"_ _2\"></span>eness: Func<span class=\"_ _2\"></span>tion </span></span>convergen<span class=\"_ _2\"></span>ce plans; <span class=\"_ _2\"></span>Upgradin<span class=\"_ _2\"></span>g of <span class=\"_ _2\"></span>Supervis<span class=\"_ _2\"></span>ors, <span class=\"_ _2\"></span>Young Exec<span class=\"_ _2\"></span>utives Pl<span class=\"_ _2\"></span>an (s<span class=\"_ _2\"></span>tandard an<span class=\"_ _2\"></span>d faster<span class=\"_ _2\"></span>), among o<span class=\"_ _2\"></span>thers<span class=\"_ _2\"></span>; \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">Launc<span class=\"_ _2\"></span>h of the C<span class=\"_ _2\"></span>rescer <span class=\"_ _2\"></span>project, <span class=\"_ _2\"></span>promot<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e company'<span class=\"_ _2\"></span>s top <span class=\"_ _2\"></span>management<span class=\"_ _2\"></span>, based o<span class=\"_ _2\"></span>n </span></span>people and <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>devel<span class=\"_ _2\"></span>opment and anc<span class=\"_ _2\"></span>hored i<span class=\"_ _2\"></span>n Naviga<span class=\"_ _2\"></span>tor's<span class=\"_ _2\"></span> purpose<span class=\"_ _2\"></span>. 9.1.6.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Information sy<span class=\"_ _2\"></span>stems<span class=\"_ _2\"></span> The Group\u2019s <span class=\"_ _2\"></span>informa<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>systems, <span class=\"_ _2\"></span>some of <span class=\"_ _2\"></span>which r<span class=\"_ _2\"></span>ely on s<span class=\"_ _2\"></span>ervices<span class=\"_ _2\"></span> rende<span class=\"_ _2\"></span>red by <span class=\"_ _2\"></span>third pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>, play ke<span class=\"_ _2\"></span>y role in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operation<span class=\"_ _2\"></span> of i<span class=\"_ _2\"></span>ts busines<span class=\"_ _2\"></span>s. Gi<span class=\"_ _2\"></span>ven the <span class=\"_ _2\"></span>strong <span class=\"_ _2\"></span>reliance pl<span class=\"_ _2\"></span>aced <span class=\"_ _2\"></span>on inf<span class=\"_ _2\"></span>ormation technolo<span class=\"_ _2\"></span>gies in<span class=\"_ _2\"></span> the se<span class=\"_ _2\"></span>veral geog<span class=\"_ _2\"></span>raphies <span class=\"_ _2\"></span>and busi<span class=\"_ _2\"></span>ness ar<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>which the Grou<span class=\"_ _2\"></span>p opera<span class=\"_ _2\"></span>tes, it i<span class=\"_ _2\"></span>s important <span class=\"_ _2\"></span>to hi<span class=\"_ _2\"></span>ghlight th<span class=\"_ _2\"></span>e risk <span class=\"_ _2\"></span>inher<span class=\"_ _2\"></span>ent to <span class=\"_ _2\"></span>systems <span class=\"_ _2\"></span>failures<span class=\"_ _2\"></span> resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>inten<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> actions<span class=\"_ _2\"></span> such <span class=\"_ _2\"></span>as computer a<span class=\"_ _2\"></span>ttacks <span class=\"_ _2\"></span>or acci<span class=\"_ _2\"></span>dental <span class=\"_ _2\"></span>actions<span class=\"_ _2\"></span>.  Despite <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>cedures desi<span class=\"_ _2\"></span>gned an<span class=\"_ _2\"></span>d impl<span class=\"_ _2\"></span>emented <span class=\"_ _2\"></span>to miti<span class=\"_ _2\"></span>gate the men<span class=\"_ _2\"></span>tioned ri<span class=\"_ _2\"></span>sks, th<span class=\"_ _2\"></span>e Navigator G<span class=\"_ _2\"></span>roup i<span class=\"_ _2\"></span>s aware <span class=\"_ _2\"></span>that<span class=\"_ _2\"></span>, in the abs<span class=\"_ _2\"></span>ence o<span class=\"_ _2\"></span>f invi<span class=\"_ _2\"></span>olabl<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>ormation s<span class=\"_ _2\"></span>ystems, i<span class=\"_ _2\"></span>t canno<span class=\"_ _2\"></span>t be guaranteed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>these <span class=\"_ _2\"></span>efforts <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> be suff<span class=\"_ _2\"></span>icient to <span class=\"_ _2\"></span>prev<span class=\"_ _2\"></span>ent su<span class=\"_ _2\"></span>ch system fai<span class=\"_ _2\"></span>lures<span class=\"_ _2\"></span>, as w<span class=\"_ _2\"></span>ell as<span class=\"_ _2\"></span> the relate<span class=\"_ _2\"></span>d repercussi<span class=\"_ _2\"></span>on on <span class=\"_ _2\"></span>reputa<span class=\"_ _2\"></span>tion, l<span class=\"_ _2\"></span>itigation<span class=\"_ _2\"></span>, in<span class=\"_ _2\"></span>effici<span class=\"_ _2\"></span>encies o<span class=\"_ _2\"></span>r even in al<span class=\"_ _2\"></span>locati<span class=\"_ _2\"></span>ng opera<span class=\"_ _2\"></span>ting margins.<span class=\"_ _2\"></span> The Group us<span class=\"_ _2\"></span>es the s<span class=\"_ _2\"></span>uppor<span class=\"_ _2\"></span>t of s<span class=\"_ _2\"></span>ervice <span class=\"_ _2\"></span>providers <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>ea of<span class=\"_ _2\"></span> outsourci<span class=\"_ _2\"></span>ng inf<span class=\"_ _2\"></span>ormation systems<span class=\"_ _2\"></span>, having <span class=\"_ _2\"></span>renewed<span class=\"_ _2\"></span>, duri<span class=\"_ _2\"></span>ng 2021, the o<span class=\"_ _2\"></span>utso<span class=\"_ _2\"></span>urcing c<span class=\"_ _2\"></span>ontracts <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>he mana<span class=\"_ _2\"></span>gement and operati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>infrastruc<span class=\"_ _2\"></span>tures and <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r applicati<span class=\"_ _2\"></span>on mana<span class=\"_ _2\"></span>gement an<span class=\"_ _2\"></span>d maint<span class=\"_ _2\"></span>enance until<span class=\"_ _2\"></span> 31 December <span class=\"_ _2\"></span>2023 and <span class=\"_ _2\"></span>31 Decem<span class=\"_ _2\"></span>ber 2024, <span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y. 9.1.7.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span><span class=\"ffa\">Other risks ass<span class=\"_ _2\"></span>ociat<span class=\"_ _2\"></span>ed wi<span class=\"_ _2\"></span>th the Gr<span class=\"_ _2\"></span>oup\u2019s a<span class=\"_ _2\"></span>ctiv<span class=\"_ _2\"></span>ity<span class=\"_ _0\"></span><span class=\"ff4\"> </span></span>The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s manu<span class=\"_ _2\"></span>facturi<span class=\"_ _2\"></span>ng faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es<span class=\"ff1\"> are subject<span class=\"_ _2\"></span> to ri<span class=\"_ _2\"></span>sks inh<span class=\"_ _2\"></span>erent to an<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al </span>activity<span class=\"_ _2\"></span>, such <span class=\"_ _2\"></span>as acci<span class=\"_ _2\"></span>dents, <span class=\"_ _2\"></span>breakdo<span class=\"_ _2\"></span>wns or natu<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>disaste<span class=\"_ _2\"></span>rs <span class=\"_ _2\"></span>that may cau<span class=\"_ _2\"></span>se los<span class=\"_ _2\"></span>ses in <span class=\"_ _2\"></span>the ass<span class=\"_ _2\"></span>ets or tempo<span class=\"_ _2\"></span>rary in<span class=\"_ _2\"></span>terruptio<span class=\"_ _2\"></span>ns in <span class=\"_ _2\"></span>the produc<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> process<span class=\"_ _2\"></span>. Likewis<span class=\"_ _2\"></span>e, these ri<span class=\"_ _2\"></span>sks <span class=\"_ _2\"></span>may also <span class=\"_ _2\"></span>affec<span class=\"_ _2\"></span>t the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Grou<span class=\"ff8\">p\u2019s mai<span class=\"_ _2\"></span>n Cus<span class=\"_ _2\"></span>tomers and Sup<span class=\"_ _2\"></span>pliers, </span>which wou<span class=\"_ _2\"></span>ld have <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>impact on th<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>profitabi<span class=\"_ _2\"></span>lity<span class=\"_ _2\"></span>, should <span class=\"_ _2\"></span>it not <span class=\"_ _2\"></span>be possi<span class=\"_ _2\"></span>ble to fi<span class=\"_ _2\"></span>nd new Custome<span class=\"_ _2\"></span>rs to ens<span class=\"_ _2\"></span>ure s<span class=\"_ _2\"></span>ales l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>and new Sup<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>ers that woul<span class=\"_ _2\"></span>d ena<span class=\"_ _2\"></span>ble the G<span class=\"_ _2\"></span>roup to maintai<span class=\"_ _2\"></span>n its c<span class=\"_ _2\"></span>urrent c<span class=\"_ _2\"></span>ost struc<span class=\"_ _2\"></span>ture. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup expor<span class=\"_ _2\"></span>ts ove<span class=\"_ _2\"></span>r 95% of <span class=\"_ _2\"></span>its pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> UWF paper an<span class=\"_ _2\"></span>d abou<span class=\"_ _2\"></span>t 44% of<span class=\"_ _2\"></span> its production <span class=\"_ _2\"></span>of Tiss<span class=\"_ _2\"></span>ue pap<span class=\"_ _2\"></span>er. Conse<span class=\"_ _2\"></span>quentl<span class=\"_ _2\"></span>y, trans<span class=\"_ _2\"></span>porta<span class=\"_ _2\"></span>tion and <span class=\"_ _2\"></span>logisti<span class=\"_ _2\"></span>cs cos<span class=\"_ _2\"></span>ts are ma<span class=\"_ _2\"></span>terially relevan<span class=\"_ _2\"></span>t. A con<span class=\"_ _2\"></span>tinuous<span class=\"_ _2\"></span> rise i<span class=\"_ _2\"></span>n trans<span class=\"_ _2\"></span>port cos<span class=\"_ _2\"></span>ts may ha<span class=\"_ _2\"></span>ve a si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant impact i<span class=\"_ _2\"></span>n its <span class=\"_ _2\"></span>earnings<span class=\"_ _2\"></span>. 9.1.8.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Context risk<span class=\"_ _2\"></span>s The lack o<span class=\"_ _2\"></span>f effi<span class=\"_ _2\"></span>ciency i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>Portugues<span class=\"_ _2\"></span>e econ<span class=\"_ _2\"></span>omy continu<span class=\"_ _2\"></span>es to<span class=\"_ _2\"></span> be foll<span class=\"_ _2\"></span>owed, ad<span class=\"_ _2\"></span>versely <span class=\"_ _2\"></span>affec<span class=\"_ _2\"></span>ting the Group's<span class=\"_ _2\"></span> comp<span class=\"_ _2\"></span>etitivenes<span class=\"_ _2\"></span>s, mai<span class=\"_ _2\"></span>nly i<span class=\"_ _2\"></span>n the fol<span class=\"_ _2\"></span>lowing are<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Ports and r<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>roads; </span></span>ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Roads, partic<span class=\"_ _2\"></span>ularly th<span class=\"ff8\">os<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>viding ac<span class=\"_ _2\"></span>cess to <span class=\"_ _2\"></span>the Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r Group\u2019s <span class=\"_ _2\"></span>produci<span class=\"_ _2\"></span>ng units;<span class=\"ff1\"> </span></span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">T<span class=\"_ _0\"></span>erritori<span class=\"_ _2\"></span>al pl<span class=\"_ _2\"></span>anning and f<span class=\"_ _2\"></span>orest <span class=\"_ _2\"></span>fires<span class=\"_ _2\"></span>; </span></span>iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span><span class=\"ff8\">L<span class=\"_ _2\"></span>ow producti<span class=\"_ _2\"></span>vity of th<span class=\"_ _2\"></span>e cou<span class=\"_ _2\"></span>ntry\u2019s <span class=\"_ _2\"></span>fores<span class=\"_ _2\"></span>ts;<span class=\"ff1\"> </span></span></span>v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">The l<span class=\"_ _2\"></span>ack of c<span class=\"_ _2\"></span>ertifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of mos<span class=\"_ _2\"></span>t of the Po<span class=\"_ _2\"></span>rtu<span class=\"_ _2\"></span>guese for<span class=\"_ _2\"></span>est; </span></span>vi.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Vol<span class=\"_ _2\"></span>atili<span class=\"_ _2\"></span>ty of the fi<span class=\"_ _2\"></span>scal <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>and no r<span class=\"_ _2\"></span>eduction o<span class=\"_ _2\"></span>f the IRC<span class=\"_ _2\"></span> ra<span class=\"_ _2\"></span>te, as well<span class=\"_ _2\"></span> as no<span class=\"_ _2\"></span>n-elimi<span class=\"_ _2\"></span>nation <span class=\"_ _2\"></span>of the surc<span class=\"_ _2\"></span>harges.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-229-2": {
   "value": "10.1.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> </span></span>Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _2\"></span>vision<span class=\"_ _2\"></span>s   Legal<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> proceedings<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Other p<span class=\"_ _0\"></span>rovision<span class=\"_ _0\"></span>s   Total  1 January 202<span class=\"_ _0\"></span>1 4,668,10<span class=\"_ _0\"></span>5  18,741<span class=\"_ _0\"></span>,229  23,409<span class=\"_ _0\"></span>,334  Increases  3,815,210  1,300,000  5,115,210  Charge-off<span class=\"_ _0\"></span> (16<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>50)<span class=\"_ _0\"></span> -  (16<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>50)<span class=\"_ _0\"></span> Reversals<span class=\"_ _0\"></span> (1,443,952) (512,064) (1,956,016) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 2,355,00<span class=\"_ _0\"></span>8  787<span class=\"_ _0\"></span>,936  3,142,94<span class=\"_ _0\"></span>4  Exchange rate adjustm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> (71<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>39)<span class=\"_ _0\"></span> -  (71<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>39)<span class=\"_ _0\"></span> Other transfers a<span class=\"_ _0\"></span>nd adjustmen<span class=\"_ _0\"></span>ts -  271,642  271,642  31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> 6,951,27<span class=\"_ _0\"></span>3  19,800<span class=\"_ _0\"></span>,807  26,752<span class=\"_ _0\"></span>,081  Increases 3,488,765  4,576,941  8,065,706  Reversals<span class=\"_ _0\"></span> (5,392,411) (1,051,848) (6,444,259) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (1,903<span class=\"_ _0\"></span>,646) 3,525,09<span class=\"_ _0\"></span>3  1,621,44<span class=\"_ _0\"></span>7  Exchange rate adjustm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> 2,223  -  2,223  Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> 57,126  -  57,126 <span class=\"_ _0\"></span> 31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> 5,106,97<span class=\"_ _0\"></span>6  23,325<span class=\"_ _0\"></span>,900  28,432<span class=\"_ _0\"></span>,877  No refun<span class=\"_ _2\"></span>ds of any <span class=\"_ _2\"></span>nature <span class=\"_ _2\"></span>are e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>provisi<span class=\"_ _2\"></span>ons. Legal p<span class=\"_ _2\"></span>roceedings<span class=\"_ _2\"></span> The outcome o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> for l<span class=\"_ _2\"></span>egal p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs depends <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the labour or <span class=\"_ _2\"></span>civil<span class=\"_ _2\"></span> court <span class=\"_ _2\"></span>decisi<span class=\"_ _2\"></span>ons.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the bal<span class=\"_ _2\"></span>ance is<span class=\"_ _2\"></span> mainl<span class=\"_ _2\"></span>y composed<span class=\"_ _2\"></span> of amo<span class=\"_ _2\"></span>unts refe<span class=\"_ _2\"></span>rring to l<span class=\"_ _2\"></span>abour processes <span class=\"_ _2\"></span>(2022: Eu<span class=\"_ _2\"></span>ro 2<span class=\"_ _2\"></span>.6 mill<span class=\"_ _2\"></span>ion; 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n) a<span class=\"_ _0\"></span>nd proce<span class=\"_ _2\"></span>edings ini<span class=\"_ _2\"></span>tiated b<span class=\"_ _2\"></span>y the IGAMAOT (<span class=\"ff9\">Ins<span class=\"_ _2\"></span>pe\u00e7\u00e3o-G<span class=\"_ _2\"></span>eral da <span class=\"_ _2\"></span>Agricu<span class=\"_ _2\"></span>ltura, do <span class=\"_ _2\"></span>Mar, <span class=\"_ _2\"></span>do Amb<span class=\"_ _2\"></span>iente e do <span class=\"_ _2\"></span>Or<span class=\"_ _2\"></span>denamento <span class=\"_ _2\"></span>do </span>Territ\u00f3r<span class=\"_ _2\"></span>io<span class=\"ff1\">) (2022<span class=\"_ _2\"></span>: Euro 65<span class=\"_ _2\"></span>3 thous<span class=\"_ _2\"></span>and; 202<span class=\"_ _2\"></span>1: Euro 61<span class=\"_ _2\"></span>7 tho<span class=\"_ _2\"></span>usand). </span>Other p<span class=\"_ _2\"></span>rovision<span class=\"_ _2\"></span>s The amount <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ludes pro<span class=\"_ _2\"></span>visio<span class=\"_ _2\"></span>ns to co<span class=\"_ _2\"></span>ver ris<span class=\"_ _2\"></span>ks rel<span class=\"_ _2\"></span>ated to ev<span class=\"_ _2\"></span>ents of <span class=\"_ _2\"></span>a<span class=\"_ _0\"></span> diffe<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>t nature, the resolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> which ma<span class=\"_ _2\"></span>y resul<span class=\"_ _2\"></span>t in ou<span class=\"_ _2\"></span>tflows of<span class=\"_ _2\"></span> cash<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>particul<span class=\"_ _2\"></span>ar organis<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nal rest<span class=\"_ _2\"></span>ructuring processes<span class=\"_ _2\"></span>, risks <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>ns assu<span class=\"_ _2\"></span>med in<span class=\"_ _2\"></span> invest<span class=\"_ _2\"></span>ments, amon<span class=\"_ _2\"></span>g others<span class=\"_ _2\"></span>. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns inc<span class=\"_ _2\"></span>lude Euro 1<span class=\"_ _2\"></span>7,300,0<span class=\"_ _2\"></span>00 related <span class=\"_ _2\"></span>to th<span class=\"_ _2\"></span>e Mozambiqu<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t. Althou<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>Memorandum of<span class=\"_ _2\"></span> Unders<span class=\"_ _2\"></span>tanding <span class=\"_ _2\"></span>(MoU) s<span class=\"_ _2\"></span>igned wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>Mozambi<span class=\"_ _2\"></span>can Governmen<span class=\"_ _2\"></span>t provi<span class=\"_ _2\"></span>ded for <span class=\"_ _2\"></span>a \"best <span class=\"_ _2\"></span>effor<span class=\"_ _2\"></span>t\" commitmen<span class=\"_ _2\"></span>t to cr<span class=\"_ _2\"></span>eate <span class=\"_ _2\"></span>the nec<span class=\"_ _2\"></span>essary con<span class=\"_ _2\"></span>dition<span class=\"_ _2\"></span>s to carry ou<span class=\"_ _2\"></span>t the inv<span class=\"_ _2\"></span>estm<span class=\"_ _2\"></span>ent until <span class=\"_ _2\"></span>last 31<span class=\"_ _2\"></span> Decembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>, that was not <span class=\"_ _2\"></span>possi<span class=\"_ _2\"></span>ble unti<span class=\"_ _2\"></span>l 31 <span class=\"_ _2\"></span>December 2022, <span class=\"_ _2\"></span>and both <span class=\"_ _2\"></span>parties <span class=\"_ _2\"></span>continued <span class=\"_ _2\"></span>to wor<span class=\"_ _2\"></span>k to<span class=\"_ _2\"></span>wards that <span class=\"_ _2\"></span>go<span class=\"_ _2\"></span>al.  <span class=\"_ _31\"> </span>  Th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p'<span class=\"_ _2\"></span>s u<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>tax<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>siti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>clo<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n N<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>6.1<span class=\"_ _2\"></span> - <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>ax<span class=\"fsb\">. </span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _2\"></span>s Lega<span class=\"_ _2\"></span>l and tax<span class=\"_ _2\"></span> proceeding<span class=\"_ _2\"></span>s These <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> were mad<span class=\"_ _2\"></span>e in ac<span class=\"_ _2\"></span>cordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e risk a<span class=\"_ _2\"></span>ssessments<span class=\"_ _2\"></span> carri<span class=\"_ _2\"></span>ed out in<span class=\"_ _2\"></span>ternall<span class=\"_ _2\"></span>y by the Group <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e suppo<span class=\"_ _2\"></span>rt of i<span class=\"_ _2\"></span>ts legal <span class=\"_ _2\"></span>advis<span class=\"_ _2\"></span>ers, bas<span class=\"_ _2\"></span>ed on <span class=\"_ _2\"></span>the pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ty of <span class=\"_ _2\"></span>the decisi<span class=\"_ _2\"></span>on being favourable <span class=\"_ _2\"></span>or u<span class=\"_ _2\"></span>nfavoura<span class=\"_ _2\"></span>ble to <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-232-3": {
   "value": "Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _2\"></span>gnis<span class=\"_ _2\"></span>ed whenever <span class=\"_ _2\"></span>the Gro<span class=\"_ _2\"></span>up has<span class=\"_ _2\"></span> a pres<span class=\"_ _2\"></span>ent l<span class=\"_ _2\"></span>egal or co<span class=\"_ _2\"></span>nstruc<span class=\"_ _2\"></span>tive o<span class=\"_ _2\"></span>bligation, <span class=\"_ _2\"></span>as a resul<span class=\"_ _2\"></span>t of pas<span class=\"_ _2\"></span>t events<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t is proba<span class=\"_ _2\"></span>ble tha<span class=\"_ _2\"></span>t an o<span class=\"_ _2\"></span>utfl<span class=\"_ _2\"></span>ow of resou<span class=\"_ _2\"></span>rces <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>be required <span class=\"_ _2\"></span>to settle <span class=\"_ _2\"></span>the obli<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n and the <span class=\"_ _2\"></span>amount has<span class=\"_ _2\"></span> been r<span class=\"_ _2\"></span>eli<span class=\"_ _2\"></span>ably esti<span class=\"_ _2\"></span>mated.  Provisi<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r future op<span class=\"_ _2\"></span>eratin<span class=\"_ _2\"></span>g losses<span class=\"_ _2\"></span> are no<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gnised. <span class=\"_ _2\"></span>Provisio<span class=\"_ _2\"></span>ns are re<span class=\"_ _2\"></span>viewed on <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> and are a<span class=\"_ _2\"></span>djusted <span class=\"_ _2\"></span>to refl<span class=\"_ _2\"></span>ect th<span class=\"_ _2\"></span>e bes<span class=\"_ _2\"></span>t estima<span class=\"_ _2\"></span>te a<span class=\"_ _2\"></span>t that dat<span class=\"_ _2\"></span>e. The Group i<span class=\"_ _2\"></span>ncurs <span class=\"_ _2\"></span>expenditu<span class=\"_ _2\"></span>re and <span class=\"_ _2\"></span>assumes <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>of an envi<span class=\"_ _2\"></span>ronmental<span class=\"_ _2\"></span> natur<span class=\"_ _2\"></span>e. Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _2\"></span>, expenditur<span class=\"_ _2\"></span>es on <span class=\"_ _2\"></span>equipment <span class=\"_ _2\"></span>and o<span class=\"_ _2\"></span>perating t<span class=\"_ _2\"></span>echniques<span class=\"_ _2\"></span> that<span class=\"_ _2\"></span> ensure c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>applicable legisl<span class=\"_ _2\"></span>ation an<span class=\"_ _2\"></span>d regula<span class=\"_ _2\"></span>tions (as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>on th<span class=\"_ _2\"></span>e reducti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>environment<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>l i<span class=\"_ _2\"></span>mpacts to l<span class=\"_ _2\"></span>evels <span class=\"_ _2\"></span>that do not exc<span class=\"_ _2\"></span>eed <span class=\"_ _2\"></span>those r<span class=\"_ _2\"></span>epresenting <span class=\"_ _2\"></span>a vi<span class=\"_ _2\"></span>able a<span class=\"_ _2\"></span>pplicatio<span class=\"_ _2\"></span>n of t<span class=\"_ _2\"></span>he best <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e techno<span class=\"_ _2\"></span>logies, o<span class=\"_ _2\"></span>n those rela<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>to mini<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>ng energy consum<span class=\"_ _2\"></span>ption, a<span class=\"_ _2\"></span>tmosph<span class=\"_ _2\"></span>eric emi<span class=\"_ _2\"></span>ssion<span class=\"_ _2\"></span>s, the produc<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> residues an<span class=\"_ _2\"></span>d noise<span class=\"_ _2\"></span>), a<span class=\"_ _2\"></span>re capi<span class=\"_ _2\"></span>talised when <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span>y ar<span class=\"ff8\">e intend<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to serve th<span class=\"_ _2\"></span>e Group\u2019<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>business <span class=\"_ _2\"></span>in a </span>durable <span class=\"_ _2\"></span>way, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as those as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with fu<span class=\"_ _2\"></span>ture <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c benefits<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>which serv<span class=\"_ _2\"></span>e to extend th<span class=\"_ _2\"></span>e useful<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>ves, incr<span class=\"_ _2\"></span>ease cap<span class=\"_ _2\"></span>acity or i<span class=\"_ _2\"></span>mprove <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>afety o<span class=\"_ _2\"></span>r effi<span class=\"_ _2\"></span>ciency o<span class=\"_ _2\"></span>f othe<span class=\"_ _2\"></span>r asse<span class=\"_ _2\"></span>ts owned by th<span class=\"_ _2\"></span>e Group<span class=\"_ _2\"></span>.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-234-4": {
   "value": "10.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Comm<span class=\"_ _2\"></span>itments </span></span>Guarante<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>vided t<span class=\"_ _2\"></span>o third<span class=\"_ _2\"></span> part<span class=\"_ _2\"></span>ies Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ty and Customs<span class=\"_ _0\"></span> -  6,513,318  Comiss\u00e3o Coordena\u00e7<span class=\"_ _0\"></span>\u00e3o Desenvolvime<span class=\"_ _0\"></span>nto Region<span class=\"_ _0\"></span>al   354,083  -  IAPMEI 1,280,701  1,280,701  Customs cleara<span class=\"_ _0\"></span>nce 1,250  1,250  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on state agency of Sp<span class=\"_ _0\"></span>anish T<span class=\"_ _0\"></span>ax Authori<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> -  1,033,204  Portuguese Envi<span class=\"_ _0\"></span>ronment Agency<span class=\"_ _1\"></span> 2,390,006  1,527,484  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Other 838,256  1,987,855  42,911<span class=\"_ _0\"></span>,458  55,599<span class=\"_ _0\"></span>,308  The guaran<span class=\"_ _2\"></span>tees p<span class=\"_ _2\"></span>rovided <span class=\"_ _2\"></span>to IAPME<span class=\"_ _2\"></span>I were ma<span class=\"_ _2\"></span>de in <span class=\"_ _2\"></span>the con<span class=\"_ _2\"></span>text of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t contrac<span class=\"_ _2\"></span>ts signed be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e Portu<span class=\"_ _2\"></span>guese <span class=\"_ _2\"></span>State and Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>. (Euro <span class=\"_ _2\"></span>833,097) <span class=\"_ _2\"></span>and Navigator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>\u00f3d\u00e3o<span class=\"_ _2\"></span>, S.A. (Eu<span class=\"_ _2\"></span>ro 447<span class=\"_ _2\"></span>,604), in <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>terms and <span class=\"_ _2\"></span>cond<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>ns defined i<span class=\"_ _2\"></span>n the P<span class=\"_ _2\"></span>ayment S<span class=\"_ _2\"></span>tandard <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable to p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>proved unde<span class=\"_ _2\"></span>r QREN Inc<span class=\"_ _2\"></span>entive Systems. <span class=\"_ _2\"></span> The bank gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees pro<span class=\"_ _2\"></span>vided to th<span class=\"_ _2\"></span>e Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>to the dis<span class=\"_ _2\"></span>pute of<span class=\"_ _2\"></span> liti<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n processes<span class=\"_ _2\"></span>, relate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>IRC for <span class=\"_ _2\"></span>the 2<span class=\"_ _2\"></span>015 tax <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>.  In the cas<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese En<span class=\"_ _2\"></span>vironm<span class=\"_ _2\"></span>ent Agency<span class=\"_ _2\"></span>, ban<span class=\"_ _2\"></span>k guarant<span class=\"_ _2\"></span>ees were <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e contex<span class=\"_ _2\"></span>t of proce<span class=\"_ _2\"></span>edings i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>tigation as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>water r<span class=\"_ _2\"></span>esources r<span class=\"_ _2\"></span>ate fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>years 2017<span class=\"_ _2\"></span> to 202<span class=\"_ _2\"></span>1. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-233-2": {
   "value": "Purcha<span class=\"_ _2\"></span>se c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Purchase commitm<span class=\"_ _0\"></span>ents Property, plant and eq<span class=\"_ _0\"></span>uipment - I<span class=\"_ _0\"></span>ndustri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> equipment 57,737,388 <span class=\"_ _0\"></span> 14,612,464 <span class=\"_ _0\"></span> Woo<span class=\"_ _0\"></span>d Commitments wi<span class=\"_ _0\"></span>th acquisi<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n th<span class=\"_ _2\"></span>e subs<span class=\"_ _0\"></span>equent peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 362,700,000  287,700,000  Commitments to l<span class=\"_ _0\"></span>ong-term acq<span class=\"_ _0\"></span>uisi<span class=\"_ _0\"></span>tions 117,600,000  88,100,000 <span class=\"_ _0\"></span> 538<span class=\"_ _0\"></span>,037,388<span class=\"_ _0\"></span>  390<span class=\"_ _0\"></span>,412,464<span class=\"_ _0\"></span>  In the fi<span class=\"_ _2\"></span>rst h<span class=\"_ _2\"></span>alf of<span class=\"_ _2\"></span> 2022, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Group's s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary <span class=\"_ _2\"></span>Timber Supply<span class=\"_ _2\"></span>, ACE, si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t with Portl<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>Ocean Bulk<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>. for th<span class=\"_ _2\"></span>e char<span class=\"_ _2\"></span>tering of <span class=\"_ _2\"></span>vessel<span class=\"_ _2\"></span>s f<span class=\"_ _2\"></span>or the t<span class=\"_ _2\"></span>ranspor<span class=\"_ _2\"></span>tation of <span class=\"_ _2\"></span>timber <span class=\"_ _2\"></span>in 32022, <span class=\"_ _2\"></span>2023 and <span class=\"_ _2\"></span>2024. The con<span class=\"_ _2\"></span>tract <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>des for th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>ansport o<span class=\"_ _2\"></span>f ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y 940,000 <span class=\"_ _2\"></span>mduring thi<span class=\"_ _2\"></span>s peri<span class=\"_ _2\"></span>od. Other c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>itme<span class=\"_ _2\"></span>nts The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has mad<span class=\"_ _2\"></span>e a co<span class=\"_ _2\"></span>mmitment <span class=\"_ _2\"></span>to achie<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>carbon neut<span class=\"_ _2\"></span>rality <span class=\"_ _2\"></span>by 2035, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d global <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tment of<span class=\"_ _2\"></span> Euro 235<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>lion, o<span class=\"_ _2\"></span>f which Euro <span class=\"_ _2\"></span>57.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n have already been investe<span class=\"_ _2\"></span>d until <span class=\"_ _2\"></span>31 Decemb<span class=\"_ _2\"></span>er 2022.<span class=\"_ _2\"></span> 10.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Comm<span class=\"_ _2\"></span>itments </span></span>Guarante<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>vided t<span class=\"_ _2\"></span>o third<span class=\"_ _2\"></span> part<span class=\"_ _2\"></span>ies Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ty and Customs<span class=\"_ _0\"></span> -  6,513,318  Comiss\u00e3o Coordena\u00e7<span class=\"_ _0\"></span>\u00e3o Desenvolvime<span class=\"_ _0\"></span>nto Region<span class=\"_ _0\"></span>al   354,083  -  IAPMEI 1,280,701  1,280,701  Customs cleara<span class=\"_ _0\"></span>nce 1,250  1,250  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on state agency of Sp<span class=\"_ _0\"></span>anish T<span class=\"_ _0\"></span>ax Authori<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> -  1,033,204  Portuguese Envi<span class=\"_ _0\"></span>ronment Agency<span class=\"_ _1\"></span> 2,390,006  1,527,484  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Other 838,256  1,987,855  42,911<span class=\"_ _0\"></span>,458  55,599<span class=\"_ _0\"></span>,308  The guaran<span class=\"_ _2\"></span>tees p<span class=\"_ _2\"></span>rovided <span class=\"_ _2\"></span>to IAPME<span class=\"_ _2\"></span>I were ma<span class=\"_ _2\"></span>de in <span class=\"_ _2\"></span>the con<span class=\"_ _2\"></span>text of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t contrac<span class=\"_ _2\"></span>ts signed be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e Portu<span class=\"_ _2\"></span>guese <span class=\"_ _2\"></span>State and Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>. (Euro <span class=\"_ _2\"></span>833,097) <span class=\"_ _2\"></span>and Navigator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>\u00f3d\u00e3o<span class=\"_ _2\"></span>, S.A. (Eu<span class=\"_ _2\"></span>ro 447<span class=\"_ _2\"></span>,604), in <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>terms and <span class=\"_ _2\"></span>cond<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>ns defined i<span class=\"_ _2\"></span>n the P<span class=\"_ _2\"></span>ayment S<span class=\"_ _2\"></span>tandard <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable to p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>proved unde<span class=\"_ _2\"></span>r QREN Inc<span class=\"_ _2\"></span>entive Systems. <span class=\"_ _2\"></span> The bank gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees pro<span class=\"_ _2\"></span>vided to th<span class=\"_ _2\"></span>e Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>to the dis<span class=\"_ _2\"></span>pute of<span class=\"_ _2\"></span> liti<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n processes<span class=\"_ _2\"></span>, relate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>IRC for <span class=\"_ _2\"></span>the 2<span class=\"_ _2\"></span>015 tax <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>.  In the cas<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese En<span class=\"_ _2\"></span>vironm<span class=\"_ _2\"></span>ent Agency<span class=\"_ _2\"></span>, ban<span class=\"_ _2\"></span>k guarant<span class=\"_ _2\"></span>ees were <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e contex<span class=\"_ _2\"></span>t of proce<span class=\"_ _2\"></span>edings i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>tigation as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>water r<span class=\"_ _2\"></span>esources r<span class=\"_ _2\"></span>ate fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>years 2017<span class=\"_ _2\"></span> to 202<span class=\"_ _2\"></span>1. As part of <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>s commi<span class=\"_ _2\"></span>tment, the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng inv<span class=\"_ _2\"></span>estments we<span class=\"_ _2\"></span>re also<span class=\"_ _2\"></span> awarded a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the 2022 <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial year: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The const<span class=\"_ _2\"></span>ruction<span class=\"_ _2\"></span> of a <span class=\"_ _2\"></span>new Reco<span class=\"_ _2\"></span>very Boil<span class=\"_ _2\"></span>er in Se<span class=\"_ _2\"></span>t\u00fabal, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tment of </span></span>Euro 13<span class=\"_ _2\"></span>5.8 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>; and \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The projec<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the col<span class=\"_ _2\"></span>lection <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ncinerati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>non-condens<span class=\"_ _2\"></span>able gases<span class=\"_ _2\"></span> (NCG) i<span class=\"_ _2\"></span>n </span></span>Set\u00fabal<span class=\"_ _2\"></span>, with an <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion. 10.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingent <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s </span></span>Public d<span class=\"_ _2\"></span>ebt settl<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>fund Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _2\"></span>. 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _2\"></span>vatised c<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP)<span class=\"_ _2\"></span>. The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y submit<span class=\"_ _2\"></span>ted an appl<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> to the FRDP <span class=\"_ _2\"></span>on 16 April<span class=\"_ _2\"></span> 2008<span class=\"_ _2\"></span>, reques<span class=\"_ _2\"></span>ting the <span class=\"_ _2\"></span>payment <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e tax d<span class=\"_ _2\"></span>ebts <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>then settl<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Tax Authori<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember <span class=\"_ _2\"></span>2010, th<span class=\"_ _2\"></span>e company f<span class=\"_ _2\"></span>iled<span class=\"_ _2\"></span> a new re<span class=\"_ _2\"></span>quest f<span class=\"_ _2\"></span>or payment o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debts assessed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Admini<span class=\"_ _2\"></span>strati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riods <span class=\"_ _2\"></span>of 200<span class=\"_ _2\"></span>6 and 200<span class=\"_ _2\"></span>3, which was supplement<span class=\"_ _2\"></span>ed, on <span class=\"_ _2\"></span>13 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e amounts <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady paid an<span class=\"_ _2\"></span>d undi<span class=\"_ _2\"></span>sputed rel<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>to these same <span class=\"_ _2\"></span>debts, <span class=\"_ _2\"></span>as well<span class=\"_ _2\"></span> as the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>penses <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>related<span class=\"_ _2\"></span> thereto<span class=\"_ _2\"></span>, pursuan<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e rul<span class=\"_ _2\"></span>ing da<span class=\"_ _2\"></span>ted 24 May 201<span class=\"_ _2\"></span>1 (Case n<span class=\"_ _2\"></span>o. 0993A<span class=\"_ _2\"></span>/02), <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>confirmed th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpany's posi<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>garding the enforceabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>such e<span class=\"_ _2\"></span>xpenses. <span class=\"_ _2\"></span> On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _2\"></span>vigator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>made an e<span class=\"_ _2\"></span>xtra-<span class=\"_ _0\"></span>ju<span class=\"_ _2\"></span>dicial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wledg<span class=\"_ _2\"></span>ed the FR<span class=\"_ _2\"></span>DP responsi<span class=\"_ _2\"></span>bility f<span class=\"_ _2\"></span>or ref<span class=\"_ _2\"></span>unding <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Corporate <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _2\"></span>t co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>deration, <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities<span class=\"_ _2\"></span>, of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operatio<span class=\"_ _2\"></span>ns perf<span class=\"_ _2\"></span>ormed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.<span class=\"_ _2\"></span>A. in 20<span class=\"_ _2\"></span>03, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the menti<span class=\"_ _2\"></span>oned amoun<span class=\"_ _2\"></span>t. In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows:   Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decreas<span class=\"_ _0\"></span>e due<span class=\"_ _0\"></span> favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period  requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>to RERD <span class=\"_ _0\"></span> Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (FR)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in court Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te corpo<span class=\"_ _2\"></span>rate in<span class=\"_ _2\"></span>come tax <span class=\"_ _2\"></span>proceedin<span class=\"_ _2\"></span>gs o<span class=\"_ _2\"></span>f 2005<span class=\"_ _2\"></span> and 2006<span class=\"_ _2\"></span>, if C<span class=\"_ _2\"></span>ourts come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> withdraw th<span class=\"_ _2\"></span>e request ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>to FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _2\"></span>nd - p<span class=\"_ _2\"></span>roceeding <span class=\"_ _2\"></span>no. <span class=\"_ _2\"></span>774/11.<span class=\"_ _2\"></span>3 BEALM Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>urt of Al<span class=\"_ _2\"></span>mada on 11<span class=\"_ _2\"></span> October 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various <span class=\"_ _2\"></span>amounts<span class=\"_ _2\"></span>, amo<span class=\"_ _2\"></span>unting to Euro<span class=\"_ _2\"></span> 136,243<span class=\"_ _2\"></span>,949. Th<span class=\"_ _2\"></span>ese amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _2\"></span>ter i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the bi<span class=\"_ _2\"></span>dders. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _2\"></span>t t<span class=\"_ _2\"></span>estimony evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _2\"></span>tively <span class=\"_ _2\"></span>proposi<span class=\"_ _2\"></span>ng writt<span class=\"_ _2\"></span>en submi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>. On 3<span class=\"_ _2\"></span>0 June 201<span class=\"_ _2\"></span>4, the G<span class=\"_ _2\"></span>roup appeal<span class=\"_ _2\"></span>ed against thi<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on, but contin<span class=\"_ _2\"></span>uously <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nted wri<span class=\"_ _2\"></span>tten <span class=\"_ _2\"></span>evidence. Th<span class=\"_ _2\"></span>e Court s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _2\"></span>views on<span class=\"_ _2\"></span> this ma<span class=\"_ _2\"></span>tter, bo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>h parts a<span class=\"_ _2\"></span>ppointed <span class=\"_ _2\"></span>experts <span class=\"_ _2\"></span>and the partial e<span class=\"_ _2\"></span>xpert r<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>t was issued <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g requir<span class=\"_ _2\"></span>ed eithe<span class=\"_ _2\"></span>r b<span class=\"_ _2\"></span>y The Naviga<span class=\"_ _2\"></span>tor Company, S<span class=\"_ _2\"></span>.A. ei<span class=\"_ _2\"></span>ther by <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Minist\u00e9rio <span class=\"_ _2\"></span>das Finan<span class=\"_ _2\"></span>\u00e7as<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span> the <span class=\"_ _2\"></span>atten<span class=\"_ _2\"></span>dance of bo<span class=\"_ _2\"></span>th desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d experts i<span class=\"_ _2\"></span>n cour<span class=\"_ _2\"></span>t hearing<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>provide o<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>explanati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> on the ex<span class=\"_ _2\"></span>pert re<span class=\"_ _2\"></span>port. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>mber 2018<span class=\"_ _2\"></span> and 1<span class=\"_ _2\"></span>9 March 201<span class=\"_ _2\"></span>9, resp<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _2\"></span>019, with th<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>rties fi<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _2\"></span>waitin<span class=\"_ _2\"></span>g the C<span class=\"_ _2\"></span>ourt'<span class=\"_ _2\"></span>s decisi<span class=\"_ _2\"></span>on. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-233-3": {
   "value": "Purcha<span class=\"_ _2\"></span>se c<span class=\"_ _2\"></span>ommit<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Purchase commitm<span class=\"_ _0\"></span>ents Property, plant and eq<span class=\"_ _0\"></span>uipment - I<span class=\"_ _0\"></span>ndustri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> equipment 57,737,388 <span class=\"_ _0\"></span> 14,612,464 <span class=\"_ _0\"></span> Woo<span class=\"_ _0\"></span>d Commitments wi<span class=\"_ _0\"></span>th acquisi<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n th<span class=\"_ _2\"></span>e subs<span class=\"_ _0\"></span>equent peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 362,700,000  287,700,000  Commitments to l<span class=\"_ _0\"></span>ong-term acq<span class=\"_ _0\"></span>uisi<span class=\"_ _0\"></span>tions 117,600,000  88,100,000 <span class=\"_ _0\"></span> 538<span class=\"_ _0\"></span>,037,388<span class=\"_ _0\"></span>  390<span class=\"_ _0\"></span>,412,464<span class=\"_ _0\"></span>  In the fi<span class=\"_ _2\"></span>rst h<span class=\"_ _2\"></span>alf of<span class=\"_ _2\"></span> 2022, <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>Group's s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary <span class=\"_ _2\"></span>Timber Supply<span class=\"_ _2\"></span>, ACE, si<span class=\"_ _2\"></span>gned a <span class=\"_ _2\"></span>contrac<span class=\"_ _2\"></span>t with Portl<span class=\"_ _2\"></span>ine <span class=\"_ _2\"></span>Ocean Bulk<span class=\"_ _2\"></span>, Inc<span class=\"_ _2\"></span>. for th<span class=\"_ _2\"></span>e char<span class=\"_ _2\"></span>tering of <span class=\"_ _2\"></span>vessel<span class=\"_ _2\"></span>s f<span class=\"_ _2\"></span>or the t<span class=\"_ _2\"></span>ranspor<span class=\"_ _2\"></span>tation of <span class=\"_ _2\"></span>timber <span class=\"_ _2\"></span>in 32022, <span class=\"_ _2\"></span>2023 and <span class=\"_ _2\"></span>2024. The con<span class=\"_ _2\"></span>tract <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>des for th<span class=\"_ _2\"></span>e tr<span class=\"_ _2\"></span>ansport o<span class=\"_ _2\"></span>f ap<span class=\"_ _2\"></span>proximatel<span class=\"_ _2\"></span>y 940,000 <span class=\"_ _2\"></span>mduring thi<span class=\"_ _2\"></span>s peri<span class=\"_ _2\"></span>od. Other c<span class=\"_ _2\"></span>omm<span class=\"_ _2\"></span>itme<span class=\"_ _2\"></span>nts The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has mad<span class=\"_ _2\"></span>e a co<span class=\"_ _2\"></span>mmitment <span class=\"_ _2\"></span>to achie<span class=\"_ _2\"></span>ve <span class=\"_ _2\"></span>carbon neut<span class=\"_ _2\"></span>rality <span class=\"_ _2\"></span>by 2035, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d global <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tment of<span class=\"_ _2\"></span> Euro 235<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>lion, o<span class=\"_ _2\"></span>f which Euro <span class=\"_ _2\"></span>57.4 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n have already been investe<span class=\"_ _2\"></span>d until <span class=\"_ _2\"></span>31 Decemb<span class=\"_ _2\"></span>er 2022.<span class=\"_ _2\"></span> 10.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Comm<span class=\"_ _2\"></span>itments </span></span>Guarante<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> pro<span class=\"_ _2\"></span>vided t<span class=\"_ _2\"></span>o third<span class=\"_ _2\"></span> part<span class=\"_ _2\"></span>ies Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ty and Customs<span class=\"_ _0\"></span> -  6,513,318  Comiss\u00e3o Coordena\u00e7<span class=\"_ _0\"></span>\u00e3o Desenvolvime<span class=\"_ _0\"></span>nto Region<span class=\"_ _0\"></span>al   354,083  -  IAPMEI 1,280,701  1,280,701  Customs cleara<span class=\"_ _0\"></span>nce 1,250  1,250  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on state agency of Sp<span class=\"_ _0\"></span>anish T<span class=\"_ _0\"></span>ax Authori<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> -  1,033,204  Portuguese Envi<span class=\"_ _0\"></span>ronment Agency<span class=\"_ _1\"></span> 2,390,006  1,527,484  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Other 838,256  1,987,855  42,911<span class=\"_ _0\"></span>,458  55,599<span class=\"_ _0\"></span>,308  The guaran<span class=\"_ _2\"></span>tees p<span class=\"_ _2\"></span>rovided <span class=\"_ _2\"></span>to IAPME<span class=\"_ _2\"></span>I were ma<span class=\"_ _2\"></span>de in <span class=\"_ _2\"></span>the con<span class=\"_ _2\"></span>text of <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>nvestmen<span class=\"_ _2\"></span>t contrac<span class=\"_ _2\"></span>ts signed be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e Portu<span class=\"_ _2\"></span>guese <span class=\"_ _2\"></span>State and Na<span class=\"_ _2\"></span>viga<span class=\"_ _2\"></span>tor Pulp <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>S.A<span class=\"_ _2\"></span>. (Euro <span class=\"_ _2\"></span>833,097) <span class=\"_ _2\"></span>and Navigator <span class=\"_ _2\"></span>Tissue R<span class=\"_ _2\"></span>\u00f3d\u00e3o<span class=\"_ _2\"></span>, S.A. (Eu<span class=\"_ _2\"></span>ro 447<span class=\"_ _2\"></span>,604), in <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>terms and <span class=\"_ _2\"></span>cond<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>ns defined i<span class=\"_ _2\"></span>n the P<span class=\"_ _2\"></span>ayment S<span class=\"_ _2\"></span>tandard <span class=\"_ _2\"></span>appli<span class=\"_ _2\"></span>cable to p<span class=\"_ _2\"></span>rojects <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>proved unde<span class=\"_ _2\"></span>r QREN Inc<span class=\"_ _2\"></span>entive Systems. <span class=\"_ _2\"></span> The bank gua<span class=\"_ _2\"></span>rant<span class=\"_ _2\"></span>ees pro<span class=\"_ _2\"></span>vided to th<span class=\"_ _2\"></span>e Ta<span class=\"_ _2\"></span>x Authori<span class=\"_ _2\"></span>ty rel<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>to the dis<span class=\"_ _2\"></span>pute of<span class=\"_ _2\"></span> liti<span class=\"_ _2\"></span>gatio<span class=\"_ _2\"></span>n processes<span class=\"_ _2\"></span>, relate<span class=\"_ _2\"></span>d to the <span class=\"_ _2\"></span>IRC for <span class=\"_ _2\"></span>the 2<span class=\"_ _2\"></span>015 tax <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>.  In the cas<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the Po<span class=\"_ _2\"></span>rtuguese En<span class=\"_ _2\"></span>vironm<span class=\"_ _2\"></span>ent Agency<span class=\"_ _2\"></span>, ban<span class=\"_ _2\"></span>k guarant<span class=\"_ _2\"></span>ees were <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e contex<span class=\"_ _2\"></span>t of proce<span class=\"_ _2\"></span>edings i<span class=\"_ _2\"></span>n li<span class=\"_ _2\"></span>tigation as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>water r<span class=\"_ _2\"></span>esources r<span class=\"_ _2\"></span>ate fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>years 2017<span class=\"_ _2\"></span> to 202<span class=\"_ _2\"></span>1. As part of <span class=\"_ _2\"></span>thi<span class=\"_ _2\"></span>s commi<span class=\"_ _2\"></span>tment, the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng inv<span class=\"_ _2\"></span>estments we<span class=\"_ _2\"></span>re also<span class=\"_ _2\"></span> awarded a<span class=\"_ _2\"></span>t the <span class=\"_ _2\"></span>end of <span class=\"_ _2\"></span>the 2022 <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial year: \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The const<span class=\"_ _2\"></span>ruction<span class=\"_ _2\"></span> of a <span class=\"_ _2\"></span>new Reco<span class=\"_ _2\"></span>very Boil<span class=\"_ _2\"></span>er in Se<span class=\"_ _2\"></span>t\u00fabal, <span class=\"_ _2\"></span>with an<span class=\"_ _2\"></span> estimate<span class=\"_ _2\"></span>d inves<span class=\"_ _2\"></span>tment of </span></span>Euro 13<span class=\"_ _2\"></span>5.8 mil<span class=\"_ _2\"></span>lion<span class=\"_ _2\"></span>; and \uf0b7<span class=\"ffb\"> <span class=\"_ _4b\"> </span><span class=\"ff1\">The projec<span class=\"_ _2\"></span>t fo<span class=\"_ _2\"></span>r the col<span class=\"_ _2\"></span>lection <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ncinerati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>non-condens<span class=\"_ _2\"></span>able gases<span class=\"_ _2\"></span> (NCG) i<span class=\"_ _2\"></span>n </span></span>Set\u00fabal<span class=\"_ _2\"></span>, with an <span class=\"_ _2\"></span>estimat<span class=\"_ _2\"></span>ed inv<span class=\"_ _2\"></span>estment o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>6 mil<span class=\"_ _2\"></span>lion. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-236-3": {
   "value": "10.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingent <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s </span></span>Public d<span class=\"_ _2\"></span>ebt settl<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>fund Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _2\"></span>. 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _2\"></span>vatised c<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP)<span class=\"_ _2\"></span>. The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y submit<span class=\"_ _2\"></span>ted an appl<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> to the FRDP <span class=\"_ _2\"></span>on 16 April<span class=\"_ _2\"></span> 2008<span class=\"_ _2\"></span>, reques<span class=\"_ _2\"></span>ting the <span class=\"_ _2\"></span>payment <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e tax d<span class=\"_ _2\"></span>ebts <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>then settl<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Tax Authori<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember <span class=\"_ _2\"></span>2010, th<span class=\"_ _2\"></span>e company f<span class=\"_ _2\"></span>iled<span class=\"_ _2\"></span> a new re<span class=\"_ _2\"></span>quest f<span class=\"_ _2\"></span>or payment o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debts assessed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Admini<span class=\"_ _2\"></span>strati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riods <span class=\"_ _2\"></span>of 200<span class=\"_ _2\"></span>6 and 200<span class=\"_ _2\"></span>3, which was supplement<span class=\"_ _2\"></span>ed, on <span class=\"_ _2\"></span>13 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e amounts <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady paid an<span class=\"_ _2\"></span>d undi<span class=\"_ _2\"></span>sputed rel<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>to these same <span class=\"_ _2\"></span>debts, <span class=\"_ _2\"></span>as well<span class=\"_ _2\"></span> as the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>penses <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>related<span class=\"_ _2\"></span> thereto<span class=\"_ _2\"></span>, pursuan<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e rul<span class=\"_ _2\"></span>ing da<span class=\"_ _2\"></span>ted 24 May 201<span class=\"_ _2\"></span>1 (Case n<span class=\"_ _2\"></span>o. 0993A<span class=\"_ _2\"></span>/02), <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>confirmed th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpany's posi<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>garding the enforceabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>such e<span class=\"_ _2\"></span>xpenses. <span class=\"_ _2\"></span> On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _2\"></span>vigator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>made an e<span class=\"_ _2\"></span>xtra-<span class=\"_ _0\"></span>ju<span class=\"_ _2\"></span>dicial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wledg<span class=\"_ _2\"></span>ed the FR<span class=\"_ _2\"></span>DP responsi<span class=\"_ _2\"></span>bility f<span class=\"_ _2\"></span>or ref<span class=\"_ _2\"></span>unding <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Corporate <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _2\"></span>t co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>deration, <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities<span class=\"_ _2\"></span>, of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operatio<span class=\"_ _2\"></span>ns perf<span class=\"_ _2\"></span>ormed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.<span class=\"_ _2\"></span>A. in 20<span class=\"_ _2\"></span>03, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the menti<span class=\"_ _2\"></span>oned amoun<span class=\"_ _2\"></span>t. In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows:   Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decreas<span class=\"_ _0\"></span>e due<span class=\"_ _0\"></span> favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period  requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>to RERD <span class=\"_ _0\"></span> Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (FR)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in court Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te corpo<span class=\"_ _2\"></span>rate in<span class=\"_ _2\"></span>come tax <span class=\"_ _2\"></span>proceedin<span class=\"_ _2\"></span>gs o<span class=\"_ _2\"></span>f 2005<span class=\"_ _2\"></span> and 2006<span class=\"_ _2\"></span>, if C<span class=\"_ _2\"></span>ourts come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> withdraw th<span class=\"_ _2\"></span>e request ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>to FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _2\"></span>nd - p<span class=\"_ _2\"></span>roceeding <span class=\"_ _2\"></span>no. <span class=\"_ _2\"></span>774/11.<span class=\"_ _2\"></span>3 BEALM Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>urt of Al<span class=\"_ _2\"></span>mada on 11<span class=\"_ _2\"></span> October 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various <span class=\"_ _2\"></span>amounts<span class=\"_ _2\"></span>, amo<span class=\"_ _2\"></span>unting to Euro<span class=\"_ _2\"></span> 136,243<span class=\"_ _2\"></span>,949. Th<span class=\"_ _2\"></span>ese amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _2\"></span>ter i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the bi<span class=\"_ _2\"></span>dders. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _2\"></span>t t<span class=\"_ _2\"></span>estimony evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _2\"></span>tively <span class=\"_ _2\"></span>proposi<span class=\"_ _2\"></span>ng writt<span class=\"_ _2\"></span>en submi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>. On 3<span class=\"_ _2\"></span>0 June 201<span class=\"_ _2\"></span>4, the G<span class=\"_ _2\"></span>roup appeal<span class=\"_ _2\"></span>ed against thi<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on, but contin<span class=\"_ _2\"></span>uously <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nted wri<span class=\"_ _2\"></span>tten <span class=\"_ _2\"></span>evidence. Th<span class=\"_ _2\"></span>e Court s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _2\"></span>views on<span class=\"_ _2\"></span> this ma<span class=\"_ _2\"></span>tter, bo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>h parts a<span class=\"_ _2\"></span>ppointed <span class=\"_ _2\"></span>experts <span class=\"_ _2\"></span>and the partial e<span class=\"_ _2\"></span>xpert r<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>t was issued <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g requir<span class=\"_ _2\"></span>ed eithe<span class=\"_ _2\"></span>r b<span class=\"_ _2\"></span>y The Naviga<span class=\"_ _2\"></span>tor Company, S<span class=\"_ _2\"></span>.A. ei<span class=\"_ _2\"></span>ther by <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Minist\u00e9rio <span class=\"_ _2\"></span>das Finan<span class=\"_ _2\"></span>\u00e7as<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span> the <span class=\"_ _2\"></span>atten<span class=\"_ _2\"></span>dance of bo<span class=\"_ _2\"></span>th desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d experts i<span class=\"_ _2\"></span>n cour<span class=\"_ _2\"></span>t hearing<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>provide o<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>explanati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> on the ex<span class=\"_ _2\"></span>pert re<span class=\"_ _2\"></span>port. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>mber 2018<span class=\"_ _2\"></span> and 1<span class=\"_ _2\"></span>9 March 201<span class=\"_ _2\"></span>9, resp<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _2\"></span>019, with th<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>rties fi<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _2\"></span>waitin<span class=\"_ _2\"></span>g the C<span class=\"_ _2\"></span>ourt'<span class=\"_ _2\"></span>s decisi<span class=\"_ _2\"></span>on. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-236-4": {
   "value": "10.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Cont<span class=\"_ _2\"></span>ingent <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> and<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>litie<span class=\"_ _2\"></span>s </span></span>Public d<span class=\"_ _2\"></span>ebt settl<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>fund Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _2\"></span>. 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _2\"></span>vatised c<span class=\"_ _2\"></span>ompani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP)<span class=\"_ _2\"></span>. The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y submit<span class=\"_ _2\"></span>ted an appl<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> to the FRDP <span class=\"_ _2\"></span>on 16 April<span class=\"_ _2\"></span> 2008<span class=\"_ _2\"></span>, reques<span class=\"_ _2\"></span>ting the <span class=\"_ _2\"></span>payment <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e tax d<span class=\"_ _2\"></span>ebts <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>then settl<span class=\"_ _2\"></span>ed by <span class=\"_ _2\"></span>the Tax Authori<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember <span class=\"_ _2\"></span>2010, th<span class=\"_ _2\"></span>e company f<span class=\"_ _2\"></span>iled<span class=\"_ _2\"></span> a new re<span class=\"_ _2\"></span>quest f<span class=\"_ _2\"></span>or payment o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debts assessed b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Admini<span class=\"_ _2\"></span>strati<span class=\"_ _2\"></span>on for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riods <span class=\"_ _2\"></span>of 200<span class=\"_ _2\"></span>6 and 200<span class=\"_ _2\"></span>3, which was supplement<span class=\"_ _2\"></span>ed, on <span class=\"_ _2\"></span>13 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e amounts <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>eady paid an<span class=\"_ _2\"></span>d undi<span class=\"_ _2\"></span>sputed rel<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>to these same <span class=\"_ _2\"></span>debts, <span class=\"_ _2\"></span>as well<span class=\"_ _2\"></span> as the <span class=\"_ _2\"></span>ex<span class=\"_ _2\"></span>penses <span class=\"_ _2\"></span>directly <span class=\"_ _2\"></span>related<span class=\"_ _2\"></span> thereto<span class=\"_ _2\"></span>, pursuan<span class=\"_ _2\"></span>t to th<span class=\"_ _2\"></span>e rul<span class=\"_ _2\"></span>ing da<span class=\"_ _2\"></span>ted 24 May 201<span class=\"_ _2\"></span>1 (Case n<span class=\"_ _2\"></span>o. 0993A<span class=\"_ _2\"></span>/02), <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>confirmed th<span class=\"_ _2\"></span>e Co<span class=\"_ _2\"></span>mpany's posi<span class=\"_ _2\"></span>tion re<span class=\"_ _2\"></span>garding the enforceabi<span class=\"_ _2\"></span>lity of <span class=\"_ _2\"></span>such e<span class=\"_ _2\"></span>xpenses. <span class=\"_ _2\"></span> On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _2\"></span>vigator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>made an e<span class=\"_ _2\"></span>xtra-<span class=\"_ _0\"></span>ju<span class=\"_ _2\"></span>dicial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wledg<span class=\"_ _2\"></span>ed the FR<span class=\"_ _2\"></span>DP responsi<span class=\"_ _2\"></span>bility f<span class=\"_ _2\"></span>or ref<span class=\"_ _2\"></span>unding <span class=\"_ _2\"></span>the amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Corporate <span class=\"_ _2\"></span>Income <span class=\"_ _2\"></span>Tax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _2\"></span>t co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>deration, <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities<span class=\"_ _2\"></span>, of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>operatio<span class=\"_ _2\"></span>ns perf<span class=\"_ _2\"></span>ormed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.<span class=\"_ _2\"></span>A. in 20<span class=\"_ _2\"></span>03, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the menti<span class=\"_ _2\"></span>oned amoun<span class=\"_ _2\"></span>t. In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows:   Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decreas<span class=\"_ _0\"></span>e due<span class=\"_ _0\"></span> favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period  requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>to RERD <span class=\"_ _0\"></span> Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (FR)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in court Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te corpo<span class=\"_ _2\"></span>rate in<span class=\"_ _2\"></span>come tax <span class=\"_ _2\"></span>proceedin<span class=\"_ _2\"></span>gs o<span class=\"_ _2\"></span>f 2005<span class=\"_ _2\"></span> and 2006<span class=\"_ _2\"></span>, if C<span class=\"_ _2\"></span>ourts come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will<span class=\"_ _2\"></span> withdraw th<span class=\"_ _2\"></span>e request ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>to FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _2\"></span>nd - p<span class=\"_ _2\"></span>roceeding <span class=\"_ _2\"></span>no. <span class=\"_ _2\"></span>774/11.<span class=\"_ _2\"></span>3 BEALM Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>urt of Al<span class=\"_ _2\"></span>mada on 11<span class=\"_ _2\"></span> October 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various <span class=\"_ _2\"></span>amounts<span class=\"_ _2\"></span>, amo<span class=\"_ _2\"></span>unting to Euro<span class=\"_ _2\"></span> 136,243<span class=\"_ _2\"></span>,949. Th<span class=\"_ _2\"></span>ese amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _2\"></span>ter i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisati<span class=\"_ _2\"></span>on tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _2\"></span>the bi<span class=\"_ _2\"></span>dders. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _2\"></span>t t<span class=\"_ _2\"></span>estimony evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _2\"></span>tively <span class=\"_ _2\"></span>proposi<span class=\"_ _2\"></span>ng writt<span class=\"_ _2\"></span>en submi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span>. On 3<span class=\"_ _2\"></span>0 June 201<span class=\"_ _2\"></span>4, the G<span class=\"_ _2\"></span>roup appeal<span class=\"_ _2\"></span>ed against thi<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on, but contin<span class=\"_ _2\"></span>uously <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>nted wri<span class=\"_ _2\"></span>tten <span class=\"_ _2\"></span>evidence. Th<span class=\"_ _2\"></span>e Court s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _2\"></span>views on<span class=\"_ _2\"></span> this ma<span class=\"_ _2\"></span>tter, bo<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>h parts a<span class=\"_ _2\"></span>ppointed <span class=\"_ _2\"></span>experts <span class=\"_ _2\"></span>and the partial e<span class=\"_ _2\"></span>xpert r<span class=\"_ _2\"></span>epor<span class=\"_ _2\"></span>t was issued <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, bein<span class=\"_ _2\"></span>g requir<span class=\"_ _2\"></span>ed eithe<span class=\"_ _2\"></span>r b<span class=\"_ _2\"></span>y The Naviga<span class=\"_ _2\"></span>tor Company, S<span class=\"_ _2\"></span>.A. ei<span class=\"_ _2\"></span>ther by <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Minist\u00e9rio <span class=\"_ _2\"></span>das Finan<span class=\"_ _2\"></span>\u00e7as<span class=\"_ _2\"></span>,<span class=\"_ _0\"></span> the <span class=\"_ _2\"></span>atten<span class=\"_ _2\"></span>dance of bo<span class=\"_ _2\"></span>th desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d experts i<span class=\"_ _2\"></span>n cour<span class=\"_ _2\"></span>t hearing<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>order to <span class=\"_ _2\"></span>provide o<span class=\"_ _2\"></span>ral <span class=\"_ _2\"></span>explanati<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> on the ex<span class=\"_ _2\"></span>pert re<span class=\"_ _2\"></span>port. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>mber 2018<span class=\"_ _2\"></span> and 1<span class=\"_ _2\"></span>9 March 201<span class=\"_ _2\"></span>9, resp<span class=\"_ _2\"></span>ectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _2\"></span>019, with th<span class=\"_ _2\"></span>e pa<span class=\"_ _2\"></span>rties fi<span class=\"_ _2\"></span>ling c<span class=\"_ _2\"></span>losi<span class=\"_ _2\"></span>ng argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _2\"></span>waitin<span class=\"_ _2\"></span>g the C<span class=\"_ _2\"></span>ourt'<span class=\"_ _2\"></span>s decisi<span class=\"_ _2\"></span>on. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-240-2": {
   "value": "11.1.2. <span class=\"_ _a8\"> </span>Incorpora<span class=\"_ _2\"></span>ted joint <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>erations Share <span class=\"_ _0\"></span>equity<span class=\"_ _0\"></span> owned 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fs0\"> </span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fs0\"> </span></span>Main activ<span class=\"_ _0\"></span>ity Company<span class=\"_ _0\"></span> Head <span class=\"_ _0\"></span>Off<span class=\"_ _0\"></span>ice Direct<span class=\"_ _0\"></span> Indirect<span class=\"_ _0\"></span> Total Total Pulpchem<span class=\"_ _2\"></span> L<span class=\"_ _0\"></span>ogistics, A.C.E.<span class=\"_ _0\"></span> Portugal 50 <span class=\"ls0\"> </span>-  50 <span class=\"ls0\"> </span>50 <span class=\"ls0\"> </span>Purchases of materials, subsidiary materials and services used in the <span class=\"_ _0\"></span>pulp and paper p<span class=\"_ _0\"></span>roduction processes ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-242-2": {
   "value": "11.3.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _30\"> </span><span class=\"ff4\">Tr<span class=\"_ _2\"></span>ansactions<span class=\"_ _a9\"></span> w<span class=\"_ _0\"></span>ith<span class=\"_ _2\"></span> rel<span class=\"_ _2\"></span>ated part<span class=\"_ _2\"></span>ies </span></span>Balanc<span class=\"_ _2\"></span>es with<span class=\"_ _a9\"></span> relate<span class=\"_ _2\"></span>d parti<span class=\"_ _2\"></span>es 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-bearing Receiva<span class=\"_ _0\"></span>bles<span class=\"_ _0\"></span> Payables<span class=\"_ _0\"></span> liabilities Receiva<span class=\"_ _0\"></span>bles Payables<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) (Note <span class=\"_ _0\"></span>4.3) (Note <span class=\"_ _0\"></span>5.7) (Note <span class=\"_ _0\"></span>4.2) (Note <span class=\"_ _0\"></span>4.3) Shareholders (Note 5<span class=\"_ _0\"></span>.2)<span class=\"_ _0\"></span> Semapa - Soc.<span class=\"_ _0\"></span> de Investimento e Ge<span class=\"_ _0\"></span>st\u00e3o, SGPS, S.A.<span class=\"_ _1\"></span> -  -  -  -  7,470,630  Other subsidiaries o<span class=\"_ _0\"></span>f Semapa Group<span class=\"_ _1\"></span> Secil<span class=\"_ _0\"></span> - Companhia Geral Cal<span class=\"_ _0\"></span> e Cimento, S<span class=\"_ _0\"></span>.A.<span class=\"_ _0\"></span> -  19,049 <span class=\"_ _0\"></span> -  -  40,831 <span class=\"_ _0\"></span> Secil<span class=\"_ _0\"></span> Britas, S.A. -  126,329  -  -  138,666  Secil<span class=\"_ _0\"></span> Prebet\u00e3o, S.A. -  -  -  -  41,858 <span class=\"_ _0\"></span> CMP <span class=\"ff11\">\u2010</span> Cimentos M<span class=\"_ _0\"></span>acei<span class=\"_ _0\"></span>ra e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Patai<span class=\"_ _0\"></span>as, S.A.<span class=\"_ _0\"></span>  -  9,659  -  -  24 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Unibet\u00e3o, S.A.<span class=\"_ _0\"></span> -  -  -  -  16,527 <span class=\"_ _0\"></span> Other related parties<span class=\"_ _0\"></span> Sonagi I<span class=\"_ _0\"></span>mobili<span class=\"_ _0\"></span>\u00e1ria, S.A. -  -  -  -  -  Hotel Ri<span class=\"_ _0\"></span>tz, S.A. -  1,727  -  -  3,464  -  156<span class=\"_ _0\"></span>,764  -  -  7,712,00<span class=\"_ _0\"></span>0  Tran<span class=\"_ _2\"></span>saction<span class=\"_ _2\"></span>s with <span class=\"_ _a9\"></span>relate<span class=\"_ _2\"></span>d partie<span class=\"_ _2\"></span>s in t<span class=\"_ _2\"></span>he per<span class=\"_ _2\"></span>iod 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span><span class=\"ff4 fs2\"> </span></span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span><span class=\"ff4 fs2\"> </span></span></span></span>Purchase Purchase of goods Sales and Other Financial of goods Sales and Other Financial and services operating (expenses) / and services operating (expenses) / Amo<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>nts in Eur<span class=\"_ _0\"></span>o services rendered income income services rendered income income Shareholders (Note 5.2)<span class=\"_ _0\"></span> Semapa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>- Soc. d<span class=\"_ _0\"></span>e Investimento e Gest\u00e3o, 8,<span class=\"ls17\">936</span>,<span class=\"ls17\">416 <span class=\"_ _0\"></span></span> -  -  -  10<span class=\"ls0\">,</span>043<span class=\"ls0\">,</span>173 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>34 <span class=\"ls0\"> </span>-  -  SGPS<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>S.A. 8,<span class=\"lsc\">936</span>,416 <span class=\"_ _0\"></span> -  -  -  10<span class=\"ls0\">,</span>043<span class=\"ls0\">,17<span class=\"_ _0\"></span>3  </span>34 <span class=\"ls0\"> </span>-  -  Other <span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>ubsidiaries of<span class=\"_ _0\"></span> Semapa Group Secil - Companhia Geral Cal 139<span class=\"ls0\">,</span>199 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  165<span class=\"ls0\">,</span>466 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>15<span class=\"ls0\">,</span>750 <span class=\"ls0\"> </span>-  606 <span class=\"ls0\"> </span>e Cimento, S.A. Secil Britas, <span class=\"_ _0\"></span>S.A. 271<span class=\"ls0\">,</span>313 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  310<span class=\"ls0\">,</span>125 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  Secil Prebet\u00e3o, S.A.<span class=\"_ _0\"></span> -  -  -  -  5,<span class=\"ls17\">475 </span> -  -  -  CMP <span class=\"ff11\">\u2010</span> <span class=\"_ _0\"></span>Cimentos Maceira  -  -  403 <span class=\"ls0\"> </span>-  8,<span class=\"ls17\">846 </span> -  -  450 <span class=\"ls0\"> </span>e Pataias, S.A. <span class=\"_ _0\"></span> Unibet\u00e3o, S.A. 14<span class=\"ls0\">,</span>063 <span class=\"ls0\"> </span>-  -  -  5,<span class=\"ls17\">756 </span> -  -  -  424<span class=\"ls0\">,575 <span class=\"_ _0\"></span> </span>-  403 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  495<span class=\"ls0\">,668 <span class=\"_ _0\"></span> </span>15<span class=\"ls0\">,</span>750 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  1,<span class=\"lsc\">056 </span> Other relat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> parties<span class=\"_ _0\"></span> Seinpar Investments BV<span class=\"_ _0\"></span> -  -  -  -  -  -  -  -  Hotel Ritz, S.A. 20<span class=\"ls0\">,</span>922 <span class=\"ls0\"> </span>-  -  -  21<span class=\"ls0\">,</span>656 <span class=\"ls0\"> </span>-  -  -  20<span class=\"ls0\">,</span>922 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  21<span class=\"ls0\">,</span>656 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  -  9,<span class=\"lsc\">381</span>,913 <span class=\"_ _0\"></span> -  403 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  10<span class=\"ls0\">,</span>560<span class=\"ls0\">,49<span class=\"_ _0\"></span>7  </span>15<span class=\"ls0\">,</span>784 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  1,<span class=\"lsc\">056 </span> On 1 Febru<span class=\"_ _2\"></span>ary 2013, <span class=\"_ _a9\"></span>a contrac<span class=\"_ _2\"></span>t to r<span class=\"_ _2\"></span>ender admin<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ative a<span class=\"_ _a9\"></span>nd management se<span class=\"_ _2\"></span>rvices <span class=\"_ _2\"></span>was si<span class=\"_ _2\"></span>gned between S<span class=\"_ _2\"></span>emapa - Soc<span class=\"_ _2\"></span>iedade d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> In<span class=\"_ _2\"></span>vestimentos<span class=\"_ _2\"></span> e Ges<span class=\"_ _2\"></span>t\u00e3o, SGP<span class=\"_ _2\"></span>S, S.A. <span class=\"_ _2\"></span>(currentl<span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>wner of 69.97% of<span class=\"_ _2\"></span> the Grou<span class=\"_ _2\"></span>p\u00b4s sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal) and N<span class=\"_ _a9\"></span>av<span class=\"_ _0\"></span>iga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, establ<span class=\"_ _2\"></span>ishi<span class=\"_ _2\"></span>ng a remun<span class=\"_ _2\"></span>eration system b<span class=\"_ _2\"></span>ased in e<span class=\"_ _2\"></span>qual c<span class=\"_ _2\"></span>riteria fo<span class=\"_ _2\"></span>r both <span class=\"_ _a9\"></span>parties in <span class=\"_ _a9\"></span>the conti<span class=\"_ _2\"></span>nuous c<span class=\"_ _2\"></span>ooperation and <span class=\"_ _a9\"></span>assistance relation<span class=\"_ _2\"></span>ships, <span class=\"_ _2\"></span>that meets <span class=\"_ _a9\"></span>the rules a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plic<span class=\"_ _2\"></span>able to comme<span class=\"_ _a9\"></span>rcial relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>ps between <span class=\"_ _2\"></span>Group compani<span class=\"_ _2\"></span>es. The operati<span class=\"_ _2\"></span>ons p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the Seci<span class=\"_ _2\"></span>l Group <span class=\"_ _2\"></span>arise from <span class=\"_ _a9\"></span>normal marke<span class=\"_ _2\"></span>t operati<span class=\"_ _2\"></span>ons. In the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of relat<span class=\"_ _2\"></span>ed parti<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>purpose of <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> reporting<span class=\"_ _2\"></span>, t<span class=\"_ _0\"></span>he memb<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Board of <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tors and o<span class=\"_ _2\"></span>ther cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te bodi<span class=\"_ _2\"></span>es were co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>related pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>. The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of k<span class=\"_ _2\"></span>ey managemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pers<span class=\"_ _2\"></span>onnel. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-244-4": {
   "value": "On 1 Febru<span class=\"_ _2\"></span>ary 2013, <span class=\"_ _a9\"></span>a contrac<span class=\"_ _2\"></span>t to r<span class=\"_ _2\"></span>ender admin<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>ative a<span class=\"_ _a9\"></span>nd management se<span class=\"_ _2\"></span>rvices <span class=\"_ _2\"></span>was si<span class=\"_ _2\"></span>gned between S<span class=\"_ _2\"></span>emapa - Soc<span class=\"_ _2\"></span>iedade d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> In<span class=\"_ _2\"></span>vestimentos<span class=\"_ _2\"></span> e Ges<span class=\"_ _2\"></span>t\u00e3o, SGP<span class=\"_ _2\"></span>S, S.A. <span class=\"_ _2\"></span>(currentl<span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>wner of 69.97% of<span class=\"_ _2\"></span> the Grou<span class=\"_ _2\"></span>p\u00b4s sh<span class=\"_ _2\"></span>are capi<span class=\"_ _2\"></span>tal) and N<span class=\"_ _a9\"></span>av<span class=\"_ _0\"></span>iga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p, establ<span class=\"_ _2\"></span>ishi<span class=\"_ _2\"></span>ng a remun<span class=\"_ _2\"></span>eration system b<span class=\"_ _2\"></span>ased in e<span class=\"_ _2\"></span>qual c<span class=\"_ _2\"></span>riteria fo<span class=\"_ _2\"></span>r both <span class=\"_ _a9\"></span>parties in <span class=\"_ _a9\"></span>the conti<span class=\"_ _2\"></span>nuous c<span class=\"_ _2\"></span>ooperation and <span class=\"_ _a9\"></span>assistance relation<span class=\"_ _2\"></span>ships, <span class=\"_ _2\"></span>that meets <span class=\"_ _a9\"></span>the rules a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plic<span class=\"_ _2\"></span>able to comme<span class=\"_ _a9\"></span>rcial relati<span class=\"_ _2\"></span>onshi<span class=\"_ _2\"></span>ps between <span class=\"_ _2\"></span>Group compani<span class=\"_ _2\"></span>es. The operati<span class=\"_ _2\"></span>ons p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the Seci<span class=\"_ _2\"></span>l Group <span class=\"_ _2\"></span>arise from <span class=\"_ _a9\"></span>normal marke<span class=\"_ _2\"></span>t operati<span class=\"_ _2\"></span>ons. In the id<span class=\"_ _2\"></span>entifi<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of relat<span class=\"_ _2\"></span>ed parti<span class=\"_ _2\"></span>es fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>purpose of <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> reporting<span class=\"_ _2\"></span>, t<span class=\"_ _0\"></span>he memb<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Board of <span class=\"_ _2\"></span>Direc<span class=\"_ _2\"></span>tors and o<span class=\"_ _2\"></span>ther cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te bodi<span class=\"_ _2\"></span>es were co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ered as <span class=\"_ _2\"></span>related pa<span class=\"_ _2\"></span>rties<span class=\"_ _2\"></span>. The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of k<span class=\"_ _2\"></span>ey managemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pers<span class=\"_ _2\"></span>onnel. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-246-2": {
   "value": "Separat<span class=\"_ _2\"></span>e Income <span class=\"_ _2\"></span>Statem<span class=\"_ _2\"></span>ent  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 Revenue<span class=\"_ _0\"></span> 2.1 3,531,205,717  2,366,947,621  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 2.2 3,478,417  2,090,803  Costs of goods sol<span class=\"_ _0\"></span>d and material<span class=\"_ _0\"></span>s consumed<span class=\"_ _0\"></span> 4.1 (3,138,646,788)<span class=\"_ _0\"></span> (2,103,980,956)<span class=\"_ _0\"></span> External services and s<span class=\"_ _0\"></span>uppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es 2.3 (318,009,546)<span class=\"_ _0\"></span> (221,150,420)<span class=\"_ _0\"></span> Payroll<span class=\"_ _0\"></span> costs  7.1 (13<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>21,497)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>92,252)<span class=\"_ _0\"></span> Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 2.3 (7,339,126) (5,729,376) Net provi<span class=\"_ _0\"></span>sions 9.1 857,042  (1,138,500) Income from subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 10.1 349,940,785  160,083,746  Depreciatio<span class=\"_ _0\"></span>n, amortisatio<span class=\"_ _0\"></span>n and i<span class=\"_ _0\"></span>mpairment lo<span class=\"_ _0\"></span>sses in non-fi<span class=\"_ _0\"></span>nancial assets<span class=\"_ _0\"></span> 3.3 (573,331) (611,085) Operating income<span class=\"_ _0\"></span> 407<span class=\"_ _0\"></span>,391,673<span class=\"_ _0\"></span>  185<span class=\"_ _0\"></span>,419,582<span class=\"_ _0\"></span>  Fi<span class=\"_ _0\"></span>nancial income and gai<span class=\"_ _0\"></span>ns 5.10 22,095,577 <span class=\"_ _0\"></span> 25,605,954 <span class=\"_ _0\"></span> Other financi<span class=\"_ _0\"></span>al expenses and l<span class=\"_ _0\"></span>osses 5.10 (33<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>04,745)<span class=\"_ _0\"></span> (36<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>84,414)<span class=\"_ _0\"></span> Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 396<span class=\"_ _0\"></span>,282,505<span class=\"_ _0\"></span>  174<span class=\"_ _0\"></span>,841,122<span class=\"_ _0\"></span>  Income tax<span class=\"_ _0\"></span> 6.1 (3,745,435) (3,429,667) Net profit for the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171<span class=\"_ _0\"></span>,411,455<span class=\"_ _0\"></span>  Earnings per shar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> Basic earnings p<span class=\"_ _0\"></span>er share, Euro<span class=\"_ _0\"></span> 5.3 0.552  0.241  Diluted earni<span class=\"_ _0\"></span>ngs per share, <span class=\"_ _0\"></span>Euro 5.3 0.552  0.241  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Com<span class=\"_ _2\"></span>preh<span class=\"_ _2\"></span>ensive I<span class=\"_ _2\"></span>ncome  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 Net profit for the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070<span class=\"_ _0\"></span>  171<span class=\"_ _0\"></span>,411,455<span class=\"_ _0\"></span>  Items that may b<span class=\"_ _0\"></span>e reclassifie<span class=\"_ _0\"></span>d to profit and loss<span class=\"_ _0\"></span> Hedging derivati<span class=\"_ _0\"></span>ve financi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nstruments Changes in fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> 8.2 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Tax effect 6.2 (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,456) Other changes i<span class=\"_ _0\"></span>n equity of subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es 10.1 28,416,539 <span class=\"_ _0\"></span> (4,354,319) Items that cannot b<span class=\"_ _0\"></span>e reclassifie<span class=\"_ _0\"></span>d to profit and los<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> Remeasurement of<span class=\"_ _0\"></span> post-empl<span class=\"_ _0\"></span>oyment benefi<span class=\"_ _0\"></span>ts 7.2 (823,821) 277,718  Other comprehensi<span class=\"_ _0\"></span>ve income<span class=\"_ _0\"></span> 4,838,622 90,332 <span class=\"_ _0\"></span> Total other compreh<span class=\"_ _0\"></span>ensive income n<span class=\"_ _0\"></span>et of taxes<span class=\"_ _1\"></span> 72,033<span class=\"_ _0\"></span>,244 (2,948<span class=\"_ _0\"></span>,977) Total comprehensive incom<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> 464<span class=\"_ _0\"></span>,570,314 168<span class=\"_ _0\"></span>,462,478<span class=\"_ _0\"></span>  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form<span class=\"_ _0\"></span> an <span class=\"_ _0\"></span>integr<span class=\"_ _0\"></span>al part<span class=\"_ _0\"></span> of t<span class=\"_ _0\"></span>hese<span class=\"_ _0\"></span> separat<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial stateme<span class=\"_ _0\"></span>nts.<span class=\"_ _1\"></span> Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Fina<span class=\"_ _a9\"></span>nc<span class=\"_ _0\"></span>ial <span class=\"_ _2\"></span>Position <span class=\"_ _2\"></span> As at 31 December 20<span class=\"_ _0\"></span>22 and 31<span class=\"_ _0\"></span> December 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 ASS<span class=\"_ _0\"></span>ETS Non-cu<span class=\"_ _0\"></span>rrent assets Property, plant <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment 3.1 855,022  908,505  Right-<span class=\"ls57\">of</span>-u<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>e assets<span class=\"_ _0\"></span> 3.2 2,256,124  2,768,659  Investments in s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 10.1 2,093,159,574  1,919,170,450  Investments in associ<span class=\"_ _0\"></span>ates 45,860  45,824 <span class=\"_ _0\"></span> Non-current recei<span class=\"_ _0\"></span>vables 4.2 6,684  6,684  Deferred tax assets<span class=\"_ _0\"></span> 6.2 7,074,922  7,243,947  2,103,39<span class=\"_ _0\"></span>8,186  1,930,14<span class=\"_ _0\"></span>4,069  Current assets<span class=\"_ _0\"></span> Inventories 4.1 25,927,585 <span class=\"_ _0\"></span> 18,548,495 <span class=\"_ _0\"></span> Current recei<span class=\"_ _0\"></span>vables 4.2 900,006,340  866,987,969  Income tax<span class=\"_ _0\"></span> 6.1 15,341,107 <span class=\"_ _0\"></span> 1,118,815  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 5.8 390,640,161  354,336,647  1,331,91<span class=\"_ _0\"></span>5,193  1,240,99<span class=\"_ _0\"></span>1,926  Total Assets<span class=\"_ _0\"></span> 3,435,31<span class=\"_ _0\"></span>3,379  3,171,13<span class=\"_ _0\"></span>5,995  EQUI<span class=\"_ _0\"></span>TY AND LIABILITIE<span class=\"_ _0\"></span>S Capital and Rese<span class=\"_ _0\"></span>rves Share capital<span class=\"_ _0\"></span> 5.2 500,000,000  500,000,000  Reserves by applyi<span class=\"_ _0\"></span>ng the equi<span class=\"_ _0\"></span>ty method<span class=\"_ _0\"></span> 5.5 (405,228,340)<span class=\"_ _0\"></span> (437,672,593)<span class=\"_ _0\"></span> Fair value reserves<span class=\"_ _0\"></span> 5.5 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve<span class=\"_ _0\"></span> 5.5 100,000,000  100,000,000  Other reserves<span class=\"_ _0\"></span> 5.5 1,103,749  119,458,835  Retained earni<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span> 5.5 636,999,230 647,229,733  Net profi<span class=\"_ _0\"></span>t for the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 392,537,070  171,411,455  Prepaid di<span class=\"_ _0\"></span>vidends <span class=\"_ _0\"></span> 5.4 -  (49<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>96,170)<span class=\"_ _0\"></span> Total Equity<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537 1,044,82<span class=\"_ _0\"></span>7,184  Non-cu<span class=\"_ _0\"></span>rrent liabilities Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.6 613,031,822  688,171,881  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 5.7 1,866,759  2,460,807  Pensio<span class=\"_ _0\"></span>ns an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> other post-e<span class=\"_ _0\"></span>mplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts 7.2 400,299  -  Deferred tax l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es 6.2 13,021,836 <span class=\"_ _0\"></span> 197,458  Provisi<span class=\"_ _0\"></span>ons 9.1 18,132,790 <span class=\"_ _0\"></span> 18,989,832 <span class=\"_ _0\"></span> 646<span class=\"_ _0\"></span>,453,506<span class=\"_ _0\"></span>  709<span class=\"_ _0\"></span>,819,978<span class=\"_ _0\"></span>  Current liabilities<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.6 372,414,631  244,993,753  Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 5.7 515,211  423,170  Current payabl<span class=\"_ _0\"></span>es 4.3 1,048,887,425 1,139,129,433  Income tax<span class=\"_ _0\"></span> 6.1 107,633,069  31,942,477 <span class=\"_ _0\"></span> 1,529,45<span class=\"_ _0\"></span>0,336 1,416,48<span class=\"_ _0\"></span>8,833  Total Liabilities<span class=\"_ _0\"></span> 2,175,90<span class=\"_ _0\"></span>3,842 2,126,30<span class=\"_ _0\"></span>8,811  Total Equity an<span class=\"_ _0\"></span>d Liabilities<span class=\"_ _0\"></span> 3,435,31<span class=\"_ _0\"></span>3,379  3,171,13<span class=\"_ _0\"></span>5,995  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.Stateme<span class=\"_ _2\"></span>nt of Cha<span class=\"_ _2\"></span>nges in <span class=\"_ _2\"></span>Equity <span class=\"_ _2\"></span> 31 December 20<span class=\"_ _0\"></span>22 and 3<span class=\"_ _0\"></span>1 December 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> Reserves by 202<span class=\"ls0\">2<span class=\"_ _a9\"></span> </span>applying the Share  Treasury equity Fair value Legal  Other Retained Net profit for Prepaid Amounts in Euro Note capital shares method reserves reserve reserves earnin<span class=\"_ _2\"></span>gs<span class=\"_ _0\"></span> the peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span> dividends  Total Equity as at 1 January 2022 500,000<span class=\"_ _0\"></span>,000  -  (437,672,593) (5,604<span class=\"_ _0\"></span>,076) 100,000<span class=\"_ _0\"></span>,000  119,458<span class=\"_ _0\"></span>,835  647,229<span class=\"_ _0\"></span>,733  171,411<span class=\"_ _0\"></span>,455  (49,996,170) 1,044,827,184  Net profit for the period -  -  -  -  -  -  -  392,537,070  -  392,537,070  Other <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>reh<span class=\"_ _0\"></span>ensive incom<span class=\"_ _2\"></span>e (net -  -  32,444,253  39,601,904  -  -  (12,913) -  -  72,033,244 of taxes) Total comprehensive income -  -  32,444,253  39,601,904  -  -  (12,913) 392,537<span class=\"_ _0\"></span>,070  -  464,570<span class=\"_ _0\"></span>,314 for the period Application of 2021 net profit for the period:  - Dividends paid 5.4 -  -  -  -  -  -  (131,632,875) -  -  (131,632,875)  - Application of prior period's net 5.4 -  -  -  -  -  -  132,415,285  (171,411,455) 49,996,170  11,000,000  profit  - Bonus to employees -  -  -  -  -  -  (11,000,000) -  -  (11,000,000) Di<span class=\"_ _2\"></span>str<span class=\"_ _0\"></span>ibution of reserv<span class=\"_ _0\"></span>es 5.4 -  -  -  -  -  (118,355,086) -  -  -  (118,355,086) Total transactions with -  -  -  -  -  (118,355,086) (10,217,590) (171,411,455) 49,996,170  (249,987,961) shareholders Equity as at 31 Dece<span class=\"_ _0\"></span>mber 20<span class=\"_ _2\"></span>22 500,000<span class=\"_ _0\"></span>,000  -  (405,228,340) 33,997,828  100,000<span class=\"_ _0\"></span>,000  1,103,749  636,999<span class=\"_ _0\"></span>,230 392,537<span class=\"_ _0\"></span>,070  -  1,259,409,537 Reserves by 2021<span class=\"_ _2\"></span> applying the Share  Treasury equity Fair value Legal  Other Retained Net profit for Prepaid Amounts in Euro Note capital<span class=\"fc5\"> </span>shares<span class=\"fc5\"> </span>method<span class=\"fc5\"> </span>reserves<span class=\"fc5\"> </span>reserve<span class=\"fc5\"> </span>reserves<span class=\"fc5\"> </span>earnin<span class=\"_ _2\"></span>gs<span class=\"_ _0\"></span><span class=\"fc5\"> </span>the peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span><span class=\"fc5\"> </span>dividends <span class=\"fc5\"> </span>Total<span class=\"fc5\"> </span>Equity as at 1 January 2021 500,000<span class=\"_ _0\"></span>,000  (20,189,264) (433,318,274) (6,641<span class=\"_ _0\"></span>,368) 100,000<span class=\"_ _0\"></span>,000  264,066<span class=\"_ _0\"></span>,381  512,795<span class=\"_ _0\"></span>,312  109,213<span class=\"_ _0\"></span>,720  -  1,025,926,506  Net profit for the period -  -  -  -  -  -  -  171,411,455  -  171,411,455  Other <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>reh<span class=\"_ _0\"></span>ensive incom<span class=\"_ _2\"></span>e (net -  -  (4,354,319) 1,037,292  -  -  368,050  -  -  (2,948,977) of taxes) Total comprehensive income -  -  (4,354<span class=\"_ _0\"></span>,319) 1,037,292  -  -  368,050  171,411<span class=\"_ _0\"></span>,455  -  168,462<span class=\"_ _0\"></span>,478  for the period Application of 2020 net profit for the period:  - Dividends paid 5.4 -  -  -  -  -  -  (99,565,630) -  -  (99,565,630)  - Application of prior period's net 5.4 -  -  -  -  -  -  116,213,720  (109,213,720) -  7,000,000  profit  - Bonus to employees -  -  -  -  -  -  (7,000,000) -  -  (7,000,000) Transfer of reserves to retained -  -  -  -  -  (138,290,615) 138,290,615  -  -  -  earnings Incorporation of reserves 6,316,931  -  -  -  -  (6,316,931) -  -  -  -  Cancellation of treasury sh<span class=\"_ _0\"></span>ares<span class=\"_ _2\"></span> 5.2 (6,316,931) 20,189,264  -  -  -  -  (13,872,333) -  -  -  Prepaid dividends -  -  -  -  -  -  -  -  (49,996,170) (49,996,170) Total transactions with -  20,189,264  -  -  -  (144,607,546) 134,066<span class=\"_ _0\"></span>,371  (109,213,720) (49,996,170) (149,561,800) shareholders Equity as at 31 Dece<span class=\"_ _0\"></span>mber 20<span class=\"_ _2\"></span>21 500,000<span class=\"_ _0\"></span>,000  -  (437,672,593) (5,604<span class=\"_ _0\"></span>,076) 100,000<span class=\"_ _0\"></span>,000  119,458<span class=\"_ _0\"></span>,835  647,229<span class=\"_ _0\"></span>,733  171,411<span class=\"_ _0\"></span>,455  (49,996,170) 1,044,827,184  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _1\"></span>stateme<span class=\"_ _0\"></span>nts.Separat<span class=\"_ _2\"></span>e Statem<span class=\"_ _2\"></span>ent of Ca<span class=\"_ _a9\"></span>sh<span class=\"_ _0\"></span> Flow<span class=\"_ _2\"></span>s  For the periods end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>ember 202<span class=\"_ _0\"></span>2 and 31<span class=\"_ _0\"></span> December 2021<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Note 2022 2021 OPERAT<span class=\"_ _0\"></span>ING<span class=\"_ _0\"></span> ACTIVITIES Receipts from cus<span class=\"_ _0\"></span>tomers<span class=\"_ _0\"></span> 3,960,422,577  2,455,874,053  Payments to suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ers  (4,186,123,618)<span class=\"_ _0\"></span> (2,575,275,826)<span class=\"_ _0\"></span> Payments to empl<span class=\"_ _0\"></span>oyees  (4,095,315) (7,108,255) Cash flow<span class=\"_ _0\"></span> from operati<span class=\"_ _0\"></span>ons  (229<span class=\"_ _0\"></span>,796,356) (126<span class=\"_ _0\"></span>,510,028) Income tax recei<span class=\"_ _0\"></span>ved/ (paid) <span class=\"_ _0\"></span> (64<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>45,158)<span class=\"_ _0\"></span> (19<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>61,688)<span class=\"_ _0\"></span> Other (payments)/ r<span class=\"_ _0\"></span>eceipts relati<span class=\"_ _0\"></span>ng to operating acti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties <span class=\"_ _0\"></span> 445,117,777  244,558,651  Cash flows from ope<span class=\"_ _0\"></span>rating activi<span class=\"_ _0\"></span>ties (1)<span class=\"_ _0\"></span> 150<span class=\"_ _0\"></span>,876,263<span class=\"_ _0\"></span>  98,586<span class=\"_ _0\"></span>,935  INVEST<span class=\"_ _0\"></span>ING<span class=\"_ _0\"></span> ACTIVITIES  Inflows:<span class=\"_ _0\"></span> Property, plant and eq<span class=\"_ _0\"></span>uipment<span class=\"_ _0\"></span> 14,342  -  Intangibl<span class=\"_ _0\"></span>e assets -  6,636,500  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 507,014  -  Interest and si<span class=\"_ _0\"></span>milar income <span class=\"_ _0\"></span> 15,278,082 <span class=\"_ _0\"></span> 13,026,983 <span class=\"_ _0\"></span> Divi<span class=\"_ _0\"></span>dends fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>subsidi<span class=\"_ _0\"></span>aries 10.1 92,799,990 <span class=\"_ _0\"></span> 85,802,502 <span class=\"_ _0\"></span> 108<span class=\"_ _0\"></span>,599,428<span class=\"_ _0\"></span>  105<span class=\"_ _0\"></span>,465,985<span class=\"_ _0\"></span>  Outflows:<span class=\"_ _0\"></span> Investments in s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 10.1 (8,909,329) (5,750,000) Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (105,311,036)<span class=\"_ _0\"></span> -  (114<span class=\"_ _0\"></span>,220,365) (5,750<span class=\"_ _0\"></span>,000) Cash flows from in<span class=\"_ _0\"></span>vesting activiti<span class=\"_ _0\"></span>es (2)<span class=\"_ _0\"></span> (5,620<span class=\"_ _0\"></span>,937) 99,715<span class=\"_ _0\"></span>,985  FINA<span class=\"_ _0\"></span>NCING A<span class=\"_ _0\"></span>CTIVITIES  Inflows:<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.9 430,000,000  147,500,000  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries 10.2 120,650,000  666,496,513  550<span class=\"_ _0\"></span>,650,000<span class=\"_ _0\"></span>  813<span class=\"_ _0\"></span>,996,513<span class=\"_ _0\"></span>  Outflows:<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> 5.9 (545,218,254)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Amortisatio<span class=\"_ _0\"></span>n of lease agreeme<span class=\"_ _0\"></span>nts 5.7 (591,252) (589,656) Interest and si<span class=\"_ _0\"></span>milar expense<span class=\"_ _0\"></span> (30<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>43,814)<span class=\"_ _0\"></span> (9,756,483) Distributi<span class=\"_ _0\"></span>on of divi<span class=\"_ _0\"></span>dends 5.4 (131,632,875)<span class=\"_ _0\"></span> (149,561,800)<span class=\"_ _0\"></span> Distributi<span class=\"_ _0\"></span>on of reserves<span class=\"_ _0\"></span> 5.4 (118,355,086)<span class=\"_ _0\"></span> -  Loans to subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (2,000,000) (633,141,611)<span class=\"_ _0\"></span> (828<span class=\"_ _0\"></span>,241,281) (1,084<span class=\"_ _0\"></span>,577,328<span class=\"_ _0\"></span>) Cash flows from fin<span class=\"_ _0\"></span>ancing a<span class=\"_ _0\"></span>ctivities  (3<span class=\"_ _0\"></span>) (277<span class=\"_ _0\"></span>,591,281) (270<span class=\"_ _0\"></span>,580,815) CHANG<span class=\"_ _0\"></span>ES IN<span class=\"_ _0\"></span> CASH AND CA<span class=\"_ _0\"></span>SH EQUIVALENT<span class=\"_ _0\"></span>S (1)+(2)+(3<span class=\"_ _0\"></span>) (132<span class=\"_ _0\"></span>,335,955) (72,27<span class=\"_ _0\"></span>7,895) Effect of exchange rate<span class=\"_ _0\"></span> differences<span class=\"_ _1\"></span> 1,075,735  (102,010) CASH A<span class=\"_ _0\"></span>ND CAS<span class=\"_ _0\"></span>H EQUI<span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>ALEN<span class=\"_ _0\"></span>TS A<span class=\"_ _0\"></span>T THE BEGINNI<span class=\"_ _0\"></span>NG OF THE PERIOD<span class=\"_ _0\"></span> 5.8 224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  296<span class=\"_ _0\"></span>,941,052<span class=\"_ _0\"></span>  CASH A<span class=\"_ _0\"></span>ND CAS<span class=\"_ _0\"></span>H EQUI<span class=\"_ _0\"></span>V<span class=\"_ _2\"></span>ALEN<span class=\"_ _0\"></span>TS A<span class=\"_ _0\"></span>T THE END OF THE PERI<span class=\"_ _0\"></span>OD<span class=\"_ _0\"></span> 5.8 93,300<span class=\"_ _0\"></span>,927  224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  The acco<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nying <span class=\"_ _0\"></span>note<span class=\"_ _0\"></span>s form a<span class=\"_ _0\"></span>n integr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span> of these<span class=\"_ _0\"></span> s<span class=\"_ _0\"></span>eparate <span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>stateme<span class=\"_ _0\"></span>nts.<span class=\"_ _1\"></span><span class=\"ffd fs1 fc1\"> </span>1.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Intro<span class=\"_ _2\"></span>duct<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _2\"></span> </span></span>The foll<span class=\"_ _2\"></span>owing symbol<span class=\"_ _2\"></span>s ar<span class=\"_ _2\"></span>e used in <span class=\"_ _2\"></span>the pr<span class=\"_ _2\"></span>esentati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> the Notes to <span class=\"_ _2\"></span>the f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al statem<span class=\"_ _2\"></span>ents: Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates <span class=\"_ _2\"></span>the discl<span class=\"_ _2\"></span>osure of <span class=\"_ _2\"></span>accountin<span class=\"_ _a9\"></span>g polici<span class=\"_ _2\"></span>es specif<span class=\"_ _2\"></span>icall<span class=\"_ _2\"></span>y applicabl<span class=\"_ _2\"></span>e to th<span class=\"_ _2\"></span>e items i<span class=\"_ _2\"></span>n the res<span class=\"_ _2\"></span>pective N<span class=\"_ _2\"></span>ote. Significa<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>estima<span class=\"_ _2\"></span>tes a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates <span class=\"_ _2\"></span>the discl<span class=\"_ _2\"></span>osure of th<span class=\"_ _2\"></span>e es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d/or <span class=\"_ _2\"></span>judgements ma<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span> r<span class=\"_ _2\"></span>egarding th<span class=\"_ _a9\"></span>e items i<span class=\"_ _2\"></span>n the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve Note. Si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>and ju<span class=\"_ _2\"></span>dgements <span class=\"_ _2\"></span>are indic<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n Note 1<span class=\"_ _2\"></span>.6. Refer<span class=\"_ _2\"></span>ence<span class=\"_ _2\"></span>s This s<span class=\"_ _2\"></span>ymbol indi<span class=\"_ _2\"></span>cates a <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>another <span class=\"_ _2\"></span>Note or <span class=\"_ _2\"></span>anot<span class=\"_ _2\"></span>her section <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Finan<span class=\"_ _2\"></span>cial Statements <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ere mo<span class=\"_ _2\"></span>re informa<span class=\"_ _a9\"></span>tion about <span class=\"_ _2\"></span>the items <span class=\"_ _a9\"></span>disclos<span class=\"_ _2\"></span>ed is pres<span class=\"_ _2\"></span>ented. 1.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Intro<span class=\"_ _2\"></span>duction The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. (Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e Company)<span class=\"_ _2\"></span> is a <span class=\"_ _2\"></span>publicl<span class=\"_ _2\"></span>y traded compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> with i<span class=\"_ _2\"></span>ts head off<span class=\"_ _2\"></span>ice in<span class=\"_ _2\"></span> Mitrena, 2<span class=\"_ _2\"></span>901-861 Se<span class=\"_ _2\"></span>t\u00fabal<span class=\"_ _2\"></span>, and it i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>sted o<span class=\"_ _2\"></span>n NYSE Eurone<span class=\"_ _2\"></span>xt Lis<span class=\"_ _2\"></span>bon und<span class=\"_ _2\"></span>er the ISIN P<span class=\"_ _2\"></span>TPTI0AM0006<span class=\"_ _2\"></span>.  Compa<span class=\"_ _2\"></span>ny: <span class=\"ff1\">The Navigato<span class=\"_ _a9\"></span>r Company, S.<span class=\"_ _2\"></span>A. </span>Head<span class=\"_ _2\"></span> Office:<span class=\"ff1\"> Mitrena <span class=\"_ _2\"></span><span class=\"ff8\">\u2013<span class=\"ff1\"> Apart<span class=\"_ _2\"></span>ado 55 <span class=\"_ _2\"></span>| 2901-86<span class=\"_ _2\"></span>1 Set\u00fabal<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>| Portugal<span class=\"_ _2\"></span> </span></span></span>Lega<span class=\"_ _2\"></span>l Form: <span class=\"ff1\">Public<span class=\"_ _2\"></span> Limi<span class=\"_ _2\"></span>ted Company<span class=\"_ _2\"></span> </span>Share C<span class=\"_ _2\"></span>apital:<span class=\"ff1\"> <span class=\"ff8\">\u20ac<span class=\"_ _2\"></span>500,000,00<span class=\"_ _2\"></span>0<span class=\"ff1\"> </span></span></span>TIN:<span class=\"ff1\"> 503 <span class=\"_ _2\"></span>025 798<span class=\"_ _2\"></span> </span>Navigator i<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>the parent co<span class=\"_ _2\"></span>mpany of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the Navigato<span class=\"_ _2\"></span>r Grou<span class=\"_ _2\"></span>p (Grou<span class=\"_ _2\"></span>p), compri<span class=\"_ _2\"></span>sing Navi<span class=\"_ _2\"></span>gator an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> Subsidiari<span class=\"_ _2\"></span>es, as <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>resente<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the consoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> sta<span class=\"_ _2\"></span>tements. The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. (un<span class=\"_ _2\"></span>til 2<span class=\"_ _2\"></span>015 desi<span class=\"_ _2\"></span>gnated Port<span class=\"_ _2\"></span>ucel, S.A<span class=\"_ _2\"></span>.), her<span class=\"_ _2\"></span>einafte<span class=\"_ _2\"></span>r ref<span class=\"_ _2\"></span>erred to as<span class=\"_ _2\"></span> Company o<span class=\"_ _2\"></span>r Naviga<span class=\"_ _2\"></span>tor, i<span class=\"_ _2\"></span>s a public<span class=\"_ _2\"></span>ly trade<span class=\"_ _2\"></span>d company <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith i<span class=\"_ _a9\"></span>ts share ca<span class=\"_ _2\"></span>pital re<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>resente<span class=\"_ _2\"></span>d by nomin<span class=\"_ _2\"></span>al shares <span class=\"_ _2\"></span>and was inc<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>ed on 31<span class=\"_ _2\"></span> May 199<span class=\"_ _2\"></span>3, un<span class=\"_ _2\"></span>der Decree- <span class=\"_ _2\"></span>Law no. 39/9<span class=\"_ _2\"></span>3 of 1<span class=\"_ _2\"></span>3 February<span class=\"_ _2\"></span>, as a <span class=\"_ _2\"></span>result of <span class=\"_ _a9\"></span>the restruc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>uring <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>rocess <span class=\"_ _2\"></span>of Por<span class=\"_ _2\"></span>tuc<span class=\"_ _2\"></span>el - Empresa <span class=\"_ _2\"></span>de Celul<span class=\"_ _2\"></span>ose e Pap<span class=\"_ _2\"></span>el de Portugal<span class=\"_ _2\"></span>, E.<span class=\"ls7a\">P.</span>The genesi<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p it curr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntly h<span class=\"_ _2\"></span>eads was<span class=\"_ _2\"></span> crea<span class=\"_ _2\"></span>ted in<span class=\"_ _2\"></span> the mid 19<span class=\"_ _2\"></span>50\u2019s, whe<span class=\"_ _2\"></span>n a grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> of technici<span class=\"_ _2\"></span>ans fro<span class=\"_ _2\"></span>m \u201cCompanhi<span class=\"_ _2\"></span>a Portu<span class=\"_ _2\"></span>guesa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose de C<span class=\"_ _a9\"></span>acia\u201d made this<span class=\"_ _2\"></span> compan<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>first i<span class=\"_ _2\"></span>n the world <span class=\"_ _2\"></span>to pro<span class=\"_ _2\"></span>duce ble<span class=\"_ _2\"></span>ached euc<span class=\"_ _2\"></span>alyp<span class=\"_ _2\"></span>tus sulphat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pulp. In 1976<span class=\"_ _2\"></span>, Portu<span class=\"ff8\">c<span class=\"_ _2\"></span>el EP was c<span class=\"_ _2\"></span>reate<span class=\"_ _2\"></span>d as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f the na<span class=\"_ _2\"></span>tion<span class=\"_ _a9\"></span>alisation<span class=\"_ _2\"></span> of al<span class=\"_ _2\"></span>l of <span class=\"_ _2\"></span>Portugal\u2019s<span class=\"_ _2\"></span> cellu<span class=\"_ _2\"></span>lose </span>industry<span class=\"_ _2\"></span>. As such<span class=\"_ _2\"></span>, Portuc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Emp<span class=\"_ _2\"></span>resa d<span class=\"_ _2\"></span>e Celul<span class=\"_ _2\"></span>ose e Papel<span class=\"_ _a9\"></span> de Portugal<span class=\"_ _2\"></span>, E.P. <span class=\"_ _2\"></span>resulte<span class=\"_ _2\"></span>d from th<span class=\"_ _a9\"></span>e merger wi<span class=\"_ _2\"></span>th CPC <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Companhi<span class=\"_ _2\"></span>a de Celul<span class=\"_ _2\"></span>ose, S<span class=\"_ _2\"></span>.A.R.L. (C<span class=\"_ _2\"></span>aci<span class=\"_ _2\"></span>a), Socel <span class=\"ff8\">\u2013</span> So<span class=\"_ _2\"></span>ciedade <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>ndus<span class=\"_ _2\"></span>trial de Celul<span class=\"_ _2\"></span>ose, S.A<span class=\"_ _2\"></span>.R.L. (Se<span class=\"_ _2\"></span>t\u00fabal)<span class=\"_ _2\"></span>, Celtejo <span class=\"ff8\">\u2013</span> C<span class=\"_ _2\"></span>elulos<span class=\"_ _2\"></span>e do Tejo<span class=\"_ _a9\"></span>, S.A.R<span class=\"_ _2\"></span>.L. (Vila <span class=\"_ _2\"></span>Velha <span class=\"_ _2\"></span>de R\u00f3d\u00e3o)<span class=\"_ _2\"></span>, Celno<span class=\"_ _2\"></span>rte <span class=\"ff8\">\u2013</span> Celu<span class=\"_ _2\"></span>lose do <span class=\"_ _2\"></span>Norte, S<span class=\"_ _2\"></span>.A.R.L<span class=\"_ _2\"></span>. (Viana <span class=\"_ _2\"></span>do Cas<span class=\"_ _2\"></span>telo) <span class=\"_ _2\"></span>and Celul<span class=\"_ _2\"></span>oses do <span class=\"_ _2\"></span>Guadiana, S<span class=\"_ _2\"></span>.A.R.L. (Mour\u00e3o<span class=\"_ _2\"></span>), being c<span class=\"_ _2\"></span>onvert<span class=\"_ _2\"></span>ed into a <span class=\"_ _2\"></span>Public <span class=\"_ _2\"></span>Limi<span class=\"_ _2\"></span>ted Compan<span class=\"_ _2\"></span>y with a majo<span class=\"_ _2\"></span>rity pu<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span> sharehol<span class=\"_ _2\"></span>ding by Decree-La<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> no. 40<span class=\"_ _2\"></span>5/90<span class=\"_ _2\"></span>, of 21<span class=\"_ _2\"></span> December. Years af<span class=\"_ _2\"></span>ter, as <span class=\"_ _2\"></span>a resu<span class=\"_ _2\"></span>lt of th<span class=\"_ _a9\"></span>e restructu<span class=\"_ _2\"></span>ring of<span class=\"_ _2\"></span> Portuc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Empresa d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Cel<span class=\"_ _2\"></span>ulose e <span class=\"_ _2\"></span>Papel de Portugal<span class=\"_ _2\"></span>, S.A., <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>was redenomi<span class=\"_ _2\"></span>nated <span class=\"_ _2\"></span>to Portuc<span class=\"_ _a9\"></span>el, S.G.<span class=\"_ _2\"></span>P.S., S<span class=\"_ _2\"></span>.A., to<span class=\"_ _2\"></span>wards to <span class=\"_ _2\"></span>its privatisa<span class=\"_ _2\"></span>tion, Po<span class=\"_ _2\"></span>rtucel<span class=\"_ _2\"></span> S.A. w<span class=\"_ _2\"></span>as crea<span class=\"_ _2\"></span>ted, on <span class=\"_ _2\"></span>31 May 1<span class=\"_ _2\"></span>993, <span class=\"_ _2\"></span>through Dec<span class=\"_ _2\"></span>ree-law no. 39<span class=\"_ _a9\"></span>/93, of 1<span class=\"_ _2\"></span>3 February<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the forme<span class=\"_ _2\"></span>r assets <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the two mai<span class=\"_ _2\"></span>n compani<span class=\"_ _a9\"></span>es, bas<span class=\"_ _2\"></span>ed in Cac<span class=\"_ _2\"></span>ia and Se<span class=\"_ _2\"></span>t\u00fabal. In 1995<span class=\"_ _2\"></span>, the com<span class=\"_ _2\"></span>pany was <span class=\"_ _2\"></span>again p<span class=\"_ _2\"></span>rivatise<span class=\"_ _2\"></span>d, and bec<span class=\"_ _a9\"></span>ame a publ<span class=\"_ _2\"></span>icly tra<span class=\"_ _2\"></span>ded comp<span class=\"_ _2\"></span>any. Aimin<span class=\"_ _2\"></span>g to restruc<span class=\"_ _2\"></span>ture the <span class=\"_ _a9\"></span>paper indust<span class=\"_ _2\"></span>ry in <span class=\"_ _2\"></span>Portugal<span class=\"_ _2\"></span>, Po<span class=\"_ _2\"></span>rtucel <span class=\"_ _2\"></span>acquired Pa<span class=\"_ _2\"></span>p\u00e9is Ina<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>a, S.A<span class=\"_ _2\"></span>. (Set\u00fabal<span class=\"_ _2\"></span>), in 200<span class=\"_ _2\"></span>0, an<span class=\"_ _2\"></span>d Soporc<span class=\"_ _2\"></span>el <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade Portu<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>uesa <span class=\"_ _2\"></span>de Papel<span class=\"_ _2\"></span>, S.A. <span class=\"_ _2\"></span>(Figueira <span class=\"_ _2\"></span>da Fo<span class=\"_ _2\"></span>z), in 2001. <span class=\"_ _2\"></span>These stra<span class=\"_ _2\"></span>tegic mov<span class=\"_ _2\"></span>es we<span class=\"_ _2\"></span>re deci<span class=\"_ _2\"></span>sive and <span class=\"_ _2\"></span>gave ri<span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>to the Por<span class=\"_ _2\"></span>tuce<span class=\"_ _0\"></span>l Sopo<span class=\"_ _a9\"></span>rcel Group (no<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup), whic<span class=\"_ _2\"></span>h is <span class=\"_ _2\"></span>currentl<span class=\"_ _2\"></span>y the l<span class=\"_ _2\"></span>argest Eu<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>ean produc<span class=\"_ _2\"></span>er of bl<span class=\"_ _2\"></span>each<span class=\"_ _2\"></span>ed eucal<span class=\"_ _2\"></span>yptus pulp and o<span class=\"_ _2\"></span>ne of th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> larg<span class=\"_ _2\"></span>est Euro<span class=\"_ _2\"></span>pean p<span class=\"_ _2\"></span>roducers <span class=\"_ _2\"></span>of unc<span class=\"_ _2\"></span>oated wood-f<span class=\"_ _2\"></span>ree pap<span class=\"_ _2\"></span>er (UWF<span class=\"_ _2\"></span>). In Septemb<span class=\"_ _2\"></span>er 2004, <span class=\"_ _2\"></span>Semapa l<span class=\"_ _2\"></span>aunch<span class=\"_ _2\"></span>ed a publ<span class=\"_ _2\"></span>ic ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of<span class=\"ff8\">fer ten<span class=\"_ _2\"></span>ding to as<span class=\"_ _2\"></span>sure <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p\u2019s </span>control<span class=\"_ _2\"></span>, which was <span class=\"_ _a9\"></span>accomplis<span class=\"_ _2\"></span>hed by guar<span class=\"_ _2\"></span>anteei<span class=\"_ _2\"></span>ng a 67.1<span class=\"_ _a9\"></span>%<span class=\"_ _0\"></span> stake <span class=\"_ _2\"></span>of Portuc<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>l\u2019s<span class=\"_ _2\"></span> equity.<span class=\"ff1\"> </span>In Novemb<span class=\"_ _2\"></span>er 2006, <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Por<span class=\"_ _2\"></span>tuguese <span class=\"_ _2\"></span>State con<span class=\"_ _2\"></span>clude<span class=\"_ _2\"></span>d the th<span class=\"_ _a9\"></span>ird and final<span class=\"_ _2\"></span> stag<span class=\"_ _2\"></span>e of the s<span class=\"_ _2\"></span>ale of Portucel, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A., an<span class=\"_ _a9\"></span>d P\u00e1rpubli<span class=\"_ _2\"></span>ca, SGPS<span class=\"_ _2\"></span>, S.A. sol<span class=\"_ _2\"></span>d the r<span class=\"_ _2\"></span>emain<span class=\"_ _2\"></span>ing 25<span class=\"_ _2\"></span>.72% it sti<span class=\"_ _2\"></span>ll hel<span class=\"_ _2\"></span>d.  In 2007<span class=\"_ _2\"></span> the Group i<span class=\"_ _2\"></span>nvest<span class=\"_ _2\"></span>ed in a <span class=\"_ _2\"></span>new pap<span class=\"_ _2\"></span>er machine <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>the Set\u00fabal <span class=\"_ _2\"></span>indus<span class=\"_ _2\"></span>trial s<span class=\"_ _2\"></span>ite which started o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting on a <span class=\"_ _2\"></span>regular <span class=\"_ _2\"></span>basis i<span class=\"_ _2\"></span>n Octo<span class=\"_ _2\"></span>ber 2009. From 20<span class=\"_ _2\"></span>09 to Jul<span class=\"_ _2\"></span>y 2015, mo<span class=\"_ _2\"></span>re than <span class=\"_ _2\"></span>75% of th<span class=\"_ _a9\"></span>e Company\u2019<span class=\"_ _2\"></span>s share c<span class=\"_ _2\"></span>apital <span class=\"_ _2\"></span>w<span class=\"ff1\">as held dir<span class=\"_ _2\"></span>ectly an<span class=\"_ _2\"></span>d </span>indirec<span class=\"_ _2\"></span>tly by Sema<span class=\"_ _2\"></span>pa <span class=\"ff8\">\u2013</span> Soci<span class=\"_ _2\"></span>edade d<span class=\"_ _2\"></span>e Investi<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>e Gest<span class=\"_ _a9\"></span>\u00e3o SGPS, S.A.<span class=\"_ _2\"></span>. (exclu<span class=\"_ _2\"></span>ding <span class=\"_ _2\"></span>treasury shares) ha<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ing the <span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _2\"></span>entage of<span class=\"_ _2\"></span> voti<span class=\"_ _2\"></span>ng righ<span class=\"_ _2\"></span>ts been <span class=\"_ _2\"></span>reduced to l<span class=\"_ _2\"></span>ess th<span class=\"_ _2\"></span>an 70% f<span class=\"_ _2\"></span>ollo<span class=\"_ _2\"></span>wing the concl<span class=\"_ _2\"></span>usion<span class=\"_ _2\"></span> of the o<span class=\"_ _2\"></span>ffer for <span class=\"_ _2\"></span>the acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n, in the <span class=\"_ _2\"></span>form of a<span class=\"_ _2\"></span>n exchang<span class=\"_ _2\"></span>e off<span class=\"_ _2\"></span>er, of <span class=\"_ _2\"></span>the or<span class=\"_ _2\"></span>dinary shares o<span class=\"_ _2\"></span>f Semapa, i<span class=\"_ _2\"></span>n July 2<span class=\"_ _2\"></span>015. In Feb<span class=\"_ _2\"></span>ruary 2015<span class=\"_ _2\"></span>, the G<span class=\"_ _2\"></span>roup sta<span class=\"_ _2\"></span>rted i<span class=\"_ _2\"></span>ts ac<span class=\"_ _2\"></span>tivity in th<span class=\"_ _a9\"></span>e Tissu<span class=\"_ _2\"></span>e segment wi<span class=\"_ _2\"></span>th the ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on of AMS-BR Star P<span class=\"_ _a9\"></span>aper, S<span class=\"_ _2\"></span>.A. (curr<span class=\"_ _2\"></span>ently <span class=\"_ _2\"></span>denominat<span class=\"_ _2\"></span>ed Navig<span class=\"_ _2\"></span>ator Ti<span class=\"_ _2\"></span>ssue R\u00f3d\u00e3o, <span class=\"_ _a9\"></span>S.A.), a <span class=\"_ _2\"></span>Company that hol<span class=\"_ _2\"></span>ds and <span class=\"_ _2\"></span>explores <span class=\"_ _2\"></span>a tissue <span class=\"_ _a9\"></span>paper mil<span class=\"_ _2\"></span>l, lo<span class=\"_ _2\"></span>cated in Vi<span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Velha de R\u00f3<span class=\"_ _2\"></span>d\u00e3o. A <span class=\"_ _2\"></span>new in<span class=\"_ _2\"></span>dustrial faci<span class=\"_ _2\"></span>lity was bui<span class=\"_ _2\"></span>lt in <span class=\"_ _2\"></span>Aveiro, <span class=\"_ _2\"></span>in Augus<span class=\"_ _2\"></span>t 2018<span class=\"_ _2\"></span>, being o<span class=\"_ _2\"></span>perate<span class=\"_ _2\"></span>d by Navi<span class=\"_ _2\"></span>gator <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>issue <span class=\"_ _2\"></span>Aveiro, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A., which i<span class=\"_ _2\"></span>s currentl<span class=\"_ _2\"></span>y the l<span class=\"_ _2\"></span>argest Po<span class=\"_ _a9\"></span>rtuguese p<span class=\"_ _2\"></span>roducer <span class=\"_ _2\"></span>and th<span class=\"_ _2\"></span>e third in th<span class=\"_ _2\"></span>e Iberian <span class=\"_ _2\"></span>Peninsul<span class=\"_ _2\"></span>a, wi<span class=\"_ _2\"></span>th a production <span class=\"_ _2\"></span>and trans<span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>rmation capac<span class=\"_ _2\"></span>ity o<span class=\"_ _2\"></span>f 130 <span class=\"_ _2\"></span>thousand <span class=\"_ _2\"></span>ton<span class=\"_ _2\"></span>s and 120<span class=\"_ _2\"></span> thousand tons<span class=\"_ _a9\"></span>, respecti<span class=\"_ _2\"></span>vely.<span class=\"_ _2\"></span> Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>5, the Company s<span class=\"_ _2\"></span>old <span class=\"_ _2\"></span>to its <span class=\"_ _2\"></span>indirec<span class=\"_ _2\"></span>t subsi<span class=\"_ _2\"></span>diary N<span class=\"_ _2\"></span>avigator Pul<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> Set\u00fabal<span class=\"_ _2\"></span>, S.A<span class=\"_ _2\"></span>. the industri<span class=\"_ _2\"></span>al assets <span class=\"_ _2\"></span>used <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>BEKP at the <span class=\"_ _2\"></span>Set\u00fabal<span class=\"_ _2\"></span> industri<span class=\"_ _2\"></span>al compl<span class=\"_ _2\"></span>ex. On 6 Febru<span class=\"_ _2\"></span>ary 2016, <span class=\"_ _a9\"></span>the Portucel<span class=\"_ _2\"></span>Sopo<span class=\"_ _2\"></span>rcel Group c<span class=\"_ _2\"></span>hanged<span class=\"_ _2\"></span> its <span class=\"_ _2\"></span>corporate br<span class=\"_ _a9\"></span>and to The Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igato<span class=\"_ _2\"></span>r Company. <span class=\"_ _2\"></span>This new c<span class=\"_ _2\"></span>orporat<span class=\"_ _2\"></span>e iden<span class=\"_ _2\"></span>tity r<span class=\"_ _2\"></span>epresen<span class=\"_ _2\"></span>ts the uni<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>of compan<span class=\"_ _2\"></span>ies with a <span class=\"_ _2\"></span>histor<span class=\"_ _2\"></span>y of mo<span class=\"_ _2\"></span>re than 60 <span class=\"_ _2\"></span>years, ai<span class=\"_ _2\"></span>ming to <span class=\"_ _2\"></span>give <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>a more ap<span class=\"_ _2\"></span>pealing<span class=\"_ _a9\"></span> and modern imag<span class=\"_ _2\"></span>e. Foll<span class=\"_ _2\"></span>owing this<span class=\"_ _2\"></span> event, and <span class=\"_ _a9\"></span>after app<span class=\"_ _2\"></span>roval in <span class=\"_ _2\"></span>the General<span class=\"_ _2\"></span> Sh<span class=\"_ _2\"></span>areholder\u2019s <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>eetin<span class=\"_ _2\"></span>g, held <span class=\"_ _2\"></span>on 19 <span class=\"_ _2\"></span>April 2016, <span class=\"_ _2\"></span>Portucel S<span class=\"_ _2\"></span>.A. chan<span class=\"_ _2\"></span>ged i<span class=\"_ _2\"></span>ts designa<span class=\"_ _2\"></span>tion to<span class=\"_ _2\"></span> The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A. Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>6, the Company c<span class=\"_ _a9\"></span>arried out a <span class=\"_ _2\"></span>capi<span class=\"_ _2\"></span>tal in<span class=\"_ _2\"></span>crease i<span class=\"_ _2\"></span>n kind i<span class=\"_ _2\"></span>n Enerpulp <span class=\"_ _2\"></span>- Cogera\u00e7\u00e3o<span class=\"_ _2\"></span> Energ\u00e9ti<span class=\"_ _2\"></span>ca da Pas<span class=\"_ _2\"></span>ta, <span class=\"_ _2\"></span>S.A., <span class=\"_ _2\"></span>through the <span class=\"_ _a9\"></span>delivery o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>two bi<span class=\"_ _2\"></span>omass power <span class=\"_ _2\"></span>generatio<span class=\"_ _2\"></span>n plan<span class=\"_ _2\"></span>ts located at <span class=\"_ _a9\"></span>the Set\u00fa<span class=\"_ _2\"></span>bal and A<span class=\"_ _2\"></span>veiro i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al si<span class=\"_ _2\"></span>tes, and <span class=\"_ _2\"></span>also c<span class=\"_ _2\"></span>arried out <span class=\"_ _2\"></span>a capital<span class=\"_ _2\"></span> increas<span class=\"_ _a9\"></span>e in kind in N<span class=\"_ _2\"></span>avigator Pa<span class=\"_ _2\"></span>rques Indus<span class=\"_ _a9\"></span>triais, S<span class=\"_ _2\"></span>.A. through <span class=\"_ _a9\"></span>the incorpo<span class=\"_ _a9\"></span>rat<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the i<span class=\"_ _2\"></span>ndustri<span class=\"_ _2\"></span>al lan<span class=\"_ _2\"></span>d and buildi<span class=\"_ _2\"></span>ngs lo<span class=\"_ _2\"></span>cated in Av<span class=\"_ _2\"></span>eiro and S<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>t\u00fabal<span class=\"_ _2\"></span>. On 1 Januar<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> 2017<span class=\"_ _2\"></span>, the C<span class=\"_ _2\"></span>ompany s<span class=\"_ _2\"></span>tarted <span class=\"_ _2\"></span>to concen<span class=\"_ _2\"></span>trate i<span class=\"_ _a9\"></span>ts sal<span class=\"_ _2\"></span>es of paper<span class=\"_ _2\"></span>, cell<span class=\"_ _2\"></span>ulose pul<span class=\"_ _2\"></span>p and Tissue produc<span class=\"_ _a9\"></span>ts, becomi<span class=\"_ _2\"></span>ng the <span class=\"_ _2\"></span>Group's p<span class=\"_ _2\"></span>roduct <span class=\"_ _2\"></span>distribu<span class=\"_ _2\"></span>tor. As <span class=\"_ _2\"></span>a resul<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>, it <span class=\"_ _2\"></span>quickl<span class=\"_ _2\"></span>y became o<span class=\"_ _2\"></span>ne of the main <span class=\"_ _2\"></span>national<span class=\"_ _2\"></span> export<span class=\"_ _2\"></span>ers, and <span class=\"_ _2\"></span>certain<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>the one <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e highest a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ded valu<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>the na<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> economy.<span class=\"_ _2\"></span> In Octo<span class=\"_ _2\"></span>ber 2017, i<span class=\"_ _a9\"></span>t starte<span class=\"_ _2\"></span>d to cen<span class=\"_ _2\"></span>tralise <span class=\"_ _2\"></span>suppl<span class=\"_ _2\"></span>ies to the G<span class=\"_ _a9\"></span>roup, with <span class=\"_ _a9\"></span>the Group'<span class=\"_ _2\"></span>s pulp p<span class=\"_ _2\"></span>ro<span class=\"_ _0\"></span>ducers starting <span class=\"_ _2\"></span>to sel<span class=\"_ _2\"></span>l pulp e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>clus<span class=\"_ _2\"></span>ively to Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igato<span class=\"_ _2\"></span>r, whi<span class=\"_ _2\"></span>ch suppli<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>the Group's p<span class=\"_ _a9\"></span>ap<span class=\"_ _0\"></span>er <span class=\"_ _2\"></span>producers<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> in addition <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>sales to <span class=\"_ _a9\"></span>the marke<span class=\"_ _2\"></span>t it had al<span class=\"_ _2\"></span>read<span class=\"_ _2\"></span>y been <span class=\"_ _2\"></span>developin<span class=\"_ _2\"></span>g. As f<span class=\"_ _2\"></span>rom Janua<span class=\"_ _2\"></span>ry 2018, i<span class=\"_ _2\"></span>t strengthen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d this <span class=\"_ _2\"></span>new acti<span class=\"_ _2\"></span>vity<span class=\"_ _2\"></span>, cent<span class=\"_ _2\"></span>ralisi<span class=\"_ _2\"></span>ng its f<span class=\"_ _2\"></span>oreign pu<span class=\"_ _2\"></span>rchases <span class=\"_ _2\"></span>and the s<span class=\"_ _2\"></span>upply of mo<span class=\"_ _2\"></span>st o<span class=\"_ _2\"></span>f the raw materi<span class=\"_ _2\"></span>als us<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duction proces<span class=\"_ _2\"></span>s. Also, <span class=\"_ _2\"></span>in 201<span class=\"_ _2\"></span>7, Navigato<span class=\"_ _2\"></span>r star<span class=\"_ _2\"></span>ted to p<span class=\"_ _2\"></span>repare i<span class=\"_ _2\"></span>ts se<span class=\"_ _2\"></span>parate fi<span class=\"_ _2\"></span>nan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements i<span class=\"_ _2\"></span>n accordanc<span class=\"_ _a9\"></span>e with IFRS - In<span class=\"_ _2\"></span>ternati<span class=\"_ _2\"></span>onal Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Reporting <span class=\"_ _2\"></span>Standa<span class=\"_ _2\"></span>rds. Thus, from <span class=\"_ _2\"></span>2017 on<span class=\"_ _2\"></span>wards, <span class=\"_ _2\"></span>and wi<span class=\"_ _2\"></span>th reinforcem<span class=\"_ _a9\"></span>ent in 2018<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y focu<span class=\"_ _2\"></span>sed its <span class=\"_ _2\"></span>activi<span class=\"_ _2\"></span>ties on sel<span class=\"_ _2\"></span>ling <span class=\"_ _2\"></span>paper and rel<span class=\"_ _2\"></span>ated p<span class=\"_ _2\"></span>roducts, <span class=\"_ _2\"></span>supplyi<span class=\"_ _2\"></span>ng indust<span class=\"_ _2\"></span>rial<span class=\"_ _2\"></span> products<span class=\"_ _2\"></span>, as wel<span class=\"_ _2\"></span>l as <span class=\"_ _2\"></span>providing admini<span class=\"_ _2\"></span>stration and man<span class=\"_ _a9\"></span>agement se<span class=\"_ _2\"></span>rvices to <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ts direc<span class=\"_ _2\"></span>t and <span class=\"_ _2\"></span>indirect su<span class=\"_ _2\"></span>bsidiaries<span class=\"_ _a9\"></span>, and on managing i<span class=\"_ _2\"></span>ts shar<span class=\"_ _2\"></span>eholdi<span class=\"_ _2\"></span>ngs. In addi<span class=\"_ _a9\"></span>tion, the Co<span class=\"_ _2\"></span>mpany ma<span class=\"_ _2\"></span>nages th<span class=\"_ _2\"></span>e bran<span class=\"_ _2\"></span>ds of the f<span class=\"_ _2\"></span>ormer Pap\u00e9is Ina<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>a, S<span class=\"_ _2\"></span>.A., <span class=\"_ _2\"></span>rents equi<span class=\"_ _2\"></span>pment and <span class=\"_ _a9\"></span>transfers <span class=\"_ _2\"></span>personnel<span class=\"_ _2\"></span> within <span class=\"_ _2\"></span>the group<span class=\"_ _2\"></span>. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _a9\"></span>tion and sal<span class=\"_ _2\"></span>e of writi<span class=\"_ _2\"></span>ng <span class=\"ff1\">and prin<span class=\"_ _a9\"></span>ting </span>uncoated <span class=\"_ _2\"></span>woodfre<span class=\"_ _2\"></span>e paper (<span class=\"_ _2\"></span>UWF) and <span class=\"_ _a9\"></span>domestic cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n paper (Tis<span class=\"_ _2\"></span>sue), as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as pul<span class=\"_ _2\"></span>p, and it i<span class=\"_ _2\"></span>s pres<span class=\"_ _2\"></span>ent in the <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hole <span class=\"_ _2\"></span>value-ad<span class=\"_ _2\"></span>ded chain<span class=\"_ _2\"></span>, from res<span class=\"_ _a9\"></span>earch and dev<span class=\"_ _2\"></span>elopment of<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>estry and agricul<span class=\"_ _2\"></span>tural<span class=\"_ _2\"></span> produc<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>the purchas<span class=\"_ _2\"></span>e of <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ood and <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e prod<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>tion and s<span class=\"_ _2\"></span>ale of <span class=\"_ _2\"></span>bleach<span class=\"_ _2\"></span>ed eucalyptus <span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>raf<span class=\"_ _2\"></span>t pulp <span class=\"ff8\">\u2013</span> BEK<span class=\"_ _2\"></span>P an<span class=\"_ _2\"></span>d electri<span class=\"_ _2\"></span>c and the<span class=\"_ _2\"></span>rmal ene<span class=\"_ _a9\"></span>rg<span class=\"_ _0\"></span>y, as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>its comm<span class=\"_ _2\"></span>erciali<span class=\"_ _2\"></span>sation.A more de<span class=\"_ _2\"></span>tailed d<span class=\"_ _2\"></span>escr<span class=\"_ _2\"></span>iption of <span class=\"_ _2\"></span>the ac<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty in each <span class=\"_ _a9\"></span>busines<span class=\"_ _2\"></span>s line <span class=\"_ _2\"></span>of Nav<span class=\"_ _2\"></span>igator <span class=\"_ _2\"></span>is disclos<span class=\"_ _a9\"></span>ed in Note 2.1 - R<span class=\"_ _2\"></span>evenue and s<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>men<span class=\"_ _2\"></span>t reportin<span class=\"_ _2\"></span>g. Navigator i<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>luded in <span class=\"_ _a9\"></span>the consol<span class=\"_ _2\"></span>idation pe<span class=\"_ _2\"></span>rimete<span class=\"_ _2\"></span>r of  Semapa <span class=\"ff8\">\u2013</span> Soc<span class=\"_ _2\"></span>iedade <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>e Inves<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>imento e <span class=\"_ _2\"></span>Gest\u00e3o<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> SGPS<span class=\"_ _2\"></span>, S.A., <span class=\"_ _2\"></span>the Pa<span class=\"_ _2\"></span>rent Compan<span class=\"_ _2\"></span>y, and  Sodim - <span class=\"_ _2\"></span>SGPS, S.A<span class=\"_ _2\"></span>., the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>controll<span class=\"_ _2\"></span>ing enti<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y. 1.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Impacts<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>arisin<span class=\"_ _2\"></span>g from t<span class=\"_ _2\"></span>he mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onflict<span class=\"_ _2\"></span> in Ukraine<span class=\"_ _2\"></span> On 21 Febru<span class=\"_ _a9\"></span>ary<span class=\"_ _0\"></span> 2022<span class=\"_ _2\"></span>, the R<span class=\"_ _2\"></span>ussian <span class=\"_ _2\"></span>Federa<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span>fici<span class=\"_ _2\"></span>ally reco<span class=\"_ _2\"></span>gnised t<span class=\"_ _2\"></span>wo breaka<span class=\"_ _2\"></span>way republi<span class=\"_ _2\"></span>cs in eastern <span class=\"_ _2\"></span>Ukraine an<span class=\"_ _2\"></span>d autho<span class=\"_ _2\"></span>rised <span class=\"_ _2\"></span>the us<span class=\"_ _2\"></span>e of mi<span class=\"_ _2\"></span>litary forc<span class=\"_ _2\"></span>es i<span class=\"_ _2\"></span>n that t<span class=\"_ _2\"></span>erri<span class=\"_ _2\"></span>tory. On 24 <span class=\"_ _2\"></span>Februa<span class=\"_ _2\"></span>ry, Russi<span class=\"_ _2\"></span>an troops i<span class=\"_ _2\"></span>nvaded U<span class=\"_ _2\"></span>kraine an<span class=\"_ _2\"></span>d a wid<span class=\"_ _2\"></span>espread mi<span class=\"_ _2\"></span>litary<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict began i<span class=\"_ _2\"></span>n this coun<span class=\"_ _2\"></span>try entaili<span class=\"_ _2\"></span>ng high <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span> and human <span class=\"_ _2\"></span>losses, <span class=\"_ _2\"></span>leadi<span class=\"_ _2\"></span>ng to mass<span class=\"_ _a9\"></span>ive population <span class=\"_ _2\"></span>displac<span class=\"_ _a9\"></span>ement<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>.  In respons<span class=\"_ _2\"></span>e, multi<span class=\"_ _2\"></span>ple <span class=\"_ _2\"></span>jurisdic<span class=\"_ _2\"></span>tions, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g the Euro<span class=\"_ _2\"></span>pean<span class=\"_ _2\"></span> Union, Uni<span class=\"_ _2\"></span>ted Ki<span class=\"_ _2\"></span>ngdom, Swi<span class=\"_ _2\"></span>tzerlan<span class=\"_ _2\"></span>d, United <span class=\"_ _2\"></span>States of<span class=\"_ _2\"></span> Ameri<span class=\"_ _2\"></span>ca, Canada<span class=\"_ _2\"></span>, Japan <span class=\"_ _2\"></span>and Au<span class=\"_ _2\"></span>stralia, co<span class=\"_ _a9\"></span>n<span class=\"_ _0\"></span>demned thi<span class=\"_ _2\"></span>s con<span class=\"_ _2\"></span>flic<span class=\"_ _2\"></span>t and ini<span class=\"_ _2\"></span>tiated the appl<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n of s<span class=\"_ _2\"></span>everal ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>sanctions<span class=\"_ _2\"></span> against R<span class=\"_ _2\"></span>uss<span class=\"_ _2\"></span>ia, seve<span class=\"_ _2\"></span>ral of <span class=\"_ _2\"></span>its econo<span class=\"_ _2\"></span>mic agen<span class=\"_ _2\"></span>ts and, in <span class=\"_ _2\"></span>some cases<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> Belarus<span class=\"_ _a9\"></span>. In turn<span class=\"_ _2\"></span>, Russ<span class=\"_ _2\"></span>ia als<span class=\"_ _2\"></span>o started r<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span>aliati<span class=\"_ _2\"></span>ng wi<span class=\"_ _2\"></span>th economi<span class=\"_ _2\"></span>c measures<span class=\"_ _2\"></span>, especial<span class=\"_ _2\"></span>ly affecti<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the opera<span class=\"_ _2\"></span>tions of<span class=\"_ _2\"></span> foreign <span class=\"_ _2\"></span>companies <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>cated in R<span class=\"_ _2\"></span>ussia an<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>Russi<span class=\"_ _2\"></span>an counterp<span class=\"_ _2\"></span>arts.<span class=\"_ _2\"></span> The chang<span class=\"_ _2\"></span>e in the <span class=\"_ _2\"></span>European <span class=\"_ _2\"></span>macroec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>and geopo<span class=\"_ _2\"></span>litic<span class=\"_ _2\"></span>al framewor<span class=\"_ _2\"></span>k as a resu<span class=\"_ _2\"></span>lt <span class=\"_ _2\"></span>of this<span class=\"_ _2\"></span> confl<span class=\"_ _2\"></span>ict has<span class=\"_ _2\"></span> increased u<span class=\"_ _2\"></span>ncertai<span class=\"_ _2\"></span>nty and i<span class=\"_ _2\"></span>nsecuri<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y global<span class=\"_ _2\"></span>ly, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith: i<span class=\"_ _2\"></span>) the s<span class=\"_ _2\"></span>uspension <span class=\"_ _2\"></span>and/or disruptio<span class=\"_ _2\"></span>n of busi<span class=\"_ _2\"></span>ness with <span class=\"_ _a9\"></span>entities h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>adquart<span class=\"_ _2\"></span>ered o<span class=\"_ _2\"></span>r with <span class=\"_ _a9\"></span>origins <span class=\"_ _2\"></span>in Rus<span class=\"_ _2\"></span>sia and <span class=\"_ _2\"></span>Uk<span class=\"_ _0\"></span>raine; i<span class=\"_ _2\"></span>i) an increase <span class=\"_ _2\"></span>in co<span class=\"_ _2\"></span>mmodity pri<span class=\"_ _2\"></span>ces, <span class=\"_ _2\"></span>with foss<span class=\"_ _2\"></span>il f<span class=\"_ _2\"></span>uels, metals<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d cereal<span class=\"_ _2\"></span>s being <span class=\"_ _2\"></span>parti<span class=\"_ _2\"></span>cularly noteworthy<span class=\"_ _2\"></span>; ii<span class=\"_ _2\"></span>i) i<span class=\"_ _2\"></span>ncreased glob<span class=\"_ _2\"></span>al econ<span class=\"_ _2\"></span>omic u<span class=\"_ _2\"></span>ncertainty, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>th more vola<span class=\"_ _a9\"></span>tility expected i<span class=\"_ _2\"></span>n exchange <span class=\"_ _2\"></span>rates, i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates <span class=\"_ _2\"></span>and an<span class=\"_ _2\"></span> increase <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e inf<span class=\"_ _2\"></span>lati<span class=\"_ _2\"></span>on rate. Poss<span class=\"_ _2\"></span>ible <span class=\"_ _2\"></span>energy su<span class=\"_ _2\"></span>pply risks, as<span class=\"_ _2\"></span> well<span class=\"_ _2\"></span> as di<span class=\"_ _2\"></span>sruptions i<span class=\"_ _2\"></span>n the su<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ply of <span class=\"_ _2\"></span>raw and s<span class=\"_ _2\"></span>ubsi<span class=\"_ _2\"></span>diary ma<span class=\"_ _2\"></span>terials o<span class=\"_ _2\"></span>r in l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al means will<span class=\"_ _2\"></span> contin<span class=\"_ _2\"></span>ue to put p<span class=\"_ _2\"></span>ressure <span class=\"_ _2\"></span>on the <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>economy and <span class=\"_ _2\"></span>make it diff<span class=\"_ _2\"></span>icul<span class=\"_ _2\"></span>t for Euro<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ean in<span class=\"_ _2\"></span>dustrial<span class=\"_ _2\"></span> and trans<span class=\"_ _2\"></span>port o<span class=\"_ _2\"></span>peration<span class=\"_ _2\"></span>s to run <span class=\"_ _2\"></span>smoothl<span class=\"_ _2\"></span>y. As anno<span class=\"_ _2\"></span>unced in Ma<span class=\"_ _2\"></span>rch 20<span class=\"_ _2\"></span>22, Naviga<span class=\"_ _2\"></span>tor halt<span class=\"_ _2\"></span>ed th<span class=\"_ _2\"></span>e sale of<span class=\"_ _a9\"></span> its products<span class=\"_ _2\"></span> in <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he mar<span class=\"_ _2\"></span>kets of Ru<span class=\"_ _2\"></span>ssia and Belarus<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>is fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng and conti<span class=\"_ _2\"></span>nuously mo<span class=\"_ _2\"></span>nitoring <span class=\"_ _2\"></span>the si<span class=\"_ _2\"></span>tuation i<span class=\"_ _2\"></span>n the marke<span class=\"_ _2\"></span>ts where <span class=\"_ _2\"></span>it operates <span class=\"_ _2\"></span>geogra<span class=\"_ _2\"></span>phical<span class=\"_ _2\"></span>ly and throu<span class=\"_ _2\"></span>ghout <span class=\"_ _2\"></span>the sup<span class=\"_ _2\"></span>ply chai<span class=\"_ _2\"></span>n<span class=\"ff8\">\u2014</span>from the <span class=\"_ _2\"></span>supply <span class=\"_ _2\"></span>of wood<span class=\"_ _2\"></span>, energy<span class=\"_ _2\"></span>, raw and su<span class=\"_ _2\"></span>bsidiary <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span>s (inc<span class=\"_ _2\"></span>luding l<span class=\"_ _2\"></span>ogistic<span class=\"_ _2\"></span>al is<span class=\"_ _2\"></span>sues), i<span class=\"_ _2\"></span>n techni<span class=\"_ _2\"></span>cal and <span class=\"_ _2\"></span>support s<span class=\"_ _2\"></span>ervices provided <span class=\"_ _2\"></span>by forei<span class=\"_ _2\"></span>gn compani<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d outsourci<span class=\"_ _2\"></span>ng s<span class=\"_ _2\"></span>ervice pr<span class=\"_ _2\"></span>oviders<span class=\"_ _2\"></span>, amongst o<span class=\"_ _2\"></span>thers. <span class=\"_ _2\"></span> Navigator i<span class=\"_ _2\"></span>s ce<span class=\"_ _2\"></span>rtain th<span class=\"_ _2\"></span>at, i<span class=\"_ _2\"></span>n view of <span class=\"_ _2\"></span>the wei<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ht of <span class=\"_ _2\"></span>the mar<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>ets of R<span class=\"_ _2\"></span>ussia <span class=\"_ _2\"></span>and Ukrain<span class=\"_ _a9\"></span>e in the Group's <span class=\"_ _2\"></span>sales, whic<span class=\"_ _2\"></span>h r<span class=\"_ _2\"></span>epresent les<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>than 1% as a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d ended 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021 and 0<span class=\"_ _2\"></span>% in 2<span class=\"_ _2\"></span>022, and the f<span class=\"_ _2\"></span>act <span class=\"_ _2\"></span>that thes<span class=\"_ _2\"></span>e mar<span class=\"_ _2\"></span>kets do no<span class=\"_ _2\"></span>t direc<span class=\"_ _2\"></span>tly af<span class=\"_ _2\"></span>fect the su<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ply chai<span class=\"_ _2\"></span>n, the <span class=\"_ _2\"></span>Group'<span class=\"_ _2\"></span>s direct e<span class=\"_ _2\"></span>xposure <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>marke<span class=\"_ _2\"></span>ts of Uk<span class=\"_ _2\"></span>raine and R<span class=\"_ _2\"></span>ussia <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant. Despite <span class=\"_ _2\"></span>the general<span class=\"_ _2\"></span> incre<span class=\"_ _a9\"></span>ase in cos<span class=\"_ _2\"></span>ts, Navi<span class=\"_ _2\"></span>gator's<span class=\"_ _2\"></span> agili<span class=\"_ _2\"></span>ty in<span class=\"_ _2\"></span> conducti<span class=\"_ _2\"></span>ng its bus<span class=\"_ _2\"></span>iness pol<span class=\"_ _2\"></span>icy <span class=\"_ _2\"></span>was able to d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>vely off<span class=\"_ _2\"></span>set thi<span class=\"_ _2\"></span>s inc<span class=\"_ _2\"></span>rease, than<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>s to a <span class=\"_ _a9\"></span>responsi<span class=\"_ _2\"></span>ble price <span class=\"_ _2\"></span>adjustmen<span class=\"_ _2\"></span>t poli<span class=\"_ _2\"></span>cy and <span class=\"_ _2\"></span>an effective <span class=\"_ _a9\"></span>diversif<span class=\"_ _2\"></span>ication<span class=\"_ _2\"></span> strateg<span class=\"_ _2\"></span>y, as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>to increas<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span> pr<span class=\"_ _2\"></span>oductivit<span class=\"_ _2\"></span>y in i<span class=\"_ _2\"></span>ts industri<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and greater <span class=\"_ _2\"></span>effi<span class=\"_ _2\"></span>ciency i<span class=\"_ _2\"></span>n the cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n of raw and <span class=\"_ _2\"></span>subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y materials.<span class=\"_ _2\"></span> Navigator co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nues to anal<span class=\"_ _a9\"></span>yse the pot<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntial<span class=\"_ _2\"></span> impacts o<span class=\"_ _2\"></span>n it<span class=\"_ _2\"></span>s fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on, performance <span class=\"_ _a9\"></span>and cash f<span class=\"_ _2\"></span>lows resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary co<span class=\"_ _2\"></span>nfli<span class=\"_ _2\"></span>ct in Uk<span class=\"_ _2\"></span>raine, n<span class=\"_ _2\"></span>amely in<span class=\"_ _2\"></span> what conce<span class=\"_ _2\"></span>rns rele<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ant accoun<span class=\"_ _2\"></span>ting estima<span class=\"_ _2\"></span>tes and <span class=\"_ _2\"></span>judgements<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> As a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> this <span class=\"_ _2\"></span>date th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>assumptions con<span class=\"_ _2\"></span>sidered by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors were <span class=\"_ _2\"></span>not s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cantly i<span class=\"_ _2\"></span>mpacted<span class=\"_ _2\"></span>. Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Goodwill<span class=\"_ _2\"></span> The Company <span class=\"_ _2\"></span>analyse<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> whether <span class=\"_ _a9\"></span>there were s<span class=\"_ _2\"></span>igns of<span class=\"_ _2\"></span> impai<span class=\"_ _a9\"></span>rme<span class=\"_ _0\"></span>nt arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _a9\"></span>the impac<span class=\"_ _2\"></span>ts of the war in Uk<span class=\"_ _2\"></span>raine<span class=\"_ _2\"></span>, according <span class=\"_ _a9\"></span>to the cu<span class=\"_ _2\"></span>rrent f<span class=\"_ _2\"></span>orecas<span class=\"_ _2\"></span>ts, based o<span class=\"_ _2\"></span>n the proj<span class=\"_ _2\"></span>ections <span class=\"_ _2\"></span>of GDP gro<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>th an<span class=\"_ _2\"></span>d infl<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Portugal, <span class=\"_ _2\"></span>according <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o th<span class=\"_ _2\"></span>e IMF an<span class=\"_ _2\"></span>d Banco <span class=\"_ _2\"></span>de P<span class=\"_ _2\"></span>ortugal, <span class=\"_ _2\"></span>which co<span class=\"_ _2\"></span>uld indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>the existenc<span class=\"_ _2\"></span>e of i<span class=\"_ _2\"></span>mpairment on <span class=\"_ _2\"></span>Good<span class=\"_ _2\"></span>will. No<span class=\"_ _2\"></span> signs <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>mpairment on goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> were iden<span class=\"_ _2\"></span>tified an<span class=\"_ _2\"></span>d there is <span class=\"_ _2\"></span>a subs<span class=\"_ _2\"></span>tanti<span class=\"_ _2\"></span>al gap compa<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>d to the <span class=\"_ _a9\"></span>book valu<span class=\"_ _2\"></span>e of t<span class=\"_ _2\"></span>he cash-gen<span class=\"_ _2\"></span>erating <span class=\"_ _2\"></span>units (no<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> 10.1)<span class=\"_ _2\"></span>. Recovera<span class=\"_ _2\"></span>bility, <span class=\"_ _2\"></span>useful l<span class=\"_ _2\"></span>ife and de<span class=\"_ _2\"></span>preciat<span class=\"_ _2\"></span>ion of p<span class=\"_ _2\"></span>roperty, pla<span class=\"_ _2\"></span>nt and<span class=\"_ _2\"></span> equipment Cons<span class=\"_ _2\"></span>idering the p<span class=\"_ _2\"></span>rospec<span class=\"_ _2\"></span>ts for o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> consumpti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>UW<span class=\"_ _0\"></span>F <span class=\"_ _2\"></span>paper, th<span class=\"_ _2\"></span>e pulp an<span class=\"_ _2\"></span>d paper <span class=\"_ _2\"></span>prices<span class=\"_ _2\"></span> and the subs<span class=\"_ _2\"></span>tantial <span class=\"_ _2\"></span>gaps i<span class=\"_ _2\"></span>n relatio<span class=\"_ _2\"></span>n to t<span class=\"_ _2\"></span>he book <span class=\"_ _2\"></span>values of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts, do<span class=\"_ _2\"></span> not indi<span class=\"_ _2\"></span>cate <span class=\"_ _2\"></span>the exis<span class=\"_ _2\"></span>tence of<span class=\"_ _2\"></span> impairment <span class=\"_ _2\"></span>on pro<span class=\"_ _2\"></span>perty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment.  Actuarial a<span class=\"_ _2\"></span>ssumptio<span class=\"_ _2\"></span>ns The Company <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>disco<span class=\"_ _2\"></span>unt rate ap<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span>able to th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>defined b<span class=\"_ _2\"></span>enefit plan <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>employe<span class=\"_ _2\"></span>es and othe<span class=\"_ _2\"></span>r post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>definiti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the rate us<span class=\"_ _2\"></span>ed to <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>isco<span class=\"_ _2\"></span>unt the li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (technical<span class=\"_ _2\"></span> inter<span class=\"_ _2\"></span>est r<span class=\"_ _2\"></span>ate) i<span class=\"_ _2\"></span>s based on <span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ield c<span class=\"_ _2\"></span>urves o<span class=\"_ _2\"></span>f highl<span class=\"_ _2\"></span>y rate<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> bonds <span class=\"_ _2\"></span>with a matu<span class=\"_ _a9\"></span>rity consi<span class=\"_ _2\"></span>stent with <span class=\"_ _2\"></span>the du<span class=\"_ _2\"></span>ration of<span class=\"_ _2\"></span> the pl<span class=\"_ _2\"></span>an's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities. As <span class=\"_ _2\"></span>a re<span class=\"_ _a9\"></span>sult of thi<span class=\"_ _2\"></span>s asses<span class=\"_ _2\"></span>sment an<span class=\"_ _2\"></span>d based on<span class=\"_ _2\"></span> the actu<span class=\"_ _2\"></span>arial <span class=\"_ _2\"></span>study as <span class=\"_ _2\"></span>at 31 Dec<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>mber 2<span class=\"_ _2\"></span>022, Navig<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>or u<span class=\"_ _2\"></span>pdate<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>discount ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> to 3<span class=\"_ _a9\"></span>.5%<span class=\"_ _0\"></span>, in li<span class=\"_ _2\"></span>ne with benchmar<span class=\"_ _2\"></span>k inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>s. <span class=\"_ _2\"></span>The Company pres<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nts<span class=\"_ _2\"></span> in No<span class=\"_ _2\"></span>te 7.2 a sens<span class=\"_ _2\"></span>itivit<span class=\"_ _2\"></span>y analysi<span class=\"_ _2\"></span>s that all<span class=\"_ _2\"></span>ows assessi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the impac<span class=\"_ _2\"></span>t of a <span class=\"_ _2\"></span>possibl<span class=\"_ _2\"></span>e chang<span class=\"_ _2\"></span>e in th<span class=\"_ _2\"></span>e disc<span class=\"_ _2\"></span>ount ra<span class=\"_ _2\"></span>te. Inventorie<span class=\"_ _2\"></span>s Taking into <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>e margins p<span class=\"_ _2\"></span>ractise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>, the <span class=\"_ _2\"></span>Company c<span class=\"_ _2\"></span>onsi<span class=\"_ _2\"></span>ders that the <span class=\"_ _2\"></span>net r<span class=\"_ _2\"></span>ealis<span class=\"_ _2\"></span>able value of i<span class=\"_ _2\"></span>ts inventori<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 2022 i<span class=\"_ _2\"></span>s hi<span class=\"_ _2\"></span>gher than <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue. Recovera<span class=\"_ _2\"></span>bility of<span class=\"_ _2\"></span> Trade<span class=\"_ _2\"></span> and other r<span class=\"_ _2\"></span>eceivab<span class=\"_ _2\"></span>les Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded b<span class=\"_ _2\"></span>ased on <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he si<span class=\"_ _2\"></span>mplifi<span class=\"_ _2\"></span>ed model<span class=\"_ _2\"></span> provided <span class=\"_ _2\"></span>for in <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. In th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>, the impa<span class=\"_ _2\"></span>cts of <span class=\"_ _2\"></span>IFRS 9 on <span class=\"_ _2\"></span>the consol<span class=\"_ _2\"></span>idat<span class=\"_ _2\"></span>ed statement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on are lo<span class=\"_ _2\"></span>w conside<span class=\"_ _2\"></span>ring tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> a s<span class=\"_ _a9\"></span>ignific<span class=\"_ _2\"></span>ant part of i<span class=\"_ _2\"></span>ts sales <span class=\"_ _2\"></span>are ei<span class=\"_ _2\"></span>ther insu<span class=\"_ _2\"></span>red or adequa<span class=\"_ _2\"></span>tely cov<span class=\"_ _2\"></span>ered b<span class=\"_ _2\"></span>y col<span class=\"_ _2\"></span>laterals. Neverthel<span class=\"_ _2\"></span>ess, N<span class=\"_ _2\"></span>avigator <span class=\"_ _2\"></span>periodi<span class=\"_ _2\"></span>cally as<span class=\"_ _2\"></span>sesses <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he e<span class=\"_ _2\"></span>xpected credit l<span class=\"_ _2\"></span>osses an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> the imp<span class=\"_ _a9\"></span>acts on all<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st. <span class=\"_ _2\"></span>In this <span class=\"_ _2\"></span>regar<span class=\"_ _2\"></span>d, the C<span class=\"_ _2\"></span>ompany ass<span class=\"_ _2\"></span>essed <span class=\"_ _2\"></span>the curr<span class=\"_ _2\"></span>ent exposur<span class=\"_ _2\"></span>e to cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _2\"></span>k and th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>mpact of f<span class=\"_ _2\"></span>uture <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>onomic<span class=\"_ _2\"></span> forecasts <span class=\"_ _2\"></span>and concl<span class=\"_ _2\"></span>uded that <span class=\"_ _2\"></span>the impact of<span class=\"_ _2\"></span> thi<span class=\"_ _2\"></span>s compon<span class=\"_ _2\"></span>ent<span class=\"_ _0\"></span> is <span class=\"_ _2\"></span>small<span class=\"_ _2\"></span>. Liquid<span class=\"_ _2\"></span>ity The Company cu<span class=\"_ _a9\"></span>rrently has<span class=\"_ _2\"></span> a comf<span class=\"_ _2\"></span>ortable <span class=\"_ _2\"></span>liqui<span class=\"_ _2\"></span>dity si<span class=\"_ _2\"></span>tuatio<span class=\"_ _2\"></span>n, which <span class=\"_ _2\"></span>has been <span class=\"_ _2\"></span>the resu<span class=\"_ _2\"></span>lt of <span class=\"_ _2\"></span>a careful<span class=\"_ _2\"></span> management o<span class=\"_ _2\"></span>f wo<span class=\"_ _2\"></span>rking ca<span class=\"_ _2\"></span>pital, co<span class=\"_ _2\"></span>ntai<span class=\"_ _2\"></span>nment of th<span class=\"_ _2\"></span>e pace of<span class=\"_ _2\"></span> implemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e investmen<span class=\"_ _2\"></span>t plan and <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>entati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a confi<span class=\"_ _2\"></span>rming program <span class=\"_ _2\"></span>to extend <span class=\"_ _2\"></span>payment d<span class=\"_ _2\"></span>eadlines<span class=\"_ _2\"></span> without<span class=\"_ _2\"></span>, however<span class=\"_ _2\"></span>, impactin<span class=\"_ _2\"></span>g Suppli<span class=\"_ _2\"></span>ers. 1.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Subse<span class=\"_ _2\"></span>quent e<span class=\"_ _2\"></span>vents 1.<span class=\"_ _2\"></span>3.1.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Acq<span class=\"_ _a9\"></span>uisit<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>cons<span class=\"_ _2\"></span>um<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ssu<span class=\"_ _2\"></span>e b<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>sine<span class=\"_ _2\"></span>ss<span class=\"_ _a9\"></span> in Sp<span class=\"_ _a9\"></span>ain<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>ormalised <span class=\"_ _2\"></span>an agr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ement <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e purch<span class=\"_ _2\"></span>ase an<span class=\"_ _2\"></span>d sale o<span class=\"_ _2\"></span>f shares representi<span class=\"_ _2\"></span>ng the en<span class=\"_ _a9\"></span>tire share c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> of Go<span class=\"_ _2\"></span>m\u00e0-Camps Con<span class=\"_ _2\"></span>sumer, S.L<span class=\"_ _2\"></span>.U., base<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>Zaragoz<span class=\"_ _2\"></span>a, Spain, whic<span class=\"_ _2\"></span>h in turn <span class=\"_ _2\"></span>holds <span class=\"_ _a9\"></span>the entire s<span class=\"_ _2\"></span>hare c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> of G<span class=\"_ _2\"></span>om\u00e0-Camps France <span class=\"_ _a9\"></span>SA<span class=\"_ _0\"></span>S, <span class=\"_ _2\"></span>based i<span class=\"_ _2\"></span>n Castres, F<span class=\"_ _a9\"></span>rance (hereinaf<span class=\"_ _a9\"></span>ter coll<span class=\"_ _2\"></span>ectivel<span class=\"_ _2\"></span>y refer<span class=\"_ _2\"></span>red to<span class=\"_ _2\"></span> as \"GC <span class=\"_ _2\"></span>Consumer\"). The acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f GC <span class=\"_ _2\"></span>Consumer, which<span class=\"_ _2\"></span> had <span class=\"_ _2\"></span>total <span class=\"_ _2\"></span>sales o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>15.6 mil<span class=\"_ _2\"></span>lio<span class=\"_ _2\"></span>n in <span class=\"_ _2\"></span>2022, is part of<span class=\"_ _2\"></span> Navigator G<span class=\"_ _a9\"></span>roup's ambitio<span class=\"_ _2\"></span>us g<span class=\"_ _2\"></span>rowth and di<span class=\"_ _2\"></span>versif<span class=\"_ _2\"></span>icatio<span class=\"_ _2\"></span>n pla<span class=\"_ _2\"></span>n. The in<span class=\"_ _2\"></span>tegratio<span class=\"_ _2\"></span>n of thi<span class=\"_ _2\"></span>s ne<span class=\"_ _2\"></span>w mill<span class=\"_ _2\"></span> will<span class=\"_ _2\"></span> enable the Gro<span class=\"_ _2\"></span>up to <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> itself<span class=\"_ _2\"></span> as <span class=\"_ _2\"></span>the second l<span class=\"_ _2\"></span>arge<span class=\"_ _2\"></span>st tiss<span class=\"_ _2\"></span>ue produc<span class=\"_ _2\"></span>er in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Iberi<span class=\"_ _2\"></span>an Peninsu<span class=\"_ _2\"></span>la, adding 35<span class=\"_ _a9\"></span>,000 tonnes <span class=\"_ _2\"></span>of annual<span class=\"_ _2\"></span> tissu<span class=\"_ _2\"></span>e pape<span class=\"_ _2\"></span>r produc<span class=\"_ _2\"></span>tion capaci<span class=\"_ _2\"></span>ty, b<span class=\"_ _2\"></span>ringing th<span class=\"_ _a9\"></span>e total to 165<span class=\"_ _2\"></span>,000 tonnes <span class=\"_ _2\"></span>per y<span class=\"_ _2\"></span>ear, and i<span class=\"_ _2\"></span>ncre<span class=\"_ _2\"></span>asing annu<span class=\"_ _2\"></span>al conve<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng capacit<span class=\"_ _2\"></span>y by 60<span class=\"_ _2\"></span>,000 tonn<span class=\"_ _2\"></span>es to<span class=\"_ _2\"></span> 180,000<span class=\"_ _2\"></span> tonnes pe<span class=\"_ _2\"></span>r year.<span class=\"_ _2\"></span> The enter<span class=\"_ _2\"></span>prise v<span class=\"_ _2\"></span>alue o<span class=\"_ _2\"></span>f this <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s Euro 85 mi<span class=\"_ _2\"></span>lli<span class=\"_ _2\"></span>on. 1.4<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Basis <span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>or pr<span class=\"_ _2\"></span>eparati<span class=\"_ _2\"></span>on 1.<span class=\"_ _2\"></span>4.1.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Aut<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>oris<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ion <span class=\"_ _a9\"></span>to i<span class=\"_ _a9\"></span>ssue <span class=\"_ _a9\"></span>fina<span class=\"_ _2\"></span>nci<span class=\"_ _a9\"></span>al st<span class=\"_ _a9\"></span>atem<span class=\"_ _2\"></span>ent<span class=\"_ _a9\"></span>s<span class=\"ff1 fsb fc6\"> </span>These conso<span class=\"_ _2\"></span>lidat<span class=\"_ _2\"></span>ed financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements <span class=\"_ _2\"></span>were ap<span class=\"_ _2\"></span>proved b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _a9\"></span>rs on 16 <span class=\"_ _2\"></span>March 2023. <span class=\"_ _2\"></span>However, <span class=\"_ _2\"></span>they are s<span class=\"_ _a9\"></span>till s<span class=\"_ _2\"></span>ubject to a<span class=\"_ _2\"></span>pproval <span class=\"_ _2\"></span>by the G<span class=\"_ _2\"></span>eneral Shar<span class=\"_ _a9\"></span>eholde<span class=\"_ _0\"></span><span class=\"ff8\">rs\u2019 <span class=\"_ _2\"></span>Meeting<span class=\"_ _2\"></span>, in </span>accordance <span class=\"_ _a9\"></span>with the Po<span class=\"_ _2\"></span>rtuguese c<span class=\"_ _2\"></span>ommerc<span class=\"_ _2\"></span>ial l<span class=\"_ _2\"></span>egislati<span class=\"_ _2\"></span>on. The members <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e Company\u2019s<span class=\"_ _2\"></span> Boa<span class=\"_ _2\"></span>rd of Direc<span class=\"_ _a9\"></span>tors who si<span class=\"_ _a9\"></span>gn this repo<span class=\"_ _2\"></span>rt, decl<span class=\"_ _2\"></span>are tha<span class=\"_ _2\"></span>t, <span class=\"_ _2\"></span>to the best of th<span class=\"_ _a9\"></span>eir knowl<span class=\"_ _2\"></span>edge, <span class=\"_ _2\"></span>the informati<span class=\"_ _2\"></span>on con<span class=\"_ _2\"></span>tained h<span class=\"_ _2\"></span>erein <span class=\"_ _2\"></span>was prepar<span class=\"_ _2\"></span>ed in c<span class=\"_ _2\"></span>omplianc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>the applicabl<span class=\"_ _2\"></span>e accounti<span class=\"_ _2\"></span>ng s<span class=\"_ _2\"></span>tandards, <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>viding a tru<span class=\"_ _2\"></span>e and fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>view of th<span class=\"_ _2\"></span>e assets an<span class=\"_ _a9\"></span>d liabil<span class=\"_ _2\"></span>ities, th<span class=\"_ _a9\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n and results <span class=\"_ _2\"></span>of the C<span class=\"_ _2\"></span>ompany. 1.<span class=\"_ _2\"></span>4.2.<span class=\"_ _2\"></span> <span class=\"_ _56\"> </span>Ac<span class=\"_ _2\"></span>cou<span class=\"_ _2\"></span>nti<span class=\"_ _a9\"></span>ng St<span class=\"_ _a9\"></span>anda<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>s The se<span class=\"_ _2\"></span>parate fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the peri<span class=\"_ _2\"></span>od ende<span class=\"_ _2\"></span>d 31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>22 were prepar<span class=\"_ _2\"></span>ed in accordance <span class=\"_ _a9\"></span>with the <span class=\"_ _2\"></span>Interna<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>Financi<span class=\"_ _2\"></span>al Reporti<span class=\"_ _2\"></span>ng Stan<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ards (<span class=\"_ _2\"></span>IFRS), eff<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ve 1 <span class=\"_ _2\"></span>January 2022 <span class=\"_ _2\"></span>and as adopt<span class=\"_ _2\"></span>ed by th<span class=\"_ _2\"></span>e Europ<span class=\"_ _2\"></span>ean Union.<span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>4.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pre<span class=\"_ _2\"></span>sen<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>cy<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>nsa<span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n a <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>rre<span class=\"_ _2\"></span>ncy<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>er t<span class=\"_ _a9\"></span>han th<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>sent<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>ion <span class=\"_ _a9\"></span>curr<span class=\"_ _2\"></span>en<span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>The items i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in the S<span class=\"_ _a9\"></span>ep<span class=\"_ _0\"></span>arate F<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al St<span class=\"_ _2\"></span>atements a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> measur<span class=\"_ _2\"></span>ed using <span class=\"_ _2\"></span>the cu<span class=\"_ _2\"></span>rrency of<span class=\"_ _2\"></span> the economi<span class=\"_ _2\"></span>c environ<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>the enti<span class=\"_ _2\"></span>ty op<span class=\"_ _2\"></span>erates (f<span class=\"_ _a9\"></span>unctional<span class=\"_ _2\"></span> currency<span class=\"_ _2\"></span>). These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>Euro, <span class=\"_ _2\"></span>which is<span class=\"_ _2\"></span> the Group\u2019s<span class=\"_ _2\"></span> func<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> and repo<span class=\"_ _2\"></span>rting currency<span class=\"_ _2\"></span>. Transac<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>n currenci<span class=\"_ _2\"></span>es othe<span class=\"_ _2\"></span>r than Eu<span class=\"_ _a9\"></span>ro are transl<span class=\"_ _2\"></span>ated i<span class=\"_ _a9\"></span>nto the func<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ional<span class=\"_ _2\"></span> currency us<span class=\"_ _2\"></span>ing <span class=\"_ _2\"></span>the exchange <span class=\"_ _2\"></span>rates at <span class=\"_ _a9\"></span>the date of <span class=\"_ _a9\"></span>the transacti<span class=\"_ _2\"></span>ons (No<span class=\"_ _a9\"></span>te 8.1.1<span class=\"_ _2\"></span>). The curr<span class=\"_ _2\"></span>ency di<span class=\"_ _2\"></span>fferences <span class=\"_ _a9\"></span>arising fro<span class=\"_ _2\"></span>m differ<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nces b<span class=\"_ _2\"></span>etween<span class=\"_ _2\"></span> the e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es rul<span class=\"_ _2\"></span>ing at <span class=\"_ _2\"></span>the transactio<span class=\"_ _2\"></span>n date an<span class=\"_ _a9\"></span>d those rul<span class=\"_ _2\"></span>ing o<span class=\"_ _2\"></span>n coll<span class=\"_ _2\"></span>ection, pa<span class=\"_ _2\"></span>yment o<span class=\"_ _2\"></span>r at th<span class=\"_ _2\"></span>e separat<span class=\"_ _2\"></span>e sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n date, are reco<span class=\"_ _a9\"></span>rded as i<span class=\"_ _2\"></span>ncome and e<span class=\"_ _2\"></span>xpen<span class=\"_ _2\"></span>ses i<span class=\"_ _2\"></span>n the pe<span class=\"_ _2\"></span>riod (Not<span class=\"_ _2\"></span>e 5.10)<span class=\"_ _2\"></span>. The amounts <span class=\"_ _a9\"></span>recorded in <span class=\"_ _2\"></span>profi<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oss of<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries wer<span class=\"_ _a9\"></span>e translated u<span class=\"_ _2\"></span>sing <span class=\"_ _2\"></span>th<span class=\"_ _0\"></span>e e<span class=\"_ _2\"></span>xchange rat<span class=\"_ _2\"></span>es prevail<span class=\"_ _2\"></span>ing at the <span class=\"_ _a9\"></span>dates of <span class=\"_ _2\"></span>the trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>ons. Where <span class=\"_ _a9\"></span>this is<span class=\"_ _2\"></span> not possi<span class=\"_ _2\"></span>ble, or <span class=\"_ _2\"></span>where th<span class=\"_ _a9\"></span>e cost of <span class=\"_ _2\"></span>such a procedu<span class=\"_ _2\"></span>re excee<span class=\"_ _2\"></span>ds the <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts to b<span class=\"_ _2\"></span>e deri<span class=\"_ _2\"></span>ved ther<span class=\"_ _2\"></span>efrom, <span class=\"_ _2\"></span>they have b<span class=\"_ _2\"></span>een <span class=\"_ _2\"></span>translat<span class=\"_ _2\"></span>ed at the average e<span class=\"_ _2\"></span>xchang<span class=\"_ _2\"></span>e rate f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>period. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he diff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>ting from <span class=\"_ _2\"></span>the appl<span class=\"_ _2\"></span>ication <span class=\"_ _2\"></span>of these rates comp<span class=\"_ _2\"></span>ared wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>previous <span class=\"_ _2\"></span>values <span class=\"_ _2\"></span>were refl<span class=\"_ _2\"></span>ecte<span class=\"_ _2\"></span>d as<span class=\"_ _2\"></span> a separa<span class=\"_ _2\"></span>te compon<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>Equity, under <span class=\"_ _2\"></span>Other rese<span class=\"_ _2\"></span>rves (No<span class=\"_ _2\"></span>te 5.5)<span class=\"_ _a9\"></span>. Excha<span class=\"_ _2\"></span>nge rat<span class=\"_ _2\"></span>es u<span class=\"_ _2\"></span>sed Valuation<span class=\"_ _2\"></span> / 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>(Devaluat<span class=\"_ _2\"></span>ion) GBP (Sterling pound)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 0.85 0.86 0.79% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 0.89 0.84 -5.55% USD (<span class=\"_ _0\"></span>American dollar) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.05 1.18 10.99% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>perio<span class=\"_ _0\"></span>d 1.07 1.13 5.83% PLN (Polish zloti)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 4.69 4.57 -2.66% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 4.68 4.60 -1.83% SEK (Swedish <span class=\"_ _0\"></span>krona) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.63 10.15 -4.77% Clo<span class=\"_ _0\"></span>sing exchange rate for the peri<span class=\"_ _0\"></span>od 11.12 10.25 -8.50% CZK (Czech koruna)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 24.57 25.64 4.19% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 24.12 24.86 2.98% CHF (Swiss franc)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.00 1.08 7.08% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 0.98 1.03 4.68% DKK (Danish k<span class=\"_ _0\"></span>rone)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 7.44 7.44 -0.03% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 7.44 7.44 0.00% MZM<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>Mozambic<span class=\"_ _0\"></span>an metic<span class=\"_ _0\"></span>al) Average exchange ra<span class=\"_ _0\"></span>te for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d 67.20 77.75 13.56% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 68.18 78.09 12.69% MAD (Moroccan di<span class=\"_ _0\"></span>rham)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.69 10.67 -0.12% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 11.16 10.52 -6.11% NOK (N<span class=\"_ _0\"></span>orwa<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>kroner)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 10.10 10.16 0.59% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 10.51 9.99 -5.26% MXN (Mexican peso)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 21.18 23.99 11.70% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 20.86 23.14 9.89% AED (Dirham)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 3.87 4.34 10.92% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 3.92 4.16 5.83% CAD (Canadian <span class=\"_ _0\"></span>dollar) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 1.37 1.48 7.64% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 1.44 1.44 -0.33% ZAR (S<span class=\"_ _0\"></span>outh A<span class=\"_ _0\"></span>frican ra<span class=\"_ _2\"></span>nd)<span class=\"_ _1\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 17.21 17.48 1.54% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 18.10 18.06 -0.20% BRL (Brazilian <span class=\"_ _0\"></span>rea<span class=\"_ _2\"></span>l)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 5.44 6.38 14.74% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for t<span class=\"_ _0\"></span>he perio<span class=\"_ _0\"></span>d 5.64 6.31 10.64% EGP (Egyptian pound)<span class=\"_ _0\"></span> Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 20.18 18.55 -8.81% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 26.31 17.82 -47.63% TRY (Turkish lir<span class=\"_ _0\"></span>a) Average exchange ra<span class=\"_ _0\"></span>te for the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> 17.42 10.51 -65.68% Clo<span class=\"_ _0\"></span>sing exc<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>ange rate for the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> 19.96 15.23 -31.06% 1.<span class=\"_ _2\"></span>4.4.<span class=\"_ _2\"></span> B<span class=\"_ _2\"></span>asi<span class=\"_ _a9\"></span>s fo<span class=\"_ _2\"></span>r m<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> The accompan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ing se<span class=\"_ _2\"></span>parate f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements ha<span class=\"_ _2\"></span>ve bee<span class=\"_ _2\"></span>n prepared o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>going conc<span class=\"_ _a9\"></span>ern basis <span class=\"_ _2\"></span>from Navigato<span class=\"_ _a9\"></span>r's accoun<span class=\"_ _2\"></span>ting boo<span class=\"_ _2\"></span>ks and r<span class=\"_ _2\"></span>ecords<span class=\"_ _2\"></span>, and under th<span class=\"_ _2\"></span>e his<span class=\"_ _2\"></span>torical <span class=\"_ _2\"></span>cost con<span class=\"_ _2\"></span>vention<span class=\"_ _2\"></span>, except f<span class=\"_ _2\"></span>or finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrumen<span class=\"_ _2\"></span>ts measur<span class=\"_ _2\"></span>ed at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue thr<span class=\"_ _2\"></span>ough prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss or <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air value through oth<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>r comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me (Note 8<span class=\"_ _2\"></span>.3), i<span class=\"_ _2\"></span>n which<span class=\"_ _2\"></span> derivati<span class=\"_ _2\"></span>ve financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> are incl<span class=\"_ _2\"></span>uded (Note 8<span class=\"_ _2\"></span>.2).<span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>4.5.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>ompa<span class=\"_ _a9\"></span>rabil<span class=\"_ _2\"></span>ity<span class=\"_ _a9\"></span> These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are co<span class=\"_ _2\"></span>mparabl<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>material respec<span class=\"_ _2\"></span>ts with <span class=\"_ _a9\"></span>those of th<span class=\"_ _2\"></span>e previ<span class=\"_ _2\"></span>ous year.1.5<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>N<span class=\"ls74\">ew</span> <span class=\"_ _2\"></span>IFRS a<span class=\"_ _2\"></span>dopted<span class=\"_ _2\"></span> and to b<span class=\"_ _2\"></span>e ad<span class=\"_ _2\"></span>opted <span class=\"_ _2\"></span> 1.<span class=\"_ _2\"></span>5.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Oth<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>sta<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>ard<span class=\"_ _a9\"></span>s, am<span class=\"_ _a9\"></span>endm<span class=\"_ _a9\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _a9\"></span>d i<span class=\"_ _2\"></span>nter<span class=\"_ _2\"></span>pre<span class=\"_ _a9\"></span>tati<span class=\"_ _a9\"></span>o<span class=\"_ _0\"></span>ns <span class=\"_ _a9\"></span>adop<span class=\"_ _a9\"></span>ted <span class=\"_ _a9\"></span>or t<span class=\"_ _2\"></span>o be <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _a9\"></span>ns ado<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>d in 202<span class=\"_ _2\"></span>2 No i<span class=\"_ _2\"></span>mpacts on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al stat<span class=\"_ _2\"></span>ements Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts en<span class=\"_ _2\"></span>dorsed <span class=\"_ _2\"></span>by the <span class=\"_ _a9\"></span>Europea<span class=\"_ _2\"></span>n Unio<span class=\"_ _a9\"></span>n Reference to the Conce<span class=\"_ _0\"></span>ptual In May 2020 the I<span class=\"_ _0\"></span>ASB i<span class=\"_ _0\"></span>ssued Re<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>erence to th<span class=\"_ _0\"></span>e Conceptual<span class=\"_ _0\"></span> Framework, whi<span class=\"_ _0\"></span>ch made 1 January 2022<span class=\"_ _0\"></span> Framework (Amendme<span class=\"_ _0\"></span>nts to amendments to IFRS 3<span class=\"_ _0\"></span> Business Combi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>ons. IF<span class=\"_ _0\"></span>RS 3) The amendments <span class=\"_ _0\"></span>updated IF<span class=\"_ _0\"></span>RS 3 by repl<span class=\"_ _0\"></span>acing a reference to an ol<span class=\"_ _0\"></span>d version of the Board\u2019s Conceptual<span class=\"_ _0\"></span> Framework for Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> Reporting w<span class=\"ff1\">i<span class=\"_ _0\"></span>th a refere<span class=\"_ _0\"></span>nce to the l<span class=\"_ _0\"></span>atest </span>version, whi<span class=\"_ _0\"></span>ch was issued i<span class=\"_ _0\"></span>n March 2018.<span class=\"_ _0\"></span> The Amendments sh<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed to business combinati<span class=\"_ _0\"></span>ons for whi<span class=\"_ _0\"></span>ch the acquisi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date is on or after th<span class=\"_ _0\"></span>e begi<span class=\"_ _0\"></span>nning of the first annual<span class=\"_ _0\"></span> reporting p<span class=\"_ _0\"></span>eriod begi<span class=\"_ _0\"></span>nning on or after 1 January 20<span class=\"_ _0\"></span>22.  Property, Plant and Equi<span class=\"_ _0\"></span>pment In May 2020, the IAS<span class=\"_ _0\"></span>B issued Propert<span class=\"_ _0\"></span>y, Plant and Equi<span class=\"_ _0\"></span>pment<span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span>Proc<span class=\"_ _0\"></span>eeds before<span class=\"_ _0\"></span> Intended 1 January 2022<span class=\"_ _0\"></span> \u2014<span class=\"ff1\"> Pr<span class=\"_ _2\"></span>oc<span class=\"_ _0\"></span>eeds befo<span class=\"_ _0\"></span>re Intended </span>Use, which made a<span class=\"_ _0\"></span>mendments to IA<span class=\"_ _0\"></span>S 1<span class=\"_ _0\"></span>6 Property, Pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Equi<span class=\"_ _0\"></span>pment<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span> Use (Amendments to I<span class=\"_ _0\"></span>AS 16 The Amendments woul<span class=\"_ _0\"></span>d prohi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>t dedu<span class=\"_ _2\"></span>cting <span class=\"_ _0\"></span>from the cost o<span class=\"_ _0\"></span>f an item <span class=\"_ _0\"></span>of property, pl<span class=\"_ _0\"></span>ant Property, Plant and and equipment any p<span class=\"_ _0\"></span>roceeds from sel<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng items produced whi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e bringing that asset to Equipment) the lo<span class=\"_ _0\"></span>cation and <span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n nec<span class=\"_ _2\"></span>essar<span class=\"_ _0\"></span>y for i<span class=\"_ _0\"></span>t to be capabl<span class=\"_ _0\"></span>e of operati<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n a manner i<span class=\"_ _0\"></span>nte<span class=\"_ _2\"></span>nded by ma<span class=\"_ _0\"></span>nagement. Ins<span class=\"_ _0\"></span>tead, an enti<span class=\"_ _0\"></span>ty would recogni<span class=\"_ _0\"></span>se those sal<span class=\"_ _0\"></span>es proceeds in profit or lo<span class=\"_ _0\"></span>ss. The amendments s<span class=\"_ _0\"></span>hall<span class=\"_ _0\"></span> be app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for annual perio<span class=\"_ _0\"></span>ds beginning on o<span class=\"_ _0\"></span>r after 1 Janua<span class=\"_ _0\"></span>ry 2022. Onerous Contracts <span class=\"ff8\">\u2014</span> <span class=\"_ _0\"></span>Cost of In May 2020, the IAS<span class=\"_ _0\"></span>B issued Onero<span class=\"_ _0\"></span>us Contracts <span class=\"ff8\">\u2014<span class=\"_ _0\"></span></span> Cost<span class=\"_ _0\"></span> of Fulfilli<span class=\"_ _0\"></span>ng a Contract, whi<span class=\"_ _0\"></span>ch 1 January 2022<span class=\"_ _0\"></span> Fulfilli<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>Co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> made amendments to I<span class=\"_ _0\"></span>AS 37 Provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons, Contingent Li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d Co<span class=\"_ _0\"></span>ntingent Assets.<span class=\"_ _1\"></span> The objective of <span class=\"_ _0\"></span>the Amendments i<span class=\"_ _0\"></span>s to clarify the req<span class=\"_ _0\"></span>uireme<span class=\"_ _0\"></span>nts of I<span class=\"_ _0\"></span>AS 37 on onerous contracts regardi<span class=\"_ _0\"></span>ng the assessment of w<span class=\"_ _0\"></span>hether, i<span class=\"_ _0\"></span>n a contract, the un<span class=\"_ _0\"></span>avoi<span class=\"_ _0\"></span>dable costs of meeting the obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gations under the contract exceed <span class=\"_ _0\"></span>the economic be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ts expected to be rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved under<span class=\"_ _0\"></span> it. The ame<span class=\"_ _0\"></span>ndments shal<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> be a<span class=\"_ _2\"></span>ppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds beginning on<span class=\"_ _0\"></span> or after 1 January 2022.<span class=\"_ _0\"></span> Annual I<span class=\"_ _0\"></span>mprovements to IFRS On 14 May 2020, t<span class=\"_ _0\"></span>he IASB i<span class=\"_ _0\"></span>ssued Annual I<span class=\"_ _0\"></span>mprovements to IFRS Sta<span class=\"_ _0\"></span>ndards 2018<span class=\"_ _1\"></span><span class=\"ff8\">\u2013</span>2020 1 January 2022<span class=\"_ _0\"></span> Standards 2018-2<span class=\"_ _0\"></span>020 containing the fo<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>owing amendments to IFRSs:<span class=\"_ _1\"></span> (a) permi<span class=\"_ _0\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> enti<span class=\"_ _0\"></span>ty that is a subsidi<span class=\"_ _0\"></span>ary, associate or joi<span class=\"_ _0\"></span>nt venture, w<span class=\"_ _0\"></span>ho becomes <span class=\"_ _0\"></span>a first-time adopter l<span class=\"_ _0\"></span>ater than its parent and el<span class=\"_ _0\"></span>ects to appl<span class=\"_ _0\"></span>y paragraph <span class=\"_ _0\"></span>D16(a) of IFRS 1 F<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>rst-time Adoptio<span class=\"_ _0\"></span>n of Internatio<span class=\"_ _0\"></span>nal Fi<span class=\"_ _0\"></span>nancial Reporting Standards, <span class=\"_ _0\"></span>to measure t<span class=\"_ _0\"></span>he cumul<span class=\"_ _0\"></span>ative tra<span class=\"ff8\">nslation di<span class=\"_ _0\"></span>fferences using the a<span class=\"_ _0\"></span>mounts reporte<span class=\"_ _0\"></span>d by the parent, <span class=\"_ _0\"></span>based on the p<span class=\"_ _0\"></span>arent\u2019s </span>date of transiti<span class=\"_ _0\"></span>on to IFRS;<span class=\"_ _0\"></span> (b) clarify that <span class=\"_ _0\"></span>the reference to fees i<span class=\"_ _0\"></span>n the 10 per cent<span class=\"_ _0\"></span> test incl<span class=\"_ _0\"></span>udes o<span class=\"_ _0\"></span>nly fees pai<span class=\"_ _0\"></span>d or rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ved betw<span class=\"_ _0\"></span>een the borrower<span class=\"_ _0\"></span> and the l<span class=\"_ _0\"></span>ender, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _1\"></span>ng fe<span class=\"_ _2\"></span>es pai<span class=\"_ _0\"></span>d or received by ei<span class=\"_ _0\"></span>ther the borrower or lend<span class=\"_ _0\"></span>er on the o<span class=\"_ _0\"></span>ther\u2019s behal<span class=\"_ _0\"></span>f (IFRS 9);<span class=\"_ _0\"></span><span class=\"ff1\"> </span>(c) remove the po<span class=\"_ _0\"></span>tential<span class=\"_ _0\"></span> confusion regarding the t<span class=\"_ _0\"></span>reatment of leas<span class=\"_ _0\"></span>e incenti<span class=\"_ _0\"></span>ves applyi<span class=\"_ _0\"></span>ng IF<span class=\"_ _0\"></span>RS 16<span class=\"_ _2\"></span> Leas<span class=\"_ _0\"></span>es as was i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ustra<span class=\"_ _2\"></span>ted i<span class=\"_ _0\"></span>n Ill<span class=\"_ _0\"></span>ustrative Example <span class=\"_ _0\"></span>13 accompanyi<span class=\"_ _0\"></span>ng IFRS<span class=\"_ _0\"></span> 16; and<span class=\"_ _0\"></span> (d) remove the req<span class=\"_ _0\"></span>uirement in par<span class=\"_ _0\"></span>agraph 22 of IAS 4<span class=\"_ _0\"></span>1 Agri<span class=\"_ _0\"></span>culture for entiti<span class=\"_ _0\"></span>es to exclude cash flow<span class=\"_ _0\"></span>s for taxation when measuri<span class=\"_ _0\"></span>ng fai<span class=\"_ _0\"></span>r value applyi<span class=\"_ _0\"></span>ng IAS<span class=\"_ _0\"></span> 41<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> The amendments wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> be appli<span class=\"_ _0\"></span>ed for a<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span>nual peri<span class=\"_ _0\"></span>ods beginning on or<span class=\"_ _0\"></span> after 1 January 2022. Standa<span class=\"_ _2\"></span>rds<span class=\"_ _2\"></span>, amen<span class=\"_ _2\"></span>dment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d inter<span class=\"_ _2\"></span>pretatio<span class=\"_ _a9\"></span>ns to <span class=\"_ _2\"></span>be ado<span class=\"_ _2\"></span>pted in <span class=\"_ _2\"></span>sub<span class=\"_ _2\"></span>seque<span class=\"_ _2\"></span>nt period<span class=\"_ _2\"></span>s Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts en<span class=\"_ _2\"></span>dorsed <span class=\"_ _2\"></span>by the <span class=\"_ _a9\"></span>Europea<span class=\"_ _2\"></span>n Unio<span class=\"_ _a9\"></span>n which t<span class=\"_ _2\"></span>he Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p has opte<span class=\"_ _2\"></span>d not t<span class=\"_ _2\"></span>o ap<span class=\"_ _2\"></span>ply in a<span class=\"_ _2\"></span>dvance<span class=\"_ _a9\"></span> Discl<span class=\"_ _0\"></span>osure of Accounting Follo<span class=\"_ _0\"></span>wing feedback that more guida<span class=\"_ _0\"></span>nce was needed <span class=\"_ _0\"></span>to hel<span class=\"_ _0\"></span>p companies deci<span class=\"_ _0\"></span>de what 1 January 2<span class=\"_ _2\"></span>023<span class=\"_ _2\"></span> poli<span class=\"_ _0\"></span>cies (Amen<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span>ments to accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nformatio<span class=\"_ _0\"></span>n should be discl<span class=\"_ _0\"></span>osed, the IASB<span class=\"_ _0\"></span> issued on 12 February IAS<span class=\"_ _0\"></span> 1 P<span class=\"_ _2\"></span>rese<span class=\"_ _0\"></span>ntation of 2021 amendments to I<span class=\"_ _0\"></span>AS 1 Presentati<span class=\"_ _0\"></span>on of Fi<span class=\"_ _0\"></span>nancial Statements a<span class=\"_ _0\"></span>nd I<span class=\"_ _0\"></span>FRS Pra<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>tice Fi<span class=\"_ _0\"></span>nancial Statements and Statement 2 Maki<span class=\"_ _0\"></span>ng Material<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty Judge<span class=\"_ _2\"></span>m<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span> IF<span class=\"_ _0\"></span>RS Pr<span class=\"_ _2\"></span>acti<span class=\"_ _0\"></span>ce Statement 2)<span class=\"_ _0\"></span> The key amendmen<span class=\"_ _0\"></span>ts to IAS 1 i<span class=\"_ _0\"></span>nclude: i) requi<span class=\"_ _0\"></span>ring compani<span class=\"_ _0\"></span>es to discl<span class=\"_ _0\"></span>ose their material accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies rather than thei<span class=\"_ _0\"></span>r signifi<span class=\"_ _0\"></span>cant accounting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies; ii) clari<span class=\"_ _0\"></span>fying that a<span class=\"_ _2\"></span>c<span class=\"_ _0\"></span>counti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es related to immaterial<span class=\"_ _0\"></span> transacti<span class=\"_ _0\"></span>ons, other events or<span class=\"_ _0\"></span> conditi<span class=\"_ _0\"></span>ons are themselves i<span class=\"_ _0\"></span>mmaterial<span class=\"_ _0\"></span> and as such need not be di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osed;<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>) clari<span class=\"_ _0\"></span>fying that not all<span class=\"_ _0\"></span> account<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es that relate to material<span class=\"_ _0\"></span> transactions, are themselves mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span> to a company\u2019s financial<span class=\"_ _0\"></span> statements. <span class=\"_ _0\"></span><span class=\"ff1\"> </span>The IASB also<span class=\"_ _0\"></span> amended IFRS Practice S<span class=\"_ _0\"></span>tatement <span class=\"_ _0\"></span>2 to include gui<span class=\"_ _0\"></span>dance and two<span class=\"_ _0\"></span> additi<span class=\"_ _0\"></span>onal examples on the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of ma<span class=\"_ _2\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty t<span class=\"_ _2\"></span>o acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy di<span class=\"_ _0\"></span>sc<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>osures. The amendments <span class=\"_ _0\"></span>are consistent wi<span class=\"_ _0\"></span>th the refined defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tion of material<span class=\"_ _0\"></span>:  \u201cAccounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy informa<span class=\"_ _2\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\">on i<span class=\"_ _0\"></span>s materi<span class=\"_ _0\"></span>al if, when considered <span class=\"_ _0\"></span>together wi<span class=\"_ _0\"></span>th other </span>i<span class=\"_ _0\"></span>nforma<span class=\"_ _2\"></span>tio<span class=\"_ _0\"></span>n incl<span class=\"_ _0\"></span>uded in an entity\u2019s fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> statements, i<span class=\"_ _0\"></span>t ca<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> reasonabl<span class=\"_ _0\"></span>y be expected to infl<span class=\"_ _0\"></span>uence<span class=\"_ _2\"></span> d<span class=\"_ _0\"></span>ecisi<span class=\"_ _0\"></span>ons that the primary user<span class=\"_ _0\"></span>s of general<span class=\"_ _0\"></span>-pu<span class=\"_ _0\"></span>rpose fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> stat<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ments make on the basi<span class=\"_ _0\"></span>s of those <span class=\"ff8\">fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al statements\u201d.</span> The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve fr<span class=\"_ _2\"></span>om <span class=\"_ _0\"></span>1 January <span class=\"_ _0\"></span>2023 but may be <span class=\"_ _0\"></span>applied earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er. Amendments to IA<span class=\"_ _0\"></span>S 8 The IASB has i<span class=\"_ _0\"></span>ssued amendme<span class=\"_ _0\"></span>nts to IAS 8 Acco<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>ng P<span class=\"_ _2\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cies, Changes in 1 January 2023<span class=\"_ _0\"></span> Accounting poli<span class=\"_ _0\"></span>cies, Accounting Estima<span class=\"_ _0\"></span>tes and Errors to <span class=\"_ _0\"></span>clari<span class=\"_ _0\"></span>fy how companies sho<span class=\"_ _0\"></span>uld di<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nguish changes Changes in Accounti<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>n ac<span class=\"_ _2\"></span>counti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es from c<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>anges in accounti<span class=\"_ _0\"></span>ng esti<span class=\"_ _0\"></span>mates, wi<span class=\"_ _0\"></span>th a<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>mary focus on Estimates and Errors<span class=\"_ _0\"></span>: the definiti<span class=\"_ _0\"></span>on of and cl<span class=\"_ _0\"></span>arifi<span class=\"_ _0\"></span>cations on accounting esti<span class=\"_ _0\"></span>mates. Definiti<span class=\"_ _0\"></span>on of Accounting The amendments i<span class=\"_ _0\"></span>ntroduce a new defi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for a<span class=\"_ _2\"></span>ccounti<span class=\"_ _0\"></span>ng estimates<span class=\"_ _0\"></span>: clari<span class=\"_ _0\"></span>fying that Estimates they are monetary amou<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the financial<span class=\"_ _0\"></span> statements that <span class=\"_ _0\"></span>are subject to measurement unce<span class=\"_ _0\"></span>rtainty. The amendments <span class=\"_ _0\"></span>also cl<span class=\"_ _0\"></span>arify the relationshi<span class=\"_ _0\"></span>p betw<span class=\"_ _0\"></span>een accounti<span class=\"_ _0\"></span>ng poli<span class=\"_ _0\"></span>cies an<span class=\"_ _2\"></span>d accounting esti<span class=\"_ _0\"></span>mates by speci<span class=\"_ _0\"></span>fying that a company d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>ps an accounting estima<span class=\"_ _0\"></span>te to achieve the objecti<span class=\"_ _0\"></span>ve set out by <span class=\"_ _0\"></span>an accounting pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cy. The effects of changes i<span class=\"_ _0\"></span>n such inputs or meas<span class=\"_ _0\"></span>urement tech<span class=\"_ _0\"></span>niques are changes i<span class=\"_ _0\"></span>n accoun<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng estimates. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for periods begi<span class=\"_ _0\"></span>nning on or after <span class=\"_ _0\"></span>1 January 2023, wi<span class=\"_ _0\"></span>th ear<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted, and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> apply prospectively to changes <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n acc<span class=\"_ _2\"></span>oun<span class=\"_ _0\"></span>ting estimates and changes i<span class=\"_ _0\"></span>n accounti<span class=\"_ _0\"></span>ng pol<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es occurr<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ng on o<span class=\"_ _0\"></span>r after the <span class=\"_ _0\"></span>beginni<span class=\"_ _0\"></span>ng of the first annual<span class=\"_ _0\"></span> reporting perio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch the company appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>es the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>amendme<span class=\"_ _0\"></span>nts.<span class=\"_ _0\"></span> Amendments to IA<span class=\"_ _0\"></span>S 12: The IASB i<span class=\"_ _0\"></span>ssued amendments to I<span class=\"_ _0\"></span>AS 12 Income T<span class=\"_ _0\"></span>axes o<span class=\"_ _0\"></span>n 7 May 202<span class=\"_ _0\"></span>1. 1 January 2023<span class=\"_ _0\"></span> deferred tax relat<span class=\"_ _0\"></span>ed to The amendments requi<span class=\"_ _0\"></span>re comp<span class=\"_ _0\"></span>anies to recogni<span class=\"_ _0\"></span>se deferred tax on <span class=\"_ _0\"></span>transacti<span class=\"_ _0\"></span>ons that, assets and l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties arisi<span class=\"_ _0\"></span>ng on ini<span class=\"_ _0\"></span>tial recogniti<span class=\"_ _0\"></span>on, give rise to equal amo<span class=\"_ _0\"></span>unts of taxabl<span class=\"_ _0\"></span>e and deducti<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e te<span class=\"_ _2\"></span>mpor<span class=\"_ _0\"></span>ary from a singl<span class=\"_ _0\"></span>e transacti<span class=\"_ _0\"></span>on differences. <span class=\"_ _0\"></span> In specifi<span class=\"_ _0\"></span>ed circumstances, comp<span class=\"_ _0\"></span>anies are exemp<span class=\"_ _0\"></span>t from r<span class=\"_ _0\"></span>ecognisi<span class=\"_ _0\"></span>ng deferred tax when they recogni<span class=\"_ _0\"></span>se assets or l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities for the first time. <span class=\"_ _0\"></span>Previo<span class=\"_ _0\"></span>usly, there had been some uncertai<span class=\"_ _0\"></span>nty about whether the exem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n app<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to transactio<span class=\"_ _0\"></span>ns such as leases and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oning obli<span class=\"_ _0\"></span>gations<span class=\"ff8\">\u2014</span>transactio<span class=\"_ _0\"></span>ns for which compa<span class=\"_ _0\"></span>nies <span class=\"_ _0\"></span>recognise bo<span class=\"_ _0\"></span>th an asset and a li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty. The amendments cl<span class=\"_ _0\"></span>arify that the exempti<span class=\"_ _0\"></span>on do<span class=\"_ _0\"></span>es not apply and that compani<span class=\"_ _0\"></span>es are requi<span class=\"_ _0\"></span>red to recogni<span class=\"_ _0\"></span>se deferred tax on such tr<span class=\"_ _0\"></span>ansactio<span class=\"_ _0\"></span>ns. The aim of the amendm<span class=\"_ _0\"></span>ents is to reduce di<span class=\"_ _0\"></span>versity i<span class=\"_ _0\"></span>n the reporting of d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>erred t<span class=\"_ _0\"></span>ax on l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>s and decommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>ng obli<span class=\"_ _0\"></span>gations. The amendments <span class=\"_ _0\"></span>are effecti<span class=\"_ _0\"></span>ve for annual reporting p<span class=\"_ _0\"></span>eriods begi<span class=\"_ _0\"></span>nning o<span class=\"_ _0\"></span>n or after 1 January 2023. Earl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation is permitte<span class=\"_ _2\"></span>d.<span class=\"_ _1\"></span> IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> <span class=\"ff8\">\u2014</span> Ins<span class=\"_ _0\"></span>urance The IASB i<span class=\"_ _0\"></span>ssued on 18 May 201<span class=\"_ _0\"></span>7 a standard tha<span class=\"_ _0\"></span>t superseded IF<span class=\"_ _0\"></span>RS 4 and compl<span class=\"_ _0\"></span>etely 1 January 2023<span class=\"_ _0\"></span> Contracts reformed the treatmen<span class=\"_ _0\"></span>t of insurance con<span class=\"_ _0\"></span>tracts. The st<span class=\"_ _0\"></span>andard i<span class=\"_ _0\"></span>ntroduces signifi<span class=\"_ _0\"></span>cant changes to the way<span class=\"_ _0\"></span> in whi<span class=\"_ _0\"></span>ch the performance of i<span class=\"_ _0\"></span>nsurance contrac<span class=\"_ _0\"></span>ts is measured<span class=\"_ _0\"></span> and presented with va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us impacts also<span class=\"_ _0\"></span> at the level o<span class=\"_ _0\"></span>f the financi<span class=\"_ _0\"></span>al posi<span class=\"_ _0\"></span>tion. The <span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>tandard expected to be effec<span class=\"_ _0\"></span>tive for annual<span class=\"_ _0\"></span> periods begi<span class=\"_ _0\"></span>nning on or afte<span class=\"_ _0\"></span>r 1 January 2023.<span class=\"_ _0\"></span> Date of Amendm<span class=\"_ _2\"></span>ent applicat<span class=\"_ _2\"></span>ion Amendments to IF<span class=\"_ _0\"></span>RS 17 - The IASB has i<span class=\"_ _0\"></span>ssued an amendment<span class=\"_ _0\"></span> to the scope of t<span class=\"_ _0\"></span>he transiti<span class=\"_ _0\"></span>onal requirements of 1 January 2023<span class=\"_ _0\"></span> Insurance Contr<span class=\"_ _0\"></span>acts: First-IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span> - Ins<span class=\"_ _0\"></span>urance Contrac<span class=\"_ _0\"></span>ts, which provides i<span class=\"_ _0\"></span>nsurers wi<span class=\"_ _0\"></span>th an opti<span class=\"_ _0\"></span>on to improve<span class=\"_ _0\"></span> the time Adoptio<span class=\"_ _0\"></span>n of IFRS 17 usefulness of infor<span class=\"_ _0\"></span>matio<span class=\"_ _0\"></span>n to investors on first<span class=\"_ _0\"></span>-time adopti<span class=\"_ _0\"></span>on of the n<span class=\"_ _0\"></span>ew stand<span class=\"_ _0\"></span>ard. and <span class=\"_ _2\"></span>I<span class=\"_ _0\"></span>FRS 9 - <span class=\"_ _0\"></span>Comparati<span class=\"_ _0\"></span>ve IF<span class=\"_ _0\"></span>RS 17<span class=\"_ _2\"></span>, i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>uding this amendment, i<span class=\"_ _0\"></span>s effective for annu<span class=\"_ _0\"></span>al perio<span class=\"_ _0\"></span>ds begi<span class=\"_ _0\"></span>nning on or Information<span class=\"_ _0\"></span> after 1 January 2023.<span class=\"_ _0\"></span> Standa<span class=\"_ _2\"></span>rds a<span class=\"_ _2\"></span>nd am<span class=\"_ _2\"></span>endme<span class=\"_ _a9\"></span>nts not <span class=\"_ _2\"></span>yet en<span class=\"_ _2\"></span>dor<span class=\"_ _2\"></span>sed by the<span class=\"_ _2\"></span> Eur<span class=\"_ _2\"></span>opea<span class=\"_ _2\"></span>n Union<span class=\"fc17\"> </span>Clari<span class=\"_ _0\"></span>fication of requirements The IASB i<span class=\"_ _0\"></span>ssued on 23 January <span class=\"_ _0\"></span>2020 an amendment to I<span class=\"_ _0\"></span>AS 1 Presentation of Fi<span class=\"_ _0\"></span>nancial<span class=\"_ _0\"></span> 1 January 2024<span class=\"_ _0\"></span> for classifyi<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abilities as Statements to cl<span class=\"_ _0\"></span>arify how to classi<span class=\"_ _0\"></span>fy debt and other l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es as c<span class=\"_ _2\"></span>urr<span class=\"_ _0\"></span>ent and non<span class=\"_ _0\"></span>-current or non-curre<span class=\"_ _0\"></span>nt current. (amendments to I<span class=\"_ _0\"></span>AS 1 - The amendments cl<span class=\"_ _0\"></span>arify an IAS 1 cri<span class=\"_ _0\"></span>teria for cl<span class=\"_ _0\"></span>assifyi<span class=\"_ _0\"></span>ng a <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non-cu<span class=\"_ _0\"></span>rrent: th<span class=\"_ _0\"></span>e Presentatio<span class=\"_ _0\"></span>n of Financial<span class=\"_ _0\"></span> requ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>rement fo<span class=\"_ _0\"></span>r an entity to h<span class=\"_ _0\"></span>ave the ri<span class=\"_ _0\"></span>ght to defer the l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ability\u2019s sett<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ement at l<span class=\"_ _0\"></span>east Statements)<span class=\"_ _0\"></span> 12 months after t<span class=\"_ _0\"></span>he reporting peri<span class=\"_ _0\"></span>od. The amendments <span class=\"_ _0\"></span>aim to:<span class=\"_ _0\"></span> a.<span class=\"ls0\"> <span class=\"_ _94\"> </span>specify that an enti<span class=\"_ _0\"></span>ty's right to de<span class=\"_ _0\"></span>fer settlement mus<span class=\"_ _0\"></span>t exi<span class=\"_ _0\"></span>st at the end of </span>the reporting peri<span class=\"_ _0\"></span>od; b.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>at <span class=\"_ _0\"></span>the classi<span class=\"_ _0\"></span>ficati<span class=\"_ _0\"></span>on is not affected by the Board's i<span class=\"_ _0\"></span>ntentions <span class=\"_ _0\"></span>or </span>expectatio<span class=\"_ _0\"></span>ns as<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to whether t<span class=\"_ _0\"></span>he entity will<span class=\"_ _0\"></span> exercise i<span class=\"_ _0\"></span>ts r<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ght to pos<span class=\"_ _0\"></span>tpone s<span class=\"_ _0\"></span>ettlement;<span class=\"_ _1\"></span> c.<span class=\"ls0\"> <span class=\"_ _51\"> </span>clarify how l<span class=\"_ _0\"></span>oan conditio<span class=\"_ _0\"></span>ns af<span class=\"_ _2\"></span>fect cl<span class=\"_ _0\"></span>assifi<span class=\"_ _0\"></span>cation; and<span class=\"_ _0\"></span> </span>d.<span class=\"ls0\"> <span class=\"_ _95\"> </span>clari<span class=\"_ _0\"></span>fy th<span class=\"_ _2\"></span>e req<span class=\"_ _0\"></span>uirements to <span class=\"_ _0\"></span>classi<span class=\"_ _0\"></span>fy the li<span class=\"_ _0\"></span>abilities that an enti<span class=\"_ _0\"></span>ty will settle, </span>or may settle, by i<span class=\"_ _0\"></span>ssuing its own <span class=\"_ _0\"></span>equity instru<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span> This amendment i<span class=\"_ _0\"></span>s effective for pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds starting on 1 January <span class=\"_ _0\"></span>2024.<span class=\"_ _0\"></span> Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es in sale and The IA<span class=\"_ _0\"></span>SB i<span class=\"_ _0\"></span>ssued amendm<span class=\"_ _0\"></span>ents to <span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>FRS 16 <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Leas<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n Septembe<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>022 that i<span class=\"_ _0\"></span>ntroduc<span class=\"_ _0\"></span>e 1 January 2024<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>ns a <span class=\"_ _1\"></span>new <span class=\"_ _1\"></span>accou<span class=\"_ _0\"></span>nting <span class=\"_ _1\"></span>model<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>v<span class=\"_ _0\"></span>ariabl<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>payments <span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>ransactio<span class=\"_ _0\"></span>n. (amendments to I<span class=\"_ _0\"></span>FRS 16 - The amendments con<span class=\"_ _0\"></span>firm that:<span class=\"_ _0\"></span> Leases) - <span class=\"_ _96\"> </span><span class=\"ff1\">On <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _2\"></span>ecogniti<span class=\"_ _0\"></span>on, <span class=\"_\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_\"> </span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee<span class=\"_ _2\"></span> <span class=\"_\"> </span>includes <span class=\"_ _97\"> </span>vari<span class=\"_ _0\"></span>able <span class=\"_ _97\"> </span>l<span class=\"_ _0\"></span>ease <span class=\"_\"> </span>payments <span class=\"_ _97\"> </span>i<span class=\"_ _0\"></span>n </span>measuring a l<span class=\"_ _0\"></span>ease li<span class=\"_ _0\"></span>ability ar<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ng from a sale and l<span class=\"_ _0\"></span>easeback transacti<span class=\"_ _0\"></span>on;<span class=\"_ _0\"></span> - <span class=\"_ _96\"> </span><span class=\"ff1\">After <span class=\"_ _38\"></span>ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>recognitio<span class=\"_ _0\"></span>n, <span class=\"_ _38\"></span>the <span class=\"_ _38\"></span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_ _38\"></span>appli<span class=\"_ _0\"></span>es <span class=\"_ _38\"></span>the <span class=\"_ _38\"> </span>ge<span class=\"_ _0\"></span>neral <span class=\"_ _38\"></span>requi<span class=\"_ _0\"></span>rements <span class=\"_ _38\"> </span>for<span class=\"_ _0\"></span> </span>subsequent <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>for <span class=\"_ _38\"></span>the <span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ease <span class=\"_ _38\"></span>li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ty <span class=\"_ _1\"></span>so<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>tha<span class=\"_ _2\"></span>t <span class=\"_ _38\"></span>it <span class=\"_ _38\"></span>does <span class=\"_ _1\"></span>not <span class=\"_ _38\"></span>rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>se <span class=\"_ _38\"></span>an<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span> gain or lo<span class=\"_ _0\"></span>ss relating to the right o<span class=\"_ _0\"></span>f use it retai<span class=\"_ _0\"></span>ns.<span class=\"_ _0\"></span> A <span class=\"_ _2\"></span>sel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er-lessee <span class=\"_ _a9\"></span>ma<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>use different a<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>proaches t<span class=\"_ _2\"></span>o comply with <span class=\"_ _2\"></span>the new re<span class=\"_ _2\"></span>quire<span class=\"_ _0\"></span>ments for subsequent measure<span class=\"_ _0\"></span>ment.<span class=\"_ _0\"></span> The <span class=\"_ _2\"></span>Amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>appli<span class=\"_ _0\"></span>ed <span class=\"_ _a9\"></span>fo<span class=\"_ _0\"></span>r <span class=\"_ _2\"></span>annual <span class=\"_ _2\"></span>pe<span class=\"_ _0\"></span>riods <span class=\"_ _2\"></span>beginni<span class=\"_ _0\"></span>ng <span class=\"_ _2\"></span>on<span class=\"_ _0\"></span> <span class=\"_ _a9\"></span>or after <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _2\"></span>2024,<span class=\"_ _0\"></span> wi<span class=\"_ _0\"></span>th ea<span class=\"_ _2\"></span>rli<span class=\"_ _0\"></span>er appli<span class=\"_ _0\"></span>cation permitted.<span class=\"_ _0\"></span> In accordance wi<span class=\"_ _0\"></span>th IA<span class=\"_ _0\"></span>S 8 - Acco<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span> Poli<span class=\"_ _0\"></span>cies, Changes i<span class=\"_ _0\"></span>n Accounti<span class=\"_ _0\"></span>ng Esti<span class=\"_ _0\"></span>mates and Err<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>s, <span class=\"_ _98\"> </span>a <span class=\"_ _98\"> </span>sell<span class=\"_ _0\"></span>er-l<span class=\"_ _0\"></span>essee <span class=\"_\"> </span>shall<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>apply <span class=\"_\"> </span>the<span class=\"_ _0\"></span> <span class=\"_ _98\"> </span>amendmen<span class=\"_ _0\"></span>ts <span class=\"_ _98\"> </span>retrospectivel<span class=\"_ _0\"></span>y <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>sale <span class=\"_ _98\"> </span>and<span class=\"_ _0\"></span> l<span class=\"_ _0\"></span>ease<span class=\"_ _2\"></span>back <span class=\"_ _1\"></span>transacti<span class=\"_ _0\"></span>ons <span class=\"_ _0\"></span>enter<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nto <span class=\"_ _0\"></span>on <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>afte<span class=\"_ _0\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _0\"></span>cation <span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>f <span class=\"_ _0\"></span>IFRS 16. <span class=\"_\"> </span>T<span class=\"_ _0\"></span>his <span class=\"_ _98\"> </span>means <span class=\"_ _98\"> </span>th<span class=\"_ _0\"></span>at <span class=\"_\"> </span>i<span class=\"_ _0\"></span>t <span class=\"_\"> </span>w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> <span class=\"_\"> </span>have <span class=\"_\"> </span>to <span class=\"_ _98\"> </span>i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>fy <span class=\"_\"> </span>and<span class=\"_ _0\"></span> <span class=\"_\"> </span>r<span class=\"_ _0\"></span>eassess <span class=\"_ _98\"> </span>sale<span class=\"_ _0\"></span> <span class=\"_\"> </span>a<span class=\"_ _0\"></span>nd <span class=\"_\"> </span>l<span class=\"_ _0\"></span>easeb<span class=\"_ _0\"></span>ack transactions e<span class=\"_ _2\"></span>nte<span class=\"_ _0\"></span>red <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>nto since <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mplementation of IFRS 1<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>9,<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>potenti<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y restate those tha<span class=\"_ _0\"></span>t include vari<span class=\"_ _0\"></span>able l<span class=\"_ _0\"></span>ease <span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>ayments.<span class=\"_ _0\"></span> With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the a<span class=\"_ _2\"></span>bove stand<span class=\"_ _2\"></span>ards, <span class=\"_ _2\"></span>which ar<span class=\"_ _2\"></span>e not y<span class=\"_ _2\"></span>et mandator<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y has not <span class=\"_ _a9\"></span>yet<span class=\"_ _0\"></span> completed <span class=\"_ _2\"></span>the cal<span class=\"_ _2\"></span>culation<span class=\"_ _2\"></span> of al<span class=\"_ _2\"></span>l i<span class=\"_ _2\"></span>mpacts arisi<span class=\"_ _2\"></span>ng from t<span class=\"_ _2\"></span>heir <span class=\"_ _a9\"></span>a<span class=\"_ _0\"></span>pplicatio<span class=\"_ _2\"></span>n and has th<span class=\"_ _a9\"></span>ere<span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>re elec<span class=\"_ _2\"></span>ted to apply <span class=\"_ _2\"></span>them e<span class=\"_ _2\"></span>arly, al<span class=\"_ _2\"></span>though <span class=\"_ _2\"></span>these impac<span class=\"_ _a9\"></span>ts are no<span class=\"_ _2\"></span>t expec<span class=\"_ _2\"></span>ted to be ma<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>rial. 1.6<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Signif<span class=\"_ _2\"></span>icant est<span class=\"_ _2\"></span>imat<span class=\"_ _2\"></span>es and ju<span class=\"_ _2\"></span>dgements<span class=\"_ _a9\"></span> The prepa<span class=\"_ _2\"></span>ration o<span class=\"_ _2\"></span>f sep<span class=\"_ _2\"></span>arate fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _2\"></span> requi<span class=\"_ _2\"></span>res the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directo<span class=\"_ _a9\"></span>rs to make judgements <span class=\"_ _2\"></span>and es<span class=\"_ _2\"></span>timates <span class=\"_ _2\"></span>that af<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of re<span class=\"_ _2\"></span>venue, c<span class=\"_ _2\"></span>osts, <span class=\"_ _2\"></span>assets, <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>and discl<span class=\"_ _2\"></span>osures at th<span class=\"_ _a9\"></span>e date of <span class=\"_ _2\"></span>the stat<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on. To th<span class=\"_ _2\"></span>at eff<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>ct, the Bo<span class=\"_ _a9\"></span>ard of Directors'<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d judgemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s are <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on:  (i) <span class=\"_ _44\"> </span>the bes<span class=\"_ _2\"></span>t informati<span class=\"_ _2\"></span>on and <span class=\"_ _2\"></span>knowle<span class=\"_ _2\"></span>dge of cur<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>nt <span class=\"_ _2\"></span>events and<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>certain cas<span class=\"_ _2\"></span>es on th<span class=\"_ _2\"></span>e reports <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>dependent <span class=\"_ _2\"></span>experts; <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span> (ii) <span class=\"_ _5a\"> </span>the actions<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany consi<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>t may h<span class=\"_ _2\"></span>ave to <span class=\"_ _2\"></span>take in the fu<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ure. <span class=\"_ _a9\"></span> On the <span class=\"_ _2\"></span>date on <span class=\"_ _2\"></span>which the o<span class=\"_ _a9\"></span>perations <span class=\"_ _2\"></span>are comple<span class=\"_ _2\"></span>ted, th<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>utcome co<span class=\"_ _2\"></span>uld diff<span class=\"_ _2\"></span>er from <span class=\"_ _2\"></span>those estimates<span class=\"_ _2\"></span>. Significa<span class=\"_ _2\"></span>nt <span class=\"_ _2\"></span>estima<span class=\"_ _2\"></span>tes a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s The es<span class=\"_ _2\"></span>timates an<span class=\"_ _2\"></span>d assump<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>which presen<span class=\"_ _2\"></span>t a si<span class=\"_ _2\"></span>gnific<span class=\"_ _2\"></span>ant ri<span class=\"_ _2\"></span>sk of gen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rati<span class=\"_ _2\"></span>ng a mat<span class=\"_ _2\"></span>erial adjustmen<span class=\"_ _2\"></span>t to <span class=\"_ _2\"></span>the book val<span class=\"_ _2\"></span>ue of ass<span class=\"_ _a9\"></span>ets and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es in <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>llowi<span class=\"_ _2\"></span>ng financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od are presented <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>elow: Estimate<span class=\"_ _2\"></span>s and judg<span class=\"_ _2\"></span>ement<span class=\"_ _2\"></span>s  Notes <span class=\"_ _2\"></span><span class=\"fs1\"> </span>Uncertainty over Incom<span class=\"_ _0\"></span>e Tax Tr<span class=\"_ _0\"></span>eatments<span class=\"_ _0\"></span> 6.1 - Income tax for <span class=\"_ _0\"></span>the peri<span class=\"_ _0\"></span>od 6.2 - Deferred taxes <span class=\"_ _0\"></span><span class=\"fs1\"> </span>Recognition of p<span class=\"_ _0\"></span>rovisions<span class=\"_ _0\"></span><span class=\"fs1\"> </span>9.1 - Provisi<span class=\"_ _0\"></span>ons<span class=\"fs1\"> </span>Valuation of financial inv<span class=\"_ _0\"></span>estments <span class=\"_ _0\"></span><span class=\"fs1 fc1\"> </span>10.1 <span class=\"ff8\">\u2013</span> Investme<span class=\"_ _0\"></span>nts <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>n subsi<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries <span class=\"fs1\"> </span>2.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Oper<span class=\"_ _2\"></span>ation<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>anc<span class=\"_ _2\"></span>e </span></span>2.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Revenu<span class=\"_ _2\"></span>e and s<span class=\"_ _2\"></span>eg<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent report<span class=\"_ _a9\"></span>ing Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Within <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up, the C<span class=\"_ _2\"></span>ompany o<span class=\"_ _2\"></span>perat<span class=\"_ _2\"></span>es as a t<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ader of the Grou<span class=\"_ _2\"></span>p's p<span class=\"_ _2\"></span>roducts <span class=\"_ _2\"></span>and suppli<span class=\"_ _2\"></span>er of mos<span class=\"_ _2\"></span>t of the G<span class=\"_ _a9\"></span>roup's ra<span class=\"_ _2\"></span>w material<span class=\"_ _2\"></span>s. In prepari<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>epara<span class=\"_ _2\"></span>te financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>ts, the <span class=\"_ _2\"></span>accou<span class=\"_ _2\"></span>nting pol<span class=\"_ _2\"></span>icies <span class=\"_ _2\"></span>used by <span class=\"_ _2\"></span>the Compan<span class=\"_ _2\"></span>y in the ar<span class=\"_ _2\"></span>eas of re<span class=\"_ _2\"></span>venue an<span class=\"_ _2\"></span>d segmen<span class=\"_ _2\"></span>t repor<span class=\"_ _2\"></span>ting ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>stent <span class=\"_ _2\"></span>with the <span class=\"_ _2\"></span>polici<span class=\"_ _2\"></span>es appli<span class=\"_ _2\"></span>ed in the conso<span class=\"_ _2\"></span>lidated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> as desc<span class=\"_ _a9\"></span>ribed belo<span class=\"_ _2\"></span>w. Navigator G<span class=\"_ _a9\"></span>roup business <span class=\"_ _2\"></span>areas<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup\u2019s mai<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s is <span class=\"_ _2\"></span>the produc<span class=\"_ _a9\"></span>tion and sal<span class=\"_ _2\"></span>e of writi<span class=\"_ _2\"></span>ng an<span class=\"_ _2\"></span>d prin<span class=\"_ _2\"></span>ting uncoated <span class=\"_ _2\"></span>woodfre<span class=\"_ _2\"></span>e paper (<span class=\"_ _2\"></span>UWF) and <span class=\"_ _a9\"></span>domestic cons<span class=\"_ _2\"></span>umptio<span class=\"_ _2\"></span>n paper (ti<span class=\"_ _2\"></span>ssue) <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>s pulp<span class=\"_ _2\"></span>, and it i<span class=\"_ _2\"></span>s presen<span class=\"_ _2\"></span>t in the whol<span class=\"_ _2\"></span>e val<span class=\"_ _2\"></span>ue-added c<span class=\"_ _2\"></span>hain, from <span class=\"_ _a9\"></span>researc<span class=\"_ _2\"></span>h and de<span class=\"_ _2\"></span>velopmen<span class=\"_ _2\"></span>t of fo<span class=\"_ _2\"></span>restry an<span class=\"_ _2\"></span>d agricul<span class=\"_ _2\"></span>tural pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>purchase <span class=\"_ _2\"></span>and s<span class=\"_ _2\"></span>ale of <span class=\"_ _2\"></span>wood an<span class=\"_ _2\"></span>d the producti<span class=\"_ _2\"></span>on an<span class=\"_ _2\"></span>d sale <span class=\"_ _2\"></span>of bleached euc<span class=\"_ _a9\"></span>alyptus kraf<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> pulp <span class=\"ff8\">\u2013</span> BE<span class=\"_ _2\"></span>KP <span class=\"ff8\">\u2013</span> an<span class=\"_ _a9\"></span>d electri<span class=\"_ _2\"></span>c and t<span class=\"_ _2\"></span>hermal ener<span class=\"_ _2\"></span>gy, as w<span class=\"_ _2\"></span>ell as<span class=\"_ _2\"></span> its commerci<span class=\"_ _2\"></span>alisati<span class=\"_ _2\"></span>on. The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has f<span class=\"_ _2\"></span>our indus<span class=\"_ _a9\"></span>trial plants<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> BEKP, e<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>rgy and UW<span class=\"_ _2\"></span>F paper ar<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duced in two plants l<span class=\"_ _2\"></span>oca<span class=\"_ _2\"></span>ted in Fi<span class=\"_ _2\"></span>gueir<span class=\"_ _2\"></span>a da Foz <span class=\"_ _2\"></span>and Set\u00fa<span class=\"_ _2\"></span>bal. BEKP <span class=\"_ _2\"></span>energy <span class=\"_ _2\"></span>and tiss<span class=\"_ _2\"></span>ue pape<span class=\"_ _2\"></span>r ar<span class=\"_ _2\"></span>e also produce<span class=\"_ _2\"></span>d in a pl<span class=\"_ _2\"></span>ant loc<span class=\"_ _2\"></span>ated in <span class=\"_ _2\"></span>Aveiro an<span class=\"_ _2\"></span>d the f<span class=\"_ _2\"></span>ourth <span class=\"_ _2\"></span>plant,<span class=\"_ _2\"></span> lo<span class=\"_ _2\"></span>cated in Vi<span class=\"_ _2\"></span>la Velha <span class=\"_ _2\"></span>de R\u00f3d\u00e3o<span class=\"_ _2\"></span>, where ti<span class=\"_ _2\"></span>ssue pa<span class=\"_ _2\"></span>per is p<span class=\"_ _2\"></span>roduced<span class=\"_ _2\"></span>. Wood and co<span class=\"_ _2\"></span>rk are <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>ed from <span class=\"_ _2\"></span>woodlands f<span class=\"_ _2\"></span>rom subsi<span class=\"_ _2\"></span>diari<span class=\"_ _2\"></span>es or l<span class=\"_ _2\"></span>eased in Po<span class=\"_ _2\"></span>rtugal<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>Spain, and als<span class=\"_ _2\"></span>o form gran<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed lands <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Mozambique<span class=\"_ _2\"></span>. The pro<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ucti<span class=\"_ _2\"></span>on o<span class=\"_ _2\"></span>f cork and pine <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ood ar<span class=\"_ _2\"></span>e sold <span class=\"_ _2\"></span>to third pa<span class=\"_ _2\"></span>rties whil<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>the eucal<span class=\"_ _2\"></span>yptus woo<span class=\"_ _2\"></span>d is mai<span class=\"_ _2\"></span>nly con<span class=\"_ _2\"></span>sumed i<span class=\"_ _2\"></span>n the pro<span class=\"_ _2\"></span>duction <span class=\"_ _2\"></span>of BEKP. A signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>t portion of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup\u2019s o<span class=\"_ _2\"></span>wn BEKP <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on is<span class=\"_ _2\"></span> consumed <span class=\"_ _2\"></span>in the p<span class=\"_ _2\"></span>roduction <span class=\"_ _2\"></span>of U<span class=\"_ _2\"></span>WF and tiss<span class=\"_ _2\"></span>ue paper<span class=\"_ _2\"></span>. Sales o<span class=\"_ _2\"></span>f BEKP<span class=\"_ _2\"></span>, UWF an<span class=\"_ _2\"></span>d tis<span class=\"_ _2\"></span>sue paper <span class=\"_ _2\"></span>are made <span class=\"_ _2\"></span>to more th<span class=\"_ _2\"></span>an 130 <span class=\"_ _2\"></span>countries around th<span class=\"_ _2\"></span>e world<span class=\"_ _2\"></span>. With re<span class=\"_ _2\"></span>gard to en<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>producti<span class=\"_ _2\"></span>on, the <span class=\"_ _2\"></span>Group has <span class=\"_ _a9\"></span>three co<span class=\"_ _2\"></span>generati<span class=\"_ _2\"></span>on plants<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> inte<span class=\"_ _2\"></span>grated i<span class=\"_ _2\"></span>n the production <span class=\"_ _2\"></span>of pulp<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Hea<span class=\"_ _2\"></span>t produc<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s used fo<span class=\"_ _2\"></span>r inte<span class=\"_ _2\"></span>rnal con<span class=\"_ _2\"></span>sumption whi<span class=\"_ _2\"></span>le elect<span class=\"_ _2\"></span>rici<span class=\"_ _2\"></span>ty is so<span class=\"_ _2\"></span>ld to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid or <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t. The Na<span class=\"_ _a9\"></span>vigator <span class=\"_ _a9\"></span>Group also o<span class=\"_ _2\"></span>wns anothe<span class=\"_ _2\"></span>r two cogenera<span class=\"_ _2\"></span>tion uni<span class=\"_ _2\"></span>ts usi<span class=\"_ _2\"></span>ng natural<span class=\"_ _2\"></span> gas, in<span class=\"_ _2\"></span>tegrate<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>the pro<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>uction <span class=\"_ _2\"></span>of pape<span class=\"_ _2\"></span>r in Fi<span class=\"_ _2\"></span>gueira da Fo<span class=\"_ _2\"></span>z and in <span class=\"_ _2\"></span>Set\u00fabal, an<span class=\"_ _2\"></span>d two se<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>arate u<span class=\"_ _2\"></span>nits usi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>biofuel<span class=\"_ _2\"></span>, with <span class=\"_ _2\"></span>the output o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e latter <span class=\"_ _2\"></span>two sold to the nation<span class=\"_ _2\"></span>al ene<span class=\"_ _2\"></span>rgy grid o<span class=\"_ _2\"></span>r on <span class=\"_ _2\"></span>the ma<span class=\"_ _2\"></span>rket. <span class=\"_ _2\"></span>It also has<span class=\"_ _2\"></span> thre<span class=\"_ _2\"></span>e photovol<span class=\"_ _a9\"></span>taic uni<span class=\"_ _2\"></span>ts for sel<span class=\"_ _2\"></span>f-consumpti<span class=\"_ _2\"></span>on, two <span class=\"_ _2\"></span>in Set\u00fa<span class=\"_ _2\"></span>bal and on<span class=\"_ _2\"></span>e in Fi<span class=\"_ _2\"></span>gueira <span class=\"_ _2\"></span>da Foz. Segment re<span class=\"_ _2\"></span>porting<span class=\"_ _2\"></span> The Company cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies an <span class=\"_ _2\"></span>operatin<span class=\"_ _a9\"></span>g segment und<span class=\"_ _2\"></span>er IFRS <span class=\"_ _2\"></span>8 as a co<span class=\"_ _2\"></span>mponent of th<span class=\"_ _a9\"></span>e Company that en<span class=\"_ _2\"></span>gages i<span class=\"_ _2\"></span>n busines<span class=\"_ _2\"></span>s activiti<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>rom which <span class=\"_ _2\"></span>it ma<span class=\"_ _2\"></span>y obtai<span class=\"_ _2\"></span>n inc<span class=\"_ _2\"></span>ome and inc<span class=\"_ _2\"></span>ur expenses, <span class=\"_ _a9\"></span>and whose ope<span class=\"_ _2\"></span>rating <span class=\"_ _2\"></span>profit o<span class=\"_ _2\"></span>r loss <span class=\"_ _2\"></span>is regul<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y reviewed <span class=\"_ _2\"></span>by the<span class=\"_ _2\"></span> Executiv<span class=\"_ _2\"></span>e Commi<span class=\"_ _2\"></span>ttee, which <span class=\"_ _2\"></span>is th<span class=\"_ _2\"></span>e chief<span class=\"_ _2\"></span> operatin<span class=\"_ _2\"></span>g decisi<span class=\"_ _2\"></span>on maker <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e purposes <span class=\"_ _2\"></span>of making<span class=\"_ _a9\"></span> decisions<span class=\"_ _2\"></span> about resou<span class=\"_ _2\"></span>rces to <span class=\"_ _2\"></span>be all<span class=\"_ _2\"></span>ocated to <span class=\"_ _2\"></span>the segment <span class=\"_ _2\"></span>and as<span class=\"_ _2\"></span>sessing i<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>performanc<span class=\"_ _2\"></span>e, and f<span class=\"_ _2\"></span>or which <span class=\"_ _2\"></span>separat<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial info<span class=\"_ _2\"></span>rmation i<span class=\"_ _2\"></span>s avail<span class=\"_ _2\"></span>able. The info<span class=\"_ _2\"></span>rmation use<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>segment re<span class=\"_ _2\"></span>porting co<span class=\"_ _a9\"></span>rresponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nformation<span class=\"_ _2\"></span> prepare<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>by the Company<span class=\"_ _2\"></span>. Although <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p has d<span class=\"_ _2\"></span>efined a s<span class=\"_ _2\"></span>eries <span class=\"_ _2\"></span>of segmen<span class=\"_ _2\"></span>ts, N<span class=\"_ _2\"></span>avi<span class=\"_ _2\"></span>gator is on<span class=\"_ _2\"></span>ly res<span class=\"_ _2\"></span>ponsible <span class=\"_ _2\"></span>for the marketin<span class=\"_ _2\"></span>g of the <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>roduc<span class=\"_ _2\"></span>ts produc<span class=\"_ _2\"></span>ed by i<span class=\"_ _2\"></span>ts subsidi<span class=\"_ _2\"></span>ari<span class=\"_ _2\"></span>es an<span class=\"_ _2\"></span>d for the man<span class=\"_ _a9\"></span>agement of <span class=\"_ _2\"></span>those subsidi<span class=\"_ _2\"></span>aries. <span class=\"_ _2\"></span>Therefore<span class=\"_ _2\"></span>, it i<span class=\"_ _2\"></span>s cons<span class=\"_ _2\"></span>idered tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> all<span class=\"_ _2\"></span> the Compa<span class=\"_ _a9\"></span>ny<span class=\"_ _0\"></span>'s activiti<span class=\"_ _2\"></span>es fall<span class=\"_ _2\"></span> into <span class=\"_ _2\"></span>one si<span class=\"_ _2\"></span>ngle segment <span class=\"_ _2\"></span>and so no<span class=\"_ _2\"></span> furth<span class=\"_ _2\"></span>er brea<span class=\"_ _2\"></span>kdown is r<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>quire<span class=\"_ _2\"></span>d. Revenue <span class=\"_ _2\"></span> Revenue is<span class=\"_ _2\"></span> presen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed by goo<span class=\"_ _a9\"></span>ds and se<span class=\"_ _2\"></span>rvices sol<span class=\"_ _2\"></span>d and <span class=\"_ _2\"></span>by g<span class=\"_ _2\"></span>eographic a<span class=\"_ _a9\"></span>rea, base<span class=\"_ _2\"></span>d on the cou<span class=\"_ _2\"></span>ntry of desti<span class=\"_ _2\"></span>nation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e goods an<span class=\"_ _2\"></span>d ser<span class=\"_ _2\"></span>vices so<span class=\"_ _2\"></span>ld by <span class=\"_ _2\"></span>the Comp<span class=\"_ _2\"></span>any. Commerci<span class=\"_ _2\"></span>al co<span class=\"_ _2\"></span>ntracts with Cu<span class=\"_ _2\"></span>stomers <span class=\"_ _2\"></span>refer <span class=\"_ _a9\"></span>essentially <span class=\"_ _2\"></span>to t<span class=\"_ _2\"></span>he sal<span class=\"_ _2\"></span>e of goo<span class=\"_ _2\"></span>ds such as<span class=\"_ _2\"></span> tissue <span class=\"_ _a9\"></span>paper and pulp, <span class=\"_ _2\"></span>and to an <span class=\"_ _a9\"></span>extent, to <span class=\"_ _a9\"></span>the transpo<span class=\"_ _a9\"></span>rtation <span class=\"_ _2\"></span>inherent <span class=\"_ _2\"></span>to those goo<span class=\"_ _a9\"></span>ds, when ap<span class=\"_ _2\"></span>plicabl<span class=\"_ _2\"></span>e.  Revenue <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n by grou<span class=\"_ _a9\"></span>p of mate<span class=\"_ _2\"></span>rials <span class=\"_ _2\"></span>is descri<span class=\"_ _2\"></span>bed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows:<span class=\"_ _0\"></span> BEKP pulp Pulp revenue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es made to the Co<span class=\"_ _0\"></span>mpany's subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es an<span class=\"_ _2\"></span>d i<span class=\"_ _0\"></span>nternati<span class=\"_ _0\"></span>onal producers of pape<span class=\"_ _0\"></span>r and decorati<span class=\"_ _0\"></span>on. Revenue is recog<span class=\"_ _0\"></span>nised at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, by the amount of <span class=\"_ _0\"></span>the performance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gation satisfi<span class=\"_ _0\"></span>ed, the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>rice of the transaction correspon<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng to a fixed amount i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced on the basis of qua<span class=\"_ _0\"></span>ntities sol<span class=\"_ _0\"></span>d, less cash discoun<span class=\"_ _0\"></span>ts and quan<span class=\"_ _0\"></span>tity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determinable. On the expor<span class=\"_ _0\"></span>t side, the tr<span class=\"_ _0\"></span>ansfer of control<span class=\"_ _0\"></span> of the products ge<span class=\"_ _0\"></span>nerall<span class=\"_ _0\"></span>y occurs when the produc<span class=\"_ _0\"></span>ts are transferred <span class=\"_ _0\"></span>to the control<span class=\"_ _0\"></span> of the custom<span class=\"_ _0\"></span>er, in <span class=\"_ _0\"></span>accordance wi<span class=\"_ _0\"></span>th the negotiated I<span class=\"_ _0\"></span>ncoterms. <span class=\"_ _0\"></span> The Company is sol<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y responsibl<span class=\"_ _0\"></span>e for selli<span class=\"_ _0\"></span>ng BEKP<span class=\"_ _2\"></span> pul<span class=\"_ _0\"></span>p produced b<span class=\"_ _0\"></span>y Navi<span class=\"_ _0\"></span>gator Group compani<span class=\"_ _0\"></span>es, intended fo<span class=\"_ _0\"></span>r sale to the market and to <span class=\"_ _0\"></span>the Group's UWF pap<span class=\"_ _0\"></span>er and tissu<span class=\"_ _0\"></span>e producers. <span class=\"_ _1\"></span> UWF Paper revenue refers to s<span class=\"_ _0\"></span>ales made th<span class=\"_ _0\"></span>rough Commer<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> Di<span class=\"_ _0\"></span>stributors (B2B), which incl<span class=\"_ _0\"></span>ude large di<span class=\"_ _0\"></span>stributors, whol<span class=\"_ _0\"></span>esalers or commercial<span class=\"_ _0\"></span> operators, as wel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> as pr<span class=\"_ _2\"></span>oduc<span class=\"_ _0\"></span>ers and processors<span class=\"_ _0\"></span> of pap<span class=\"_ _0\"></span>er products. Revenue<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>s recogn<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sed at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c time, on the dat<span class=\"_ _0\"></span>e of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very <span class=\"_ _2\"></span>of the p<span class=\"_ _0\"></span>roduct to the custom<span class=\"_ _0\"></span>er when th<span class=\"_ _0\"></span>e transfer of co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span> occurs, by the amount of <span class=\"_ _0\"></span>the performance obli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed, and the pri<span class=\"_ _0\"></span>ce of the transacti<span class=\"_ _0\"></span>on corresponds to a fi<span class=\"_ _0\"></span>xed amou<span class=\"_ _0\"></span>nt invoiced acco<span class=\"_ _0\"></span>rding to the quanti<span class=\"_ _0\"></span>ties sol<span class=\"_ _0\"></span>d, less cash disco<span class=\"_ _0\"></span>unts and quanti<span class=\"_ _0\"></span>ty discounts, whi<span class=\"_ _0\"></span>ch are rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>y determinable.<span class=\"_ _0\"></span> Tissue<span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue r<span class=\"_ _2\"></span>even<span class=\"_ _0\"></span>ue resul<span class=\"_ _0\"></span>ts from sal<span class=\"_ _0\"></span>es of t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ssue paper produ<span class=\"_ _0\"></span>ced for <span class=\"_ _0\"></span>the private label<span class=\"_ _0\"></span> of natio<span class=\"_ _0\"></span>nal and international<span class=\"_ _0\"></span> retail<span class=\"_ _0\"></span> chains.<span class=\"_ _1\"></span> Revenue is recog<span class=\"_ _0\"></span>nised at a speci<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c moment, by the amount of<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>erformance obl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfied,<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the pri<span class=\"_ _0\"></span>ce of the transaction correspon<span class=\"_ _0\"></span>ds to a fixed amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced a<span class=\"_ _2\"></span>ccordi<span class=\"_ _0\"></span>ng to qua<span class=\"_ _0\"></span>ntiti<span class=\"_ _0\"></span>es sold,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>ess cash discounts and q<span class=\"_ _0\"></span>uantity disco<span class=\"_ _0\"></span>unt<span class=\"_ _2\"></span>s, whi<span class=\"_ _0\"></span>ch are reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y determined. Revenue is r<span class=\"_ _0\"></span>ecognised agai<span class=\"_ _0\"></span>nst the del<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>very <span class=\"_ _2\"></span>of the product, <span class=\"_ _0\"></span>at which time <span class=\"_ _0\"></span>the transfer of control<span class=\"_ _0\"></span> over the product i<span class=\"_ _0\"></span>s deemed to ta<span class=\"_ _0\"></span>ke place. <span class=\"_ _0\"></span> Central The revenue from goods p<span class=\"_ _0\"></span>urchased from <span class=\"_ _0\"></span>producers a<span class=\"_ _0\"></span>nd distri<span class=\"_ _0\"></span>butors to<span class=\"_ _0\"></span> supply the Group's mi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s tha<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> use them as r<span class=\"_ _0\"></span>aw purchasing materials for proc<span class=\"_ _0\"></span>essing i<span class=\"_ _0\"></span>s rec<span class=\"_ _2\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>sed on the date of del<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>very of the product to <span class=\"_ _0\"></span>the customer, for th<span class=\"_ _0\"></span>e amount of the operations performance obli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>n sat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed, where the transacti<span class=\"_ _0\"></span>on price corresp<span class=\"_ _0\"></span>onds to a fixed amou<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced ba<span class=\"_ _2\"></span>sed o<span class=\"_ _0\"></span>n the quantiti<span class=\"_ _0\"></span>es sold that can be rel<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y dete<span class=\"_ _2\"></span>rmined.<span class=\"_ _0\"></span> Det<span class=\"_ _a9\"></span>ail <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>f re<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>nue<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y m<span class=\"_ _a9\"></span>ater<span class=\"_ _a9\"></span>ial<span class=\"_ _2\"></span>s/s<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up<span class=\"_ _2\"></span>s a<span class=\"_ _a9\"></span>nd <span class=\"_ _2\"></span>geo<span class=\"_ _a9\"></span>grap<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>l a<span class=\"_ _a9\"></span>rea<span class=\"_ _2\"></span>s During the <span class=\"_ _a9\"></span>periods en<span class=\"_ _2\"></span>ded 31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>22 and 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the revenu<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> from <span class=\"_ _2\"></span>sales of goo<span class=\"_ _2\"></span>ds and ren<span class=\"_ _2\"></span>dering <span class=\"_ _2\"></span>of services<span class=\"_ _2\"></span> is d<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>tailed as<span class=\"_ _2\"></span> follo<span class=\"_ _2\"></span>ws: Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Sales UWF Paper<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 86,483,079 <span class=\"_ _0\"></span> 61,336,753 <span class=\"_ _0\"></span> Rest of Europe 1,107,618,863  663,878,514  United States of Ame<span class=\"_ _0\"></span>rica 164,176,085  104,965,167  Rest of Worl<span class=\"_ _0\"></span>d 383,126,808  292,813,637  1,741,40<span class=\"_ _0\"></span>4,835  1,122,99<span class=\"_ _0\"></span>4,072  Tissue Paper<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 93,322,231 <span class=\"_ _0\"></span> 62,471,134 <span class=\"_ _0\"></span> Rest of Europe 113,103,140  84,523,982 <span class=\"_ _0\"></span> Rest of Worl<span class=\"_ _0\"></span>d 4,182,605  5,960,980  210<span class=\"_ _0\"></span>,607,976<span class=\"_ _0\"></span>  152<span class=\"_ _0\"></span>,956,096<span class=\"_ _0\"></span>  BEKP pulp to ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 4,043,366  2,857,768  Rest of Europe 162,456,528  134,392,260  Rest of Worl<span class=\"_ _0\"></span>d 30,916,880 <span class=\"_ _0\"></span> 32,545,863 <span class=\"_ _0\"></span> 197<span class=\"_ _0\"></span>,416,774<span class=\"_ _0\"></span>  169<span class=\"_ _0\"></span>,795,892<span class=\"_ _0\"></span>  BEKP pulp suppli<span class=\"_ _0\"></span>ed to subsidiari<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> Portugal <span class=\"_ _0\"></span> 854,575,688  568,118,228  854<span class=\"_ _0\"></span>,575,688<span class=\"_ _0\"></span>  568<span class=\"_ _0\"></span>,118,228<span class=\"_ _0\"></span>  Sales of goods - s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries 454,602,177  276,315,409  Total sales  3,458,60<span class=\"_ _0\"></span>7,450  2,290,17<span class=\"_ _0\"></span>9,696  Services render<span class=\"_ _0\"></span>ed Management and admi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>strative services of s<span class=\"_ _0\"></span>ubsidi<span class=\"_ _0\"></span>aries<span class=\"_ _0\"></span> 72,598,267 <span class=\"_ _0\"></span> 76,767,926 <span class=\"_ _0\"></span> Total services rend<span class=\"_ _0\"></span>ered <span class=\"_ _0\"></span> 72,598<span class=\"_ _0\"></span>,267  76,767<span class=\"_ _0\"></span>,926  Total revenue <span class=\"_ _0\"></span> 3,531,20<span class=\"_ _0\"></span>5,717  2,366,94<span class=\"_ _0\"></span>7,621  In 2022<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y r<span class=\"_ _2\"></span>ecorded a po<span class=\"_ _2\"></span>sitiv<span class=\"_ _2\"></span>e trend i<span class=\"_ _2\"></span>n sal<span class=\"_ _2\"></span>es, whi<span class=\"_ _2\"></span>ch inc<span class=\"_ _2\"></span>reased by 49% c<span class=\"_ _2\"></span>ompared <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the previ<span class=\"_ _2\"></span>ous y<span class=\"_ _2\"></span>ear. Duri<span class=\"_ _2\"></span>ng 2022, <span class=\"_ _a9\"></span>there was a g<span class=\"_ _2\"></span>rowth <span class=\"_ _2\"></span>in pa<span class=\"_ _2\"></span>per sales vol<span class=\"_ _2\"></span>umes<span class=\"_ _2\"></span>, with succ<span class=\"_ _a9\"></span>essive price i<span class=\"_ _2\"></span>ncreases fo<span class=\"_ _2\"></span>r UWF<span class=\"_ _2\"></span>, pulp an<span class=\"_ _2\"></span>d tissu<span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span>ong with signif<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>cant optimi<span class=\"_ _2\"></span>sation o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e sales mi<span class=\"_ _2\"></span>x. The positi<span class=\"_ _2\"></span>ve t<span class=\"_ _2\"></span>rend in p<span class=\"_ _2\"></span>rices <span class=\"_ _2\"></span>was stron<span class=\"_ _2\"></span>gly sup<span class=\"_ _2\"></span>ported b<span class=\"_ _2\"></span>y the<span class=\"_ _2\"></span> enrich<span class=\"_ _2\"></span>ment of th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>duct mix<span class=\"_ _2\"></span>, with Navigator <span class=\"_ _2\"></span>achievi<span class=\"_ _2\"></span>ng maxi<span class=\"_ _2\"></span>mum sal<span class=\"_ _2\"></span>es levels <span class=\"_ _2\"></span>for p<span class=\"_ _2\"></span>remium pr<span class=\"_ _2\"></span>oducts and mi<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>brands. 2.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Ot<span class=\"_ _2\"></span>her operatin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> incom<span class=\"_ _2\"></span>e For the p<span class=\"_ _2\"></span>eriods en<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span>d 31 Dec<span class=\"_ _a9\"></span>ember 2022<span class=\"_ _2\"></span> and 31 Dec<span class=\"_ _2\"></span>emb<span class=\"_ _2\"></span>er 2021, O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating <span class=\"_ _2\"></span>income i<span class=\"_ _2\"></span>s detailed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Operating grants<span class=\"_ _0\"></span> -  48,866 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on recei<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 1,283  44,011 <span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t r<span class=\"_ _0\"></span>eversal on i<span class=\"_ _0\"></span>nventories (Not<span class=\"_ _0\"></span>e 4.1.3)<span class=\"_ _0\"></span> 1,484,115  -  Discounts recei<span class=\"_ _0\"></span>ved on purchases<span class=\"_ _0\"></span> 805,593  475,599  Gains on invento<span class=\"_ _0\"></span>ries 7,518  491,339  Damage clai<span class=\"_ _0\"></span>ms 10 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>272,689  Other operati<span class=\"_ _0\"></span>ng income<span class=\"_ _0\"></span> 1,179,898  758,299  3,478,41<span class=\"_ _0\"></span>7  2,090,80<span class=\"_ _0\"></span>3  In 2022<span class=\"_ _2\"></span>, as a resul<span class=\"_ _a9\"></span>t of the a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>justm<span class=\"_ _2\"></span>ent of th<span class=\"_ _2\"></span>e inven<span class=\"_ _2\"></span>tories o<span class=\"_ _a9\"></span>f UWF paper an<span class=\"_ _2\"></span>d tissue <span class=\"_ _a9\"></span>paper lo<span class=\"_ _2\"></span>cated on the di<span class=\"_ _2\"></span>ffer<span class=\"_ _2\"></span>ent pla<span class=\"_ _2\"></span>tforms in<span class=\"_ _2\"></span> Europe <span class=\"_ _2\"></span>(Note 2<span class=\"_ _2\"></span>.3), the c<span class=\"_ _2\"></span>orres<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>onding i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded in <span class=\"_ _2\"></span>the previous y<span class=\"_ _2\"></span>ear <span class=\"_ _2\"></span>were re<span class=\"_ _2\"></span>versed. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Operating <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>rants Operating <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>rants <span class=\"_ _2\"></span>are r<span class=\"_ _2\"></span>ecognised a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fair val<span class=\"_ _2\"></span>ue an<span class=\"_ _2\"></span>d only when <span class=\"_ _2\"></span>there <span class=\"_ _2\"></span>is a reas<span class=\"_ _2\"></span>onabl<span class=\"_ _2\"></span>e assuranc<span class=\"_ _2\"></span>e that th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> gran<span class=\"_ _2\"></span>t will <span class=\"_ _2\"></span>be recei<span class=\"_ _2\"></span>ved, an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>Compa<span class=\"_ _2\"></span>ny will <span class=\"_ _2\"></span>comply with <span class=\"_ _2\"></span>all requi<span class=\"_ _2\"></span>red conditi<span class=\"_ _2\"></span>ons. Opera<span class=\"_ _2\"></span>ting gr<span class=\"_ _2\"></span>ants, <span class=\"_ _2\"></span>recei<span class=\"_ _2\"></span>ved with th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pur<span class=\"_ _2\"></span>pose of<span class=\"_ _2\"></span> compens<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the Company fo<span class=\"_ _a9\"></span>r costs incu<span class=\"_ _2\"></span>rred, are s<span class=\"_ _2\"></span>ystemati<span class=\"_ _2\"></span>cally recor<span class=\"_ _2\"></span>ded in <span class=\"_ _a9\"></span>the income sta<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ement <span class=\"_ _2\"></span>during <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>ds in whi<span class=\"_ _2\"></span>ch th<span class=\"_ _2\"></span>e costs <span class=\"_ _2\"></span>that thos<span class=\"_ _2\"></span>e grants <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>ntended <span class=\"_ _2\"></span>to compensa<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>re re<span class=\"_ _2\"></span>corded<span class=\"_ _2\"></span>. 2.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Ot<span class=\"_ _2\"></span>her operatin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> expens<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 4<span class=\"_ _0\"></span>.1.2)<span class=\"_ _0\"></span> 3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  External services and <span class=\"_ _0\"></span>supplies<span class=\"_ _1\"></span> Transportation of goods<span class=\"_ _0\"></span> 196,480,608  137,488,303  Speciali<span class=\"_ _0\"></span>sed ser<span class=\"_ _2\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span> 74,683,026 <span class=\"_ _0\"></span> 65,028,640 <span class=\"_ _0\"></span> Royalti<span class=\"_ _0\"></span>es 34,346,641 <span class=\"_ _0\"></span> 9,064,427  Fees 5,918,051  4,664,334  Insurance 2,011,567  1,246,160  Rentals 1,074,581  1,099,970  Fees 896,480  592,277  Advertisi<span class=\"_ _0\"></span>ng and marketi<span class=\"_ _0\"></span>ng 471,462  730,259  Travel and accom<span class=\"_ _0\"></span>modation<span class=\"_ _0\"></span> 1,140,931  662,619  Communi<span class=\"_ _0\"></span>cations 129,715  254,003  Materials 104,174  74,122 <span class=\"_ _0\"></span> Energy and flui<span class=\"_ _0\"></span>ds 178,533  91,927 <span class=\"_ _0\"></span> Subcontracts 240,455  30,453 <span class=\"_ _0\"></span> Maintenance and rep<span class=\"_ _0\"></span>air 19,407 <span class=\"_ _0\"></span> 40,024 <span class=\"_ _0\"></span> Other 313,915  82,900 <span class=\"_ _0\"></span> 318<span class=\"_ _0\"></span>,009,546<span class=\"_ _0\"></span>  221<span class=\"_ _0\"></span>,150,420<span class=\"_ _0\"></span>  Payroll costs (Note 7<span class=\"_ _0\"></span>.1) 13,521<span class=\"_ _0\"></span>,497  11,092<span class=\"_ _0\"></span>,252  Other operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on inventories (Note 4.<span class=\"_ _0\"></span>1.3)<span class=\"_ _0\"></span> 429,713  1,988,828  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t l<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sses on rece<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>vables<span class=\"_ _0\"></span> 3,268,851  127,605  Other inventory l<span class=\"_ _0\"></span>osses (Note 4.1)<span class=\"_ _0\"></span> 2,661,376  792,470  Donatio<span class=\"_ _0\"></span>ns 154,864  252,905  Membership fees<span class=\"_ _0\"></span> 301,707  272,893  Losses on di<span class=\"_ _0\"></span>sposal of non-curr<span class=\"_ _0\"></span>ent assets<span class=\"_ _0\"></span> -  654,801  Cash discounts gr<span class=\"_ _0\"></span>anted 252,457  240,275  Indi<span class=\"_ _0\"></span>rect <span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>axes 86,637 <span class=\"_ _0\"></span> 133,681  Other operati<span class=\"_ _0\"></span>ng expenses<span class=\"_ _0\"></span> 183,521  1,265,918  7,339,12<span class=\"_ _0\"></span>6  5,729,37<span class=\"_ _0\"></span>6  Net provisions (N<span class=\"_ _0\"></span>ote 9.1) (857<span class=\"_ _0\"></span>,042) 1,138,50<span class=\"_ _0\"></span>0  -  Total operating e<span class=\"_ _0\"></span>xpenses<span class=\"_ _0\"></span> 3,477,51<span class=\"_ _0\"></span>6,957  2,341,95<span class=\"_ _0\"></span>3,004  The overal<span class=\"_ _2\"></span>l in<span class=\"_ _2\"></span>crease in <span class=\"_ _2\"></span>costs bo<span class=\"_ _2\"></span>rne b<span class=\"_ _2\"></span>y the C<span class=\"_ _2\"></span>ompany is <span class=\"_ _2\"></span>largel<span class=\"_ _2\"></span>y explai<span class=\"_ _2\"></span>ned by the o<span class=\"_ _a9\"></span>verall inc<span class=\"_ _2\"></span>rease in the <span class=\"_ _2\"></span>cost of <span class=\"_ _2\"></span>material<span class=\"_ _2\"></span>s and ser<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ices <span class=\"_ _2\"></span>in a c<span class=\"_ _2\"></span>ontext of<span class=\"_ _2\"></span> infl<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>nary pressu<span class=\"_ _2\"></span>res. Logi<span class=\"_ _2\"></span>stics c<span class=\"_ _2\"></span>osts sho<span class=\"_ _2\"></span>w a negative e<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>oluti<span class=\"_ _2\"></span>on as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of th<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span>gistical<span class=\"_ _2\"></span> constrai<span class=\"_ _2\"></span>nts th<span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>t transversal<span class=\"_ _2\"></span>ly aff<span class=\"_ _2\"></span>ected <span class=\"_ _2\"></span>the econom<span class=\"_ _a9\"></span>y.<span class=\"_ _0\"></span> No<span class=\"_ _2\"></span>twiths<span class=\"_ _2\"></span>tanding, N<span class=\"_ _2\"></span>avigator <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>as able <span class=\"_ _a9\"></span>to operate a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> 100% without an<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> disrup<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>in suppl<span class=\"_ _2\"></span>ies. As noted i<span class=\"_ _2\"></span>n Not<span class=\"_ _2\"></span>e 2.2, <span class=\"_ _2\"></span>Other in<span class=\"_ _2\"></span>ventor<span class=\"_ _2\"></span>y loss<span class=\"_ _2\"></span>es relat<span class=\"_ _2\"></span>e to UW<span class=\"_ _2\"></span>F paper <span class=\"_ _2\"></span>and tissue i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>and are partiall<span class=\"_ _2\"></span>y offse<span class=\"_ _2\"></span>t by <span class=\"_ _2\"></span>the reve<span class=\"_ _2\"></span>rsal of i<span class=\"_ _2\"></span>mpairment i<span class=\"_ _2\"></span>n inv<span class=\"_ _2\"></span>entorie<span class=\"_ _2\"></span>s.  Au<span class=\"_ _2\"></span>dit<span class=\"_ _a9\"></span> fee<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Expens<span class=\"_ _0\"></span>es in Expens<span class=\"_ _0\"></span>es in the period<span class=\"_ _0\"></span> Fees invoi<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> the period<span class=\"_ _0\"></span> Fees invoi<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span> KPM<span class=\"_ _2\"></span>G (<span class=\"_ _0\"></span>SRO<span class=\"_ _0\"></span>C) and other entiti<span class=\"_ _0\"></span>es belonging to <span class=\"_ _0\"></span>the same network<span class=\"_ _0\"></span> Audit fees 166,962  145,462  104,746  128,838  Permissi<span class=\"_ _0\"></span>ble tax<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assurance s<span class=\"_ _0\"></span>ervices<span class=\"_ _0\"></span> -  -  -  -  Other reli<span class=\"_ _0\"></span>ability assurance services<span class=\"_ _0\"></span> 12,378  17,750  87,875 <span class=\"_ _0\"></span> 108,086  Other services <span class=\"_ _0\"></span> 129,748  114,250  72,250 <span class=\"_ _0\"></span> 88,868 <span class=\"_ _0\"></span> 309<span class=\"_ _0\"></span>,088  277<span class=\"_ _0\"></span>,462  264<span class=\"_ _0\"></span>,871  325<span class=\"_ _0\"></span>,791  The servi<span class=\"_ _2\"></span>ces in<span class=\"_ _2\"></span>dicated as<span class=\"_ _2\"></span> \"Othe<span class=\"_ _2\"></span>r assuranc<span class=\"_ _2\"></span>e ser<span class=\"_ _2\"></span>vices\" rel<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>e to the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>ng of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation, in<span class=\"_ _2\"></span>cluding <span class=\"_ _2\"></span>verificati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>informati<span class=\"_ _2\"></span>on for <span class=\"_ _a9\"></span>the purposes <span class=\"_ _2\"></span>of ap<span class=\"_ _2\"></span>plying fo<span class=\"_ _2\"></span>r the R<span class=\"_ _2\"></span>ecovery and Resi<span class=\"_ _2\"></span>lience <span class=\"_ _2\"></span>Plan, ve<span class=\"_ _2\"></span>rific<span class=\"_ _2\"></span>ation servic<span class=\"_ _2\"></span>es of <span class=\"_ _a9\"></span>the Sustai<span class=\"_ _2\"></span>nability an<span class=\"_ _2\"></span>d Envi<span class=\"_ _2\"></span>ronment <span class=\"_ _2\"></span>Informati<span class=\"_ _2\"></span>on and li<span class=\"_ _2\"></span>mit<span class=\"ff8\">ed reviews to<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erim fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> info<span class=\"_ _2\"></span>rmation. Oth<span class=\"_ _2\"></span>er serv<span class=\"_ _2\"></span>ices <span class=\"_ _2\"></span>refer to <span class=\"_ _2\"></span>a finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements\u2019 </span>due dil<span class=\"_ _2\"></span>igence assi<span class=\"_ _2\"></span>gnment<span class=\"_ _2\"></span>. The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>belie<span class=\"_ _2\"></span>ves there a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> ad<span class=\"_ _2\"></span>equate p<span class=\"_ _2\"></span>rocedures <span class=\"_ _2\"></span>safegua<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>the inde<span class=\"_ _2\"></span>pendence of au<span class=\"_ _2\"></span>ditors, <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the Super<span class=\"_ _2\"></span>visory Boa<span class=\"_ _a9\"></span>rd<span class=\"_ _0\"></span> p<span class=\"_ _2\"></span>r<span class=\"_ _0\"></span>ocess <span class=\"_ _2\"></span>analys<span class=\"_ _2\"></span>is of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>proposed an<span class=\"_ _2\"></span>d carefu<span class=\"_ _2\"></span>l defini<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the work <span class=\"_ _2\"></span>to be p<span class=\"_ _2\"></span>erforme<span class=\"_ _2\"></span>d by the au<span class=\"_ _a9\"></span>ditors. 3.<span class=\"ff7 ls0\"> <span class=\"_ _4a\"> </span><span class=\"ff4\">Inve<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s </span></span>3.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Prop<span class=\"_ _2\"></span>erty, pl<span class=\"_ _2\"></span>ant <span class=\"_ _2\"></span>and equi<span class=\"_ _2\"></span>pment Mo<span class=\"_ _a9\"></span>veme<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>pro<span class=\"_ _2\"></span>per<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>y, <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> eq<span class=\"_ _2\"></span>ui<span class=\"_ _a9\"></span>pment<span class=\"_ _a9\"></span> Other Buildings  property, Assets and other Basic Tran<span class=\"_ _2\"></span>spor<span class=\"_ _0\"></span>tation Administrative plant and under Amo<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>nts in Eur<span class=\"_ _0\"></span>o Land constructi<span class=\"_ _2\"></span>ons<span class=\"_ _0\"></span> equipment equipment equpment equipment constructi<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 January 2021<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,394,76<span class=\"_ _0\"></span>3 <span class=\"fs2\"> </span>4,356,87<span class=\"_ _0\"></span>1 <span class=\"fs2\"> </span>11,799<span class=\"_ _0\"></span>,251 <span class=\"fs2\"> </span>14,988<span class=\"_ _0\"></span>,161 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>33,260<span class=\"_ _0\"></span>,672 <span class=\"fs2\"> </span>Acquisitions - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(2,085)<span class=\"fs2\"> </span>(300,102)<span class=\"fs2\"> </span>(3,680,850)<span class=\"fs2\"> </span>(4,456,558)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(8,439,596)<span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2021<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,392,67<span class=\"_ _0\"></span>8 <span class=\"fs2\"> </span>4,056,76<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>8,118,40<span class=\"_ _0\"></span>1 <span class=\"fs2\"> </span>10,531<span class=\"_ _0\"></span>,603 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>24,821<span class=\"_ _0\"></span>,076 <span class=\"fs2\"> </span>Acquisitions - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(3,651,224)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(3,651,224)<span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>15,028 <span class=\"_ _0\"></span><span class=\"fs2\"> </span>(15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>28)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2022<span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>693<span class=\"_ _0\"></span>,726 <span class=\"fs2\"> </span>1,392,67<span class=\"_ _0\"></span>8 <span class=\"fs2\"> </span>4,056,76<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>4,467,17<span class=\"_ _0\"></span>7 <span class=\"fs2\"> </span>10,546<span class=\"_ _0\"></span>,631 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>21,169<span class=\"_ _0\"></span>,852 <span class=\"fs2\"> </span>Accumulated depreciation and impairment losses Balance as at 1 January 2021<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(47,98<span class=\"_ _0\"></span>1)<span class=\"fs2\"> </span>(1,354<span class=\"_ _0\"></span>,136)<span class=\"fs2\"> </span>(4,190<span class=\"_ _0\"></span>,910)<span class=\"fs2\"> </span>(11,44<span class=\"_ _0\"></span>5,102)<span class=\"fs2\"> </span>(14,55<span class=\"_ _0\"></span>7,325)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(31,59<span class=\"_ _0\"></span>5,453)<span class=\"fs2\"> </span>Depreciation and amortisation for - <span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>91)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>08)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(13<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>87)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(24<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>47)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(21<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>90)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(89<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>22)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>the per<span class=\"_ _0\"></span>iod (Note 3.7) Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>844 <span class=\"fs2\"> </span>275,728 <span class=\"fs2\"> </span>3,425,939 <span class=\"fs2\"> </span>4,069,693 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>7,772,204 <span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2021<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(62,77<span class=\"_ _0\"></span>2)<span class=\"fs2\"> </span>(1,368<span class=\"_ _0\"></span>,100)<span class=\"fs2\"> </span>(3,929<span class=\"_ _0\"></span>,168)<span class=\"fs2\"> </span>(8,043<span class=\"_ _0\"></span>,410)<span class=\"fs2\"> </span>(10,50<span class=\"_ _0\"></span>9,121)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(23,91<span class=\"_ _0\"></span>2,572)<span class=\"fs2\"> </span>Depreciation and amortisation for - <span class=\"fs2\"> </span>(14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>91)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(12<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>34)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(13<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>14)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>(8,217)<span class=\"fs2\"> </span>(2,545)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(51<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>01)<span class=\"_ _0\"></span><span class=\"fs2\"> </span>the per<span class=\"_ _0\"></span>iod (Note 3.7) Disposals - <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>3,648,943 <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>3,648,943 <span class=\"fs2\"> </span>Adjustments, transfer<span class=\"_ _0\"></span>s and write-- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>offs Balance as at 31 December 2022<span class=\"_ _0\"></span> - <span class=\"fs2\"> </span>(77,56<span class=\"_ _0\"></span>3)<span class=\"fs2\"> </span>(1,380<span class=\"_ _0\"></span>,734)<span class=\"fs2\"> </span>(3,942<span class=\"_ _0\"></span>,182)<span class=\"fs2\"> </span>(4,402<span class=\"_ _0\"></span>,684)<span class=\"fs2\"> </span>(10,51<span class=\"_ _0\"></span>1,666)<span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>(20,31<span class=\"_ _0\"></span>4,830)<span class=\"fs2\"> </span>Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>645<span class=\"_ _0\"></span>,745 <span class=\"fs2\"> </span>40,627<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>165<span class=\"_ _0\"></span>,961 <span class=\"fs2\"> </span>354<span class=\"_ _0\"></span>,149 <span class=\"fs2\"> </span>430<span class=\"_ _0\"></span>,837 <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>1,665,21<span class=\"_ _0\"></span>9 <span class=\"fs2\"> </span>1 January 2021<span class=\"_ _0\"></span> Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>630<span class=\"_ _0\"></span>,954 <span class=\"fs2\"> </span>24,578<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>127<span class=\"_ _0\"></span>,600 <span class=\"fs2\"> </span>74,991<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>22,482<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>15,028<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>908<span class=\"_ _0\"></span>,505 <span class=\"fs2\"> </span>31 December 2021 Net book value as at <span class=\"_ _0\"></span> 12,872<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>616<span class=\"_ _0\"></span>,163 <span class=\"fs2\"> </span>11,944<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>114<span class=\"_ _0\"></span>,587 <span class=\"fs2\"> </span>64,493<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>34,965<span class=\"_ _0\"></span> <span class=\"fs2\"> </span>- <span class=\"fs2\"> </span>855<span class=\"_ _0\"></span>,022 <span class=\"fs2\"> </span>31 December 2022 Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Recognition<span class=\"_ _2\"></span> and ini<span class=\"_ _2\"></span>tial meas<span class=\"_ _2\"></span>urement<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment ac<span class=\"_ _2\"></span>quired u<span class=\"_ _2\"></span>p to 1 Jan<span class=\"_ _2\"></span>uary 2<span class=\"_ _a9\"></span>004 (transiti<span class=\"_ _2\"></span>on da<span class=\"_ _2\"></span>te to IFR<span class=\"_ _2\"></span>S) are record<span class=\"_ _2\"></span>ed at acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost, or <span class=\"_ _a9\"></span>revalued acqui<span class=\"_ _2\"></span>sitio<span class=\"_ _2\"></span>n cost i<span class=\"_ _a9\"></span>n accordanc<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>wi<span class=\"_ _2\"></span>th general<span class=\"_ _2\"></span>ly acce<span class=\"_ _2\"></span>pted accoun<span class=\"_ _2\"></span>ting princi<span class=\"_ _2\"></span>ples in<span class=\"_ _2\"></span> Portu<span class=\"_ _2\"></span>gal until<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>date, n<span class=\"_ _2\"></span>et of am<span class=\"_ _a9\"></span>ortisation an<span class=\"_ _2\"></span>d accumul<span class=\"_ _2\"></span>ated impairment <span class=\"_ _2\"></span>losses.<span class=\"_ _2\"></span> Property<span class=\"_ _2\"></span>, plant a<span class=\"_ _2\"></span>nd e<span class=\"_ _2\"></span>quipment ac<span class=\"_ _2\"></span>quired <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>the transi<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n date a<span class=\"_ _2\"></span>re shown a<span class=\"_ _2\"></span>t cost<span class=\"_ _2\"></span>, less<span class=\"_ _2\"></span> accumul<span class=\"_ _2\"></span>ated depr<span class=\"_ _2\"></span>eciation <span class=\"_ _2\"></span>and impairm<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nt loss<span class=\"_ _2\"></span>es. Depr<span class=\"_ _2\"></span>eciation and impa<span class=\"_ _2\"></span>irment<span class=\"ff1\"> </span>We use th<span class=\"_ _2\"></span>e str<span class=\"_ _2\"></span>aight-line me<span class=\"_ _2\"></span>thod from <span class=\"_ _a9\"></span>the moment <span class=\"_ _2\"></span>the as<span class=\"_ _2\"></span>set i<span class=\"_ _2\"></span>s avail<span class=\"_ _2\"></span>able for u<span class=\"_ _2\"></span>se an<span class=\"_ _2\"></span>d using th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> rates <span class=\"_ _2\"></span>that best <span class=\"_ _a9\"></span>reflect <span class=\"_ _2\"></span>their es<span class=\"_ _2\"></span>timated u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ife. Average<span class=\"_ _2\"></span> usefu<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>life<span class=\"_ _2\"></span> 2022 2021 Buildi<span class=\"_ _0\"></span>ngs and other constructio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 20<span class=\"ls0\"> <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span></span>50<span class=\"_ _0\"></span><span class=\"ls0\"> </span>20 <span class=\"_ _0\"></span><span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> </span></span>50<span class=\"_ _0\"></span><span class=\"ls0\"> </span>Basic equipme<span class=\"_ _0\"></span>nt  7 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">35</span> </span></span>7 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">35</span> </span></span>Transportation equi<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span> 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 9<span class=\"_ _0\"></span> </span></span>Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ve equipmen<span class=\"_ _0\"></span>t 4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>4 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> 8<span class=\"_ _0\"></span> </span></span>Other property, pl<span class=\"_ _0\"></span>ant and equipme<span class=\"_ _0\"></span>nt 3 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">21</span> </span></span>3 <span class=\"ff8 ls0\">\u2013<span class=\"ff1\"> <span class=\"ls78\">21</span> </span></span>The resi<span class=\"_ _2\"></span>dual val<span class=\"_ _2\"></span>ues of th<span class=\"_ _a9\"></span>e assets <span class=\"_ _2\"></span>and respec<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ive usef<span class=\"_ _2\"></span>ul li<span class=\"_ _2\"></span>ves <span class=\"_ _2\"></span>are revie<span class=\"_ _2\"></span>wed and adjus<span class=\"_ _2\"></span>ted, when necessary<span class=\"_ _2\"></span>, at <span class=\"_ _2\"></span>the Sta<span class=\"_ _2\"></span>tement o<span class=\"_ _2\"></span>f fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n date. Wh<span class=\"_ _2\"></span>en the car<span class=\"_ _2\"></span>rying amoun<span class=\"_ _a9\"></span>t of the <span class=\"_ _2\"></span>asset exceeds <span class=\"_ _2\"></span>its re<span class=\"_ _2\"></span>alisabl<span class=\"_ _2\"></span>e value<span class=\"_ _2\"></span>, the ass<span class=\"_ _2\"></span>et is w<span class=\"_ _2\"></span>ritten<span class=\"_ _2\"></span> down to<span class=\"_ _2\"></span> the es<span class=\"_ _2\"></span>timated r<span class=\"_ _2\"></span>ecove<span class=\"_ _2\"></span>rable amoun<span class=\"_ _2\"></span>t, and an i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t charge <span class=\"_ _2\"></span>is booke<span class=\"_ _2\"></span>d. Subsequent <span class=\"_ _a9\"></span>c<span class=\"_ _0\"></span>osts<span class=\"ff1\"> </span>Scheduled mai<span class=\"_ _2\"></span>ntenanc<span class=\"_ _2\"></span>e exp<span class=\"_ _2\"></span>enses ar<span class=\"_ _2\"></span>e consi<span class=\"_ _2\"></span>dered a c<span class=\"_ _2\"></span>omponen<span class=\"_ _2\"></span>t of the <span class=\"_ _2\"></span>acquis<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>cost of property<span class=\"_ _2\"></span>, plan<span class=\"_ _2\"></span>t and equi<span class=\"_ _2\"></span>pment an<span class=\"_ _2\"></span>d are f<span class=\"_ _2\"></span>ully de<span class=\"_ _2\"></span>precia<span class=\"_ _2\"></span>ted b<span class=\"_ _2\"></span>y the n<span class=\"_ _2\"></span>ext forec<span class=\"_ _2\"></span>asted mai<span class=\"_ _2\"></span>ntenance date.<span class=\"_ _2\"></span> All <span class=\"_ _2\"></span>other repai<span class=\"_ _2\"></span>rs and mai<span class=\"_ _2\"></span>ntenance <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>are cha<span class=\"_ _2\"></span>rged i<span class=\"_ _2\"></span>n the<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial peri<span class=\"_ _2\"></span>od<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>which they a<span class=\"_ _2\"></span>re incu<span class=\"_ _2\"></span>rred. Write-off<span class=\"_ _2\"></span>s and disposa<span class=\"_ _2\"></span>ls<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Gains<span class=\"_ _2\"></span> or lo<span class=\"_ _2\"></span>sses aris<span class=\"_ _2\"></span>ing from <span class=\"_ _2\"></span>the write-off <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>disposal<span class=\"_ _2\"></span> repre<span class=\"_ _2\"></span>sent th<span class=\"_ _2\"></span>e differenc<span class=\"_ _2\"></span>e be<span class=\"_ _2\"></span>tween th<span class=\"_ _2\"></span>e proceeds<span class=\"_ _2\"></span> recei<span class=\"_ _2\"></span>ved on dispos<span class=\"_ _a9\"></span>al less<span class=\"_ _2\"></span> costs to <span class=\"_ _2\"></span>sell <span class=\"_ _2\"></span>and the <span class=\"_ _2\"></span>asset\u2019<span class=\"_ _2\"></span>s book <span class=\"_ _2\"></span>value and a<span class=\"_ _a9\"></span>re recogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>income stat<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>as Other o<span class=\"_ _2\"></span>pera<span class=\"_ _2\"></span>ting inc<span class=\"_ _2\"></span>ome (Note <span class=\"_ _2\"></span>2.2) or O<span class=\"_ _2\"></span>ther o<span class=\"_ _2\"></span>perating e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>penses<span class=\"_ _2\"></span> (Note 2.3<span class=\"_ _2\"></span>). 3.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Right-<span class=\"ls73\">of</span>-use as<span class=\"_ _2\"></span>sets<span class=\"_ _2\"></span> Mo<span class=\"_ _a9\"></span>veme<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>righ<span class=\"_ _2\"></span>t-<span class=\"_ _2\"></span><span class=\"ls8e\">of<span class=\"ls0\">-<span class=\"_ _a9\"></span>use<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>set<span class=\"_ _a9\"></span>s </span></span>Amounts in Euro<span class=\"_ _0\"></span> Buildings<span class=\"_ _0\"></span> Vehicles<span class=\"_ _0\"></span> Total Gross amount<span class=\"_ _0\"></span> Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 4,277,50<span class=\"_ _0\"></span>8  39,668<span class=\"_ _0\"></span>  4,317,17<span class=\"_ _0\"></span>6  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  4,645  4,645  Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 4,277,50<span class=\"_ _0\"></span>8  44,313<span class=\"_ _0\"></span>  4,321,82<span class=\"_ _0\"></span>1  Acquisi<span class=\"_ _0\"></span>tions -  -  -  Adjustments, transfers<span class=\"_ _0\"></span> and write-of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span> -  10,583 <span class=\"_ _0\"></span> 10,583 <span class=\"_ _0\"></span> Balance as at 31 <span class=\"_ _0\"></span>Decembe<span class=\"_ _0\"></span>r 2022 4,277,50<span class=\"_ _0\"></span>8  54,896<span class=\"_ _0\"></span>  4,332,40<span class=\"_ _0\"></span>4  Accumu<span class=\"_ _0\"></span>lated depreciation and imp<span class=\"_ _0\"></span>airment losse<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> -  Balance as at 1 Janua<span class=\"_ _0\"></span>ry 202<span class=\"_ _0\"></span>1 (1,004<span class=\"_ _0\"></span>,830) (25,53<span class=\"_ _0\"></span>1) (1,030<span class=\"_ _0\"></span>,361) Depreciatio<span class=\"_ _0\"></span>n (510,028) (12<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>73)<span class=\"_ _0\"></span> (522,801) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>021 (1,514<span class=\"_ _0\"></span>,857) (38,30<span class=\"_ _0\"></span>5) (1,553<span class=\"_ _0\"></span>,162) Depreciatio<span class=\"_ _0\"></span>n (510,028) (13<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>90)<span class=\"_ _0\"></span> (523,118) Balance as at 31 Decem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>022 (2,024<span class=\"_ _0\"></span>,885) (51,39<span class=\"_ _0\"></span>5) (2,076<span class=\"_ _0\"></span>,280) Net book value as at 1 J<span class=\"_ _0\"></span>anuary 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> 3,272,67<span class=\"_ _0\"></span>8  14,137<span class=\"_ _0\"></span>  3,286,81<span class=\"_ _0\"></span>4  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2021<span class=\"_ _0\"></span> 2,762,65<span class=\"_ _0\"></span>1  6,008  2,768,65<span class=\"_ _0\"></span>9  Net book value as at 31<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r 2022<span class=\"_ _0\"></span> 2,252,62<span class=\"_ _0\"></span>3  3,501  2,256,12<span class=\"_ _0\"></span>4  The capti<span class=\"_ _2\"></span>on Bui<span class=\"_ _2\"></span>ldings ref<span class=\"_ _2\"></span>ers to <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease a<span class=\"_ _2\"></span>greement <span class=\"_ _2\"></span>enter<span class=\"_ _2\"></span>ed into be<span class=\"_ _2\"></span>tween <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he Navig<span class=\"_ _2\"></span>ator Company, S<span class=\"_ _2\"></span>.A. and <span class=\"_ _2\"></span>Refundos <span class=\"_ _2\"></span>- Soci<span class=\"_ _2\"></span>edade Ges<span class=\"_ _2\"></span>tora d<span class=\"_ _2\"></span>e Fun<span class=\"_ _2\"></span>dos de In<span class=\"_ _2\"></span>vestimento Imo<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>\u00e1rio, S.A<span class=\"_ _2\"></span>. for the bui<span class=\"_ _2\"></span>lding <span class=\"_ _2\"></span>locat<span class=\"_ _2\"></span>ed at Ave<span class=\"_ _2\"></span>nida Fo<span class=\"_ _2\"></span>ntes P<span class=\"_ _2\"></span>ereira de <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>elo <span class=\"_ _a9\"></span>21, in L<span class=\"_ _2\"></span>isbon, fo<span class=\"_ _2\"></span>r use as <span class=\"_ _2\"></span>an offi<span class=\"_ _2\"></span>ce. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the <span class=\"_ _2\"></span>date the l<span class=\"_ _2\"></span>ease en<span class=\"_ _a9\"></span>ters into fo<span class=\"_ _2\"></span>rce, <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y recogni<span class=\"_ _2\"></span>ses right-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>sets at <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ts cost, which c<span class=\"_ _2\"></span>orrespon<span class=\"_ _2\"></span>ds to th<span class=\"_ _2\"></span>e ini<span class=\"_ _2\"></span>tial amo<span class=\"_ _2\"></span>unt of the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e liabi<span class=\"_ _2\"></span>lity adjus<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed for<span class=\"_ _2\"></span>: i) any <span class=\"_ _a9\"></span>prepayments; ii<span class=\"_ _2\"></span>) lease i<span class=\"_ _2\"></span>ncentives r<span class=\"_ _2\"></span>eceive<span class=\"_ _2\"></span>d; and i<span class=\"_ _2\"></span>ii) <span class=\"_ _2\"></span>initial<span class=\"_ _2\"></span> direct c<span class=\"_ _2\"></span>osts incurred<span class=\"_ _2\"></span>.  To the <span class=\"_ _2\"></span>right-<span class=\"ls15\">of</span>-use <span class=\"_ _2\"></span>asset, <span class=\"_ _a9\"></span>the estimate o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>removing an<span class=\"_ _2\"></span>d/or <span class=\"_ _2\"></span>restori<span class=\"_ _2\"></span>ng the un<span class=\"_ _2\"></span>derlyi<span class=\"_ _2\"></span>ng asset and/or <span class=\"_ _2\"></span>the locati<span class=\"_ _2\"></span>on whe<span class=\"_ _2\"></span>re it is<span class=\"_ _2\"></span> locate<span class=\"_ _2\"></span>d may <span class=\"_ _2\"></span>be added<span class=\"_ _2\"></span>, whe<span class=\"_ _2\"></span>n require<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e agreemen<span class=\"_ _2\"></span>t.<span class=\"_ _0\"></span> The righ<span class=\"_ _2\"></span>t-<span class=\"ls15\">of</span>-use as<span class=\"_ _2\"></span>set is s<span class=\"_ _2\"></span>ubsequen<span class=\"_ _2\"></span>tly d<span class=\"_ _2\"></span>epreciate<span class=\"_ _2\"></span>d usi<span class=\"_ _2\"></span>ng the s<span class=\"_ _2\"></span>tr<span class=\"_ _0\"></span>aigh<span class=\"_ _2\"></span>t-line me<span class=\"_ _2\"></span>thod, f<span class=\"_ _2\"></span>rom the start <span class=\"_ _2\"></span>date unti<span class=\"_ _2\"></span>l the l<span class=\"_ _2\"></span>ower b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the end of <span class=\"_ _a9\"></span>the asset's<span class=\"_ _2\"></span> u<span class=\"_ _2\"></span>seful l<span class=\"_ _2\"></span>ife an<span class=\"_ _2\"></span>d the lease <span class=\"_ _2\"></span>term. Additional<span class=\"_ _2\"></span>ly, <span class=\"_ _2\"></span>the righ<span class=\"_ _2\"></span>t-<span class=\"_ _0\"></span><span class=\"ls15\">of</span>-us<span class=\"_ _2\"></span>e asse<span class=\"_ _2\"></span>t reduced o<span class=\"_ _2\"></span>f impai<span class=\"_ _2\"></span>rment<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>ses, if <span class=\"_ _2\"></span>any, and adju<span class=\"_ _2\"></span>sted fo<span class=\"_ _a9\"></span>r any remeasur<span class=\"_ _2\"></span>ement of <span class=\"_ _2\"></span>the lease l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity. T<span class=\"_ _2\"></span>he useful <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> for <span class=\"_ _a9\"></span>each class<span class=\"_ _2\"></span> of ri<span class=\"_ _2\"></span>ght-<span class=\"ls15\">of</span>-use asset i<span class=\"_ _2\"></span>s equal to <span class=\"_ _a9\"></span>the useful <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>of Prop<span class=\"_ _2\"></span>erty, <span class=\"_ _2\"></span>plant and <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>pment (No<span class=\"_ _2\"></span>te 3.1) <span class=\"_ _2\"></span>in the sam<span class=\"_ _a9\"></span>e class when th<span class=\"_ _2\"></span>ere is a c<span class=\"_ _2\"></span>all <span class=\"_ _2\"></span>option, an<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>e Company e<span class=\"_ _2\"></span>xpects to <span class=\"_ _a9\"></span>exercise <span class=\"_ _2\"></span>it. Short-term <span class=\"_ _2\"></span>leases and<span class=\"_ _2\"></span> low-val<span class=\"_ _2\"></span>ue asse<span class=\"_ _2\"></span>t leases<span class=\"_ _2\"></span><span class=\"ff1\"> </span>The Company <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>payments fo<span class=\"_ _2\"></span>r leas<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>12 months<span class=\"_ _2\"></span> or less<span class=\"_ _2\"></span> and for <span class=\"_ _2\"></span>leases of<span class=\"_ _2\"></span> asse<span class=\"_ _2\"></span>ts whose in<span class=\"_ _2\"></span>dividual ac<span class=\"_ _2\"></span>quisiti<span class=\"_ _2\"></span>on value <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>ess than <span class=\"_ _2\"></span>USD 5<span class=\"_ _2\"></span>,000 directl<span class=\"_ _2\"></span>y as o<span class=\"_ _2\"></span>peratin<span class=\"_ _2\"></span>g expens<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the period (No<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e 2.3<span class=\"_ _2\"></span>), on a s<span class=\"_ _a9\"></span>traight-lin<span class=\"_ _2\"></span>e basis.<span class=\"_ _2\"></span><span class=\"ff9\"> </span>3.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Depreciat<span class=\"_ _a9\"></span>ion, amort<span class=\"_ _2\"></span>isation <span class=\"_ _2\"></span>and imp<span class=\"_ _2\"></span>airment losses<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Depreciatio<span class=\"_ _0\"></span>n of property, pl<span class=\"_ _0\"></span>ant<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and equi<span class=\"_ _0\"></span>pment for the peri<span class=\"_ _0\"></span>od (Note 3<span class=\"_ _0\"></span>.1)<span class=\"_ _0\"></span> 51,201 <span class=\"_ _0\"></span> 89,322 <span class=\"_ _0\"></span> Use of Government g<span class=\"_ _0\"></span>rants (988) (1,038) Depreciation of p<span class=\"_ _0\"></span>roperty, pl<span class=\"_ _0\"></span>ant and equipment<span class=\"_ _0\"></span>, net of grants <span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>harged-off<span class=\"_ _0\"></span> 50,213<span class=\"_ _0\"></span>  88,284<span class=\"_ _0\"></span>  Depreciation of ri<span class=\"_ _0\"></span>ght-<span class=\"ls7c\">of</span>-use <span class=\"_ _0\"></span>assets for th<span class=\"_ _0\"></span>e period (Note 3<span class=\"_ _0\"></span>.2)<span class=\"_ _0\"></span> 523<span class=\"_ _0\"></span>,118  522<span class=\"_ _0\"></span>,801  573<span class=\"_ _0\"></span>,331  611<span class=\"_ _0\"></span>,085  4.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Work<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> cap<span class=\"_ _2\"></span>ital </span></span>4.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Invent<span class=\"_ _2\"></span>ories 4.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>nve<span class=\"_ _a9\"></span>ntori<span class=\"_ _a9\"></span>es - <span class=\"_ _a9\"></span>deta<span class=\"_ _2\"></span>il b<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> nat<span class=\"_ _a9\"></span>ur<span class=\"_ _2\"></span>e Am<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>s ne<span class=\"_ _a9\"></span>t o<span class=\"_ _a9\"></span>f acc<span class=\"_ _a9\"></span>um<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>irm<span class=\"_ _a9\"></span>ent <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro <span class=\"_ _0\"></span> Gross Net Gross Net amoun<span class=\"_ _0\"></span>t Impairment<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t amoun<span class=\"_ _0\"></span>t Impairment<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t BEKP pulp <span class=\"_ _0\"></span> 14,800,385 <span class=\"_ _0\"></span> (226,674) 14,573,711 <span class=\"_ _0\"></span> 4,005,792  -  4,005,792  UWF Paper <span class=\"_ _0\"></span> 6,904,701  (516,528) 6,388,173  12,514,531 <span class=\"_ _0\"></span> (1,615,825) 10,898,706 <span class=\"_ _0\"></span> Ti<span class=\"_ _0\"></span>ssue Paper  1,565,233  (7,029) 1,558,204  1,266,139  (372,860) 893,279  Goods suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to th<span class=\"_ _2\"></span>e Gro<span class=\"_ _0\"></span>up's mill<span class=\"_ _0\"></span>s  3,591,693  (184,196) 3,407,497  2,750,862  (144) 2,750,718  Total  26,862<span class=\"_ _0\"></span>,012  (934<span class=\"_ _0\"></span>,427) 25,927<span class=\"_ _0\"></span>,585  20,537<span class=\"_ _0\"></span>,324  (1,988<span class=\"_ _0\"></span>,828) 18,548<span class=\"_ _0\"></span>,495  In<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>nto<span class=\"_ _a9\"></span>rie<span class=\"_ _2\"></span>s <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> di<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>but<span class=\"_ _a9\"></span>ion <span class=\"_ _2\"></span>by <span class=\"_ _a9\"></span>geo<span class=\"_ _a9\"></span>grap<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l a<span class=\"_ _a9\"></span>rea<span class=\"_ _2\"></span> </span></span>Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>% 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>% Portugal<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 3,002,606  11.18% 191,396  0.93% UWF Paper <span class=\"_ _0\"></span> 1,169,870  4.36% 9,858,375  48.00% Ti<span class=\"_ _0\"></span>ssue Paper  600,413  2.24% 494,444  2.41% Goods used for Group <span class=\"_ _0\"></span>supply <span class=\"_ _0\"></span> 3,591,693  13.37% 2,750,862  13.39% 8,364,58<span class=\"_ _0\"></span>2  31.14%<span class=\"_ _0\"></span> 13,295<span class=\"_ _0\"></span>,077  64.74%<span class=\"_ _0\"></span> Rest of Europe<span class=\"_ _0\"></span> BEKP pulp <span class=\"_ _0\"></span> 11,797,779 <span class=\"_ _0\"></span> 43.92% 3,814,396  18.57% UWF Paper <span class=\"_ _0\"></span> 5,734,831  21.35% 2,656,156  12.93% Ti<span class=\"_ _0\"></span>ssue Paper  964,820  3.59% 771,695  3.76% 18,497<span class=\"_ _0\"></span>,430  68.86%<span class=\"_ _0\"></span> 7,242,24<span class=\"_ _0\"></span>7  35.26%<span class=\"_ _0\"></span> 26,862<span class=\"_ _0\"></span>,012  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>20,537<span class=\"_ _0\"></span>,324  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>The Company's<span class=\"_ _2\"></span> inv<span class=\"_ _2\"></span>entori<span class=\"_ _2\"></span>es incl<span class=\"_ _2\"></span>ude Euro 1,7<span class=\"_ _2\"></span>70,283 (20<span class=\"_ _2\"></span>21: <span class=\"_ _2\"></span>Euro 10,35<span class=\"_ _2\"></span>2,819) rela<span class=\"_ _a9\"></span>ting to <span class=\"_ _2\"></span>UWF paper and <span class=\"_ _2\"></span>tissue <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>aper f<span class=\"_ _2\"></span>or which <span class=\"_ _2\"></span>invoices<span class=\"_ _2\"></span> have al<span class=\"_ _2\"></span>ready <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>issued but whos<span class=\"_ _2\"></span>e cont<span class=\"_ _2\"></span>rol has <span class=\"_ _2\"></span>not been trans<span class=\"_ _2\"></span>ferred <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o Trade <span class=\"_ _a9\"></span>receivables<span class=\"_ _a9\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no i<span class=\"_ _2\"></span>nventories i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>ownershi<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>restricted an<span class=\"_ _2\"></span>d/or pl<span class=\"_ _2\"></span>edged <span class=\"_ _2\"></span>as col<span class=\"_ _2\"></span>lateral fo<span class=\"_ _2\"></span>r liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. 4.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>ost <span class=\"_ _2\"></span>of g<span class=\"_ _a9\"></span>ood<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>sold <span class=\"_ _a9\"></span>and <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ri<span class=\"_ _2\"></span>als c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>sum<span class=\"_ _a9\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>peri<span class=\"_ _2\"></span>od<span class=\"_ _a9\"></span> Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Opening bal<span class=\"_ _0\"></span>ance  18,548,495 <span class=\"_ _0\"></span> 22,585,686 <span class=\"_ _0\"></span> Purchases <span class=\"_ _0\"></span> 3,147,625,333  2,102,233,726  Gains / (lo<span class=\"_ _0\"></span>sses) on inventories (N<span class=\"_ _0\"></span>otes 2.2 and 2.3) <span class=\"_ _1\"></span> (2,653,858) (301,132) Gains / (lo<span class=\"_ _0\"></span>sses) by impai<span class=\"_ _0\"></span>rment (Notes 2.2 and 2.3)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> 1,054,403  (1,988,828) Clo<span class=\"_ _0\"></span>sing balance  (25<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>27,585)<span class=\"_ _0\"></span> (18<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>48,495)<span class=\"_ _0\"></span> Cost of goods sold and m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s consumed (Note 2<span class=\"_ _0\"></span>.3)<span class=\"_ _0\"></span>  3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  Co<span class=\"_ _2\"></span>sts<span class=\"_ _2\"></span> o<span class=\"_ _a9\"></span>f go<span class=\"_ _a9\"></span>ods<span class=\"_ _2\"></span> an<span class=\"_ _a9\"></span>d m<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>ria<span class=\"_ _a9\"></span>ls c<span class=\"_ _a9\"></span>onsu<span class=\"_ _a9\"></span>med<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>y t<span class=\"_ _2\"></span>yp<span class=\"_ _2\"></span>e Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 BEKP Pul<span class=\"_ _0\"></span>p - sales to market <span class=\"_ _0\"></span> 172,783,247  162,302,396  BEKP Pul<span class=\"_ _0\"></span>p - incl<span class=\"_ _0\"></span>uded in the Group  853,094,541  567,185,028  UWF Paper <span class=\"_ _0\"></span> 1,445,591,986  1,036,754,808  Ti<span class=\"_ _0\"></span>ssue Paper  213,120,626  147,476,502  Goods suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed to th<span class=\"_ _2\"></span>e Gro<span class=\"_ _0\"></span>up's mill<span class=\"_ _0\"></span>s  454,056,388  190,262,222  3,138,64<span class=\"_ _0\"></span>6,788  2,103,98<span class=\"_ _0\"></span>0,956  4.<span class=\"_ _2\"></span>1.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mov<span class=\"_ _a9\"></span>emen<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent <span class=\"_ _a9\"></span>los<span class=\"_ _2\"></span>ses <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>ori<span class=\"_ _a9\"></span>es<span class=\"ff1 fsb fc6\"> </span>Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Opening balance <span class=\"_ _0\"></span> (1,988<span class=\"_ _0\"></span>,828) (10,25<span class=\"_ _0\"></span>6) Increases (Note 2.3)<span class=\"_ _0\"></span> (429,713) (1,988,828) Reversals (Note 2.2)<span class=\"_ _0\"></span> 1,484,115  -  Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> (934<span class=\"_ _0\"></span>,426) (1,988<span class=\"_ _0\"></span>,828) Charge-off  -  10,256 <span class=\"_ _0\"></span> Closing balance <span class=\"_ _0\"></span> (934<span class=\"_ _0\"></span>,426) (1,988<span class=\"_ _0\"></span>,828) The impairmen<span class=\"_ _a9\"></span>t losses i<span class=\"_ _2\"></span>n in<span class=\"_ _2\"></span>ventories <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n 2022<span class=\"_ _2\"></span> are rel<span class=\"_ _2\"></span>ated to adju<span class=\"_ _2\"></span>stments <span class=\"_ _2\"></span>in the s<span class=\"_ _a9\"></span>tock of UWF and E<span class=\"_ _2\"></span>ucal<span class=\"_ _2\"></span>yptus pul<span class=\"_ _2\"></span>p. The r<span class=\"_ _2\"></span>eversal<span class=\"_ _2\"></span> of the <span class=\"_ _2\"></span>impairm<span class=\"_ _2\"></span>ent res<span class=\"_ _2\"></span>ulted mai<span class=\"_ _2\"></span>nly fro<span class=\"_ _2\"></span>m the <span class=\"_ _2\"></span>UWF paper in<span class=\"_ _2\"></span>ventory a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>justm<span class=\"_ _2\"></span>ents made <span class=\"_ _2\"></span>in 20<span class=\"_ _2\"></span>22 (Note 2.2<span class=\"_ _a9\"></span>). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Goods<span class=\"ff1\"> </span>The goods h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ld b<span class=\"_ _2\"></span>y Naviga<span class=\"_ _2\"></span>tor corr<span class=\"_ _2\"></span>espond <span class=\"_ _2\"></span>essentiall<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>to e<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>alyptus pulp<span class=\"_ _2\"></span>, UWF pa<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>er <span class=\"_ _2\"></span>and tissue paper ac<span class=\"_ _2\"></span>quired f<span class=\"_ _2\"></span>rom its <span class=\"_ _2\"></span>subsidiari<span class=\"_ _2\"></span>es, f<span class=\"_ _2\"></span>or sal<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>the marke<span class=\"_ _2\"></span>t. It al<span class=\"_ _2\"></span>so inc<span class=\"_ _2\"></span>ludes mat<span class=\"_ _2\"></span>erials <span class=\"_ _2\"></span>acquired from thi<span class=\"_ _2\"></span>rd parties<span class=\"_ _2\"></span> to <span class=\"_ _2\"></span>supply su<span class=\"_ _2\"></span>bsidi<span class=\"_ _2\"></span>aries as pa<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>the Nav<span class=\"_ _2\"></span>igator Gro<span class=\"_ _2\"></span>up's c<span class=\"_ _2\"></span>entral p<span class=\"_ _2\"></span>urchasi<span class=\"_ _2\"></span>ng functi<span class=\"_ _2\"></span>ons. The Company <span class=\"_ _2\"></span>acts as <span class=\"_ _2\"></span>the Navi<span class=\"_ _2\"></span>gator Gro<span class=\"_ _2\"></span>up's<span class=\"_ _2\"></span> central<span class=\"_ _2\"></span> purch<span class=\"_ _2\"></span>asing body<span class=\"_ _2\"></span>, and mos<span class=\"_ _a9\"></span>t of the Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>'s purchases o<span class=\"_ _2\"></span>f ra<span class=\"_ _2\"></span>w material<span class=\"_ _2\"></span>s are ma<span class=\"_ _2\"></span>de cen<span class=\"_ _2\"></span>trally b<span class=\"_ _2\"></span>y the <span class=\"_ _2\"></span>Company<span class=\"_ _2\"></span>, which then s<span class=\"_ _2\"></span>uppli<span class=\"_ _2\"></span>es the manufacturi<span class=\"_ _2\"></span>ng compani<span class=\"_ _2\"></span>es, e<span class=\"_ _2\"></span>xcept f<span class=\"_ _2\"></span>or woo<span class=\"_ _2\"></span>d supply<span class=\"_ _2\"></span>. Goods an<span class=\"_ _2\"></span>d raw, subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>y and consuma<span class=\"_ _a9\"></span>ble material<span class=\"_ _2\"></span>s are <span class=\"_ _2\"></span>valued a<span class=\"_ _2\"></span>t the low<span class=\"_ _2\"></span>er of th<span class=\"_ _2\"></span>eir purch<span class=\"_ _2\"></span>ase cost o<span class=\"_ _2\"></span>r their n<span class=\"_ _2\"></span>et real<span class=\"_ _2\"></span>isable <span class=\"_ _2\"></span>value. <span class=\"_ _2\"></span>The purchas<span class=\"_ _a9\"></span>e cost inc<span class=\"_ _2\"></span>ludes<span class=\"_ _2\"></span> ancil<span class=\"_ _2\"></span>lary cos<span class=\"_ _2\"></span>ts and it i<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>etermined usin<span class=\"_ _2\"></span>g the weighte<span class=\"_ _2\"></span>d averag<span class=\"_ _2\"></span>e cost as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>valua<span class=\"_ _2\"></span>tion method<span class=\"_ _2\"></span>. 4.2<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Receiv<span class=\"_ _2\"></span>ables 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-Non-Amounts in Euro<span class=\"_ _0\"></span> current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total current<span class=\"_ _0\"></span> Current<span class=\"_ _0\"></span> Total Trade receivabl<span class=\"_ _0\"></span>es -  273,900,581  273,900,581  -  178,899,757  178,899,757  Other receivables -<span class=\"_ _0\"></span> related com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es (Note -  409,610,821  409,610,821  -  612,402,309  612,402,309  10.2) State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entities -  42,335,090 <span class=\"_ _0\"></span> 42,335,090 <span class=\"_ _0\"></span> -  35,962,673 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n - related parties (No<span class=\"_ _0\"></span>te -  123,679,484  123,679,484  -  35,390,055 <span class=\"_ _0\"></span> 35,390,055 <span class=\"_ _0\"></span> 10.2) Accrued income<span class=\"_ _0\"></span> -  645,515  645,515  -  1,291,884  1,291,884  Deferred expenses<span class=\"_ _0\"></span> -  1,033  1,033  -  107,002  107,002  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> -  48,514,443 <span class=\"_ _0\"></span> 48,514,443 <span class=\"_ _0\"></span> -  1,630,982  1,630,982  Advances to suppl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ers -  891,489  891,489  -  -  -  Post-emplo<span class=\"_ _0\"></span>yment plan (Note 7.2)<span class=\"_ _0\"></span> -  -  -  -  444,631  444,631  Other 6,684  427,884  434,568  6,684  858,676  865,360  6,684  900<span class=\"_ _0\"></span>,006,340<span class=\"_ _0\"></span>  900<span class=\"_ _0\"></span>,013,024<span class=\"_ _0\"></span>  6,684  866<span class=\"_ _0\"></span>,987,969<span class=\"_ _0\"></span>  866<span class=\"_ _0\"></span>,994,654<span class=\"_ _0\"></span>  The amounts a<span class=\"_ _a9\"></span>bove are n<span class=\"_ _2\"></span>et of ac<span class=\"_ _2\"></span>cumu<span class=\"_ _2\"></span>lated impa<span class=\"_ _2\"></span>irment <span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>osses. Ana<span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>ysis of<span class=\"_ _2\"></span> impa<span class=\"_ _2\"></span>irment f<span class=\"_ _2\"></span>or receiva<span class=\"_ _2\"></span>bles is <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d in No<span class=\"_ _2\"></span>te 8.1<span class=\"_ _2\"></span>.4 - Cre<span class=\"_ _2\"></span>dit risk<span class=\"_ _2\"></span>. Ot<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span>r -<span class=\"_ _a9\"></span> no<span class=\"_ _2\"></span>n-c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>rent<span class=\"_ _a9\"></span><span class=\"ff1 fsb fc6\"> </span>The amount <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded as non<span class=\"_ _2\"></span>-curren<span class=\"_ _2\"></span>t in 20<span class=\"_ _2\"></span>22 and 20<span class=\"_ _2\"></span>21 is<span class=\"_ _2\"></span> related to<span class=\"_ _2\"></span> a VAT gu<span class=\"_ _a9\"></span>arantee in connecti<span class=\"_ _2\"></span>on with th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Company'<span class=\"_ _2\"></span>s VAT r<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>istr<span class=\"_ _2\"></span>ation i<span class=\"_ _2\"></span>n Switze<span class=\"_ _2\"></span>rl<span class=\"_ _2\"></span>and. Sta<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> ot<span class=\"_ _a9\"></span>her <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span> ent<span class=\"_ _a9\"></span>itie<span class=\"_ _a9\"></span>s<span class=\"ff1 fsb fc6\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Value added tax - <span class=\"_ _0\"></span>recoverabl<span class=\"_ _0\"></span>e -  -  Value added tax - <span class=\"_ _0\"></span>refund requests<span class=\"_ _0\"></span> 42,335,090 <span class=\"_ _0\"></span> 35,962,673 <span class=\"_ _0\"></span> 42,335<span class=\"_ _0\"></span>,090  35,962<span class=\"_ _0\"></span>,673  Up to <span class=\"_ _2\"></span>the date of<span class=\"_ _2\"></span> issu<span class=\"_ _2\"></span>ing this<span class=\"_ _2\"></span> repor<span class=\"_ _2\"></span>t, Euro 10<span class=\"_ _a9\"></span>,953,244 of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>outstan<span class=\"_ _2\"></span>ding amounts <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t 31 December 2<span class=\"_ _2\"></span>022, re<span class=\"_ _2\"></span>garding <span class=\"_ _2\"></span>November's <span class=\"_ _2\"></span>VAT<span class=\"_ _2\"></span>. Acc<span class=\"_ _a9\"></span>rue<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ome<span class=\"_ _a9\"></span>  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Accrued income<span class=\"_ _0\"></span> Interest recei<span class=\"_ _0\"></span>vable - rel<span class=\"_ _0\"></span>ated compani<span class=\"_ _0\"></span>es (Note 10.2)<span class=\"_ _0\"></span> 645,515  888,441  Other income - r<span class=\"_ _0\"></span>elated parti<span class=\"_ _0\"></span>es (Note 10.2)<span class=\"_ _0\"></span> -  130,754  Other -  272,689  645<span class=\"_ _0\"></span>,515  1,291,88<span class=\"_ _0\"></span>4  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trad<span class=\"_ _2\"></span>e receivables a<span class=\"_ _2\"></span>nd othe<span class=\"_ _2\"></span>r debtor<span class=\"_ _2\"></span>s Clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>cation Trade rec<span class=\"_ _2\"></span>eivables <span class=\"_ _a9\"></span>balances resul<span class=\"_ _a9\"></span>t from the Co<span class=\"_ _2\"></span>mpany's<span class=\"_ _2\"></span> mai<span class=\"_ _2\"></span>n activi<span class=\"_ _2\"></span>ties and <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he busin<span class=\"_ _2\"></span>ess mo<span class=\"_ _2\"></span>del fol<span class=\"_ _2\"></span>lowed is the <span class=\"_ _2\"></span>coll<span class=\"_ _2\"></span>ection of<span class=\"_ _2\"></span> contractu<span class=\"_ _2\"></span>al c<span class=\"_ _2\"></span>ash fl<span class=\"_ _2\"></span>ows. Balances<span class=\"_ _2\"></span> from othe<span class=\"_ _a9\"></span>r debtors <span class=\"_ _2\"></span>general<span class=\"_ _2\"></span>ly assume th<span class=\"_ _a9\"></span>e busine<span class=\"_ _2\"></span>ss model <span class=\"_ _2\"></span>of col<span class=\"_ _2\"></span>lecting <span class=\"_ _2\"></span>contractual cash f<span class=\"_ _2\"></span>lows.<span class=\"_ _2\"></span> Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value.<span class=\"_ _2\"></span> Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _a9\"></span>t At amortise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cost<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> net of <span class=\"_ _2\"></span>impairm<span class=\"_ _2\"></span>ent los<span class=\"_ _2\"></span>ses.<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t from T<span class=\"_ _2\"></span>rade recei<span class=\"_ _a9\"></span>vab<span class=\"_ _0\"></span>les<span class=\"_ _2\"></span> Impairmen<span class=\"_ _2\"></span>t loss<span class=\"_ _2\"></span>es are reco<span class=\"_ _2\"></span>rded b<span class=\"_ _2\"></span>ased on <span class=\"_ _2\"></span>the simpl<span class=\"_ _2\"></span>ifi<span class=\"_ _2\"></span>ed model<span class=\"_ _2\"></span> provided f<span class=\"_ _2\"></span>or in <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _2\"></span>, reco<span class=\"_ _2\"></span>rding expecte<span class=\"_ _2\"></span>d loss<span class=\"_ _2\"></span>es until<span class=\"_ _2\"></span> maturit<span class=\"_ _2\"></span>y. The e<span class=\"_ _2\"></span>xpecte<span class=\"_ _2\"></span>d losses <span class=\"_ _2\"></span>are de<span class=\"_ _2\"></span>termined on <span class=\"_ _a9\"></span>the basi<span class=\"_ _2\"></span>s of the experienc<span class=\"_ _2\"></span>e of hi<span class=\"_ _2\"></span>storical<span class=\"_ _2\"></span> actu<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses over a <span class=\"_ _2\"></span>statis<span class=\"_ _2\"></span>ticall<span class=\"_ _2\"></span>y si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant period an<span class=\"_ _a9\"></span>d representati<span class=\"_ _2\"></span>ve of the specif<span class=\"_ _2\"></span>ic ch<span class=\"_ _2\"></span>aracteris<span class=\"_ _2\"></span>tics of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>underl<span class=\"_ _2\"></span>ying cre<span class=\"_ _2\"></span>dit risk <span class=\"_ _2\"></span>(N<span class=\"_ _2\"></span>ote 8.1<span class=\"_ _2\"></span>.4). Impairmen<span class=\"_ _2\"></span>t from oth<span class=\"_ _a9\"></span>er debtors<span class=\"_ _2\"></span> Im<span class=\"_ _a9\"></span>pair<span class=\"_ _2\"></span>men<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ecor<span class=\"_ _a9\"></span>ded o<span class=\"_ _a9\"></span>n th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>basi<span class=\"_ _a9\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>ene<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> es<span class=\"_ _a9\"></span>tima<span class=\"_ _a9\"></span>ted c<span class=\"_ _a9\"></span>redi<span class=\"_ _2\"></span>t l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ss <span class=\"_ _2\"></span>mod<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>l <span class=\"_ _a9\"></span>of I<span class=\"_ _2\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> 4.3<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Payabl<span class=\"_ _2\"></span>es  Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Trade payables<span class=\"_ _0\"></span> 107,305,035 66,880,317 <span class=\"_ _0\"></span> Payables - rel<span class=\"_ _0\"></span>ated companies (Not<span class=\"_ _0\"></span>e 10.2)<span class=\"_ _0\"></span> 874,390,872  1,021,874,914  State and other publ<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c entities 3,976,192  5,388,180  Fi<span class=\"_ _0\"></span>scal consolidatio<span class=\"_ _0\"></span>n (Sema<span class=\"_ _2\"></span>p<span class=\"_ _0\"></span>a)<span class=\"_ _0\"></span> -  6,447,546  Other creditors<span class=\"_ _0\"></span> 258,905  211,344  Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> instruments (Note <span class=\"_ _0\"></span>8.2)<span class=\"_ _0\"></span> 4,682,533  8,130,589  Payroll<span class=\"_ _0\"></span> costs accruals 15,204,544 <span class=\"_ _0\"></span> 9,274,445  Accrued expenses - i<span class=\"_ _0\"></span>nterest pay<span class=\"_ _0\"></span>able 4,032,371  6,711,797  Accrued expenses - l<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>cs and <span class=\"_ _2\"></span>sales co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns 18,203,760 <span class=\"_ _0\"></span> 12,473,917 <span class=\"_ _0\"></span> Accrued expenses - <span class=\"_ _0\"></span>related comp<span class=\"_ _0\"></span>anies (Note 10.2)<span class=\"_ _0\"></span> 18,906,986 <span class=\"_ _0\"></span> 1,482,570  Other accrued expens<span class=\"_ _0\"></span>es 1,918,689  220,101  Deferred income - ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng grants (Note 2.<span class=\"_ _0\"></span>2) 7,539  33,714 <span class=\"_ _0\"></span> 1,048,88<span class=\"_ _0\"></span>7,425 1,139,12<span class=\"_ _0\"></span>9,433  The increas<span class=\"_ _a9\"></span>e in payro<span class=\"_ _2\"></span>ll c<span class=\"_ _2\"></span>osts accrua<span class=\"_ _2\"></span>ls deriv<span class=\"_ _2\"></span>es from th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> goo<span class=\"_ _2\"></span>d perfo<span class=\"_ _2\"></span>rmance of <span class=\"_ _2\"></span>Naviga<span class=\"_ _2\"></span>tor in 2<span class=\"_ _2\"></span>022, which al<span class=\"_ _2\"></span>lowed the <span class=\"_ _2\"></span>recogniti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a highe<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> acc<span class=\"_ _2\"></span>rued <span class=\"_ _2\"></span>exp<span class=\"_ _0\"></span>ens<span class=\"_ _2\"></span>es for th<span class=\"_ _a9\"></span>e payment of bonuses <span class=\"_ _2\"></span>to empl<span class=\"_ _2\"></span>oyees in 2<span class=\"_ _2\"></span>023, as <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ell <span class=\"_ _2\"></span>as to the <span class=\"_ _2\"></span>produc<span class=\"_ _2\"></span>tivi<span class=\"_ _2\"></span>ty bonus cre<span class=\"_ _2\"></span>ated i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>year, rela<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>d to the fo<span class=\"_ _2\"></span>urth qua<span class=\"_ _2\"></span>rter.<span class=\"_ _2\"></span> Sta<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> ot<span class=\"_ _a9\"></span>her <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span> ent<span class=\"_ _a9\"></span>itie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Personal i<span class=\"_ _0\"></span>ncome tax withheld (I<span class=\"_ _0\"></span>RS) 832,566  845,665  Value added tax 2,757,958  4,117,647  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 385,557  424,757  Other 111  110  3,976,19<span class=\"_ _0\"></span>2  5,388,18<span class=\"_ _0\"></span>0  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere w<span class=\"_ _2\"></span>ere no ov<span class=\"_ _2\"></span>erdue de<span class=\"_ _2\"></span>bts to <span class=\"_ _2\"></span>the Stat<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Trade pa<span class=\"_ _2\"></span>yables an<span class=\"_ _2\"></span>d othe<span class=\"_ _2\"></span>r curr<span class=\"_ _2\"></span>ent liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> are ini<span class=\"_ _2\"></span>tiall<span class=\"_ _2\"></span>y recorded a<span class=\"_ _2\"></span>t th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r value an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> subsequen<span class=\"_ _2\"></span>tly measu<span class=\"_ _2\"></span>red at <span class=\"_ _2\"></span>amorti<span class=\"_ _2\"></span>sed cost<span class=\"_ _2\"></span>. 5.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Capi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l struct<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>e </span></span>5.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Capita<span class=\"_ _2\"></span>l man<span class=\"_ _2\"></span>agement Capital manag<span class=\"_ _2\"></span>ement policy For capital<span class=\"_ _0\"></span> mana<span class=\"_ _0\"></span>gement purpos<span class=\"_ _0\"></span>es, the Com<span class=\"_ _0\"></span>pany defi<span class=\"_ _0\"></span>nes capital <span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g equity and net debt.<span class=\"_ _1\"></span> The Company<span class=\"_ _0\"></span>'s objectiv<span class=\"_ _0\"></span>es regardin<span class=\"_ _0\"></span>g capi<span class=\"_ _0\"></span>tal ma<span class=\"_ _0\"></span>nagement are:<span class=\"_ _1\"></span> i. To safeguar<span class=\"_ _0\"></span>d the Com<span class=\"_ _0\"></span>pany's abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty to continue as a<span class=\"_ _0\"></span> going con<span class=\"_ _0\"></span>cern an<span class=\"_ _0\"></span>d thus <span class=\"_ _0\"></span>provide returns fo<span class=\"_ _0\"></span>r Sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers and b<span class=\"_ _0\"></span>enefits f<span class=\"_ _1\"></span>or i<span class=\"_ _0\"></span>ts remainin<span class=\"_ _0\"></span>g Stakeholde<span class=\"_ _0\"></span>rs; <span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>. To keep a solid capi<span class=\"_ _0\"></span>tal structu<span class=\"_ _0\"></span>re to suppo<span class=\"_ _0\"></span>rt th<span class=\"_ _0\"></span>e growth of its <span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>ess; and<span class=\"_ _1\"></span> ii<span class=\"_ _0\"></span>i. To mai<span class=\"_ _0\"></span>ntain a<span class=\"_ _0\"></span>n optimal<span class=\"_ _0\"></span> capital structure tha<span class=\"_ _0\"></span>t enables i<span class=\"_ _0\"></span>t to red<span class=\"_ _0\"></span>uce the cost of ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l.<span class=\"_ _0\"></span> In order to mai<span class=\"_ _0\"></span>ntain<span class=\"_ _0\"></span> or adjust i<span class=\"_ _0\"></span>ts capital struc<span class=\"_ _0\"></span>ture, the Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span> can<span class=\"_ _0\"></span> adjust the amoun<span class=\"_ _0\"></span>t of divid<span class=\"_ _0\"></span>ends payabl<span class=\"_ _1\"></span>e to its Sharehol<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>ers, return capital<span class=\"_ _0\"></span> to its Sharehol<span class=\"_ _0\"></span>ders, issu<span class=\"_ _0\"></span>e new shar<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>r sell<span class=\"_ _0\"></span> assets to l<span class=\"_ _0\"></span>ower its borrowin<span class=\"_ _0\"></span>gs.<span class=\"_ _1\"></span> In li<span class=\"_ _0\"></span>ne with the sector, <span class=\"_ _0\"></span>the Com<span class=\"_ _0\"></span>pany monitors i<span class=\"_ _0\"></span>ts capi<span class=\"_ _0\"></span>tal base<span class=\"_ _0\"></span>d on<span class=\"_ _0\"></span> the gearin<span class=\"_ _0\"></span>g ratio, defi<span class=\"_ _0\"></span>ned as th<span class=\"_ _0\"></span>e proporti<span class=\"_ _0\"></span>on betw<span class=\"_ _0\"></span>een net d<span class=\"_ _38\"></span>e<span class=\"_ _2\"></span>b<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>nd total capi<span class=\"_ _0\"></span>tal.  Net inter<span class=\"_ _0\"></span>est-bearing <span class=\"_ _0\"></span>debt is cal<span class=\"_ _0\"></span>cula<span class=\"_ _0\"></span>ted by addin<span class=\"_ _0\"></span>g the total<span class=\"_ _0\"></span> amoun<span class=\"_ _1\"></span>t of loan<span class=\"_ _0\"></span>s (incl<span class=\"_ _0\"></span>uding the current and no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-current po<span class=\"_ _0\"></span>rtions a<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>sclosed in th<span class=\"_ _0\"></span>e statement of fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l positi<span class=\"_ _0\"></span>on) an<span class=\"_ _0\"></span>d ded<span class=\"_ _2\"></span>uctin<span class=\"_ _0\"></span>g all<span class=\"_ _0\"></span> cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents. Total<span class=\"_ _0\"></span> equi<span class=\"_ _0\"></span>ty is calcu<span class=\"_ _0\"></span>lated by ad<span class=\"_ _0\"></span>ding Sha<span class=\"_ _38\"></span><span class=\"ff8\">re<span class=\"_ _2\"></span>hol<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ers\u2019 </span>equity (as sho<span class=\"_ _0\"></span>wn in th<span class=\"_ _0\"></span>e statement of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on), to in<span class=\"_ _0\"></span>tere<span class=\"_ _2\"></span>st-<span class=\"_ _0\"></span>bearin<span class=\"_ _0\"></span>g net debt, and <span class=\"_ _0\"></span>excl<span class=\"_ _0\"></span>uding tr<span class=\"_ _0\"></span>easury shares an<span class=\"_ _0\"></span>d non<span class=\"_ _0\"></span>-co<span class=\"_ _0\"></span>ntroll<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g interests. The Company c<span class=\"_ _a9\"></span>alculates th<span class=\"_ _a9\"></span>e gearing ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>io as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es (Note 5<span class=\"_ _2\"></span>.6<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> 985,446,453  933,165,634  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.8)<span class=\"_ _0\"></span> (390,640,161)<span class=\"_ _0\"></span> (354,336,647)<span class=\"_ _0\"></span> Net debt<span class=\"_ _0\"></span> 594<span class=\"_ _0\"></span>,806,292<span class=\"_ _0\"></span>  578<span class=\"_ _0\"></span>,828,987<span class=\"_ _0\"></span>  Equity 1,259,409,537 1,044,827,184  Treasury shares (No<span class=\"_ _0\"></span>te 5.2)<span class=\"_ _0\"></span> -  -  Shareholders' e<span class=\"_ _0\"></span>quity, excluding <span class=\"_ _0\"></span>treasury sha<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span> 1,259,40<span class=\"_ _0\"></span>9,537 1,044,82<span class=\"_ _0\"></span>7,184  Total equity 1,854,21<span class=\"_ _0\"></span>5,829 1,623,65<span class=\"_ _0\"></span>6,171  Gearing 32.08<span class=\"ls0\">% </span>35.65%<span class=\"_ _0\"></span> 5.2<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Share C<span class=\"_ _2\"></span>apital an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> tre<span class=\"_ _2\"></span>asury Sh<span class=\"_ _2\"></span>ares The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>. is <span class=\"_ _2\"></span>a public <span class=\"_ _2\"></span>company <span class=\"_ _2\"></span>with its<span class=\"_ _a9\"></span> shares quot<span class=\"_ _2\"></span>ed on th<span class=\"_ _2\"></span>e Eurone<span class=\"_ _2\"></span>xt Lis<span class=\"_ _2\"></span>bon. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S.<span class=\"_ _2\"></span>A.\u2019s <span class=\"_ _2\"></span>share capi<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> of Euro<span class=\"_ _2\"></span> 500,000<span class=\"_ _2\"></span>,000 was ful<span class=\"_ _2\"></span>ly subscri<span class=\"_ _2\"></span>bed and i<span class=\"_ _2\"></span>s re<span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d by 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span> withou<span class=\"_ _2\"></span>t nominal<span class=\"_ _2\"></span> value (3<span class=\"_ _2\"></span>1 December <span class=\"_ _2\"></span>2021: 71<span class=\"_ _2\"></span>1,183,069 <span class=\"_ _2\"></span>shares<span class=\"_ _2\"></span>). At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 11<span class=\"_ _2\"></span> May 202<span class=\"_ _2\"></span>1, a reduc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the Co<span class=\"_ _2\"></span>mpany's shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> capit<span class=\"_ _a9\"></span>al from Euro 50<span class=\"_ _2\"></span>0,000,000 <span class=\"_ _2\"></span>to Euro 49<span class=\"_ _2\"></span>5,597,957<span class=\"_ _a9\"></span>.49 was a<span class=\"_ _2\"></span>greed, th<span class=\"_ _a9\"></span>e amount of the <span class=\"_ _a9\"></span>reduction<span class=\"_ _2\"></span> being Euro 4,402,04<span class=\"_ _2\"></span>2.51, for <span class=\"_ _a9\"></span>a special <span class=\"_ _2\"></span>purpose, <span class=\"_ _2\"></span>by canc<span class=\"_ _2\"></span>ellati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> 6,316,931<span class=\"_ _2\"></span> treasury s<span class=\"_ _2\"></span>hares, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ithout nomin<span class=\"_ _2\"></span>al value. Th<span class=\"_ _2\"></span>e Company wil<span class=\"_ _2\"></span>l now h<span class=\"_ _2\"></span>ave 711<span class=\"_ _2\"></span>,183,069 <span class=\"_ _a9\"></span>ordinary sha<span class=\"_ _2\"></span>res outs<span class=\"_ _2\"></span>tanding<span class=\"_ _2\"></span>, foll<span class=\"_ _2\"></span>owed by a shar<span class=\"_ _2\"></span>e capital<span class=\"_ _2\"></span> incre<span class=\"_ _2\"></span>ase fro<span class=\"_ _2\"></span>m Euro 49<span class=\"_ _2\"></span>5,597<span class=\"_ _2\"></span>,957.49 to <span class=\"_ _a9\"></span>Euro 500,00<span class=\"_ _2\"></span>0,000, th<span class=\"_ _2\"></span>e amount of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the increase <span class=\"_ _2\"></span>being Eu<span class=\"_ _2\"></span>ro 4,402<span class=\"_ _2\"></span>,042.5<span class=\"_ _2\"></span>1, with <span class=\"_ _2\"></span>no change i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>umber of shar<span class=\"_ _a9\"></span>es, to be p<span class=\"_ _2\"></span>aid up b<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> inco<span class=\"_ _2\"></span>rporation of<span class=\"_ _2\"></span> free <span class=\"_ _2\"></span>reserves <span class=\"_ _2\"></span>(surplus<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>egal r<span class=\"_ _2\"></span>eserve)<span class=\"_ _2\"></span>. Na<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>gat<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>'s<span class=\"_ _2\"></span> Sh<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>eho<span class=\"_ _a9\"></span>lde<span class=\"_ _2\"></span>rs<span class=\"_ _a9\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders <span class=\"_ _2\"></span>with quali<span class=\"_ _2\"></span>fied shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>holdi<span class=\"_ _2\"></span>ngs in the <span class=\"_ _2\"></span>Company\u2019s c<span class=\"_ _2\"></span>apital<span class=\"_ _2\"></span> were as<span class=\"_ _2\"></span> foll<span class=\"_ _2\"></span>ows:<span class=\"ff1\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Designati<span class=\"_ _0\"></span>on No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> % Semapa, SGPS, S.A<span class=\"_ _0\"></span>.  497,617,299  69.97% 497,617,299  69.97% Floating shares<span class=\"_ _0\"></span> 213,565,770  30.03% 213,565,770  30.03% 711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>711<span class=\"_ _0\"></span>,183,069<span class=\"_ _0\"></span>  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>Tre<span class=\"_ _a9\"></span>asu<span class=\"_ _2\"></span>ry<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>hare<span class=\"_ _a9\"></span>s - <span class=\"_ _a9\"></span>mo<span class=\"_ _2\"></span>veme<span class=\"_ _a9\"></span>nts<span class=\"_ _a9\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Book value Book value No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> No. of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Treasury shares hel<span class=\"_ _0\"></span>d at the begi<span class=\"_ _0\"></span>nning of the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d -  -  6,316,931  20,189,264 <span class=\"_ _0\"></span> Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns for t<span class=\"_ _2\"></span>he peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> Treasury shares at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> -  -  -  -  These sha<span class=\"_ _2\"></span>res were mai<span class=\"_ _2\"></span>nly ac<span class=\"_ _a9\"></span>quired duri<span class=\"_ _2\"></span>ng 2008 an<span class=\"_ _2\"></span>d 2012<span class=\"_ _2\"></span> as <span class=\"_ _2\"></span>well as i<span class=\"_ _2\"></span>n 201<span class=\"_ _2\"></span>8 and 201<span class=\"_ _2\"></span>9, with this <span class=\"_ _2\"></span>position <span class=\"_ _2\"></span>evolving as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows during <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>year: 2022 2021 Amounts in Euro<span class=\"_ _0\"></span> Quantit<span class=\"_ _0\"></span>y Amou<span class=\"_ _0\"></span>nt Quantit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Treasury shares h<span class=\"_ _0\"></span>eld in Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> -  -  6,316,93<span class=\"_ _0\"></span>1  20,189<span class=\"_ _0\"></span>,264  Cancell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n January -  -  -  -  February -  -  -  -  March -  -  -  -  April<span class=\"_ _0\"></span> -  -  -  -  May<span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  (6,316,931) (20<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>89,264)<span class=\"_ _0\"></span> June -  -  -  -  July -  -  -  -  August -  -  -  -  September<span class=\"_ _0\"></span> -  -  -  -  October -  -  -  -  November -  -  -  -  December<span class=\"_ _0\"></span> -  -  -  -  -  -  (6,316<span class=\"_ _0\"></span>,931) (20,18<span class=\"_ _0\"></span>9,264) Treasury shares h<span class=\"_ _0\"></span>eld in Decembe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span> -  -  -  -  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the unit <span class=\"_ _a9\"></span>value of each<span class=\"_ _2\"></span> sha<span class=\"_ _2\"></span>re was E<span class=\"_ _2\"></span>uro 3.454 <span class=\"_ _2\"></span>(31 Decemb<span class=\"_ _2\"></span>er 2021: Euro 3.35<span class=\"_ _2\"></span>) and <span class=\"_ _2\"></span>the stoc<span class=\"_ _2\"></span>k market c<span class=\"_ _a9\"></span>ap<span class=\"_ _0\"></span>itali<span class=\"_ _2\"></span>sation <span class=\"_ _2\"></span>of the Co<span class=\"_ _2\"></span>mpany a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> this <span class=\"_ _2\"></span>date amou<span class=\"_ _2\"></span>nted <span class=\"_ _2\"></span>to Euro 2,456,42<span class=\"_ _2\"></span>6,320 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>20: Eu<span class=\"_ _2\"></span>ro 2,38<span class=\"_ _2\"></span>2,463,281<span class=\"_ _a9\"></span>), against an<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty of<span class=\"_ _2\"></span> Euro 1,250,48<span class=\"_ _2\"></span>4,508 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Eu<span class=\"_ _2\"></span>ro 1,04<span class=\"_ _2\"></span>4,827,184<span class=\"_ _a9\"></span>). Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Ordinary <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>are cla<span class=\"ff8\">ssi<span class=\"_ _2\"></span>fied i<span class=\"_ _2\"></span>n Shar<span class=\"_ _2\"></span>eholders\u2019 e<span class=\"_ _a9\"></span>q<span class=\"_ _0\"></span>uity<span class=\"_ _2\"></span>. <span class=\"ff1\"> </span></span>Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or o<span class=\"_ _a9\"></span>ther equit<span class=\"_ _2\"></span>y instrum<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nts ar<span class=\"_ _2\"></span>e report<span class=\"_ _2\"></span>ed as a deduc<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion, n<span class=\"_ _2\"></span>et of<span class=\"_ _2\"></span> taxes, f<span class=\"_ _a9\"></span>rom the proc<span class=\"_ _2\"></span>eeds of<span class=\"_ _2\"></span> the iss<span class=\"_ _2\"></span>ue.  Costs <span class=\"_ _2\"></span>directly a<span class=\"_ _2\"></span>ttri<span class=\"_ _2\"></span>butable to <span class=\"_ _2\"></span>the i<span class=\"_ _2\"></span>ssue of<span class=\"_ _2\"></span> new sha<span class=\"_ _2\"></span>res or op<span class=\"_ _2\"></span>tions for <span class=\"_ _2\"></span>the acquisi<span class=\"_ _2\"></span>tion o<span class=\"_ _2\"></span>f a ne<span class=\"_ _2\"></span>w business<span class=\"_ _2\"></span> are deduc<span class=\"_ _2\"></span>ted from <span class=\"_ _a9\"></span>the amoun<span class=\"_ _2\"></span>t issued. When such <span class=\"_ _2\"></span>shares a<span class=\"_ _2\"></span>re subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y dispos<span class=\"_ _2\"></span>ed or r<span class=\"_ _2\"></span>eissued<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>any proceeds<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> net of <span class=\"_ _a9\"></span>the direc<span class=\"_ _2\"></span>tly attribu<span class=\"_ _2\"></span>table trans<span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>on costs<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>taxes, is<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly r<span class=\"_ _2\"></span>eflect<span class=\"_ _2\"></span>ed in the Sha<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>holde<span class=\"_ _2\"></span>rs\u2019 equ<span class=\"ff1\">ity and <span class=\"_ _2\"></span>not </span>in prof<span class=\"_ _2\"></span>it or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or the p<span class=\"_ _2\"></span>eriod.<span class=\"_ _2\"></span> 5.3<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare 2022 2021 Profit attributabl<span class=\"_ _0\"></span>e to Navigato<span class=\"_ _0\"></span>r's equity holder<span class=\"_ _0\"></span>s (Euro)<span class=\"_ _0\"></span> 392<span class=\"_ _0\"></span>,537,070  171,411,455  Total number of sh<span class=\"_ _0\"></span>ares issued <span class=\"_ _0\"></span> 711,183,069  711,183,069  Average treasury shar<span class=\"_ _0\"></span>es held for the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d  -  -  Weighted avera<span class=\"_ _0\"></span>ge number of sha<span class=\"_ _0\"></span>res <span class=\"_ _0\"></span> 711<span class=\"_ _0\"></span>,183,069  711,183,069  Basic earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _0\"></span> 0.552 0.241 Diluted earnings pe<span class=\"_ _0\"></span>r share (Euro)<span class=\"_ _1\"></span> 0.552 0.241 Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Basic<span class=\"_ _2\"></span> earnings pe<span class=\"_ _2\"></span>r share a<span class=\"_ _2\"></span>re det<span class=\"_ _2\"></span>ermined <span class=\"_ _2\"></span>based on <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he divi<span class=\"_ _a9\"></span>sion of<span class=\"_ _2\"></span> profits <span class=\"_ _2\"></span>or los<span class=\"_ _2\"></span>ses attri<span class=\"_ _2\"></span>butable to the or<span class=\"_ _2\"></span>dinary <span class=\"_ _2\"></span>Sharehold<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs of <span class=\"_ _2\"></span>the Comp<span class=\"_ _2\"></span>any by th<span class=\"_ _a9\"></span>e we<span class=\"_ _0\"></span>ig<span class=\"_ _2\"></span>hted aver<span class=\"_ _2\"></span>age number <span class=\"_ _2\"></span>of commo<span class=\"_ _2\"></span>n shares o<span class=\"_ _2\"></span>utstandin<span class=\"_ _2\"></span>g duri<span class=\"_ _2\"></span>ng the pe<span class=\"_ _2\"></span>riod. For the pu<span class=\"_ _a9\"></span>rp<span class=\"_ _0\"></span>ose of<span class=\"_ _2\"></span> calcu<span class=\"_ _2\"></span>lating <span class=\"_ _2\"></span>dilu<span class=\"_ _2\"></span>ted earnings<span class=\"_ _2\"></span> per s<span class=\"_ _2\"></span>hare, the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>djusts <span class=\"_ _2\"></span>the prof<span class=\"_ _2\"></span>its or loss<span class=\"_ _2\"></span>es attribu<span class=\"_ _2\"></span>table <span class=\"_ _2\"></span>to ordinar<span class=\"_ _2\"></span>y equi<span class=\"_ _2\"></span>ty holde<span class=\"_ _2\"></span>rs, as <span class=\"_ _2\"></span>well as<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>weighted a<span class=\"_ _2\"></span>verage num<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er of outstanding <span class=\"_ _2\"></span>shares <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the pu<span class=\"_ _2\"></span>rposes of <span class=\"_ _2\"></span>all pot<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntial <span class=\"_ _2\"></span>diluti<span class=\"_ _2\"></span>ve commo<span class=\"_ _2\"></span>n shares. 5.4<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Divid<span class=\"_ _2\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span> Amou<span class=\"_ _0\"></span>nt Dividends<span class=\"_ _0\"></span> per sh<span class=\"_ _0\"></span>are Amounts in Euro<span class=\"_ _0\"></span> approved<span class=\"_ _0\"></span> (Euro)<span class=\"_ _0\"></span> Attributions in 202<span class=\"_ _0\"></span>2 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 131,632,875  0.185 Distributi<span class=\"_ _0\"></span>on of reserves  118,355,086  0.166 Attributions in 202<span class=\"_ _0\"></span>1 Distributi<span class=\"_ _0\"></span>on of retained earnings<span class=\"_ _0\"></span> 99,565,630 <span class=\"_ _0\"></span> 0.140 Distributi<span class=\"_ _0\"></span>on of antici<span class=\"_ _0\"></span>pated dividends <span class=\"_ _0\"></span> 49,996,170 <span class=\"_ _0\"></span> 0.070 At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 27 <span class=\"_ _a9\"></span>M<span class=\"_ _0\"></span>ay 2022<span class=\"_ _2\"></span>, The <span class=\"_ _2\"></span>Navigator C<span class=\"_ _2\"></span>ompany<span class=\"_ _2\"></span>, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _a9\"></span>dends in th<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>99,99<span class=\"_ _2\"></span>2,340. At the G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting hel<span class=\"_ _2\"></span>d on 21<span class=\"_ _2\"></span> November 2<span class=\"_ _2\"></span>022<span class=\"_ _2\"></span>, T<span class=\"_ _0\"></span>he N<span class=\"_ _2\"></span>avigato<span class=\"_ _2\"></span>r Company<span class=\"_ _2\"></span>, S.A. r<span class=\"_ _2\"></span>esolved <span class=\"_ _2\"></span>to distribut<span class=\"_ _2\"></span>e res<span class=\"_ _2\"></span>erves amo<span class=\"_ _2\"></span>unting <span class=\"_ _2\"></span>to Euro 1<span class=\"_ _2\"></span>49,995,621<span class=\"_ _2\"></span>, of <span class=\"_ _2\"></span>whi<span class=\"_ _2\"></span>ch Euro <span class=\"_ _2\"></span>118,355,086<span class=\"_ _2\"></span> came from <span class=\"_ _2\"></span>the Other res<span class=\"_ _2\"></span>erves <span class=\"_ _2\"></span>and Euro 31<span class=\"_ _a9\"></span>,640,535 was r<span class=\"_ _a9\"></span>ecorded in <span class=\"_ _2\"></span>Retai<span class=\"_ _2\"></span>ned earnings<span class=\"_ _2\"></span>. At the <span class=\"_ _2\"></span>Annual G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>Meeting held on<span class=\"_ _2\"></span> 13 <span class=\"_ _2\"></span>May 2021, <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>he <span class=\"_ _2\"></span>Navigator Compa<span class=\"_ _a9\"></span>ny, S.A. ap<span class=\"_ _2\"></span>proved to distri<span class=\"_ _2\"></span>bute divi<span class=\"_ _a9\"></span>dends in th<span class=\"_ _2\"></span>e amount <span class=\"_ _2\"></span>of Euro <span class=\"_ _2\"></span>99,56<span class=\"_ _2\"></span>5,630.On 16 Decemb<span class=\"_ _2\"></span>er 202<span class=\"_ _2\"></span>1, the Bo<span class=\"_ _2\"></span>ard of<span class=\"_ _2\"></span> Directo<span class=\"_ _2\"></span>rs of<span class=\"_ _2\"></span> The Navi<span class=\"_ _a9\"></span>gator Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>. decid<span class=\"_ _2\"></span>ed to make an a<span class=\"_ _2\"></span>dvance on <span class=\"_ _a9\"></span>profits to S<span class=\"_ _2\"></span>harehold<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rs, in <span class=\"_ _a9\"></span>the amount of<span class=\"_ _2\"></span> Euro 49<span class=\"_ _2\"></span>,996,170, <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>quivalen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> to the gross <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>alue o<span class=\"_ _2\"></span>f Euro 0<span class=\"_ _2\"></span>.0703 p<span class=\"_ _2\"></span>er shar<span class=\"_ _2\"></span>e. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The dist<span class=\"_ _2\"></span>ribution <span class=\"_ _2\"></span>of divi<span class=\"_ _2\"></span>dends to <span class=\"_ _2\"></span>Sharehol<span class=\"_ _2\"></span>ders i<span class=\"_ _2\"></span>s recogni<span class=\"_ _2\"></span>sed<span class=\"_ _2\"></span> as a <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lity in<span class=\"_ _2\"></span> the Financ<span class=\"_ _2\"></span>ial Statements i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch the <span class=\"_ _2\"></span>dividends <span class=\"_ _2\"></span>are a<span class=\"_ _2\"></span>pproved by th<span class=\"_ _2\"></span>e Shareho<span class=\"_ _2\"></span>lders a<span class=\"_ _2\"></span>t the General M<span class=\"_ _2\"></span>eeting <span class=\"_ _2\"></span>and up un<span class=\"_ _2\"></span>til <span class=\"_ _2\"></span>the time of <span class=\"_ _a9\"></span>their paymen<span class=\"_ _2\"></span>t or<span class=\"_ _2\"></span>, in the <span class=\"_ _2\"></span>case of <span class=\"_ _2\"></span>anti<span class=\"_ _2\"></span>cipated distributi<span class=\"_ _2\"></span>ons, <span class=\"_ _2\"></span>when appro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ed by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span>. 5.5<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Reserv<span class=\"_ _2\"></span>es and ret<span class=\"_ _2\"></span>ained <span class=\"_ _2\"></span>earning<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Reserves by applyi<span class=\"_ _0\"></span>ng the equi<span class=\"_ _0\"></span>ty method <span class=\"_ _0\"></span> (405,228,340)<span class=\"_ _0\"></span> (437,672,593)<span class=\"_ _0\"></span> Fair value reserves <span class=\"_ _0\"></span> 33,997,828 <span class=\"_ _0\"></span> (5,604,076) Legal reserve  100,000,000  100,000,000  Free reserves <span class=\"_ _0\"></span> 3,481,014  121,836,100  Other reserves <span class=\"_ _0\"></span> (2,377,265) (2,377,265) Retained earni<span class=\"_ _0\"></span>ngs  636,999,230 647,229,733  Reserves and retaine<span class=\"_ _0\"></span>d earnings <span class=\"_ _0\"></span> 366<span class=\"_ _0\"></span>,872,467 423<span class=\"_ _0\"></span>,411,899<span class=\"_ _0\"></span>  Re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _a9\"></span>ves <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> a<span class=\"_ _a9\"></span>ppl<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g t<span class=\"_ _a9\"></span>he e<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span> <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>deta<span class=\"_ _a9\"></span>il<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span> Company 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Subsidiaries <span class=\"_ _0\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A. <span class=\"_ _0\"></span> -  (4,027,714) Soci<span class=\"_ _0\"></span>edade de<span class=\"_ _2\"></span> Vi<span class=\"_ _0\"></span>nhos  (352) -  Navigator Bra<span class=\"_ _0\"></span>nds, S.A.  (493,026,037)<span class=\"_ _0\"></span> (496,755,521)<span class=\"_ _0\"></span> Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   (7,936,300) (7,936,300) Enerpulp, S.A<span class=\"_ _0\"></span>.  154,000  154,000  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  (1,499,368) (1,499,368) Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A. <span class=\"_ _0\"></span> 24,336,582 <span class=\"_ _0\"></span> (139,396) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>   154,000  154,000  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.   615,945  615,945  Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A.<span class=\"_ _0\"></span>  (735,406) (572,996) Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>.   (11<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>96,307)<span class=\"_ _0\"></span> (9,956,752) Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.   2,117,121  2,117,121  Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A. <span class=\"_ _0\"></span> 79,783,696 <span class=\"_ _0\"></span> 79,783,696 <span class=\"_ _0\"></span> RAIZ - I<span class=\"_ _0\"></span>nst.Invest<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>resta<span class=\"_ _2\"></span> e <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span>  666,739  398,250  Emprem\u00e9di<span class=\"_ _0\"></span>a  234,017  249,752  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC  1,325,871  (246,192) Navigator Paper Mexi<span class=\"_ _0\"></span>co <span class=\"_ _0\"></span> (22<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>22)<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span> Navigator Egypt <span class=\"_ _0\"></span> (19) (40) Subsidiaries <span class=\"_ _0\"></span> (405<span class=\"_ _0\"></span>,228,340) (437<span class=\"_ _0\"></span>,672,593) Fa<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>val<span class=\"_ _a9\"></span>ue <span class=\"_ _2\"></span>re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> -<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Gross Gross Amounts in Euro<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t Tax Net amout<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t Tax Net amout<span class=\"_ _0\"></span> Interest rate ri<span class=\"_ _0\"></span>sk hedging 30,899,904 <span class=\"_ _0\"></span> (8,497,474) 22,402,430 <span class=\"_ _0\"></span> (2,231,713) 613,722  (1,617,992) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge hedging<span class=\"_ _0\"></span> 15,993,652 <span class=\"_ _0\"></span> (4,398,254) 11,595,398 <span class=\"_ _0\"></span> (5,498,048) 1,511,963  (3,986,085) 46,893<span class=\"_ _0\"></span>,556  (12,89<span class=\"_ _0\"></span>5,728) 33,997<span class=\"_ _0\"></span>,828  (7,729<span class=\"_ _0\"></span>,761) 2,125,68<span class=\"_ _0\"></span>5  (5,604<span class=\"_ _0\"></span>,076) Fa<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>val<span class=\"_ _a9\"></span>ue <span class=\"_ _2\"></span>re<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> -<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>vem<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Opening balance <span class=\"_ _0\"></span> (5,604<span class=\"_ _0\"></span>,076) (6,641<span class=\"_ _0\"></span>,368) Change i<span class=\"_ _0\"></span>n the fair value of deriva<span class=\"_ _0\"></span>tive financial<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>u<span class=\"_ _0\"></span>ments (Note 8.2<span class=\"_ _0\"></span>) <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> 1,430,747  Deferred tax (Note 6.2)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>21,412)<span class=\"_ _0\"></span> (393,455) Closing balance <span class=\"_ _0\"></span> 33,997<span class=\"_ _0\"></span>,828  (5,604<span class=\"_ _0\"></span>,076) The amount <span class=\"_ _2\"></span>transf<span class=\"_ _2\"></span>erred f<span class=\"_ _2\"></span>rom r<span class=\"_ _2\"></span>eserves to <span class=\"_ _a9\"></span>the income s<span class=\"_ _2\"></span>tate<span class=\"_ _2\"></span>ment as a r<span class=\"_ _2\"></span>esult o<span class=\"_ _2\"></span>f the s<span class=\"_ _2\"></span>ettl<span class=\"_ _2\"></span>ement or expirati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>hedging ins<span class=\"_ _2\"></span>trumen<span class=\"_ _2\"></span>ts is<span class=\"_ _2\"></span> composed as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: <span class=\"_ _2\"></span>i) energy an<span class=\"_ _2\"></span>d<span class=\"_ _0\"></span> pul<span class=\"_ _2\"></span>p hedgi<span class=\"_ _2\"></span>ng instruments <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n Ene<span class=\"_ _2\"></span>rgy and pul<span class=\"_ _2\"></span>p sales<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> with <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n impact on<span class=\"_ _2\"></span> the inco<span class=\"_ _2\"></span>me s<span class=\"_ _2\"></span>tatement of -30.7 m\u20ac<span class=\"_ _2\"></span>; and ii<span class=\"_ _2\"></span>) inter<span class=\"_ _2\"></span>est rate h<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span>ging i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _a9\"></span>ts, with a<span class=\"_ _a9\"></span>n impact on the <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al resul<span class=\"_ _2\"></span>ts of 1.5 m\u20ac.<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Reserves <span class=\"_ _2\"></span>by applyi<span class=\"_ _2\"></span>ng the e<span class=\"_ _2\"></span>quity m<span class=\"_ _2\"></span>ethod Corresponds <span class=\"_ _a9\"></span>to the accumul<span class=\"_ _2\"></span>ated c<span class=\"_ _2\"></span>hange i<span class=\"_ _2\"></span>n chang<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty in the C<span class=\"_ _2\"></span>ompany's<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries whose in<span class=\"_ _2\"></span>vestment is<span class=\"_ _2\"></span> measu<span class=\"_ _2\"></span>red by <span class=\"_ _2\"></span>the equi<span class=\"_ _2\"></span>ty method <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>e 10.1). <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>n acco<span class=\"_ _2\"></span>rdance wi<span class=\"_ _a9\"></span>th the Portugues<span class=\"_ _2\"></span>e commerci<span class=\"_ _2\"></span>al legi<span class=\"_ _2\"></span>slation<span class=\"_ _2\"></span>, these <span class=\"_ _a9\"></span>reserves a<span class=\"_ _2\"></span>re not <span class=\"_ _2\"></span>distributable.<span class=\"_ _2\"></span> Fair val<span class=\"_ _2\"></span>ue res<span class=\"_ _2\"></span>erves It corr<span class=\"_ _2\"></span>esponds <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>accumul<span class=\"_ _2\"></span>ated chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue of deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> ins<span class=\"_ _2\"></span>truments clas<span class=\"_ _2\"></span>sifi<span class=\"_ _2\"></span>ed as hedging i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 8.2), n<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> of <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>ed taxes<span class=\"_ _2\"></span>. Changes rel<span class=\"_ _2\"></span>ated <span class=\"_ _2\"></span>to deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> are recl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ied to p<span class=\"_ _2\"></span>rofit <span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>oss f<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span> the period <span class=\"_ _a9\"></span>(Note 5.10<span class=\"_ _2\"></span>) as th<span class=\"_ _2\"></span>e hedged i<span class=\"_ _2\"></span>nstruments<span class=\"_ _2\"></span> affec<span class=\"_ _2\"></span>t profit <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>for the p<span class=\"_ _2\"></span>eriod. <span class=\"_ _2\"></span>The chan<span class=\"_ _2\"></span>ge in fai<span class=\"_ _2\"></span>r value of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial investmen<span class=\"_ _2\"></span>ts recor<span class=\"_ _2\"></span>ded un<span class=\"_ _2\"></span>der this<span class=\"_ _2\"></span> caption <span class=\"_ _2\"></span>is not <span class=\"_ _2\"></span>recycl<span class=\"_ _2\"></span>ed to<span class=\"_ _2\"></span> profi<span class=\"_ _2\"></span>t or los<span class=\"_ _2\"></span>s. Legal <span class=\"_ _2\"></span>reserve Commerci<span class=\"_ _2\"></span>al C<span class=\"_ _2\"></span>ompany law presc<span class=\"_ _2\"></span>ribes th<span class=\"_ _2\"></span>at a<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span> least <span class=\"_ _2\"></span>5% of a<span class=\"_ _2\"></span>nnual<span class=\"_ _2\"></span> net profit mu<span class=\"_ _2\"></span>st be <span class=\"_ _a9\"></span>transferre<span class=\"_ _2\"></span>d to the l<span class=\"_ _2\"></span>egal <span class=\"_ _2\"></span>reserve, <span class=\"_ _2\"></span>until thi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> equal to a<span class=\"_ _a9\"></span>t least 20<span class=\"_ _2\"></span>% of t<span class=\"_ _a9\"></span>he issued capi<span class=\"_ _2\"></span>tal. <span class=\"_ _2\"></span>This res<span class=\"_ _2\"></span>erve cann<span class=\"_ _2\"></span>ot be distribu<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed u<span class=\"_ _2\"></span>nless the <span class=\"_ _2\"></span>company <span class=\"_ _2\"></span>is l<span class=\"_ _2\"></span>iquidat<span class=\"_ _2\"></span>ed. It ma<span class=\"_ _2\"></span>y, ho<span class=\"_ _2\"></span>wev<span class=\"_ _0\"></span>er, <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>e drawn o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>to absorb loss<span class=\"_ _2\"></span>es, after <span class=\"_ _2\"></span>other rese<span class=\"_ _2\"></span>rves <span class=\"_ _2\"></span>are exhaus<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed, o<span class=\"_ _2\"></span>r incorpor<span class=\"_ _a9\"></span>ated in the <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>capital<span class=\"_ _2\"></span>. The legal <span class=\"_ _2\"></span>reser<span class=\"_ _2\"></span>ve is c<span class=\"_ _2\"></span>onstitu<span class=\"_ _2\"></span>ted by i<span class=\"_ _2\"></span>ts maxi<span class=\"_ _2\"></span>mum amount <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span> the peri<span class=\"_ _2\"></span>ods pres<span class=\"_ _2\"></span>ented<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Other res<span class=\"_ _2\"></span>erves<span class=\"_ _2\"></span> This c<span class=\"_ _2\"></span>aption corr<span class=\"_ _2\"></span>esponds <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o rese<span class=\"_ _2\"></span>rves c<span class=\"_ _2\"></span>onstitut<span class=\"_ _2\"></span>ed throu<span class=\"_ _2\"></span>gh t<span class=\"_ _2\"></span>he transf<span class=\"ff8\">er <span class=\"_ _2\"></span>of prior <span class=\"_ _a9\"></span>period\u2019s p<span class=\"_ _2\"></span>rofit </span>and othe<span class=\"_ _2\"></span>r movemen<span class=\"_ _2\"></span>ts. The <span class=\"_ _2\"></span>portion <span class=\"_ _2\"></span>of th<span class=\"_ _2\"></span>e balance c<span class=\"_ _2\"></span>orresp<span class=\"_ _2\"></span>onding <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>acquisi<span class=\"_ _2\"></span>tion value <span class=\"_ _2\"></span>of treasu<span class=\"_ _2\"></span>ry shares <span class=\"_ _2\"></span>held (No<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e 5.2<span class=\"_ _2\"></span>), if an<span class=\"_ _2\"></span>y, is<span class=\"_ _2\"></span> not dist<span class=\"_ _a9\"></span>ributable<span class=\"_ _2\"></span>. 5.6<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Interest-<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>earing<span class=\"_ _2\"></span> lia<span class=\"_ _2\"></span>bilit<span class=\"_ _2\"></span>ies 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Bond lo<span class=\"_ _0\"></span>ans 420,000,000  22,500,000 <span class=\"_ _0\"></span> 442,500,000  442,500,000  2,500,000  445,000,000  Commercial<span class=\"_ _0\"></span> paper 105,000,000  35,000,000 <span class=\"_ _0\"></span> 140,000,000  140,000,000  100,000,000  240,000,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> 91,511,905 <span class=\"_ _0\"></span> 17,575,396 <span class=\"_ _0\"></span> 109,087,301  109,087,301  12,718,254 <span class=\"_ _0\"></span> 121,805,555  Charges wi<span class=\"_ _0\"></span>th bond issuances<span class=\"_ _0\"></span> (3,480,083) -  (3,480,083) (3,415,421) -  (3,415,421) Cash pooli<span class=\"_ _0\"></span>ng Navigator Group<span class=\"_ _0\"></span> -  297,339,235  297,339,235  -  129,775,499  129,775,499  Debt securities <span class=\"_ _0\"></span>and bank debt<span class=\"_ _0\"></span> 613<span class=\"_ _0\"></span>,031,822<span class=\"_ _0\"></span>  372<span class=\"_ _0\"></span>,414,631<span class=\"_ _0\"></span>  985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  688<span class=\"_ _0\"></span>,171,881 244<span class=\"_ _0\"></span>,993,753<span class=\"_ _0\"></span>  933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  Average interest ra<span class=\"_ _0\"></span>te, considering charge<span class=\"_ _0\"></span>s for 1.<span class=\"ls1b\">5%<span class=\"_ _0\"></span></span> 1.<span class=\"ls1b\">5%<span class=\"_ _0\"></span></span> annual fees and he<span class=\"_ _0\"></span>dging operations At the <span class=\"_ _2\"></span>end of Jun<span class=\"_ _a9\"></span>e 2022, Naviga<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>or is<span class=\"_ _2\"></span>sued <span class=\"_ _2\"></span>a Euro 150 mi<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ion bond loan <span class=\"_ _2\"></span>maturing in<span class=\"_ _2\"></span> 2028, under th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nabili<span class=\"_ _2\"></span>ty-Linked Bo<span class=\"_ _2\"></span>nds Fr<span class=\"_ _2\"></span>amework, h<span class=\"_ _2\"></span>aving <span class=\"_ _2\"></span>simul<span class=\"_ _2\"></span>taneously repai<span class=\"_ _a9\"></span>d early a <span class=\"_ _2\"></span>loan o<span class=\"_ _2\"></span>f the same amo<span class=\"_ _2\"></span>unt val<span class=\"_ _2\"></span>id until<span class=\"_ _2\"></span> 2023<span class=\"_ _2\"></span>. This o<span class=\"_ _2\"></span>peration <span class=\"_ _2\"></span>contribu<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>extendin<span class=\"_ _2\"></span>g the a<span class=\"_ _2\"></span>verage li<span class=\"_ _2\"></span>fe of<span class=\"_ _a9\"></span> the Group's d<span class=\"_ _2\"></span>ebt, as <span class=\"_ _a9\"></span>well as reducing the Company'<span class=\"_ _2\"></span>s finan<span class=\"_ _2\"></span>cing co<span class=\"_ _2\"></span>st, i<span class=\"_ _2\"></span>n addi<span class=\"_ _2\"></span>tion to <span class=\"_ _2\"></span>having condi<span class=\"_ _a9\"></span>tions adjuste<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of sustain<span class=\"_ _2\"></span>ability c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts. The l<span class=\"_ _2\"></span>oan con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>are ind<span class=\"_ _2\"></span>exed to th<span class=\"_ _2\"></span>ree E<span class=\"_ _2\"></span>SG indic<span class=\"_ _2\"></span>ators alr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ady incl<span class=\"_ _2\"></span>uded in the C<span class=\"_ _2\"></span>ompany's Sus<span class=\"_ _a9\"></span>tainabili<span class=\"_ _2\"></span>ty Agend<span class=\"_ _2\"></span>a and, <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>urn, aligned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e Sustai<span class=\"_ _2\"></span>nable Developm<span class=\"_ _2\"></span>ent Goals <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>Unite<span class=\"_ _2\"></span>d Nations.<span class=\"_ _2\"></span> The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bear<span class=\"_ _2\"></span>ing l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"_ _2\"></span>is prese<span class=\"_ _2\"></span>nted in th<span class=\"_ _a9\"></span>e Note 8.1<span class=\"_ _2\"></span>.3 <span class=\"_ _0\"></span>- L<span class=\"_ _2\"></span>iquid<span class=\"_ _2\"></span>ity risk.<span class=\"_ _2\"></span> Intere<span class=\"_ _2\"></span>st-bea<span class=\"_ _2\"></span>ring<span class=\"_ _2\"></span> liabilitie<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> <span class=\"ffa\">\u2013</span> <span class=\"_ _2\"></span>Detail<span class=\"_ _2\"></span>s 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2<span class=\"ls8f\">02</span>2 </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2022-2<span class=\"_ _0\"></span>028 ESG<span class=\"_ _0\"></span> 150,000,000  150,000,000  June 2028 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> 30,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 17,500,000 <span class=\"_ _0\"></span> 17,500,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  15,000,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 100,000,000  100,000,000  August 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,480,083) -  (3,480,083) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> 14,166,667 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  7,083,334  EIB Loan - Caci<span class=\"_ _0\"></span>a 15,277,778 <span class=\"_ _0\"></span> 15,277,777 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,777  12,500,000 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 37,142,857 <span class=\"_ _0\"></span> 37,142,857 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 5,714,286  31,428,571 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 140,000,000  140,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 105,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r -  -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  jane<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ro 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,000,000  13,000,000 <span class=\"_ _0\"></span> Bank credit lines  <span class=\"_ _0\"></span> Short-term li<span class=\"_ _0\"></span>ne 20M 20,450,714 <span class=\"_ _0\"></span> -  -  - Cash Pooling<span class=\"_ _0\"></span> L<span class=\"_ _2\"></span>inh<span class=\"_ _a9\"></span>a <span class=\"_ _2\"></span>de C<span class=\"_ _a9\"></span>ash<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>oo<span class=\"_ _2\"></span>ling<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>ru<span class=\"_ _2\"></span>po <span class=\"_ _2\"></span>Na<span class=\"_ _2\"></span>vig<span class=\"_ _a9\"></span>ato<span class=\"_ _2\"></span>r 297,339,235  297,339,235  -  297,339,235  - 985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  372<span class=\"_ _0\"></span>,414,631<span class=\"_ _0\"></span>  613<span class=\"_ _0\"></span>,031,822<span class=\"_ _0\"></span>  31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-</span>20<span class=\"_ _2\"></span>21<span class=\"ls0\"> </span></span></span>Outstan<span class=\"_ _0\"></span>ding Amounts in Euro<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt  amoun<span class=\"_ _0\"></span>t Maturit<span class=\"_ _0\"></span>y Interest <span class=\"_ _0\"></span>rate Current <span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Bond loans<span class=\"_ _0\"></span> Navigator 2015-2<span class=\"_ _0\"></span>023 150,000,000  150,000,000  September 2023<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  150,000,000  Navigator 2019-2<span class=\"_ _0\"></span>026 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> January 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2019-2<span class=\"_ _0\"></span>025 50,000,000 <span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> March 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  50,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 20,000,000 <span class=\"_ _0\"></span> 20,000,000 <span class=\"_ _0\"></span> April<span class=\"_ _0\"></span> 2026 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 2,500,000  17,500,000 <span class=\"_ _0\"></span> Navigator 2020-2<span class=\"_ _0\"></span>026 75,000,000 <span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> December 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euri<span class=\"_ _0\"></span>bor, wi<span class=\"_ _0\"></span>th swap to fixed rate<span class=\"_ _0\"></span> -  75,000,000 <span class=\"_ _0\"></span> Navigator 2021-2<span class=\"_ _0\"></span>026 100,000,000  100,000,000  August 2026 Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  100,000,000  Fees -  (3,415,421) -  (3,415,421) European Investment B<span class=\"_ _0\"></span>ank (EIB)<span class=\"_ _1\"></span> EIB Loan - Energy<span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> 21,250,000 <span class=\"_ _0\"></span> December 2024<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 7,083,333  14,166,667 <span class=\"_ _0\"></span> EIB Loan - Caci<span class=\"_ _0\"></span>a 18,055,555 <span class=\"_ _0\"></span> 18,055,555 <span class=\"_ _0\"></span> May 2028<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,777,778  15,277,777 <span class=\"_ _0\"></span> EIB Loan - Fi<span class=\"_ _0\"></span>gueira 40,000,000 <span class=\"_ _0\"></span> 40,000,000 <span class=\"_ _0\"></span> February 2029<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 2,857,143  37,142,857 <span class=\"_ _0\"></span> EIB Loan - Bi<span class=\"_ _0\"></span>omass Boi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>er<span class=\"_ _2\"></span> 27,500,000 <span class=\"_ _0\"></span> 27,500,000 <span class=\"_ _0\"></span> March 2031<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> -  27,500,000 <span class=\"_ _0\"></span> Commercial Paper <span class=\"_ _0\"></span>Program<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper Program 175<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span> 175,000,000  175,000,000  February 2026<span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>xed ra<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span> 35,000,000 <span class=\"_ _0\"></span> 140,000,000  Commercial<span class=\"_ _0\"></span> Paper Program 65M<span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> 65,000,000 <span class=\"_ _0\"></span> January 2022 Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 65,000,000 <span class=\"_ _0\"></span> -  Commercial<span class=\"_ _0\"></span> Paper Program 75M<span class=\"_ _0\"></span> 75,000,000 <span class=\"_ _0\"></span> -  February 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Commercial<span class=\"_ _0\"></span> Paper Program 50M<span class=\"_ _0\"></span> 50,000,000 <span class=\"_ _0\"></span> -  December 2025<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r - -  Loans Long-term i<span class=\"_ _0\"></span>nvestment 15,000,000 <span class=\"_ _0\"></span> 15,000,000 <span class=\"_ _0\"></span> March 2026<span class=\"_ _0\"></span> Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 15,000,000 <span class=\"_ _0\"></span> Bank credit lines  <span class=\"_ _0\"></span> Short-term li<span class=\"_ _0\"></span>ne 20M 20,450,714 <span class=\"_ _0\"></span> -  -  - Cash Pooling<span class=\"_ _0\"></span> L<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>nha de<span class=\"_ _2\"></span> Cash <span class=\"_ _2\"></span>P<span class=\"_ _2\"></span>ooling <span class=\"_ _2\"></span>Grup<span class=\"_ _a9\"></span>o<span class=\"_ _0\"></span> Nav<span class=\"_ _2\"></span>igat<span class=\"_ _2\"></span>or 129,775,499  129,775,499  Variable rate inde<span class=\"_ _0\"></span>xed to Euribo<span class=\"_ _0\"></span>r 129,775,499  - 933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  244<span class=\"_ _0\"></span>,993,753<span class=\"_ _0\"></span>  688<span class=\"_ _0\"></span>,171,881<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>verage cost o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>debt, cons<span class=\"_ _2\"></span>ideri<span class=\"_ _2\"></span>ng inter<span class=\"_ _2\"></span>est rate<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>annual f<span class=\"_ _2\"></span>ees and hed<span class=\"_ _2\"></span>ging oper<span class=\"_ _2\"></span>ations, <span class=\"_ _2\"></span>was 1.5% <span class=\"_ _2\"></span>(31 Decem<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er 2020<span class=\"_ _2\"></span>: 1.5%)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Grou<span class=\"_ _2\"></span>p had cont<span class=\"_ _a9\"></span>racted Com<span class=\"_ _a9\"></span>mer<span class=\"_ _0\"></span>cial<span class=\"_ _2\"></span> Paper P<span class=\"_ _2\"></span>rograms, contr<span class=\"_ _2\"></span>acted and undis<span class=\"_ _2\"></span>bursed l<span class=\"_ _2\"></span>ong-term fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g, as wel<span class=\"_ _2\"></span>l as av<span class=\"_ _2\"></span>ail<span class=\"_ _2\"></span>able but not us<span class=\"_ _2\"></span>ed cre<span class=\"_ _2\"></span>dit fac<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ties of <span class=\"_ _2\"></span>Euro 210,450<span class=\"_ _2\"></span>,714 (31 <span class=\"_ _2\"></span>December 20<span class=\"_ _2\"></span>21: Euro <span class=\"_ _2\"></span>145,450<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span>714). Financia<span class=\"_ _a9\"></span>l Covena<span class=\"_ _2\"></span>nts i<span class=\"_ _2\"></span>n forc<span class=\"_ _2\"></span>e Ratio<span class=\"_ _0\"></span> Definition<span class=\"_ _1\"></span> Loans<span class=\"_ _0\"></span> Limit Interest coverage<span class=\"_ _0\"></span> EBITDA 12M / An<span class=\"_ _0\"></span>nual net inter<span class=\"_ _0\"></span>est Bank \u2265<span class=\"ff1\"> 4.5 - 5.5 </span>Indebtedness<span class=\"_ _0\"></span> Interest-beari<span class=\"_ _0\"></span>ng debt / EBITDA <span class=\"_ _0\"></span>12M<span class=\"_ _0\"></span> Bank \u2264<span class=\"ff1\"> 4.5 </span>Bank \u2264<span class=\"ff1\"> 4.0 </span>Net Debt / EBI<span class=\"_ _0\"></span>TDA (Interest-beari<span class=\"_ _0\"></span>ng debt - Cash) / <span class=\"_ _0\"></span>EBITDA 12M<span class=\"_ _0\"></span> Commercial<span class=\"_ _0\"></span> Paper \u2264<span class=\"ff1\"> 4.0 - 5.0 </span>Bonds \u2264<span class=\"ff1\"> 4.0 </span>Given the c<span class=\"_ _2\"></span>ontractu<span class=\"_ _a9\"></span>al li<span class=\"_ _2\"></span>mits, in <span class=\"_ _2\"></span>2022 an<span class=\"_ _2\"></span>d 2021 the C<span class=\"_ _2\"></span>ompany is i<span class=\"_ _2\"></span>n compl<span class=\"_ _2\"></span>iance wi<span class=\"_ _2\"></span>th the covenants n<span class=\"_ _a9\"></span>eg<span class=\"_ _0\"></span>otia<span class=\"_ _2\"></span>ted. As <span class=\"_ _2\"></span>at 31<span class=\"_ _2\"></span> December <span class=\"_ _2\"></span>2022 and <span class=\"_ _2\"></span>31 D<span class=\"_ _2\"></span>ecember 20<span class=\"_ _2\"></span>21, Naviga<span class=\"_ _2\"></span>tor p<span class=\"_ _2\"></span>resents <span class=\"_ _2\"></span>a mini<span class=\"_ _2\"></span>mum safety margin<span class=\"_ _2\"></span> above 8<span class=\"_ _2\"></span>0% on <span class=\"_ _2\"></span>the ful<span class=\"_ _2\"></span>filment <span class=\"_ _2\"></span>of it<span class=\"_ _2\"></span>s co<span class=\"_ _2\"></span>venants. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities i<span class=\"_ _2\"></span>ncludes <span class=\"_ _2\"></span>Bonds, Commerci<span class=\"_ _2\"></span>al Pa<span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>r, bank <span class=\"_ _2\"></span>loans an<span class=\"_ _a9\"></span>d other f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng. Initial<span class=\"_ _2\"></span> measurem<span class=\"_ _2\"></span>ent At fair <span class=\"_ _2\"></span>value, <span class=\"_ _2\"></span>net of<span class=\"_ _2\"></span> trans<span class=\"_ _2\"></span>action c<span class=\"_ _2\"></span>osts inc<span class=\"_ _2\"></span>urred. Subsequen<span class=\"_ _2\"></span>t measuremen<span class=\"_ _a9\"></span>t At amortise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cost<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> usi<span class=\"_ _2\"></span>ng the ef<span class=\"_ _2\"></span>fecti<span class=\"_ _2\"></span>ve inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e metho<span class=\"_ _2\"></span>d. The diffe<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>nce b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>the repa<span class=\"_ _2\"></span>yment amount <span class=\"_ _2\"></span>and the i<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>tial <span class=\"_ _2\"></span>measurement amo<span class=\"_ _2\"></span>unt is recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> ove<span class=\"_ _2\"></span>r the deb<span class=\"_ _2\"></span>t peri<span class=\"_ _2\"></span>od u<span class=\"_ _2\"></span>nder \"Inte<span class=\"_ _2\"></span>rest ex<span class=\"_ _2\"></span>penses on <span class=\"_ _2\"></span>other loans<span class=\"_ _2\"></span>\" in N<span class=\"_ _2\"></span>ote 5.10 <span class=\"ff8\">\u2013</span> <span class=\"_ _2\"></span>Net financ<span class=\"_ _2\"></span>ial resu<span class=\"_ _2\"></span>lts<span class=\"_ _2\"></span>. Fair val<span class=\"_ _2\"></span>ue The boo<span class=\"_ _2\"></span>k value of <span class=\"_ _2\"></span>shor<span class=\"_ _2\"></span>t-term deb<span class=\"_ _2\"></span>t or l<span class=\"_ _2\"></span>oans co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>with<span class=\"_ _2\"></span> variable int<span class=\"_ _2\"></span>erest ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>s ap<span class=\"_ _2\"></span>proxima<span class=\"_ _2\"></span>tes their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>. The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of in<span class=\"_ _2\"></span>terest-bearin<span class=\"_ _a9\"></span>g liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>that are remun<span class=\"_ _a9\"></span>erated at <span class=\"_ _2\"></span>a fixed <span class=\"_ _2\"></span>rate i<span class=\"_ _2\"></span>s disc<span class=\"_ _2\"></span>losed i<span class=\"_ _2\"></span>n Note 8.3 <span class=\"ff8\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es. </span></span>Discl<span class=\"_ _2\"></span>osure As a c<span class=\"_ _2\"></span>urrent l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, excep<span class=\"_ _2\"></span>t when the <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>has an un<span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>ditional<span class=\"_ _2\"></span> right to d<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>the se<span class=\"_ _2\"></span>ttlement of the <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ity for <span class=\"_ _2\"></span>at leas<span class=\"_ _2\"></span>t 12 mon<span class=\"_ _2\"></span>ths af<span class=\"_ _2\"></span>ter the re<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _2\"></span>ting date<span class=\"ff9\">.</span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s Commerci<span class=\"_ _2\"></span>al paper The Company h<span class=\"_ _a9\"></span>as several <span class=\"_ _2\"></span>commercial<span class=\"_ _2\"></span> paper p<span class=\"_ _a9\"></span>rograms ne<span class=\"_ _2\"></span>gotiate<span class=\"_ _2\"></span>d, of a<span class=\"_ _2\"></span>greements <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith whic<span class=\"_ _2\"></span>h it is <span class=\"_ _2\"></span>frequent to <span class=\"_ _2\"></span>carry o<span class=\"_ _2\"></span>ut emi<span class=\"_ _2\"></span>ssions<span class=\"_ _2\"></span> with con<span class=\"_ _2\"></span>tractual <span class=\"_ _2\"></span>maturit<span class=\"_ _2\"></span>y of les<span class=\"_ _2\"></span>s than one <span class=\"_ _2\"></span>year <span class=\"_ _2\"></span>but wi<span class=\"_ _2\"></span>th revolving n<span class=\"_ _2\"></span>ature<span class=\"_ _2\"></span>. Where <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> expects <span class=\"_ _a9\"></span>to<span class=\"_ _0\"></span> exten<span class=\"_ _2\"></span>d th<span class=\"_ _2\"></span>ese loans<span class=\"_ _2\"></span> (roll <span class=\"_ _2\"></span>over), i<span class=\"_ _2\"></span>t classi<span class=\"_ _2\"></span>fies them as no<span class=\"_ _2\"></span>n-current l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities.<span class=\"_ _2\"></span> 5.7<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Lease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities<span class=\"_ _2\"></span> Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> nature<span class=\"_ _2\"></span> </span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Non-<span class=\"_ _0\"></span>current Current<span class=\"_ _0\"></span> Total Buildi<span class=\"_ _0\"></span>ngs 1,866,759  511,666  2,378,425  2,459,148  417,970  2,877,118  Vehicl<span class=\"_ _0\"></span>es -  3,545  3,545  1,659  5,200  6,859  1,866,75<span class=\"_ _0\"></span>9  515<span class=\"_ _0\"></span>,211  2,381,97<span class=\"_ _0\"></span>0  2,460,80<span class=\"_ _0\"></span>7  423<span class=\"_ _0\"></span>,170  2,883,97<span class=\"_ _0\"></span>7  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies - <span class=\"_ _2\"></span>move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Balance as at 1 Janu<span class=\"_ _0\"></span>ary<span class=\"_ _0\"></span> 2,883,97<span class=\"_ _0\"></span>7  3,375,53<span class=\"_ _0\"></span>6  Contract amortisa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n (591,251) (589,656) Interest expense<span class=\"_ _0\"></span> 78,661  93,453 <span class=\"_ _0\"></span> Other changes 10,583  4,644  Total changes in rel<span class=\"_ _0\"></span>ated liabilities<span class=\"_ _0\"></span> (502<span class=\"_ _0\"></span>,007) (491<span class=\"_ _0\"></span>,559) Balance as at 31 Decem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span> 2,381,97<span class=\"_ _0\"></span>0  2,883,97<span class=\"_ _0\"></span>7  Lease l<span class=\"_ _2\"></span>iabilit<span class=\"_ _2\"></span>ies <span class=\"ffa\">\u2013<span class=\"_ _2\"></span><span class=\"ff4\"> futu<span class=\"_ _2\"></span>re lia<span class=\"_ _2\"></span>bilities </span></span>Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Less than 1 year<span class=\"_ _0\"></span> 451,843  423,170  1 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2 years<span class=\"_ _0\"></span> 479,584  449,916  2 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>3 years<span class=\"_ _0\"></span> 511,808  479,584  3 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>4 years<span class=\"_ _0\"></span> 545,016  511,808  4 t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>5 years<span class=\"_ _0\"></span> 234,948  545,016  More than 5 years<span class=\"_ _0\"></span> -  237,129  2,223,19<span class=\"_ _0\"></span>9  2,646,62<span class=\"_ _0\"></span>2  Interest on l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties 158,771  237,355  Present value of lia<span class=\"_ _0\"></span>bilities<span class=\"_ _0\"></span> 2,381,97<span class=\"_ _0\"></span>0  2,883,97<span class=\"_ _0\"></span>7  The maturi<span class=\"_ _2\"></span>ty anal<span class=\"_ _2\"></span>ysis <span class=\"_ _2\"></span>of leas<span class=\"_ _2\"></span>e lia<span class=\"_ _2\"></span>bilities <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s p<span class=\"_ _2\"></span>resented <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e No<span class=\"_ _2\"></span>te 8.1.3 - Liqu<span class=\"_ _2\"></span>idity r<span class=\"_ _2\"></span>isk. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies At the s<span class=\"_ _2\"></span>tart da<span class=\"_ _2\"></span>te of th<span class=\"_ _a9\"></span>e lease, <span class=\"_ _2\"></span>the Compan<span class=\"_ _2\"></span>y reco<span class=\"_ _2\"></span>gnises l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities <span class=\"_ _2\"></span>measured at <span class=\"_ _2\"></span>the pres<span class=\"_ _2\"></span>ent value of<span class=\"_ _2\"></span> futur<span class=\"_ _2\"></span>e lease pa<span class=\"_ _2\"></span>yments, <span class=\"_ _a9\"></span>which inc<span class=\"_ _2\"></span>lude fi<span class=\"_ _2\"></span>xed paym<span class=\"_ _2\"></span>ents less <span class=\"_ _2\"></span>any leas<span class=\"_ _2\"></span>e incenti<span class=\"_ _2\"></span>ves, variable l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments<span class=\"_ _2\"></span>, and amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>to be <span class=\"_ _2\"></span>paid as resi<span class=\"_ _2\"></span>dual value. L<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>payments also<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude the exerci<span class=\"_ _2\"></span>se price of<span class=\"_ _2\"></span> call<span class=\"_ _2\"></span> or r<span class=\"_ _2\"></span>enewal<span class=\"_ _2\"></span> options <span class=\"_ _2\"></span>reason<span class=\"_ _2\"></span>ably certai<span class=\"_ _2\"></span>n to b<span class=\"_ _2\"></span>e exerci<span class=\"_ _2\"></span>sed by the Company o<span class=\"_ _a9\"></span>r lease t<span class=\"_ _2\"></span>ermination<span class=\"_ _2\"></span> penal<span class=\"_ _2\"></span>ty paym<span class=\"_ _2\"></span>ents if <span class=\"_ _2\"></span>the l<span class=\"_ _2\"></span>ease term <span class=\"_ _2\"></span>reflects <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>'s option <span class=\"_ _2\"></span>to termi<span class=\"_ _2\"></span>nate the a<span class=\"_ _a9\"></span>greement. In calc<span class=\"_ _2\"></span>ulating the <span class=\"_ _a9\"></span>pre<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ent val<span class=\"_ _2\"></span>ue of fu<span class=\"_ _2\"></span>ture l<span class=\"_ _2\"></span>ease paymen<span class=\"_ _2\"></span>ts, <span class=\"_ _2\"></span>the Company us<span class=\"_ _a9\"></span>es an inc<span class=\"_ _2\"></span>remental finan<span class=\"_ _2\"></span>cing rate i<span class=\"_ _2\"></span>f the impl<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d interes<span class=\"_ _2\"></span>t rate on<span class=\"_ _2\"></span> the l<span class=\"_ _2\"></span>ease <span class=\"_ _2\"></span>transac<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>s not easi<span class=\"_ _2\"></span>ly determi<span class=\"_ _2\"></span>nable<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span> Subsequen<span class=\"_ _2\"></span>tly, the <span class=\"_ _2\"></span>value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>lease li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties i<span class=\"_ _2\"></span>s increased<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e inter<span class=\"_ _2\"></span>est amount (Not<span class=\"_ _2\"></span>e 5.10 - Net fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> results) an<span class=\"_ _a9\"></span>d decrease<span class=\"_ _2\"></span>d by the l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e payment<span class=\"_ _2\"></span>s (rents<span class=\"_ _2\"></span>). 5.8<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Cash an<span class=\"_ _2\"></span>d cash <span class=\"_ _2\"></span>equiv<span class=\"_ _2\"></span>alents Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Cash  5,540  5,540  Short-term bank depo<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ts  189,407,443  160,738,761  Other short-term i<span class=\"_ _0\"></span>nvestments     <span class=\"_ _0\"></span>                            <span class=\"_ _0\"></span>                 <span class=\"_ _0\"></span> 146,997,320  68,550,446 <span class=\"_ _0\"></span> Cash pooli<span class=\"_ _0\"></span>ng (Note 10.2) <span class=\"_ _0\"></span> 54,229,858 <span class=\"_ _0\"></span> 125,041,900  Cash and cash e<span class=\"_ _0\"></span>quivalents in th<span class=\"_ _0\"></span>e statement of financi<span class=\"_ _0\"></span>al posi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> 390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  Bank <span class=\"_ _2\"></span>ov<span class=\"_ _0\"></span>erdrafts<span class=\"_ _0\"></span> - cash poo<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ng (Notes 5.6 and 10.2) <span class=\"_ _0\"></span> (297,339,234)<span class=\"_ _0\"></span> (129,775,499)<span class=\"_ _0\"></span> Cash and cash e<span class=\"_ _0\"></span>quivalents in th<span class=\"_ _0\"></span>e statement of c<span class=\"_ _0\"></span>ash flows <span class=\"_ _1\"></span> 93,300<span class=\"_ _0\"></span>,927  224<span class=\"_ _0\"></span>,561,148<span class=\"_ _0\"></span>  In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other sho<span class=\"_ _2\"></span>rt-terms <span class=\"_ _2\"></span>inves<span class=\"_ _2\"></span>tments co<span class=\"_ _2\"></span>rresp<span class=\"_ _2\"></span>onds to <span class=\"_ _2\"></span>amounts in<span class=\"_ _2\"></span>veste<span class=\"_ _2\"></span>d by Navigator i<span class=\"_ _2\"></span>n a <span class=\"_ _2\"></span>portfoli<span class=\"_ _2\"></span>o of <span class=\"_ _2\"></span>short-term<span class=\"_ _2\"></span>, highly l<span class=\"_ _2\"></span>iquid f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets and iss<span class=\"_ _2\"></span>uers <span class=\"_ _2\"></span>with adequa<span class=\"_ _2\"></span>te ratings.<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>ere ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant balanc<span class=\"_ _2\"></span>es of c<span class=\"_ _2\"></span>ash and cash equi<span class=\"_ _2\"></span>valen<span class=\"_ _2\"></span>ts that <span class=\"_ _2\"></span>are su<span class=\"_ _2\"></span>bject to r<span class=\"_ _a9\"></span>estrictions o<span class=\"_ _2\"></span>n use <span class=\"_ _2\"></span>by<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the Company<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Cash <span class=\"_ _2\"></span>and cash equi<span class=\"_ _2\"></span>valents<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>ude cash, <span class=\"_ _2\"></span>bank accoun<span class=\"_ _a9\"></span>ts and <span class=\"_ _2\"></span>other sho<span class=\"_ _2\"></span>rt<span class=\"_ _0\"></span>-term i<span class=\"_ _2\"></span>nvestm<span class=\"_ _2\"></span>ents wi<span class=\"_ _2\"></span>th an in<span class=\"_ _2\"></span>itial <span class=\"_ _2\"></span>maturity of u<span class=\"_ _2\"></span>p to <span class=\"_ _2\"></span>3 months, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hich <span class=\"_ _2\"></span>can be mobil<span class=\"_ _2\"></span>ised i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y withou<span class=\"_ _2\"></span>t any signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>risk in <span class=\"_ _2\"></span>value fl<span class=\"_ _2\"></span>uctuations<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>  For cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w statement <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>es, thi<span class=\"_ _2\"></span>s caption<span class=\"_ _2\"></span> will<span class=\"_ _2\"></span> also <span class=\"_ _2\"></span>inclu<span class=\"_ _2\"></span>de, when appli<span class=\"_ _2\"></span>cable<span class=\"_ _2\"></span>, bank overdrafts<span class=\"_ _a9\"></span>, w<span class=\"_ _0\"></span>hich<span class=\"_ _2\"></span> are pr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>sented <span class=\"_ _2\"></span>in the <span class=\"_ _2\"></span>Statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion as<span class=\"_ _2\"></span> a current l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity, under th<span class=\"_ _2\"></span>e capti<span class=\"_ _2\"></span>on Int<span class=\"_ _2\"></span>erest-bearin<span class=\"_ _2\"></span>g liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>(Note 5<span class=\"_ _2\"></span>.6).5.9<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Cash <span class=\"_ _2\"></span>flows fr<span class=\"_ _2\"></span>om financ<span class=\"_ _2\"></span>ing act<span class=\"_ _a9\"></span>ivities Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in lia<span class=\"_ _2\"></span>bilitie<span class=\"_ _2\"></span>s for <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ng ac<span class=\"_ _2\"></span>tivitie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance as at 1 Janua<span class=\"_ _0\"></span>ry<span class=\"_ _0\"></span> 933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  947<span class=\"_ _0\"></span>,383,993<span class=\"_ _0\"></span>  Payment of loans<span class=\"_ _0\"></span> (545,218,254)<span class=\"_ _0\"></span> (291,527,778)<span class=\"_ _0\"></span> Receipts from lo<span class=\"_ _0\"></span>ans obtained<span class=\"_ _0\"></span> 430,000,000  147,500,000  Cash pooli<span class=\"_ _0\"></span>ng 167,563,736  129,775,499  Changes in borrowi<span class=\"_ _0\"></span>ng costs (64<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>62)<span class=\"_ _0\"></span> 33,919 <span class=\"_ _0\"></span> Changes in interes<span class=\"_ _0\"></span>t-bearin<span class=\"_ _0\"></span>g debt<span class=\"_ _0\"></span> 52,280<span class=\"_ _0\"></span>,820  (14,21<span class=\"_ _0\"></span>8,360) Gross interest-be<span class=\"_ _0\"></span>aring de<span class=\"_ _0\"></span>bt 985<span class=\"_ _0\"></span>,446,453<span class=\"_ _0\"></span>  933<span class=\"_ _0\"></span>,165,633<span class=\"_ _0\"></span>  5.10<span class=\"ff7\"> <span class=\"_ _87\"> </span></span>Net <span class=\"_ _2\"></span>financi<span class=\"_ _a9\"></span>a<span class=\"_ _0\"></span>l r<span class=\"_ _2\"></span>esults Amounts i<span class=\"_ _0\"></span>n Euro 2022 2021 Interest paid on debt <span class=\"_ _0\"></span>securiti<span class=\"_ _0\"></span>es and bank deb<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> (9,418,150) (10<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>85,295)<span class=\"_ _0\"></span> Interest paid on ot<span class=\"_ _0\"></span>her interest<span class=\"_ _0\"></span>-bearing l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abilities (11<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>66,018)<span class=\"_ _0\"></span> (4,409,101) Commissi<span class=\"_ _0\"></span>ons on l<span class=\"_ _0\"></span>oans a<span class=\"_ _2\"></span>nd<span class=\"_ _0\"></span> expenses wi<span class=\"_ _0\"></span>th the openi<span class=\"_ _0\"></span>ng of credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"_ _2\"></span> <span class=\"_ _1\"></span> (4,370,449) (3,349,422) Interest paid using th<span class=\"_ _0\"></span>e effectiv<span class=\"_ _0\"></span>e interest m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span> (25,15<span class=\"_ _0\"></span>4,617) (18,14<span class=\"_ _0\"></span>3,818) Interest paid on l<span class=\"_ _0\"></span>ease l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>ties (78<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>61)<span class=\"_ _0\"></span> (93<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>53)<span class=\"_ _0\"></span> Financial expens<span class=\"_ _0\"></span>es related to the G<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>apital structure<span class=\"_ _1\"></span> (25,23<span class=\"_ _0\"></span>3,278) (18,23<span class=\"_ _0\"></span>7,271) Unfavourable exch<span class=\"_ _0\"></span>ange rate di<span class=\"_ _0\"></span>fferences<span class=\"_ _0\"></span> -  (10<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>79,571)<span class=\"_ _0\"></span> Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- interest-r<span class=\"_ _0\"></span>ate hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (1,504,772) (3,191,640) Gains / (Losses) on<span class=\"_ _0\"></span> financial<span class=\"_ _0\"></span> instruments <span class=\"_ _0\"></span>- hedging (Not<span class=\"_ _0\"></span>e 8.2)<span class=\"_ _0\"></span> (4,289,597) (4,265,016) Other expenses a<span class=\"_ _0\"></span>nd financi<span class=\"_ _0\"></span>al losses   <span class=\"_ _0\"></span> (2,177,098) (110,915) Financial expens<span class=\"_ _0\"></span>es and losses<span class=\"_ _1\"></span> (33,20<span class=\"_ _0\"></span>4,745) (36,18<span class=\"_ _0\"></span>4,414) Interest recei<span class=\"_ _0\"></span>ved fr<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>m l<span class=\"_ _0\"></span>oans granted<span class=\"_ _0\"></span> 8,404,238  3,266,904  Favourable exchange <span class=\"_ _0\"></span>rate di<span class=\"_ _0\"></span>fferences<span class=\"_ _0\"></span> 6,875,033  12,539,990 <span class=\"_ _0\"></span> Gains on compe<span class=\"_ _0\"></span>nsatory i<span class=\"_ _0\"></span>nterest 341,349  767,705  Other income and fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al gai<span class=\"_ _0\"></span>ns 6,474,957  9,031,354  Financial income and <span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span> 22,095<span class=\"_ _0\"></span>,577  25,605<span class=\"_ _0\"></span>,954  Net financial result<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span> (11,10<span class=\"_ _0\"></span>9,168) (10,57<span class=\"_ _0\"></span>8,460) Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The Company cl<span class=\"_ _2\"></span>assif<span class=\"_ _2\"></span>ies as <span class=\"_ _2\"></span>\"Financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>ncome\" the i<span class=\"_ _2\"></span>ncome <span class=\"_ _2\"></span>and gains <span class=\"_ _2\"></span>resulting <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>treasur<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> managemen<span class=\"_ _2\"></span>t activi<span class=\"_ _2\"></span>ties su<span class=\"_ _2\"></span>ch as: i<span class=\"_ _2\"></span>) inte<span class=\"_ _2\"></span>rest recei<span class=\"_ _a9\"></span>ved from <span class=\"_ _2\"></span>the appli<span class=\"_ _2\"></span>cation <span class=\"_ _2\"></span>of cas<span class=\"_ _2\"></span>h surplus; <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>i) changes i<span class=\"_ _2\"></span>n the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument<span class=\"_ _2\"></span>s negotiat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> to h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dge i<span class=\"_ _2\"></span>nterest r<span class=\"_ _a9\"></span>at<span class=\"_ _0\"></span>e and exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _a9\"></span>risk on l<span class=\"_ _2\"></span>oans, re<span class=\"_ _2\"></span>gardless<span class=\"_ _2\"></span> of the f<span class=\"_ _2\"></span>ormal <span class=\"_ _2\"></span>designatio<span class=\"_ _2\"></span>n of h<span class=\"_ _2\"></span>edge.6.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Incom<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>ax </span></span>6.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Income<span class=\"_ _2\"></span> tax <span class=\"_ _2\"></span>for the<span class=\"_ _2\"></span> peri<span class=\"_ _2\"></span>od 6.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Tax <span class=\"_ _a9\"></span>amou<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>cog<span class=\"_ _a9\"></span>nis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _a9\"></span>inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _a9\"></span>atem<span class=\"_ _2\"></span>ent Amounts in Euro<span class=\"_ _0\"></span> 2022 2021  Current tax<span class=\"_ _0\"></span> (9,680,009) (1,260,778)  Change in uncertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in the<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 3,906,564  (3,827,856)  Deferred tax (Note 6.2)<span class=\"_ _1\"></span> 2,028,010  1,658,967  (3,745<span class=\"_ _0\"></span>,435) (3,429<span class=\"_ _0\"></span>,667) Nominal<span class=\"_ _a9\"></span> tax rate<span class=\"_ _a9\"></span> In the <span class=\"_ _2\"></span>periods <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d, the <span class=\"_ _2\"></span>Company cons<span class=\"_ _2\"></span>iders<span class=\"_ _2\"></span> a nomi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span> tax rate i<span class=\"_ _2\"></span>n Port<span class=\"_ _2\"></span>ugal of 27.5%<span class=\"_ _2\"></span>, resulti<span class=\"_ _2\"></span>ng from th<span class=\"_ _2\"></span>e ta<span class=\"_ _2\"></span>x legisl<span class=\"_ _2\"></span>ation as <span class=\"_ _2\"></span>foll<span class=\"_ _2\"></span>ows: 2022 2021 Portugal Nomi<span class=\"_ _0\"></span>nal income tax rate<span class=\"_ _0\"></span> 21.0% 21.0% Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge<span class=\"_ _0\"></span> 1.5% 1.5% 22.5% 22.5% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>1,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 7,500,0<span class=\"_ _0\"></span>00 <span class=\"_ _0\"></span> 3.0% 3.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts between Euro <span class=\"_ _0\"></span>7,500,<span class=\"_ _0\"></span>000<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>and Euro 35,000,<span class=\"_ _0\"></span>000 <span class=\"_ _0\"></span> 5.0% 5.0% State surcharge - on <span class=\"_ _0\"></span>the share of ta<span class=\"_ _0\"></span>xable profi<span class=\"_ _0\"></span>ts above Euro <span class=\"_ _0\"></span>35,000,000 <span class=\"_ _0\"></span> 9.0% 9.0% Reconci<span class=\"_ _a9\"></span>liation of t<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> effecti<span class=\"_ _2\"></span>ve inc<span class=\"_ _2\"></span>ome ta<span class=\"_ _2\"></span>x ra<span class=\"_ _2\"></span>te f<span class=\"_ _2\"></span>or the <span class=\"_ _2\"></span>perio<span class=\"_ _2\"></span>d  Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Profit before income <span class=\"_ _0\"></span>tax<span class=\"_ _0\"></span> 396<span class=\"_ _0\"></span>,325,899<span class=\"_ _0\"></span>  174<span class=\"_ _0\"></span>,841,122<span class=\"_ _0\"></span>  Expected tax at nomi<span class=\"_ _0\"></span>nal rate <span class=\"_ _0\"></span>(21%) 83,228,439 <span class=\"_ _0\"></span> 36,716,636 <span class=\"_ _0\"></span> Mun<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal surcharge (202<span class=\"_ _0\"></span>2: 0.13% ; 202<span class=\"_ _0\"></span>1: 0.15%)<span class=\"_ _0\"></span> 526,084  258,781  State surcharge (2022: <span class=\"_ _0\"></span>0.39% ; 2021: <span class=\"_ _0\"></span>0.38%)<span class=\"_ _0\"></span> 1,561,503  667,605  Income tax resultin<span class=\"_ _0\"></span>g from the a<span class=\"_ _0\"></span>pplicable tax <span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span> 85,316<span class=\"_ _0\"></span>,026  37,643<span class=\"_ _0\"></span>,022  Nomin<span class=\"_ _0\"></span>al tax<span class=\"_ _2\"></span> r<span class=\"_ _0\"></span>ate for the p<span class=\"_ _0\"></span>eriod 21.53%<span class=\"_ _0\"></span> 21.53%<span class=\"_ _0\"></span> Differences (a)<span class=\"_ _0\"></span> (4,540,176) 2,679,217  Effect of appli<span class=\"_ _0\"></span>catio<span class=\"_ _0\"></span>n of equ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty method<span class=\"_ _0\"></span> (73<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>87,565)<span class=\"_ _0\"></span> (40<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>21,355)<span class=\"_ _0\"></span> (Excess)/ Insuffi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ency of income tax estimate<span class=\"_ _0\"></span> (3,906,564) 3,453,123  Autonomous taxati<span class=\"_ _0\"></span>on 363,714  475,660  3,745,43<span class=\"_ _0\"></span>5  3,429,66<span class=\"_ _0\"></span>7  Effective tax rate<span class=\"_ _0\"></span> 0.95% 1.96% (a) This amount co<span class=\"_ _0\"></span>ncerns mainl<span class=\"_ _0\"></span>y: 2022 2021 Capital gains/ (lo<span class=\"_ _0\"></span>sses) for tax pu<span class=\"_ _0\"></span>rposes -  (654,801) Capital gains/ (lo<span class=\"_ _0\"></span>sses) for accou<span class=\"_ _0\"></span>nting purpos<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  655,648  Taxable provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons and <span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>mpairment <span class=\"_ _0\"></span> 3,540,136  6,987,197  Tax benefi<span class=\"_ _0\"></span>ts (331,996) (326,801) Employee benefi<span class=\"_ _0\"></span>ts 21,108 <span class=\"_ _0\"></span> (1,390,000) Liqui<span class=\"_ _0\"></span>dation of subsidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> (14<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>41,302)<span class=\"_ _0\"></span> -  Other (6,292,558) 5,235,491  (17,80<span class=\"_ _0\"></span>4,612) 10,506<span class=\"_ _0\"></span>,734  Tax effect  (25<span class=\"_ _0\"></span>.5%) (4,540<span class=\"_ _0\"></span>,176) 2,679,21<span class=\"_ _0\"></span>7  6.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Tax <span class=\"_ _a9\"></span>recog<span class=\"_ _a9\"></span>nis<span class=\"_ _2\"></span>ed i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>tem<span class=\"_ _a9\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al <span class=\"_ _a9\"></span>posi<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>on Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Assets Amounts pendi<span class=\"_ _0\"></span>ng refund (tax proceedi<span class=\"_ _0\"></span>ngs decided i<span class=\"_ _0\"></span>n favour of <span class=\"_ _0\"></span>the Gr<span class=\"_ _0\"></span>oup)<span class=\"_ _0\"></span> 15,341,107 <span class=\"_ _0\"></span> 1,118,815  15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  Liabilities Corporate Income T<span class=\"_ _0\"></span>ax - I<span class=\"_ _0\"></span>RC 96,139,000 <span class=\"_ _0\"></span> 20,200,713 <span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional tax <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es (IRC)<span class=\"_ _0\"></span> 11,494,069 <span class=\"_ _0\"></span> 11,741,764 <span class=\"_ _0\"></span> 107<span class=\"_ _0\"></span>,633,069<span class=\"_ _0\"></span>  31,942<span class=\"_ _0\"></span>,477  Detail <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>Corporat<span class=\"_ _2\"></span>e Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x - <span class=\"_ _2\"></span>IRC (<span class=\"_ _2\"></span>net) Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Income tax for the peri<span class=\"_ _0\"></span>od (9,680,009) (1,260,778) Payments on accoun<span class=\"_ _0\"></span>t, speci<span class=\"_ _0\"></span>al and additi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span> payme<span class=\"_ _2\"></span>nts on<span class=\"_ _0\"></span> account<span class=\"_ _1\"></span> 37,184,040 <span class=\"_ _0\"></span> 18,765,072 <span class=\"_ _0\"></span> Wi<span class=\"_ _0\"></span>thholding tax recoverable<span class=\"_ _0\"></span> 36,453 <span class=\"_ _0\"></span> 7,865  Corporate Income T<span class=\"_ _0\"></span>ax of compani<span class=\"_ _0\"></span>es incl<span class=\"_ _0\"></span>uded in the RETGS<span class=\"_ _0\"></span> (123,679,484)<span class=\"_ _0\"></span> (34<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>06,939)<span class=\"_ _0\"></span> Other payabl<span class=\"_ _0\"></span>es / (recei<span class=\"_ _0\"></span>vables) -  (3,605,933) (96,13<span class=\"_ _0\"></span>9,000) (20,20<span class=\"_ _0\"></span>0,713) Amount<span class=\"_ _a9\"></span>s pendin<span class=\"_ _2\"></span>g refu<span class=\"_ _a9\"></span>nd Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 13,886,728 <span class=\"_ _0\"></span> -  RFAI<span class=\"_ _0\"></span> 20<span class=\"_ _2\"></span>10 to <span class=\"_ _0\"></span>2012 - co<span class=\"_ _0\"></span>mpensatory int<span class=\"_ _0\"></span>erest 1,076,611  1,076,611  2016 Corporate i<span class=\"_ _0\"></span>ncome tax - <span class=\"_ _0\"></span>CAAD 7/20<span class=\"_ _0\"></span>22 Proceeding<span class=\"_ _0\"></span> 272,697  -  2020 Corporate i<span class=\"_ _0\"></span>ncome tax (RETGS)<span class=\"_ _0\"></span> 62,867 <span class=\"_ _0\"></span> -  Other 42,204 <span class=\"_ _0\"></span> 42,204 <span class=\"_ _0\"></span> 15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  The movements <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od are de<span class=\"_ _2\"></span>tailed as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 1,118,81<span class=\"_ _0\"></span>5  3,482,76<span class=\"_ _0\"></span>2  Increases  14,222,292 <span class=\"_ _0\"></span> 189,876  Charge-off<span class=\"_ _0\"></span> -  (2,120,272) Reversals<span class=\"_ _0\"></span> -  (433,551) 15,341<span class=\"_ _0\"></span>,107  1,118,81<span class=\"_ _0\"></span>5  Uncerta<span class=\"_ _2\"></span>in ta<span class=\"_ _2\"></span>x <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>-<span class=\"_ _2\"></span> liabilitie<span class=\"_ _a9\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> 11,741<span class=\"_ _0\"></span>,764  9,014,69<span class=\"_ _0\"></span>9  Increases  5,836,617  10,756,268 <span class=\"_ _0\"></span> Charge-off<span class=\"_ _0\"></span> (3,599,451) (975,264) Reversals<span class=\"_ _0\"></span> (2,484,861) (7,053,939) Changes in the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> (247<span class=\"_ _0\"></span>,695) 2,727,06<span class=\"_ _0\"></span>5  11,494<span class=\"_ _0\"></span>,069  11,741<span class=\"_ _0\"></span>,764  Taxes <span class=\"_ _2\"></span>paid i<span class=\"_ _2\"></span>n liti<span class=\"_ _2\"></span>gation<span class=\"_ _a9\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e additi<span class=\"_ _2\"></span>onal tax as<span class=\"_ _2\"></span>sessm<span class=\"_ _2\"></span>ents that <span class=\"_ _2\"></span>are already <span class=\"_ _2\"></span>paid and co<span class=\"_ _2\"></span>ntes<span class=\"_ _2\"></span>ted, not <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in as<span class=\"_ _2\"></span>sets, a<span class=\"_ _a9\"></span>re summari<span class=\"_ _2\"></span>sed as fo<span class=\"_ _2\"></span>llows: Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>2005 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax 10,394,386 <span class=\"_ _0\"></span> 10,394,386 <span class=\"_ _0\"></span> 2006 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax <span class=\"_ _0\"></span> 8,150,146  8,150,146  2018 Aggregated Corpor<span class=\"_ _0\"></span>ate Income<span class=\"_ _0\"></span> Tax 14,433,913 <span class=\"_ _0\"></span> -  2016 State surcharge<span class=\"_ _0\"></span> 3,761,397  3,761,397  2017 State surcharge<span class=\"_ _0\"></span> 8,462,724  8,462,724  2018 State surcharge<span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 12,223,705 <span class=\"_ _0\"></span> 2016 and 2017 CDTJI Corpo<span class=\"_ _0\"></span>rate Incom<span class=\"_ _0\"></span>e Tax<span class=\"_ _0\"></span> 1,522,660  1,522,660  58,948<span class=\"_ _0\"></span>,931  44,515<span class=\"_ _0\"></span>,018  Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Current i<span class=\"_ _2\"></span>ncome t<span class=\"_ _2\"></span>ax is c<span class=\"_ _2\"></span>alculated <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _2\"></span>d on net p<span class=\"_ _2\"></span>rofit, <span class=\"_ _2\"></span>adjus<span class=\"_ _2\"></span>ted in co<span class=\"_ _2\"></span>mpliance <span class=\"_ _2\"></span>with tax le<span class=\"_ _2\"></span>gislati<span class=\"_ _2\"></span>on in f<span class=\"_ _2\"></span>orce at th<span class=\"_ _2\"></span>e Statemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al pos<span class=\"_ _2\"></span>ition date<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span> Taxa<span class=\"_ _2\"></span>tion gr<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span> In Portu<span class=\"_ _2\"></span>gal, th<span class=\"_ _2\"></span>e Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _2\"></span>p is <span class=\"_ _2\"></span>subject <span class=\"_ _2\"></span>to the Sp<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>cial<span class=\"_ _2\"></span> Tax Regi<span class=\"_ _2\"></span>me for Grou<span class=\"_ _2\"></span>ps of C<span class=\"_ _2\"></span>ompanies (REGTS - <span class=\"ff9\">Re<span class=\"_ _2\"></span>gime Es<span class=\"_ _2\"></span>pecia<span class=\"_ _2\"></span>l de Tribu<span class=\"_ _2\"></span>ta\u00e7\u00e3o d<span class=\"_ _2\"></span>e Grupos <span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span> So<span class=\"_ _2\"></span>ciedades<span class=\"ff1\">), comp<span class=\"_ _a9\"></span>rising compani<span class=\"_ _2\"></span>es in </span></span>which the <span class=\"_ _2\"></span>shareho<span class=\"_ _2\"></span>lding i<span class=\"_ _2\"></span>s equal to<span class=\"_ _2\"></span> or mo<span class=\"_ _2\"></span>re than 75<span class=\"_ _a9\"></span>% and whic<span class=\"_ _2\"></span>h meet <span class=\"_ _2\"></span>the conditio<span class=\"_ _2\"></span>ns lai<span class=\"_ _2\"></span>d down in arti<span class=\"_ _2\"></span>cle 69<span class=\"_ _2\"></span>, and fol<span class=\"_ _2\"></span>lowing of<span class=\"_ _2\"></span> the Po<span class=\"_ _2\"></span>rtuguese <span class=\"_ _2\"></span>Corpo<span class=\"_ _2\"></span>rate In<span class=\"_ _2\"></span>come Tax Co<span class=\"_ _2\"></span>de (IRC)<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> These comp<span class=\"_ _2\"></span>anies i<span class=\"_ _2\"></span>ncluded i<span class=\"_ _2\"></span>n the RE<span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>GS calc<span class=\"_ _2\"></span>ulate inc<span class=\"_ _2\"></span>ome <span class=\"_ _2\"></span>taxes as if <span class=\"_ _a9\"></span>they were taxed independ<span class=\"_ _2\"></span>ently. L<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties are r<span class=\"_ _a9\"></span>ecognised as <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ue to <span class=\"_ _2\"></span>the con<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>roll<span class=\"_ _2\"></span>ing entit<span class=\"_ _2\"></span>y of the <span class=\"_ _a9\"></span>tax busi<span class=\"_ _2\"></span>ness Group, cur<span class=\"_ _2\"></span>rentl<span class=\"_ _2\"></span>y The Navi<span class=\"_ _2\"></span>gator C<span class=\"_ _2\"></span>ompany, S<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>A. whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> respon<span class=\"_ _2\"></span>sible f<span class=\"_ _2\"></span>or the Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>\u2019s o<span class=\"_ _2\"></span>verall<span class=\"_ _2\"></span> clearanc<span class=\"_ _2\"></span>e and paym<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>orporate <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>ncome Ta<span class=\"_ _2\"></span>x. Wh<span class=\"_ _2\"></span>ere there are <span class=\"_ _2\"></span>gains<span class=\"_ _2\"></span> on the us<span class=\"_ _2\"></span>e of thi<span class=\"_ _2\"></span>s regime<span class=\"_ _2\"></span>, these are <span class=\"_ _a9\"></span>recorded as i<span class=\"_ _2\"></span>ncome i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e dominant en<span class=\"_ _a9\"></span>tity fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> statements<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> The amounts <span class=\"_ _a9\"></span>the Compan<span class=\"_ _2\"></span>y has rec<span class=\"_ _2\"></span>eivable f<span class=\"_ _a9\"></span>rom or payabl<span class=\"_ _2\"></span>e to <span class=\"_ _2\"></span>other com<span class=\"_ _2\"></span>panies i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>tax business<span class=\"_ _2\"></span> group in <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>their li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>presented <span class=\"_ _a9\"></span>under Recei<span class=\"_ _2\"></span>vables an<span class=\"_ _2\"></span>d Payabl<span class=\"_ _2\"></span>es. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s The Company <span class=\"_ _2\"></span>recognis<span class=\"_ _2\"></span>es li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es for ad<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>itio<span class=\"_ _2\"></span>nal tax ass<span class=\"_ _a9\"></span>essments tha<span class=\"_ _a9\"></span>t may resul<span class=\"_ _2\"></span>t from r<span class=\"_ _2\"></span>evie<span class=\"_ _2\"></span>ws by the <span class=\"_ _2\"></span>tax authori<span class=\"_ _a9\"></span>ties. <span class=\"_ _2\"></span>When the f<span class=\"_ _2\"></span>inal <span class=\"_ _2\"></span>result of <span class=\"_ _2\"></span>these s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>s diff<span class=\"_ _2\"></span>erent from <span class=\"_ _2\"></span>the amounts ini<span class=\"_ _2\"></span>tially <span class=\"_ _2\"></span>recorded, th<span class=\"_ _2\"></span>e differ<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nces wil<span class=\"_ _2\"></span>l have an<span class=\"_ _2\"></span> imp<span class=\"_ _2\"></span>act on i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ome tax in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> pe<span class=\"_ _2\"></span>riod in <span class=\"_ _2\"></span>which the<span class=\"_ _2\"></span>y are calc<span class=\"_ _2\"></span>ulated.<span class=\"_ _2\"></span> In Portu<span class=\"_ _2\"></span>gal, annual<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s ar<span class=\"_ _2\"></span>e subj<span class=\"_ _2\"></span>ect to <span class=\"_ _2\"></span>review and <span class=\"_ _a9\"></span>possible adjus<span class=\"_ _a9\"></span>tment by <span class=\"_ _2\"></span>the tax au<span class=\"_ _2\"></span>thorities f<span class=\"_ _2\"></span>or a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 4 y<span class=\"_ _2\"></span>ears. H<span class=\"_ _2\"></span>owever, if <span class=\"_ _2\"></span>tax loss<span class=\"_ _a9\"></span>es are presen<span class=\"_ _2\"></span>ted, th<span class=\"_ _2\"></span>ey ma<span class=\"_ _2\"></span>y be subject <span class=\"_ _2\"></span>to re<span class=\"_ _2\"></span>view by th<span class=\"_ _2\"></span>e tax <span class=\"_ _2\"></span>authori<span class=\"_ _2\"></span>ties fo<span class=\"_ _2\"></span>r a peri<span class=\"_ _2\"></span>od of 6<span class=\"_ _2\"></span> years.  The Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>considers <span class=\"_ _a9\"></span>that any co<span class=\"_ _2\"></span>rrectio<span class=\"_ _2\"></span>ns to th<span class=\"_ _2\"></span>ose decl<span class=\"_ _2\"></span>arati<span class=\"_ _2\"></span>ons as a <span class=\"_ _2\"></span>result of<span class=\"_ _2\"></span> reviews/i<span class=\"_ _2\"></span>nspec<span class=\"_ _2\"></span>tions by th<span class=\"_ _2\"></span>e Por<span class=\"_ _2\"></span>tuguese <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>rities <span class=\"_ _2\"></span>will not have a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant i<span class=\"_ _2\"></span>mpact <span class=\"_ _2\"></span>in the finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>statements as<span class=\"_ _2\"></span> at 31 Dec<span class=\"_ _a9\"></span>ember 2022<span class=\"_ _2\"></span>, although <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>e periods u<span class=\"_ _2\"></span>p to and i<span class=\"_ _2\"></span>ncludi<span class=\"_ _2\"></span>ng 2018 have alre<span class=\"_ _2\"></span>ady been <span class=\"_ _a9\"></span>rev<span class=\"_ _0\"></span>ie<span class=\"_ _2\"></span>wed. Uncertai<span class=\"_ _2\"></span>n tax <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span>s The amount of<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es recorded <span class=\"_ _2\"></span>for t<span class=\"_ _2\"></span>ax proce<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dings ari<span class=\"_ _2\"></span>ses from an as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ment made by the <span class=\"_ _2\"></span>Group, <span class=\"_ _a9\"></span>as at the <span class=\"_ _2\"></span>date of <span class=\"_ _2\"></span>the St<span class=\"_ _2\"></span>atement o<span class=\"_ _2\"></span>f Fin<span class=\"_ _a9\"></span>ancial <span class=\"_ _2\"></span>Positio<span class=\"_ _2\"></span>n, regarding <span class=\"_ _2\"></span>potential<span class=\"_ _2\"></span> differenc<span class=\"_ _2\"></span>es of un<span class=\"_ _2\"></span>derst<span class=\"_ _2\"></span>anding wi<span class=\"_ _2\"></span>th the Po<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span>ugues<span class=\"_ _2\"></span>e Tax Au<span class=\"_ _2\"></span>tho<span class=\"_ _2\"></span>rities, con<span class=\"_ _2\"></span>siderin<span class=\"_ _2\"></span>g the developmen<span class=\"_ _2\"></span>ts in ta<span class=\"_ _2\"></span>x mat<span class=\"_ _2\"></span>ters.  With resp<span class=\"_ _2\"></span>ect to<span class=\"_ _2\"></span> the m<span class=\"_ _2\"></span>easurement of <span class=\"_ _2\"></span>uncertai<span class=\"_ _2\"></span>n tax <span class=\"_ _2\"></span>position<span class=\"_ _a9\"></span>s, the Compan<span class=\"_ _2\"></span>y takes <span class=\"_ _2\"></span>into consi<span class=\"_ _2\"></span>deration th<span class=\"_ _2\"></span>e pro<span class=\"_ _2\"></span>visions<span class=\"_ _2\"></span> of IFRIC<span class=\"_ _2\"></span> 23 <span class=\"ff8\">\u2013</span> <span class=\"ff8\">\u201cUncer<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ainty o<span class=\"_ _a9\"></span>ver inco<span class=\"_ _2\"></span>me tax tr<span class=\"_ _2\"></span>eatments\u201d<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> namely </span>the measur<span class=\"_ _2\"></span>ement o<span class=\"_ _2\"></span>f risks <span class=\"_ _2\"></span>and unc<span class=\"_ _2\"></span>ertain<span class=\"_ _2\"></span>ties in<span class=\"_ _2\"></span> defini<span class=\"_ _2\"></span>ng the best es<span class=\"_ _a9\"></span>timate of <span class=\"_ _2\"></span>expenditu<span class=\"_ _a9\"></span>re require<span class=\"_ _2\"></span>d to se<span class=\"_ _2\"></span>ttle the <span class=\"_ _2\"></span>obliga<span class=\"_ _2\"></span>tion, b<span class=\"_ _2\"></span>y weighti<span class=\"_ _2\"></span>ng all <span class=\"_ _2\"></span>possible <span class=\"_ _a9\"></span>results con<span class=\"_ _2\"></span>trolled <span class=\"_ _2\"></span>by the <span class=\"_ _2\"></span>Company and their <span class=\"_ _a9\"></span>related pro<span class=\"_ _2\"></span>babili<span class=\"_ _2\"></span>ties. 6.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Deferr<span class=\"_ _2\"></span>ed ta<span class=\"_ _2\"></span>xes Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>ferred<span class=\"_ _2\"></span> taxe<span class=\"_ _2\"></span>s  As at 1<span class=\"_ _0\"></span>  As at 3<span class=\"_ _0\"></span>1 <span class=\"fc7 sc0\"> </span>Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t <span class=\"_ _0\"></span> Januar<span class=\"_ _0\"></span>y Equity<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r <span class=\"fc7 sc0\"> </span> Increases<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Decreases <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022  2022 <span class=\"fc7 sc0\"> </span>Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax assets<span class=\"_ _1\"></span> Taxed provisi<span class=\"_ _0\"></span>ons -  410,869  -  -  410,869  Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries 18,752,796 <span class=\"_ _0\"></span> 9,366,282  (2,802,959) -  25,316,119 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 7,448,830  -  -  (7,448,830) -  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 140,000  -  (140,000) -  -  26,341<span class=\"_ _0\"></span>,626  9,777,15<span class=\"_ _0\"></span>1  (2,942<span class=\"_ _0\"></span>,959) (7,448<span class=\"_ _0\"></span>,830) 25,726<span class=\"_ _0\"></span>,988  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>tax liabilities<span class=\"_ _0\"></span> Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries (718,030) 802,383  (261,997) -  (177,644) Fi<span class=\"_ _0\"></span>nancial instruments -  -  -  (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (47<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>74,485)<span class=\"_ _0\"></span> (718<span class=\"_ _0\"></span>,030) 802<span class=\"_ _0\"></span>,383  (261<span class=\"_ _0\"></span>,997) (47,17<span class=\"_ _0\"></span>4,485) (47,35<span class=\"_ _0\"></span>2,129) Deferred tax ass<span class=\"_ _0\"></span>ets  7,243,94<span class=\"_ _0\"></span>7  2,688,71<span class=\"_ _0\"></span>7  (809<span class=\"_ _0\"></span>,314) (2,048<span class=\"_ _0\"></span>,428) 7,074,92<span class=\"_ _0\"></span>2  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (197<span class=\"_ _0\"></span>,458) 220<span class=\"_ _0\"></span>,655  (72,04<span class=\"_ _0\"></span>9) (12,97<span class=\"_ _0\"></span>2,983) (13,02<span class=\"_ _0\"></span>1,836) As at <span class=\"_ _0\"></span>1 Income <span class=\"_ _0\"></span>Statemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span> As at <span class=\"_ _0\"></span>31 Januar<span class=\"_ _0\"></span>y  Equity<span class=\"_ _0\"></span> Decembe<span class=\"_ _0\"></span>r Amounts in Euro<span class=\"_ _0\"></span>  Increases<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Decreases<span class=\"_ _0\"></span> 2021  2021  Temporary difference<span class=\"_ _0\"></span>s originating <span class=\"_ _0\"></span>deferred <span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>x assets<span class=\"_ _0\"></span><span class=\"fs25\"> </span>Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries 12,580,190 <span class=\"_ _0\"></span> 8,425,255  (2,252,649) -  18,752,796 <span class=\"_ _0\"></span> Fi<span class=\"_ _0\"></span>nancial instruments 8,879,577  -  -  (1,430,747) 7,448,830  Conventional<span class=\"_ _0\"></span> capital remuner<span class=\"_ _0\"></span>ation 280,000  -  (140,000) -  140,000  21,739<span class=\"_ _0\"></span>,767  8,425,25<span class=\"_ _0\"></span>5  (2,392<span class=\"_ _0\"></span>,649) (1,430<span class=\"_ _0\"></span>,747) 26,341<span class=\"_ _0\"></span>,626  Temporary difference<span class=\"_ _0\"></span>s originating deferred tax liabiliti<span class=\"_ _0\"></span>es Adjustments to i<span class=\"_ _0\"></span>nvestments i<span class=\"_ _0\"></span>n subsidi<span class=\"_ _0\"></span>aries (718,030) -  -  -  (718,030) (718<span class=\"_ _0\"></span>,030) -  -  -  (718<span class=\"_ _0\"></span>,030) Deferred tax ass<span class=\"_ _0\"></span>ets 5,978,43<span class=\"_ _0\"></span>6  2,316,94<span class=\"_ _0\"></span>5  (657<span class=\"_ _0\"></span>,978) (393<span class=\"_ _0\"></span>,455) 7,243,94<span class=\"_ _0\"></span>7  Deferred tax li<span class=\"_ _0\"></span>abilities <span class=\"_ _0\"></span> (197<span class=\"_ _0\"></span>,458) -  -  -  (197<span class=\"_ _0\"></span>,458) In the m<span class=\"_ _2\"></span>easurement o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e deferr<span class=\"_ _2\"></span>ed taxes <span class=\"_ _2\"></span>as a<span class=\"_ _2\"></span>t 31 Decem<span class=\"_ _2\"></span>ber 2022 <span class=\"_ _2\"></span>and 31 Dec<span class=\"_ _a9\"></span>embe<span class=\"_ _0\"></span>r 2021<span class=\"_ _a9\"></span>, the Corpora<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>Income Tax ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e us<span class=\"_ _2\"></span>ed was 27<span class=\"_ _2\"></span>.50%. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span> is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated on <span class=\"_ _2\"></span>the bas<span class=\"_ _2\"></span>is of<span class=\"_ _2\"></span> the Statem<span class=\"_ _2\"></span>ent of<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on, on tempora<span class=\"_ _2\"></span>ry differenc<span class=\"_ _2\"></span>es bet<span class=\"_ _2\"></span>ween the bo<span class=\"_ _2\"></span>ok val<span class=\"_ _2\"></span>ues of as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities an<span class=\"_ _2\"></span>d thei<span class=\"_ _2\"></span>r respecti<span class=\"_ _2\"></span>ve ta<span class=\"_ _2\"></span>x base. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>o determin<span class=\"_ _2\"></span>e the defe<span class=\"_ _a9\"></span>rr<span class=\"_ _0\"></span>ed ta<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>the tax r<span class=\"_ _2\"></span>ate exp<span class=\"_ _2\"></span>ected to <span class=\"_ _a9\"></span>be in<span class=\"_ _2\"></span> force i<span class=\"_ _2\"></span>n<span class=\"_ _0\"></span> the peri<span class=\"_ _2\"></span>od in whi<span class=\"_ _2\"></span>ch the temporary <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>iff<span class=\"_ _2\"></span>erences <span class=\"_ _2\"></span>will be <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>ed is used<span class=\"_ _2\"></span>. Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span> asse<span class=\"_ _2\"></span>ts ar<span class=\"_ _2\"></span>e recognise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> wh<span class=\"_ _2\"></span>enever th<span class=\"_ _2\"></span>ere is a <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>asonable <span class=\"_ _2\"></span>likeli<span class=\"_ _2\"></span>hood that fu<span class=\"_ _a9\"></span>ture taxable <span class=\"_ _2\"></span>profits <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span> be generat<span class=\"_ _2\"></span>ed agai<span class=\"_ _2\"></span>nst which<span class=\"_ _2\"></span> they can<span class=\"_ _2\"></span> be o<span class=\"_ _2\"></span>ffset. <span class=\"_ _2\"></span>Deferred <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>re re<span class=\"ls0\">vised <span class=\"_ _2\"></span>periodical<span class=\"_ _2\"></span>ly an<span class=\"_ _2\"></span>d decr<span class=\"_ _2\"></span>eased when<span class=\"_ _2\"></span>ever i<span class=\"_ _2\"></span>t is l<span class=\"_ _2\"></span>ikely th<span class=\"_ _2\"></span>ey will<span class=\"_ _2\"></span> not be us<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d. </span>Deferred t<span class=\"_ _a9\"></span>ax<span class=\"_ _0\"></span>es a<span class=\"_ _2\"></span>re reco<span class=\"_ _2\"></span>rded as an<span class=\"_ _2\"></span> inco<span class=\"_ _2\"></span>me or e<span class=\"_ _2\"></span>xpense fo<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he period<span class=\"_ _2\"></span>, excep<span class=\"_ _2\"></span>t where th<span class=\"_ _a9\"></span>ey<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>result from amo<span class=\"_ _2\"></span>unts recor<span class=\"_ _2\"></span>ded di<span class=\"_ _2\"></span>rectly <span class=\"_ _2\"></span>under Shar<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>holders\u2019<span class=\"_ _2\"></span> equi<span class=\"_ _2\"></span>ty, <span class=\"ff1\">situa<span class=\"_ _2\"></span>tion i<span class=\"_ _2\"></span>n which <span class=\"_ _2\"></span>deferred <span class=\"_ _2\"></span>tax is </span>also<span class=\"_ _2\"></span> recorded un<span class=\"_ _2\"></span>der the sam<span class=\"_ _a9\"></span>e captio<span class=\"_ _2\"></span>n. Tax b<span class=\"_ _2\"></span>enefits a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>trib<span class=\"_ _2\"></span>uted to the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y regar<span class=\"_ _2\"></span>ding its investmen<span class=\"_ _2\"></span>t proj<span class=\"_ _2\"></span>ects a<span class=\"_ _2\"></span>re recogni<span class=\"_ _2\"></span>sed <span class=\"_ _2\"></span>through <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>t as th<span class=\"_ _2\"></span>ere is s<span class=\"_ _2\"></span>uffic<span class=\"_ _2\"></span>ient ta<span class=\"_ _2\"></span>xable inco<span class=\"_ _2\"></span>me to all<span class=\"_ _2\"></span>ow its us<span class=\"_ _2\"></span>e. 7.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Payr<span class=\"_ _2\"></span>oll<span class=\"_ _2\"></span> </span></span>7.1<span class=\"ff7\"> <span class=\"_ _bf\"> </span></span>Payroll<span class=\"_ _2\"></span> costs<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es - fixed <span class=\"_ _0\"></span>(Note 7.3)<span class=\"_ _0\"></span> 1,355,315  1,328,245  Remunerati<span class=\"_ _0\"></span>on of Corporate Bodi<span class=\"_ _0\"></span>es  - variabl<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span> 3,968,843  3,856,394  Employee remunera<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n 3,455,070  1,069,930  Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty contri<span class=\"_ _0\"></span>butions<span class=\"_ _0\"></span> 1,017,117  973,317  Post-emplo<span class=\"_ _0\"></span>yment benefi<span class=\"_ _0\"></span>ts (Note 7.2.2)<span class=\"_ _0\"></span> 108,938  143,080  Other payroll<span class=\"_ _0\"></span> costs 3,616,214  3,721,285  Payroll costs 13,521<span class=\"_ _0\"></span>,497  11,092<span class=\"_ _0\"></span>,252  The increas<span class=\"_ _a9\"></span>e in payro<span class=\"_ _2\"></span>ll c<span class=\"_ _2\"></span>osts acco<span class=\"_ _2\"></span>mpanied Navi<span class=\"_ _2\"></span>gator's <span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ood perfo<span class=\"_ _a9\"></span>rmance in 20<span class=\"_ _2\"></span>22, w<span class=\"_ _0\"></span>hich<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span>owed for th<span class=\"_ _2\"></span>e recogni<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>of accrued e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>penses<span class=\"_ _2\"></span> for bonu<span class=\"_ _2\"></span>s paymen<span class=\"_ _2\"></span>ts in<span class=\"_ _2\"></span> 2023. Other <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ayroll c<span class=\"_ _a9\"></span>osts - det<span class=\"_ _2\"></span>ails<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Traini<span class=\"_ _0\"></span>ng 1,317,514  865,755  Recruitment costs<span class=\"_ _0\"></span> 16,646  81,125 <span class=\"_ _0\"></span> Insurance <span class=\"_ _0\"></span> 253,679  587,589  Compensati<span class=\"_ _0\"></span>ons 947,355  1,149,505  Mea<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span> all<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>wance 119,481  124,142  Soci<span class=\"_ _0\"></span>al act<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on 961,539  913,170  3,616,21<span class=\"_ _0\"></span>4  3,721,28<span class=\"_ _0\"></span>5  Num<span class=\"_ _2\"></span>ber of em<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>loye<span class=\"_ _2\"></span>es at t<span class=\"_ _a9\"></span>he en<span class=\"_ _2\"></span>d of the <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>erio<span class=\"_ _a9\"></span>d As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e number <span class=\"_ _2\"></span>of Emplo<span class=\"_ _2\"></span>yees unde<span class=\"_ _2\"></span>r contr<span class=\"_ _2\"></span>actual employmen<span class=\"_ _2\"></span>t with <span class=\"_ _2\"></span>the Company <span class=\"_ _2\"></span>was 379 <span class=\"_ _2\"></span>and 426, <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>spec<span class=\"_ _2\"></span>tively, o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>which 34<span class=\"_ _2\"></span>7 were empl<span class=\"_ _2\"></span>oyed b<span class=\"_ _2\"></span>y other Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span> compani<span class=\"_ _2\"></span>es (2021<span class=\"_ _2\"></span>: 410)<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Short-term emp<span class=\"_ _2\"></span>loyee b<span class=\"_ _2\"></span>enefits<span class=\"_ _2\"></span> Acquired ri<span class=\"_ _a9\"></span>ghts - holi<span class=\"_ _2\"></span>days and h<span class=\"_ _2\"></span>oliday al<span class=\"_ _2\"></span>lowanc<span class=\"_ _2\"></span>e In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>the coll<span class=\"_ _2\"></span>ective agr<span class=\"_ _2\"></span>eement appli<span class=\"_ _2\"></span>cable <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _2\"></span>y, S.A<span class=\"_ _2\"></span>., Workers are <span class=\"_ _a9\"></span>entitled <span class=\"_ _2\"></span>to 25 wo<span class=\"_ _2\"></span>rking da<span class=\"_ _2\"></span>ys lea<span class=\"_ _2\"></span>ve, as <span class=\"_ _2\"></span>well as <span class=\"_ _a9\"></span>one month's<span class=\"_ _2\"></span> holi<span class=\"_ _2\"></span>day allowance<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> acquired i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e year pr<span class=\"_ _2\"></span>eceding <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>of the p<span class=\"_ _2\"></span>ayment. Bonuses Accordin<span class=\"_ _2\"></span>g to <span class=\"_ _2\"></span>the current <span class=\"_ _2\"></span>Performan<span class=\"_ _2\"></span>ce Mana<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ement Sys<span class=\"_ _a9\"></span>tem (<span class=\"ff9\">Si<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tema de Gest<span class=\"_ _a9\"></span>\u00e3o de </span>Desempenho<span class=\"ff1\">), <span class=\"_ _a9\"></span>emp<span class=\"_ _0\"></span>loye<span class=\"_ _2\"></span>es hav<span class=\"_ _2\"></span>e the ri<span class=\"_ _2\"></span>ght to<span class=\"_ _2\"></span> a bonus, <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _2\"></span>d on annual<span class=\"_ _2\"></span>ly defin<span class=\"_ _2\"></span>ed objec<span class=\"_ _2\"></span>tives<span class=\"_ _2\"></span>. The </span>entitlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>this bonus<span class=\"_ _2\"></span> is u<span class=\"_ _2\"></span>sually <span class=\"_ _2\"></span>acquire<span class=\"_ _2\"></span>d in the <span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ear pr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ceding i<span class=\"_ _2\"></span>ts paymen<span class=\"_ _2\"></span>t. These li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n th<span class=\"_ _2\"></span>e perio<span class=\"_ _2\"></span>d in whi<span class=\"_ _2\"></span>ch the Empl<span class=\"_ _2\"></span>oyees acqu<span class=\"_ _2\"></span>ire th<span class=\"_ _2\"></span>e respecti<span class=\"_ _2\"></span>ve righ<span class=\"_ _a9\"></span>t,<span class=\"_ _0\"></span> irrespec<span class=\"_ _2\"></span>tive of <span class=\"_ _2\"></span>the da<span class=\"_ _2\"></span>te of pa<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>ment, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hils<span class=\"_ _2\"></span>t the bal<span class=\"_ _2\"></span>ance pa<span class=\"_ _2\"></span>yable at <span class=\"_ _2\"></span>the dat<span class=\"_ _2\"></span>e of the <span class=\"_ _2\"></span>Stat<span class=\"_ _2\"></span>ement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n is s<span class=\"_ _2\"></span>hown under the cap<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>Payables <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>te 4.3). Benefits ar<span class=\"_ _2\"></span>ising fr<span class=\"_ _2\"></span>om ter<span class=\"_ _2\"></span>mination o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> employmen<span class=\"_ _2\"></span>t The benefi<span class=\"_ _2\"></span>ts arisi<span class=\"_ _2\"></span>ng from <span class=\"_ _a9\"></span>terminatio<span class=\"_ _2\"></span>n of empl<span class=\"_ _2\"></span>oyment are <span class=\"_ _a9\"></span>recogni<span class=\"_ _2\"></span>sed when the <span class=\"_ _2\"></span>Compan<span class=\"_ _2\"></span>y can no longer wi<span class=\"_ _2\"></span>thdraw <span class=\"_ _2\"></span>the offe<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>such benefi<span class=\"_ _a9\"></span>ts or in <span class=\"_ _2\"></span>which the <span class=\"_ _a9\"></span>Company recognises<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>ost of restruc<span class=\"_ _2\"></span>turing un<span class=\"_ _2\"></span>der the <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>ions reco<span class=\"_ _2\"></span>rding. <span class=\"_ _2\"></span>Benefi<span class=\"_ _2\"></span>ts due <span class=\"_ _2\"></span>more than 12 <span class=\"_ _2\"></span>months af<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>er the en<span class=\"_ _2\"></span>d of the <span class=\"_ _2\"></span>reporting <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>eriod a<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span> disc<span class=\"_ _2\"></span>ounted <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o their <span class=\"_ _a9\"></span>present val<span class=\"_ _2\"></span>ue. 7.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Employ<span class=\"_ _2\"></span>ee bene<span class=\"_ _2\"></span>fits 7.<span class=\"_ _2\"></span>2.1.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Defi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Ben<span class=\"_ _2\"></span>efi<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>Pla<span class=\"_ _2\"></span>n Policy for man<span class=\"_ _2\"></span>aging the ris<span class=\"_ _2\"></span>k associated<span class=\"_ _2\"></span> with defined b<span class=\"_ _2\"></span>enefit plans The Company<span class=\"_ _0\"></span>'s exposure <span class=\"_ _0\"></span>to risk is li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span>d to the nu<span class=\"_ _0\"></span>mber of <span class=\"_ _0\"></span>existi<span class=\"_ _0\"></span>ng <span class=\"_ _0\"></span>beneficiari<span class=\"_ _0\"></span>es and wi<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> tend to decrease, sinc<span class=\"_ _0\"></span>e there ar<span class=\"_ _0\"></span>e no defined b<span class=\"_ _0\"></span>enefit plans op<span class=\"_ _0\"></span>en to ne<span class=\"_ _0\"></span>w employ<span class=\"_ _0\"></span>ees in<span class=\"_ _0\"></span> the Company<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> The most signi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>nt risks to whi<span class=\"_ _0\"></span>ch the Compan<span class=\"_ _0\"></span>y is <span class=\"_ _0\"></span>exposed th<span class=\"_ _0\"></span>rough defined <span class=\"_ _0\"></span>benefit pla<span class=\"_ _0\"></span>ns in<span class=\"_ _0\"></span>clude:<span class=\"_ _1\"></span> i) Ri<span class=\"_ _0\"></span>sk of chan<span class=\"_ _0\"></span>ge in the lon<span class=\"_ _0\"></span>gevity of participan<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>) Market<span class=\"_ _2\"></span> ra<span class=\"_ _0\"></span>te vari<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> risk <span class=\"ff8\">\u2013<span class=\"_ _0\"></span></span> rate varia<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>mpacts the rat<span class=\"_ _0\"></span>e us<span class=\"_ _0\"></span>ed to discoun<span class=\"_ _0\"></span>t lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (technical<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span>tere<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>t rate) which i<span class=\"_ _0\"></span>s bas<span class=\"_ _0\"></span>ed on yield curv<span class=\"_ _0\"></span>es of highl<span class=\"_ _0\"></span>y rated <span class=\"_ _0\"></span>bonds with ma<span class=\"_ _0\"></span>turities <span class=\"_ _0\"></span>simil<span class=\"_ _0\"></span>ar to the <span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bilities' expiry dat<span class=\"_ _0\"></span>es and th<span class=\"_ _0\"></span>e fixed rat<span class=\"_ _0\"></span>e of return of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>ssets. The Company us<span class=\"_ _0\"></span>es yiel<span class=\"_ _0\"></span>d curves i<span class=\"_ _0\"></span>n order to moni<span class=\"_ _0\"></span>tor <span class=\"_ _0\"></span>the evoluti<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>rates and perform<span class=\"_ _0\"></span>s sensitivit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>alyses of in<span class=\"_ _0\"></span>terest rat<span class=\"_ _0\"></span>e variatio<span class=\"_ _0\"></span>ns with the ai<span class=\"_ _0\"></span>m of forese<span class=\"_ _0\"></span>eing an<span class=\"_ _0\"></span>d preventing th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent impact on th<span class=\"_ _0\"></span>e fund's fundi<span class=\"_ _0\"></span>ng le<span class=\"_ _0\"></span>vel.<span class=\"_ _0\"></span> ii<span class=\"_ _0\"></span>i) Risk of chan<span class=\"_ _0\"></span>ge in the wage an<span class=\"_ _0\"></span>d pension<span class=\"_ _0\"></span> growth rat<span class=\"_ _0\"></span>e <span class=\"_ _1\"></span> iv) Return on th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>'s finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> assets - the Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y clos<span class=\"_ _0\"></span>ely mon<span class=\"_ _0\"></span>itors the evolu<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f the fund's a<span class=\"_ _0\"></span>ssets, as w<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span> as the evolution o<span class=\"_ _0\"></span>f the main<span class=\"_ _0\"></span> fin<span class=\"_ _0\"></span>ancial m<span class=\"_ _0\"></span>arket indicators<span class=\"_ _0\"></span>, revisi<span class=\"_ _0\"></span>ting the i<span class=\"_ _0\"></span>nvestmen<span class=\"_ _0\"></span>t poli<span class=\"_ _0\"></span>cy approved fo<span class=\"_ _0\"></span>r the ma<span class=\"_ _0\"></span>nagement of th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets whenever justi<span class=\"_ _0\"></span>fiabl<span class=\"_ _0\"></span>e, and at least <span class=\"_ _0\"></span>every thr<span class=\"_ _0\"></span>ee years. <span class=\"_ _0\"></span>The invest<span class=\"_ _0\"></span>ment <span class=\"_ _0\"></span>policy is a<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gned with a conservati<span class=\"_ _0\"></span>ve vi<span class=\"_ _0\"></span>ew of asset management an<span class=\"_ _0\"></span>d defin<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e basis of th<span class=\"_ _0\"></span>e r<span class=\"_ _0\"></span>esponsibil<span class=\"_ _0\"></span>ities to <span class=\"_ _0\"></span>be fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ced by the fund.<span class=\"_ _1\"></span> Net lia<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ilitie<span class=\"_ _2\"></span>s Net li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties reflec<span class=\"_ _2\"></span>ted in <span class=\"_ _2\"></span>the Sta<span class=\"_ _2\"></span>tement <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on and note 4<span class=\"_ _a9\"></span>.2 <span class=\"_ _0\"></span>- Receiva<span class=\"_ _2\"></span>bles an<span class=\"_ _2\"></span>d the number of <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ciaries<span class=\"_ _2\"></span> of the <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>efined <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>enefit <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lans <span class=\"_ _2\"></span>in fo<span class=\"_ _2\"></span>rce in the <span class=\"_ _2\"></span>Company a<span class=\"_ _2\"></span>re detail<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>as fol<span class=\"_ _2\"></span>lows: 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>No. of No. of Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Beneficia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span> Amou<span class=\"_ _0\"></span>nt Past service li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties    <span class=\"ls0\">Active empl<span class=\"_ _0\"></span>oyees, i<span class=\"_ _0\"></span>ncludi<span class=\"_ _0\"></span>ng indi<span class=\"_ _0\"></span>vidual accounts<span class=\"_ _0\"></span> </span>13 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>696,188  13 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>900,211     <span class=\"ls0\">Al<span class=\"_ _0\"></span>umni </span>1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>391,388  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>457,502     <span class=\"ls0\">Reti<span class=\"_ _0\"></span>red employees<span class=\"_ _0\"></span> </span>133  12,672,980 <span class=\"_ _0\"></span> 143  14,996,483 <span class=\"_ _0\"></span> Market val<span class=\"_ _0\"></span>ue of pension funds<span class=\"_ _0\"></span> (13<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>60,257)<span class=\"_ _0\"></span> (16<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>98,826)<span class=\"_ _0\"></span> Total net liabilities<span class=\"_ _0\"></span> 147 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>400<span class=\"_ _0\"></span>,299  157 <span class=\"_ _2\"></span><span class=\"ls0\"> </span>(444<span class=\"_ _0\"></span>,631) Historic<span class=\"_ _2\"></span>al info<span class=\"_ _a9\"></span>rmatio<span class=\"_ _2\"></span>n - last fi<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e <span class=\"_ _2\"></span>years<span class=\"_ _2\"></span> Amounts in Euro<span class=\"_ _0\"></span> 2018 2019 2020 2021 2022 Present value of l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties  16,609,101 <span class=\"_ _0\"></span> 17,339,850 <span class=\"_ _0\"></span> 17,087,861 <span class=\"_ _0\"></span> 16,354,196 <span class=\"_ _0\"></span> 13,760,556 <span class=\"_ _0\"></span> Fair value of assets <span class=\"_ _0\"></span>and reserves<span class=\"_ _0\"></span> 15,544,240 <span class=\"_ _0\"></span> 16,409,644 <span class=\"_ _0\"></span> 15,924,756 <span class=\"_ _0\"></span> 16,798,826 <span class=\"_ _0\"></span> 13,360,257 <span class=\"_ _0\"></span> Surplus / (deficit)<span class=\"_ _1\"></span> (1,064<span class=\"_ _0\"></span>,861) (930<span class=\"_ _0\"></span>,206) (1,163<span class=\"_ _0\"></span>,105) 444<span class=\"_ _0\"></span>,631  (400<span class=\"_ _0\"></span>,299) Evolut<span class=\"_ _2\"></span>ion of <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>efine<span class=\"_ _a9\"></span>d benefit<span class=\"_ _2\"></span> plan lia<span class=\"_ _a9\"></span>bilitie<span class=\"_ _2\"></span>s  Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing 2022 balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _1\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 16,354,196 <span class=\"_ _0\"></span> 26,336 <span class=\"_ _0\"></span> 197,163  (1,624,388) (1,192,751) 13,760,556 <span class=\"_ _0\"></span> 16,354<span class=\"_ _0\"></span>,196  26,336<span class=\"_ _0\"></span>  197<span class=\"_ _0\"></span>,163  (1,624<span class=\"_ _0\"></span>,388) (1,192<span class=\"_ _0\"></span>,751) 13,760<span class=\"_ _0\"></span>,556  Opening Current Interest Actuarial<span class=\"_ _0\"></span> Payments<span class=\"_ _0\"></span> Closing 2021 balance<span class=\"_ _0\"></span> services <span class=\"_ _0\"></span>cost<span class=\"_ _0\"></span> expense<span class=\"_ _1\"></span> deviations<span class=\"_ _1\"></span> performed<span class=\"_ _0\"></span> balance<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 17,087,861 <span class=\"_ _0\"></span> 44,883 <span class=\"_ _0\"></span> 206,569  238,451  (1,223,568) 16,354,196 <span class=\"_ _0\"></span> 17,087<span class=\"_ _0\"></span>,861  44,883<span class=\"_ _0\"></span>  206<span class=\"_ _0\"></span>,569  238<span class=\"_ _0\"></span>,451  (1,223<span class=\"_ _0\"></span>,568) 16,354<span class=\"_ _0\"></span>,196  The avera<span class=\"_ _2\"></span>ge expec<span class=\"_ _2\"></span>ted dura<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of defin<span class=\"_ _2\"></span>ed benefi<span class=\"_ _2\"></span>t liabi<span class=\"_ _2\"></span>lities<span class=\"_ _a9\"></span> is 8 <span class=\"_ _2\"></span>years (2021: 1<span class=\"_ _2\"></span>0 y<span class=\"_ _0\"></span>ears)<span class=\"_ _a9\"></span>. Fund<span class=\"_ _2\"></span>s Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>defined <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>enefit <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ension<span class=\"_ _2\"></span> plans - e<span class=\"_ _2\"></span>volution Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 16,798<span class=\"_ _0\"></span>,826  15,924<span class=\"_ _0\"></span>,756  All<span class=\"_ _0\"></span>ocatio<span class=\"_ _0\"></span>ns for <span class=\"_ _2\"></span>the peri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> -  1,390,000  Expected i<span class=\"_ _0\"></span>ncome for the perio<span class=\"_ _0\"></span>d 202,391  191,470  Remeasurement <span class=\"_ _0\"></span> (2,448,209) 516,168  Pensio<span class=\"_ _0\"></span>ns pa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>d (1,192,751) (1,223,568) Closing balance<span class=\"_ _0\"></span> 13,360<span class=\"_ _0\"></span>,257  16,798<span class=\"_ _0\"></span>,826  During the <span class=\"_ _a9\"></span>periods of 2<span class=\"_ _2\"></span>022 and 2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>the cont<span class=\"_ _2\"></span>ributions<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> the define<span class=\"_ _2\"></span>d benef<span class=\"_ _2\"></span>it plans <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted above as al<span class=\"_ _2\"></span>locatio<span class=\"_ _2\"></span>ns were <span class=\"_ _2\"></span>made i<span class=\"_ _2\"></span>n full<span class=\"_ _2\"></span> by th<span class=\"_ _2\"></span>e Company an<span class=\"_ _2\"></span>d no contributi<span class=\"_ _2\"></span>ons w<span class=\"_ _2\"></span>ere made b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e participan<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>plans, altho<span class=\"_ _2\"></span>ugh <span class=\"_ _2\"></span>this op<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>exists. Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _a9\"></span>t plan - es<span class=\"_ _2\"></span>timated c<span class=\"_ _2\"></span>ontribu<span class=\"_ _2\"></span>tions i<span class=\"_ _2\"></span>n the fol<span class=\"_ _2\"></span>lowing <span class=\"_ _2\"></span>period The cont<span class=\"_ _2\"></span>ributions<span class=\"_ _2\"></span> planne<span class=\"_ _2\"></span>d for the n<span class=\"_ _a9\"></span>ext annual<span class=\"_ _2\"></span> reportin<span class=\"_ _2\"></span>g p<span class=\"_ _2\"></span>eriod are<span class=\"_ _2\"></span>, among o<span class=\"_ _2\"></span>ther fac<span class=\"_ _2\"></span>tors, dependen<span class=\"_ _2\"></span>t on the p<span class=\"_ _2\"></span>rofi<span class=\"_ _2\"></span>tability of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>funds' as<span class=\"_ _2\"></span>sets<span class=\"_ _a9\"></span>. Funds al<span class=\"_ _2\"></span>located <span class=\"_ _2\"></span>to defi<span class=\"_ _2\"></span>ned benefi<span class=\"_ _a9\"></span>t plans - compos<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>of a<span class=\"_ _2\"></span>ssets Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span> <span class=\"ls1a\">% </span><span class=\"fc7 sc0\"> </span>Securities listed in<span class=\"_ _0\"></span> the market<span class=\"_ _0\"></span> Bonds 8,215,933  61.5% 11,134,262 <span class=\"_ _0\"></span> 66.3% Shares 3,279,544  24.5% 4,806,144  28.6% Publi<span class=\"_ _0\"></span>c debt 1,199,699  9.0% -  0.0% Liqui<span class=\"_ _0\"></span>dity 217,119  1.6% 858,420  5.1% Other short-term i<span class=\"_ _0\"></span>nvestments<span class=\"_ _0\"></span> 447,962  3.4% -  0.0% 13,360<span class=\"_ _0\"></span>,257  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>16,798<span class=\"_ _0\"></span>,826  100%<span class=\"_ _2\"></span><span class=\"ls0\"> </span>7.<span class=\"_ _2\"></span>2.2.<span class=\"_ _2\"></span><span class=\"ff7\"> <span class=\"_ _c3\"> </span><span class=\"ff4\">Exp<span class=\"_ _a9\"></span>ens<span class=\"_ _2\"></span>es i<span class=\"_ _a9\"></span>ncur<span class=\"_ _2\"></span>red<span class=\"_ _2\"></span> w<span class=\"_ _2\"></span>ith <span class=\"_ _2\"></span>po<span class=\"_ _a9\"></span>st-em<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>oym<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>t b<span class=\"_ _2\"></span>ene<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>t pl<span class=\"_ _a9\"></span>ans </span></span>2022 2021 Defined Defined contribution Impact contribution Impact - on net - on net Current Contributions result Current Contributions result services Net for the (Note services Net for the (Note Amounts in Euro<span class=\"_ _0\"></span> cost interest period 7.1) cost interest period 7.1) Pensio<span class=\"_ _0\"></span>ns with autonomous fund<span class=\"_ _0\"></span> 26,336 <span class=\"_ _0\"></span> (5,229) -  21,107 <span class=\"_ _0\"></span> 44,883 <span class=\"_ _0\"></span> 15,100  -  59,982 <span class=\"_ _0\"></span> Defined contri<span class=\"_ _0\"></span>butions pl<span class=\"_ _0\"></span>ans -  -  87,831  87,831 <span class=\"_ _0\"></span> -  -  83,098  83,098 <span class=\"_ _0\"></span> 26,336<span class=\"_ _0\"></span>  (5,229<span class=\"_ _0\"></span>) 87,831<span class=\"_ _0\"></span>  108<span class=\"_ _0\"></span>,938  44,883<span class=\"_ _0\"></span>  15,100<span class=\"_ _0\"></span>  83,098<span class=\"_ _0\"></span>  143<span class=\"_ _0\"></span>,080  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, <span class=\"_ _2\"></span>the Def<span class=\"_ _2\"></span>ined Con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on plans <span class=\"_ _2\"></span>covered 4<span class=\"_ _2\"></span>20 employe<span class=\"_ _2\"></span>es (2021<span class=\"_ _2\"></span>: 471 Employees)<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Post-employm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>benefits <span class=\"_ _2\"></span>- define<span class=\"_ _2\"></span>d benefi<span class=\"_ _2\"></span>t plan<span class=\"_ _2\"></span> The Company h<span class=\"_ _a9\"></span>as assumed <span class=\"_ _2\"></span>the commi<span class=\"_ _2\"></span>tment to ma<span class=\"_ _a9\"></span>ke<span class=\"_ _0\"></span> pa<span class=\"_ _2\"></span>yments to <span class=\"_ _a9\"></span>their emplo<span class=\"_ _2\"></span>yees in <span class=\"_ _2\"></span>the fo<span class=\"_ _2\"></span>rm of <span class=\"ff8\">c<span class=\"_ _2\"></span>omplementary re<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>iremen<span class=\"_ _2\"></span>t pensi<span class=\"_ _2\"></span>ons, dis<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty, earl<span class=\"_ _2\"></span>y reti<span class=\"_ _2\"></span>rement and s<span class=\"_ _2\"></span>urvivors<span class=\"_ _2\"></span>\u2019 p<span class=\"_ _2\"></span>ensions, </span>having co<span class=\"_ _2\"></span>nstitu<span class=\"_ _2\"></span>ted defi<span class=\"_ _2\"></span>ned-benefi<span class=\"_ _2\"></span>t plans.<span class=\"_ _2\"></span> The Company s<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> u<span class=\"_ _2\"></span>p autonomou<span class=\"_ _2\"></span>s pension <span class=\"_ _2\"></span>funds as <span class=\"_ _a9\"></span>a means<span class=\"_ _2\"></span> of f<span class=\"_ _2\"></span>unding most <span class=\"_ _2\"></span>of the l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties. Based on th<span class=\"_ _a9\"></span>e projecte<span class=\"_ _2\"></span>d credi<span class=\"_ _2\"></span>t unit me<span class=\"_ _2\"></span>thod, the C<span class=\"_ _2\"></span>ompany <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>ses the co<span class=\"_ _2\"></span>sts <span class=\"_ _2\"></span>with the attribu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> these <span class=\"_ _2\"></span>benefi<span class=\"_ _2\"></span>ts as the s<span class=\"_ _a9\"></span>erv<span class=\"_ _0\"></span>ices a<span class=\"_ _a9\"></span>re provide<span class=\"_ _2\"></span>d by the <span class=\"_ _a9\"></span>employees. <span class=\"_ _2\"></span>The to<span class=\"_ _2\"></span>tal li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ty is estimate<span class=\"_ _2\"></span>d separat<span class=\"_ _2\"></span>ely fo<span class=\"_ _2\"></span>r each <span class=\"_ _2\"></span>plan at l<span class=\"_ _2\"></span>east <span class=\"_ _2\"></span>once e<span class=\"_ _2\"></span>very six <span class=\"_ _a9\"></span>months, on th<span class=\"_ _2\"></span>e date <span class=\"_ _2\"></span>of cl<span class=\"_ _2\"></span>osing o<span class=\"_ _2\"></span>f the interim <span class=\"_ _2\"></span>and annual <span class=\"_ _2\"></span>accounts<span class=\"_ _2\"></span>, by <span class=\"_ _2\"></span>a special<span class=\"_ _2\"></span>ised an<span class=\"_ _2\"></span>d indep<span class=\"_ _2\"></span>endent en<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>it<span class=\"_ _2\"></span>y. The liabi<span class=\"_ _2\"></span>lity thus<span class=\"_ _2\"></span> det<span class=\"_ _2\"></span>ermined is<span class=\"_ _2\"></span> presen<span class=\"_ _2\"></span>ted in th<span class=\"_ _a9\"></span>e Statemen<span class=\"_ _a9\"></span>t of fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>n, less <span class=\"_ _2\"></span>the fair value of<span class=\"_ _2\"></span> the fun<span class=\"_ _2\"></span>ds set u<span class=\"_ _a9\"></span>p,<span class=\"_ _0\"></span> und<span class=\"_ _2\"></span>er Pension<span class=\"_ _2\"></span>s an<span class=\"_ _2\"></span>d other <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment benefi<span class=\"_ _a9\"></span>ts. Actuarial<span class=\"_ _2\"></span> deviati<span class=\"_ _2\"></span>ons resul<span class=\"_ _2\"></span>ting f<span class=\"_ _2\"></span>rom changes <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e value o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>estimated <span class=\"_ _2\"></span>liabil<span class=\"_ _2\"></span>ities, as<span class=\"_ _2\"></span> a consequence <span class=\"_ _2\"></span>of chan<span class=\"_ _2\"></span>ges i<span class=\"_ _2\"></span>n the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> and demo<span class=\"_ _2\"></span>graphic<span class=\"_ _2\"></span> assumptio<span class=\"_ _2\"></span>ns used an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> experienc<span class=\"_ _a9\"></span>e gains, ad<span class=\"_ _2\"></span>ded to<span class=\"_ _2\"></span> the di<span class=\"_ _2\"></span>fferen<span class=\"_ _2\"></span>tial bet<span class=\"_ _2\"></span>ween the ac<span class=\"_ _a9\"></span>tual return <span class=\"_ _a9\"></span>on fund as<span class=\"_ _2\"></span>sets an<span class=\"_ _2\"></span>d the <span class=\"_ _2\"></span>estimated share of<span class=\"_ _2\"></span> net in<span class=\"_ _2\"></span>terest, <span class=\"_ _a9\"></span>are<span class=\"_ _0\"></span> d<span class=\"_ _2\"></span>esignated as<span class=\"_ _2\"></span> re-meas<span class=\"_ _2\"></span>urements <span class=\"_ _a9\"></span>and recorded <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>irectl<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>the statement <span class=\"_ _2\"></span>of compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _2\"></span>e inc<span class=\"_ _2\"></span>ome, under <span class=\"_ _2\"></span>retaine<span class=\"_ _2\"></span>d earni<span class=\"_ _a9\"></span>ngs. The net <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to<span class=\"_ _2\"></span> the ap<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>lic<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> the disc<span class=\"_ _a9\"></span>ount rate to <span class=\"_ _2\"></span>the val<span class=\"_ _2\"></span>ue of ne<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties (value of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>li<span class=\"ff8\">abil<span class=\"_ _2\"></span>ities deduct<span class=\"_ _2\"></span>ed of f<span class=\"_ _2\"></span>und ass<span class=\"_ _2\"></span>et\u2019s fai<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>value) <span class=\"_ _2\"></span>and is reco<span class=\"_ _2\"></span>gnised un<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>the capti<span class=\"_ _2\"></span>on </span>Payroll<span class=\"_ _2\"></span> costs (N<span class=\"_ _2\"></span>ote 7.1)<span class=\"_ _a9\"></span>. The gains an<span class=\"_ _a9\"></span>d losses <span class=\"_ _2\"></span>generat<span class=\"_ _2\"></span>ed by a c<span class=\"_ _2\"></span>urtail<span class=\"_ _2\"></span>ment or se<span class=\"_ _2\"></span>ttle<span class=\"_ _2\"></span>ment of a def<span class=\"_ _2\"></span>ined-benefi<span class=\"_ _2\"></span>t pl<span class=\"_ _2\"></span>an are recognis<span class=\"_ _2\"></span>ed in th<span class=\"_ _2\"></span>e inco<span class=\"_ _2\"></span>me statemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> for <span class=\"_ _2\"></span>the pe<span class=\"_ _2\"></span>riod when t<span class=\"_ _a9\"></span>he curtailment o<span class=\"_ _a9\"></span>r settlemen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> occu<span class=\"_ _2\"></span>rs. A curtail<span class=\"_ _2\"></span>ment occurs <span class=\"_ _a9\"></span>when there i<span class=\"_ _2\"></span>s a ma<span class=\"_ _2\"></span>terial re<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>uction <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>he number of<span class=\"_ _2\"></span> empl<span class=\"_ _2\"></span>oyees. Costs <span class=\"_ _2\"></span>for past l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities resu<span class=\"_ _2\"></span>lting f<span class=\"_ _a9\"></span>rom the implem<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ntati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>a new plan o<span class=\"_ _2\"></span>r incre<span class=\"_ _2\"></span>ases i<span class=\"_ _2\"></span>n benefi<span class=\"_ _2\"></span>ts attribu<span class=\"_ _2\"></span>ted are <span class=\"_ _2\"></span>recognise<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> immedi<span class=\"_ _2\"></span>at<span class=\"_ _0\"></span>el<span class=\"_ _2\"></span>y in the i<span class=\"_ _2\"></span>ncome s<span class=\"_ _2\"></span>tatement <span class=\"_ _2\"></span>for th<span class=\"_ _2\"></span>e peri<span class=\"_ _2\"></span>od. Post-employm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>benefits <span class=\"_ _2\"></span>- define<span class=\"_ _2\"></span>d contribu<span class=\"_ _2\"></span>tion <span class=\"_ _2\"></span>plan The Company <span class=\"_ _2\"></span>assumed c<span class=\"_ _2\"></span>ommitmen<span class=\"_ _2\"></span>ts regar<span class=\"_ _2\"></span>ding pa<span class=\"_ _2\"></span>yments <span class=\"_ _2\"></span>to a defin<span class=\"_ _2\"></span>ed con<span class=\"_ _2\"></span>tributi<span class=\"_ _2\"></span>on plan <span class=\"_ _2\"></span>in a percentag<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>the emplo<span class=\"_ _2\"></span>yees\u2019 <span class=\"_ _2\"></span>salary, <span class=\"_ _2\"></span>in orde<span class=\"_ _2\"></span>r to pro<span class=\"_ _2\"></span>vide <span class=\"_ _2\"></span>retiremen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>, di<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span><span class=\"ff1\">abili<span class=\"_ _2\"></span>ty, early <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>tir<span class=\"_ _2\"></span>ement </span>and survivo<span class=\"_ _a9\"></span>rs\u2019 pension<span class=\"_ _2\"></span>s.<span class=\"ff1\"> </span>To this <span class=\"_ _2\"></span>end, Pensi<span class=\"_ _2\"></span>on Funds <span class=\"_ _2\"></span>have b<span class=\"_ _2\"></span>een se<span class=\"_ _2\"></span>t up <span class=\"_ _2\"></span>to capital<span class=\"_ _2\"></span>ise <span class=\"_ _2\"></span>on thos<span class=\"_ _2\"></span>e contribu<span class=\"_ _2\"></span>tions, <span class=\"_ _2\"></span>for which employees ma<span class=\"_ _2\"></span>y stil<span class=\"_ _2\"></span>l make <span class=\"_ _2\"></span>voluntar<span class=\"_ _2\"></span>y contri<span class=\"_ _2\"></span>butio<span class=\"_ _2\"></span>ns, but <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>which the C<span class=\"_ _2\"></span>ompany <span class=\"_ _2\"></span>does not ass<span class=\"_ _2\"></span>ume any addi<span class=\"_ _2\"></span>tional<span class=\"_ _2\"></span> contributio<span class=\"_ _2\"></span>n respo<span class=\"_ _2\"></span>nsibil<span class=\"_ _2\"></span>ities o<span class=\"_ _2\"></span>r a pr<span class=\"_ _2\"></span>e-<span class=\"_ _0\"></span>fixe<span class=\"_ _2\"></span>d return<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Thus<span class=\"_ _2\"></span>, the con<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>tions made are reco<span class=\"_ _2\"></span>rded as <span class=\"_ _2\"></span>expenses o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d in whic<span class=\"_ _2\"></span>h they ar<span class=\"_ _a9\"></span>e recogni<span class=\"_ _2\"></span>sed, reg<span class=\"_ _2\"></span>ardless o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e time of their se<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>tlemen<span class=\"_ _2\"></span>t. Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Actuarial<span class=\"_ _2\"></span> assump<span class=\"_ _2\"></span>tions 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Soci<span class=\"_ _0\"></span>al Secur<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ty benefi<span class=\"_ _0\"></span>ts formula Decree Law no 187/2<span class=\"_ _0\"></span>007 of 10 May<span class=\"_ _0\"></span> Disabili<span class=\"_ _0\"></span>ty table   EKV 80  EKV 80  Mortali<span class=\"_ _0\"></span>ty table TV 88-<span class=\"ls78\">90</span> TV 88-<span class=\"ls78\">90</span> Technical i<span class=\"_ _0\"></span>nterest rate 3.50% 1.25% Wage growth rate<span class=\"_ _0\"></span> 2.00% 1.00% Return rate on plan as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span> 3.50% 1.25% Pensio<span class=\"_ _0\"></span>ns gr<span class=\"_ _2\"></span>ow<span class=\"_ _0\"></span>th rate 2.00% 1.00% Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> The Company co<span class=\"_ _2\"></span>nsid<span class=\"_ _2\"></span>ers th<span class=\"_ _2\"></span>e technical<span class=\"_ _2\"></span> inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expe<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>ted pensi<span class=\"_ _2\"></span>on gro<span class=\"_ _2\"></span>wth rate <span class=\"_ _2\"></span>as the most si<span class=\"_ _2\"></span>gnifi<span class=\"_ _2\"></span>cant variables <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e calc<span class=\"_ _2\"></span>ulation<span class=\"_ _2\"></span> of l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities f<span class=\"_ _2\"></span>or defined b<span class=\"_ _2\"></span>enefit pl<span class=\"_ _2\"></span>ans<span class=\"_ _2\"></span>.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ownward ch<span class=\"_ _2\"></span>ange of<span class=\"_ _2\"></span> 0.5 <span class=\"_ _2\"></span>percentag<span class=\"_ _2\"></span>e points<span class=\"_ _2\"></span> in the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e used (3.5<span class=\"_ _2\"></span>%) in the <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ation of<span class=\"_ _2\"></span> pens<span class=\"_ _2\"></span>ion l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n an i<span class=\"_ _2\"></span>ncrease in <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 543,48<span class=\"_ _2\"></span>5 (31 Decem<span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>r 2021<span class=\"_ _2\"></span>: a <span class=\"_ _2\"></span>decre<span class=\"_ _2\"></span>ase of <span class=\"_ _2\"></span>0.25 pp <span class=\"_ _2\"></span>would resul<span class=\"_ _2\"></span>t in an increase <span class=\"_ _2\"></span>in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approxima<span class=\"_ _2\"></span>tely Euro 39<span class=\"_ _2\"></span>9,516).<span class=\"_ _2\"></span> As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, an u<span class=\"_ _a9\"></span>pw<span class=\"_ _0\"></span>ard c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f 0.5 p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tage poi<span class=\"_ _2\"></span>nts in the <span class=\"_ _2\"></span>discount <span class=\"_ _a9\"></span>rate used (3.5%) in <span class=\"_ _2\"></span>the cal<span class=\"_ _2\"></span>culati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>pension l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities wou<span class=\"_ _2\"></span>ld result<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span> a decrease in<span class=\"_ _2\"></span> liabi<span class=\"_ _2\"></span>lities<span class=\"_ _2\"></span> of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 540,58<span class=\"_ _2\"></span>9 (31 Decem<span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>r 2021<span class=\"_ _2\"></span>: an inc<span class=\"_ _2\"></span>rease o<span class=\"_ _2\"></span>f 0.25 <span class=\"_ _2\"></span>pp would r<span class=\"_ _2\"></span>esult i<span class=\"_ _2\"></span>n a decreas<span class=\"_ _2\"></span>e in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approximatel<span class=\"_ _2\"></span>y Euro 38<span class=\"_ _2\"></span>2,788)<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ownward ch<span class=\"_ _2\"></span>ange of<span class=\"_ _2\"></span> 0.5 <span class=\"_ _2\"></span>percentag<span class=\"_ _2\"></span>e points<span class=\"_ _2\"></span> in the <span class=\"_ _a9\"></span>pe<span class=\"_ _0\"></span>nsio<span class=\"_ _2\"></span>n growth rate us<span class=\"_ _2\"></span>ed (2%) i<span class=\"_ _2\"></span>n the cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>n of pensi<span class=\"_ _2\"></span>on l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n a d<span class=\"_ _2\"></span>ecrease <span class=\"_ _2\"></span>in li<span class=\"_ _2\"></span>abilities <span class=\"_ _2\"></span>of approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 489,92<span class=\"_ _2\"></span>8. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, an u<span class=\"_ _a9\"></span>pw<span class=\"_ _0\"></span>ard c<span class=\"_ _2\"></span>hange o<span class=\"_ _2\"></span>f 0.5 p<span class=\"_ _2\"></span>ercen<span class=\"_ _2\"></span>tage poi<span class=\"_ _2\"></span>nts in the <span class=\"_ _2\"></span>pensi<span class=\"_ _2\"></span>on growth rate us<span class=\"_ _2\"></span>ed (2%) i<span class=\"_ _2\"></span>n the cal<span class=\"_ _2\"></span>culatio<span class=\"_ _2\"></span>n of pensi<span class=\"_ _2\"></span>on l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties woul<span class=\"_ _2\"></span>d result i<span class=\"_ _2\"></span>n an i<span class=\"_ _2\"></span>ncrease <span class=\"_ _2\"></span>in l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties of<span class=\"_ _2\"></span> approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 520,23<span class=\"_ _2\"></span>9. 7.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Remun<span class=\"_ _2\"></span>era<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ion o<span class=\"_ _2\"></span>f Corporat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Bodi<span class=\"_ _2\"></span>es Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Corpor<span class=\"_ _0\"></span>ate Bodies<span class=\"_ _0\"></span>   <span class=\"ls0\">Board of Di<span class=\"_ _0\"></span>rectors </span>1,244,781  1,244,461    <span class=\"ls0\">Superviso<span class=\"_ _0\"></span>ry Board<span class=\"_ _0\"></span> </span>46,284  46,284 <span class=\"_ _0\"></span>   <span class=\"ls0\">Envi<span class=\"_ _0\"></span>ronment<span class=\"lsd\">al<span class=\"_ _0\"></span></span> Counci<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>  </span>57,250  33,500 <span class=\"_ _0\"></span>   <span class=\"ls0\">General Meeti<span class=\"_ _0\"></span>ng </span>7,000  4,000  1,355,31<span class=\"_ _0\"></span>5  1,328,24<span class=\"_ _0\"></span>5  Remu<span class=\"_ _2\"></span>neratio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> the me<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>bers of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Board of<span class=\"_ _2\"></span> D<span class=\"_ _2\"></span>irector<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> Full<span class=\"_ _2\"></span> details <span class=\"_ _2\"></span>of the remun<span class=\"_ _a9\"></span>eration po<span class=\"_ _2\"></span>licy f<span class=\"_ _2\"></span>or the mem<span class=\"_ _2\"></span>bers of <span class=\"_ _2\"></span>Navigator's<span class=\"_ _2\"></span> Boa<span class=\"_ _2\"></span>rd of Di<span class=\"_ _2\"></span>rectors <span class=\"_ _2\"></span>are describe<span class=\"_ _2\"></span>d in the <span class=\"_ _2\"></span>compan<span class=\"_ _2\"></span>y's Corpora<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e Gov<span class=\"_ _2\"></span>ernanc<span class=\"_ _2\"></span>e Report. Regarding <span class=\"_ _2\"></span>post-empl<span class=\"_ _2\"></span>oyment b<span class=\"_ _2\"></span>enefits, <span class=\"_ _2\"></span>as at 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2022, the <span class=\"_ _2\"></span>amount of <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>rela<span class=\"_ _2\"></span>ted to post-<span class=\"_ _2\"></span>employmen<span class=\"_ _2\"></span>t benefi<span class=\"_ _2\"></span>t plans<span class=\"_ _2\"></span>, in res<span class=\"_ _2\"></span>pect of<span class=\"_ _2\"></span> one Dir<span class=\"_ _a9\"></span>ector of<span class=\"_ _2\"></span> the Company<span class=\"_ _2\"></span>, amount<span class=\"_ _2\"></span>ed to Euro 82<span class=\"_ _2\"></span>7,005 (31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>021: Euro <span class=\"_ _2\"></span>956,764)<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> In <span class=\"_ _2\"></span>addi<span class=\"_ _2\"></span>tion, thre<span class=\"_ _2\"></span>e of the cu<span class=\"_ _a9\"></span>rrent Direc<span class=\"_ _a9\"></span>tors are members <span class=\"_ _2\"></span>of pensi<span class=\"_ _2\"></span>on plans<span class=\"_ _2\"></span> of Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igator <span class=\"_ _2\"></span>Brands<span class=\"_ _2\"></span>, S.A.<span class=\"_ _2\"></span>, a <span class=\"_ _2\"></span>subsidiary o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>, as Employees o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>at compan<span class=\"_ _2\"></span>y, before <span class=\"_ _a9\"></span>joining man<span class=\"_ _2\"></span>agement <span class=\"_ _2\"></span>positi<span class=\"_ _2\"></span>ons. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, with <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>pect to the <span class=\"_ _2\"></span>members of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Board o<span class=\"_ _2\"></span>f Directors <span class=\"_ _2\"></span>of Navi<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>ator, th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>re <span class=\"_ _2\"></span>were no: i<span class=\"_ _2\"></span>) addi<span class=\"_ _2\"></span>tional <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities all<span class=\"_ _2\"></span>ocated to o<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>her lo<span class=\"_ _2\"></span>ng-term benefits<span class=\"_ _2\"></span>, ii<span class=\"_ _2\"></span>) benefits <span class=\"_ _a9\"></span>arising fro<span class=\"_ _2\"></span>m termi<span class=\"_ _2\"></span>nation of<span class=\"_ _2\"></span> employm<span class=\"_ _2\"></span>ent, i<span class=\"_ _2\"></span>ii) paym<span class=\"_ _2\"></span>ents b<span class=\"_ _2\"></span>ased on al<span class=\"_ _2\"></span>locate<span class=\"_ _2\"></span>d shares, an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> iv) ou<span class=\"_ _a9\"></span>tstanding <span class=\"_ _2\"></span>balances<span class=\"_ _2\"></span>. <span class=\"_ _31\"> </span> 8.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Finan<span class=\"_ _2\"></span>cia<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>instrum<span class=\"_ _a9\"></span>ents<span class=\"_ _2\"></span> </span></span>8.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>risk mana<span class=\"_ _2\"></span>gement<span class=\"_ _2\"></span> Th<span class=\"ls0\">e C<span class=\"_ _2\"></span>ompany, a<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> the le<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>el of<span class=\"_ _2\"></span> the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group, h<span class=\"_ _2\"></span>as a r<span class=\"_ _2\"></span>isk-management <span class=\"_ _2\"></span>program, whi<span class=\"_ _2\"></span>ch </span>focus<span class=\"_ _2\"></span>es its an<span class=\"_ _2\"></span>alysis <span class=\"_ _2\"></span>on the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> markets <span class=\"_ _2\"></span>with a <span class=\"_ _2\"></span>view to<span class=\"_ _a9\"></span> mitigate <span class=\"_ _2\"></span>the potenti<span class=\"_ _2\"></span>al ad<span class=\"_ _2\"></span>verse effects <span class=\"_ _2\"></span>on its <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al perform<span class=\"_ _a9\"></span>ance. Risk man<span class=\"_ _a9\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ent is u<span class=\"_ _a9\"></span>nde<span class=\"_ _0\"></span>rtaken <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>y <span class=\"_ _2\"></span>the Group<span class=\"_ _0\"></span>'s Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Management i<span class=\"_ _2\"></span>n accor<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ance wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>poli<span class=\"_ _2\"></span>cies appro<span class=\"_ _2\"></span>ved by <span class=\"_ _2\"></span>the Boar<span class=\"_ _2\"></span>d of Di<span class=\"_ _2\"></span>rectors<span class=\"_ _2\"></span> and moni<span class=\"_ _2\"></span>tored by the <span class=\"_ _2\"></span>Risks an<span class=\"_ _2\"></span>d Control <span class=\"_ _2\"></span>Commis<span class=\"_ _2\"></span>sion. The Company <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>ts a proac<span class=\"_ _2\"></span>tive a<span class=\"_ _2\"></span>pproach <span class=\"_ _2\"></span>to risk man<span class=\"_ _a9\"></span>agement, as <span class=\"_ _2\"></span>a way <span class=\"_ _2\"></span>to mitiga<span class=\"_ _2\"></span>te th<span class=\"_ _2\"></span>e potenti<span class=\"_ _2\"></span>al adve<span class=\"_ _2\"></span>rse effec<span class=\"_ _2\"></span>ts associ<span class=\"_ _2\"></span>ated with <span class=\"_ _a9\"></span>those risks<span class=\"_ _2\"></span>, nam<span class=\"_ _2\"></span>ely the for<span class=\"_ _a9\"></span>eign exchan<span class=\"_ _2\"></span>ge rat<span class=\"_ _2\"></span>e risk and interes<span class=\"_ _2\"></span>t rate ri<span class=\"_ _2\"></span>sk.<span class=\"_ _2\"></span> 8.<span class=\"_ _2\"></span>1.1.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>urre<span class=\"_ _2\"></span>ncy <span class=\"_ _a9\"></span>risk<span class=\"_ _2\"></span> Currency risk <span class=\"_ _2\"></span>management p<span class=\"_ _2\"></span>olicy A signifi<span class=\"_ _0\"></span>cant part of the Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y\u2019s sales is p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>d in currencie<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>ther than the Euro, <span class=\"_ _0\"></span>therefor<span class=\"_ _0\"></span>e its <span class=\"_ _0\"></span>evolution<span class=\"_ _0\"></span> can<span class=\"_ _1\"></span><span class=\"ff1\"> h<span class=\"_ _0\"></span>ave a signifi<span class=\"_ _0\"></span>cant </span>impact on the cash fl<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>s obtaine<span class=\"_ _0\"></span>d from th<span class=\"_ _0\"></span>e Compan<span class=\"_ _0\"></span>y's future sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>es, w<span class=\"_ _2\"></span>ith<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e currenc<span class=\"_ _0\"></span>y with the gr<span class=\"_ _0\"></span>eatest im<span class=\"_ _0\"></span>pact bein<span class=\"_ _0\"></span>g the USD. Also, sales in<span class=\"_ _0\"></span> Sterli<span class=\"_ _0\"></span>ng Poun<span class=\"_ _0\"></span>d (GBP), Polish<span class=\"_ _0\"></span> Zloty (P<span class=\"_ _0\"></span>LN) and S<span class=\"_ _0\"></span>wiss F<span class=\"_ _0\"></span>ranc (CHF) ha<span class=\"_ _0\"></span>ve som<span class=\"_ _0\"></span>e expressio<span class=\"_ _0\"></span>n, as sal<span class=\"_ _0\"></span>es in<span class=\"_ _1\"></span> other cu<span class=\"_ _0\"></span>rrenci<span class=\"_ _0\"></span>es are less signi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>nt. Purchases of som<span class=\"_ _0\"></span>e raw mat<span class=\"_ _0\"></span>erial<span class=\"_ _0\"></span>s are also mad<span class=\"_ _0\"></span>e in U<span class=\"_ _0\"></span>SD, namely <span class=\"_ _0\"></span>part of wood a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-fibr<span class=\"_ _0\"></span>e pulp impo<span class=\"_ _0\"></span>rts of <span class=\"_ _0\"></span>wood and ac<span class=\"_ _0\"></span>quisi<span class=\"_ _0\"></span>tions of lon<span class=\"_ _0\"></span>g-fibre pulp. Th<span class=\"_ _0\"></span>erefore, <span class=\"_ _0\"></span>changes in U<span class=\"_ _0\"></span>SD ma<span class=\"_ _0\"></span>y have an i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct on acqui<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> values.<span class=\"_ _0\"></span> Therefore, chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> EUR<span class=\"_ _0\"></span> agai<span class=\"_ _0\"></span>nst USD may have an i<span class=\"_ _0\"></span>mpact on <span class=\"_ _0\"></span>acqui<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>es. In addition, on<span class=\"_ _0\"></span>ce a sale or <span class=\"_ _0\"></span>purchase is <span class=\"_ _0\"></span>mad<span class=\"_ _0\"></span>e i<span class=\"_ _1\"></span><span class=\"ls91\">n </span>a currency othe<span class=\"_ _0\"></span>r than th<span class=\"_ _0\"></span>e Euro, th<span class=\"_ _0\"></span>e Company <span class=\"_ _0\"></span>becom<span class=\"_ _0\"></span>es exposed <span class=\"_ _0\"></span>to excha<span class=\"_ _0\"></span>nge rate ris<span class=\"_ _0\"></span>k until<span class=\"_ _0\"></span> the receipt o<span class=\"_ _0\"></span>r paym<span class=\"_ _0\"></span>ent of such sal<span class=\"_ _0\"></span>e o<span class=\"_ _38\"></span><span class=\"ls4e\">r </span>pu<span class=\"ls0\">rchase<span class=\"_ _0\"></span>, if n<span class=\"_ _0\"></span>o hedging instrum<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>re in pla<span class=\"_ _0\"></span>ce. As a r<span class=\"_ _0\"></span>esult, ther<span class=\"_ _0\"></span>e is a si<span class=\"_ _0\"></span>gnifi<span class=\"_ _0\"></span>cant nu<span class=\"_ _0\"></span>mber of receivables and <span class=\"_ _0\"></span>debts <span class=\"_ _0\"></span>payabl<span class=\"_ _0\"></span>e, <span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> </span>latter with le<span class=\"_ _0\"></span>sser expre<span class=\"_ _0\"></span>ssion, e<span class=\"_ _0\"></span>xposed to e<span class=\"_ _0\"></span>xchange rate <span class=\"_ _0\"></span>risk. <span class=\"_ _1\"></span> The Company has fo<span class=\"_ _0\"></span>reign su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diaries that e<span class=\"_ _0\"></span>xpose it to fo<span class=\"_ _0\"></span>reign <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>xchange rate ris<span class=\"_ _0\"></span>k, nam<span class=\"_ _0\"></span>ely Naviga<span class=\"_ _0\"></span>tor North Am<span class=\"_ _0\"></span>erica i<span class=\"_ _0\"></span>n the Uni<span class=\"_ _0\"></span>ted States and Portuc<span class=\"_ _0\"></span>el Mo\u00e7ambi<span class=\"_ _0\"></span>que. <span class=\"_ _0\"></span>Besides th<span class=\"_ _0\"></span>ose opera<span class=\"_ _0\"></span>tions, th<span class=\"_ _0\"></span>e Company do<span class=\"_ _0\"></span>es not hol<span class=\"_ _0\"></span>d material<span class=\"_ _0\"></span>ly relevan<span class=\"_ _0\"></span>t investm<span class=\"_ _0\"></span>ents in f<span class=\"_ _0\"></span>oreig<span class=\"_ _1\"></span><span class=\"ls91\">n </span>operations, the ne<span class=\"_ _0\"></span>t ass<span class=\"_ _0\"></span>ets of whi<span class=\"_ _0\"></span>ch are expo<span class=\"_ _0\"></span>sed to for<span class=\"_ _0\"></span>eign excha<span class=\"_ _0\"></span>n<span class=\"_ _1\"></span>ge risk. Use of derivati<span class=\"_ _0\"></span>ve fina<span class=\"_ _0\"></span>ncial <span class=\"_ _0\"></span>instruments<span class=\"_ _1\"></span> The Company <span class=\"_ _0\"></span>mana<span class=\"_ _0\"></span>ges foreign <span class=\"_ _0\"></span>exchange risk<span class=\"_ _0\"></span>s by usi<span class=\"_ _0\"></span>ng derivati<span class=\"_ _0\"></span>ve fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al instrument<span class=\"_ _0\"></span>s, in a<span class=\"_ _0\"></span>ccordance with a<span class=\"_ _0\"></span> policy tha<span class=\"_ _0\"></span>t is su<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>ject to periodic re<span class=\"_ _0\"></span>view an<span class=\"_ _0\"></span>d whose pur<span class=\"_ _0\"></span>pose is to l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>t the exchang<span class=\"_ _0\"></span>e ri<span class=\"_ _0\"></span>sk associat<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>with future sale<span class=\"_ _0\"></span>s and purcha<span class=\"_ _0\"></span>ses, re<span class=\"_ _0\"></span>ceiva<span class=\"_ _0\"></span>bles and payables, as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s other assets e<span class=\"_ _0\"></span>xpresse<span class=\"_ _0\"></span>d in currenci<span class=\"_ _0\"></span>es oth<span class=\"_ _0\"></span>er tha<span class=\"_ _0\"></span>n the Euro.<span class=\"_ _0\"></span> In the periods <span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ented, the Compan<span class=\"_ _0\"></span>y holds <span class=\"_ _0\"></span>derivati<span class=\"_ _0\"></span>ves that ar<span class=\"_ _0\"></span>e hedgin<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>xchange rate ris<span class=\"_ _0\"></span>k of futur<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erations in<span class=\"_ _0\"></span> curre<span class=\"_ _0\"></span><span class=\"ls91\">nc</span>i<span class=\"_ _0\"></span>es other than the <span class=\"_ _0\"></span>presentati<span class=\"_ _0\"></span>on currenc<span class=\"_ _0\"></span>y.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure of<span class=\"_ _2\"></span> fina<span class=\"_ _2\"></span>ncial a<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>sets a<span class=\"_ _2\"></span>nd lia<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>ilitie<span class=\"_ _2\"></span>s to e<span class=\"_ _2\"></span>xc<span class=\"_ _2\"></span>hange<span class=\"_ _2\"></span> rate r<span class=\"_ _2\"></span>isk a<span class=\"_ _2\"></span>nd sen<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>itivit<span class=\"_ _2\"></span>y analy<span class=\"_ _2\"></span>sis Sterling  Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2022 US dollar <span class=\"_ _0\"></span> poun<span class=\"_ _0\"></span>d  Polish zloti<span class=\"_ _0\"></span>  Swiss f<span class=\"_ _0\"></span>ranc (Euro) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 834,228  600,459  524,784  60,783 <span class=\"_ _0\"></span> 1,632,988  Receivables<span class=\"_ _0\"></span> 95,245,898 <span class=\"_ _0\"></span> 27,203,259 <span class=\"_ _0\"></span> 22,284,073 <span class=\"_ _0\"></span> 3,171,682  127,951,572  Total financial as<span class=\"_ _0\"></span>sets 96,080<span class=\"_ _0\"></span>,126  27,803<span class=\"_ _0\"></span>,718  22,808<span class=\"_ _0\"></span>,857  3,232,46<span class=\"_ _0\"></span>5  129<span class=\"_ _0\"></span>,584,5<span class=\"ls1c\">60</span>  Payables<span class=\"_ _0\"></span> (51<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>26)<span class=\"_ _0\"></span> (234,729) -  (30<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>85)<span class=\"_ _0\"></span> (344,124) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (51,52<span class=\"_ _0\"></span>6) (234<span class=\"_ _0\"></span>,729) -  (30,68<span class=\"_ _0\"></span>5) (344<span class=\"_ _0\"></span>,124) Financial net position i<span class=\"_ _0\"></span>n for<span class=\"_ _0\"></span>eign cur<span class=\"_ _0\"></span>rency<span class=\"_ _0\"></span> 96,028<span class=\"_ _0\"></span>,600  27,568<span class=\"_ _0\"></span>,989  22,808<span class=\"_ _0\"></span>,857  3,201,78<span class=\"_ _0\"></span>0  129<span class=\"_ _0\"></span>,240,435<span class=\"_ _0\"></span>  Financial net position i<span class=\"_ _0\"></span>n E<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span> 90,032<span class=\"_ _0\"></span>,440  31,083<span class=\"_ _0\"></span>,613  4,872,85<span class=\"_ _0\"></span>4  3,251,52<span class=\"_ _0\"></span>8  129<span class=\"_ _0\"></span>,240,435<span class=\"_ _0\"></span>  Impact of +10<span class=\"_ _0\"></span>% change in all <span class=\"_ _0\"></span>exchan<span class=\"_ _0\"></span>ge rates 11,749<span class=\"_ _0\"></span>,130  on results for the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span> Impact of -10% chang<span class=\"_ _0\"></span>e in all e<span class=\"_ _0\"></span>xchange r<span class=\"_ _0\"></span>ates (14,36<span class=\"_ _0\"></span>0,048) on results for the pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>  US <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Sterling <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Polish <span class=\"_ _0\"></span>  Swiss <span class=\"_ _0\"></span> 31 Decemb<span class=\"_ _a9\"></span>er 2021 dollar <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>poun<span class=\"_ _0\"></span>d  zloti  franc <span class=\"_ _0\"></span>  Total (Euro)<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> Amounts in foreign c<span class=\"_ _0\"></span>urrency<span class=\"_ _0\"></span> Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 2,180,829  263,672  288,237  117,265  2,415,508  Receivables<span class=\"_ _0\"></span> 111,969,488  16,861,333 <span class=\"_ _0\"></span> 10,996,016 <span class=\"_ _0\"></span> 1,397,421  122,671,601  Total financial as<span class=\"_ _0\"></span>sets 114<span class=\"_ _0\"></span>,150,317<span class=\"_ _0\"></span>  17,125<span class=\"_ _0\"></span>,005  11,284<span class=\"_ _0\"></span>,253  1,514,68<span class=\"_ _0\"></span>6  125<span class=\"_ _0\"></span>,087,108<span class=\"_ _0\"></span>  Payables<span class=\"_ _0\"></span> (5,701,640) (58<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>20)<span class=\"_ _0\"></span> -  (36<span class=\"_ _2\"></span>,5<span class=\"_ _0\"></span>45)<span class=\"_ _0\"></span> (5,139,610) Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> (5,701<span class=\"_ _0\"></span>,640) (58,92<span class=\"_ _0\"></span>0) -  (36,54<span class=\"_ _0\"></span>5) (5,139<span class=\"_ _0\"></span>,610) Financial net po<span class=\"_ _0\"></span>sition in for<span class=\"_ _0\"></span>eign 108<span class=\"_ _0\"></span>,448,677<span class=\"_ _0\"></span>  17,066<span class=\"_ _0\"></span>,085  11,284<span class=\"_ _0\"></span>,253  1,478,14<span class=\"_ _0\"></span>1  currency Financial net position i<span class=\"_ _0\"></span>n Euro<span class=\"_ _1\"></span> 95,751<span class=\"_ _0\"></span>,966  20,309<span class=\"_ _0\"></span>,997  2,454,75<span class=\"_ _0\"></span>3  1,430,78<span class=\"_ _0\"></span>2  119<span class=\"_ _0\"></span>,947,498<span class=\"_ _0\"></span>  Impact of +10%<span class=\"_ _0\"></span> change in all exchange rates on re<span class=\"_ _0\"></span>sults for the 8,223,51<span class=\"_ _0\"></span>2  period Impact of -10% chang<span class=\"_ _0\"></span>e in all exchange rates on re<span class=\"_ _0\"></span>sults for the (10,19<span class=\"_ _0\"></span>9,055) period In this <span class=\"_ _2\"></span>Note, th<span class=\"_ _a9\"></span>e Company discl<span class=\"_ _2\"></span>oses th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> expos<span class=\"_ _2\"></span>ure of f<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> assets and l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities to<span class=\"_ _2\"></span> foreign exchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, as <span class=\"_ _2\"></span>well<span class=\"_ _2\"></span> as the res<span class=\"_ _2\"></span>pecti<span class=\"_ _2\"></span>ve sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysis. The<span class=\"_ _2\"></span>re ar<span class=\"_ _2\"></span>e currenc<span class=\"_ _2\"></span>ies i<span class=\"_ _2\"></span>n which the Company h<span class=\"_ _2\"></span>as c<span class=\"_ _2\"></span>arried ou<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>sactions <span class=\"_ _2\"></span>but i<span class=\"_ _2\"></span>n which, <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span> the balance <span class=\"_ _2\"></span>sheet <span class=\"_ _a9\"></span>date, it <span class=\"_ _2\"></span>does not have r<span class=\"_ _2\"></span>elevant f<span class=\"_ _2\"></span>oreign e<span class=\"_ _2\"></span>xchange <span class=\"_ _2\"></span>exposures<span class=\"_ _2\"></span>, which <span class=\"_ _2\"></span>is why <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>exchange ra<span class=\"_ _2\"></span>tes disc<span class=\"_ _2\"></span>losed i<span class=\"_ _2\"></span>n Not<span class=\"_ _2\"></span>e 1.4.3 ar<span class=\"_ _2\"></span>e more nume<span class=\"_ _2\"></span>rous than<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>urrenci<span class=\"_ _2\"></span>es pr<span class=\"_ _2\"></span>esented i<span class=\"_ _a9\"></span>n this no<span class=\"_ _2\"></span>te. 8.<span class=\"_ _2\"></span>1.2.<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>nte<span class=\"_ _a9\"></span>rest <span class=\"_ _a9\"></span>rat<span class=\"_ _2\"></span>e ri<span class=\"_ _2\"></span>sk<span class=\"_ _2\"></span> Interest rate<span class=\"_ _2\"></span> ri<span class=\"_ _0\"></span>sk<span class=\"_ _2\"></span> management<span class=\"_ _2\"></span> policy A signifi<span class=\"_ _0\"></span>cant sha<span class=\"_ _0\"></span>re of the Compan<span class=\"_ _0\"></span>y\u2019s finan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities cost is indexe<span class=\"_ _0\"></span>d to short<span class=\"_ _1\"></span><span class=\"ff1\">-term ref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e interest rate<span class=\"_ _0\"></span>s, whi<span class=\"_ _0\"></span>ch are revie<span class=\"_ _0\"></span>wed </span>more than<span class=\"_ _0\"></span> once a year (g<span class=\"_ _0\"></span>enerally e<span class=\"_ _0\"></span>very si<span class=\"_ _0\"></span>x months for <span class=\"_ _0\"></span>medium <span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-term debt). H<span class=\"_ _0\"></span>ence, chang<span class=\"_ _0\"></span>es in i<span class=\"_ _0\"></span>nterest ra<span class=\"_ _0\"></span>tes can h<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span><span class=\"ls1e\">e </span>an i<span class=\"_ _0\"></span>mpact on the Company<span class=\"_ _0\"></span>\u2019s incom<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ff1\"> </span>The strategy for in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>est rate risk man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent is r<span class=\"_ _0\"></span>eviewed ann<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>ly by the Com<span class=\"_ _0\"></span>pany, and cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y the Compan<span class=\"_ _0\"></span>y mainta<span class=\"_ _0\"></span>ins the majority of i<span class=\"_ _0\"></span>ts debt trad<span class=\"_ _0\"></span>ed at fi<span class=\"_ _0\"></span>xed rate.<span class=\"_ _0\"></span> Use of derivativ<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l instruments<span class=\"_ _0\"></span> When deem<span class=\"_ _0\"></span>ed appropria<span class=\"_ _0\"></span>te by th<span class=\"_ _0\"></span>e Board of Di<span class=\"_ _0\"></span>rectors, th<span class=\"_ _0\"></span>e Compa<span class=\"_ _0\"></span>ny u<span class=\"_ _0\"></span>ses derivative fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments (Note 8.2<span class=\"_ _0\"></span>), namel<span class=\"_ _0\"></span>y swaps, with th<span class=\"_ _0\"></span>e purpos<span class=\"_ _0\"></span>e of fi<span class=\"_ _0\"></span>xing the inte<span class=\"_ _0\"></span>rest rate on<span class=\"_ _0\"></span> loa<span class=\"_ _0\"></span>ns obtain<span class=\"_ _0\"></span>ed, within<span class=\"_ _0\"></span> certain param<span class=\"_ _0\"></span>eters, d<span class=\"_ _0\"></span>eemed approp<span class=\"_ _0\"></span>riate by the Company's ri<span class=\"_ _0\"></span>sk manag<span class=\"_ _0\"></span>ement poli<span class=\"_ _0\"></span>cies<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> Expo<span class=\"_ _2\"></span>sure to <span class=\"_ _2\"></span>intere<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>t ra<span class=\"_ _2\"></span>te ri<span class=\"_ _2\"></span>sk As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a<span class=\"_ _2\"></span>pproximatel<span class=\"_ _a9\"></span>y 6% (31 Dec<span class=\"_ _2\"></span>ember <span class=\"_ _2\"></span>2021: 5%) o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e Company\u2019s finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>liabi<span class=\"_ _2\"></span>lities are in<span class=\"_ _2\"></span>dexed to sho<span class=\"_ _a9\"></span>rt<span class=\"_ _0\"></span>-term <span class=\"_ _2\"></span>referenc<span class=\"_ _2\"></span>e int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, revised i<span class=\"_ _2\"></span>n peri<span class=\"_ _2\"></span>ods below one year <span class=\"_ _2\"></span>(usuall<span class=\"_ _2\"></span>y 6-month <span class=\"_ _2\"></span>rates <span class=\"_ _2\"></span>for lo<span class=\"_ _2\"></span>ng-term d<span class=\"_ _2\"></span>ebt), <span class=\"_ _2\"></span>plus dul<span class=\"_ _2\"></span>y negotiate<span class=\"_ _2\"></span>d risk <span class=\"_ _2\"></span>spreads<span class=\"_ _2\"></span>. Hence<span class=\"_ _2\"></span>, changes i<span class=\"_ _2\"></span>n inter<span class=\"_ _2\"></span>est ra<span class=\"_ _2\"></span>tes can i<span class=\"_ _2\"></span>mpact th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> Compan<span class=\"_ _2\"></span>y\u2019s ea<span class=\"_ _2\"></span>rnings.<span class=\"ff1\"> </span>Navigator h<span class=\"_ _a9\"></span>as favour<span class=\"_ _2\"></span>ed the co<span class=\"_ _2\"></span>ntracti<span class=\"_ _2\"></span>ng of fi<span class=\"_ _2\"></span>xed ra<span class=\"_ _2\"></span>te debt <span class=\"_ _a9\"></span>and has deri<span class=\"_ _2\"></span>vative fi<span class=\"_ _2\"></span>nanci<span class=\"_ _2\"></span>al instruments <span class=\"_ _a9\"></span>to cover i<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span>terest rate <span class=\"_ _a9\"></span>risk, namel<span class=\"_ _2\"></span>y inte<span class=\"_ _2\"></span>rest-rate s<span class=\"_ _2\"></span>waps, wi<span class=\"_ _2\"></span>th the <span class=\"_ _2\"></span>purpos<span class=\"_ _2\"></span>e of fixi<span class=\"_ _2\"></span>ng the inte<span class=\"_ _2\"></span>rest rat<span class=\"_ _2\"></span>e on <span class=\"_ _2\"></span>borrowings<span class=\"_ _2\"></span> within c<span class=\"_ _2\"></span>ertain <span class=\"_ _2\"></span>limi<span class=\"_ _2\"></span>ts.  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, th<span class=\"_ _2\"></span>e det<span class=\"_ _2\"></span>ail <span class=\"_ _2\"></span>of the fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets an<span class=\"_ _2\"></span>d liabi<span class=\"_ _2\"></span>lities with in<span class=\"_ _2\"></span>terest r<span class=\"_ _2\"></span>ate exposu<span class=\"_ _a9\"></span>re, consi<span class=\"_ _2\"></span>dering the matu<span class=\"_ _a9\"></span>rity or <span class=\"_ _2\"></span>the nex<span class=\"_ _2\"></span>t inter<span class=\"_ _2\"></span>est-<span class=\"_ _0\"></span>fi<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>ing da<span class=\"_ _2\"></span>te is <span class=\"_ _2\"></span>as fol<span class=\"_ _2\"></span>lows:  Up to <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> 3-12  More than <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 1 month <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> 1-3 months<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>5 years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total  31 December 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 390,640,161  -  -  -  -  390,640,161  Total financial as<span class=\"_ _0\"></span>sets 390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  -  -  -  -  390<span class=\"_ _0\"></span>,640,161<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  492,801,587  123,710,317  616,511,904  Current -  Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es 297,339,235  49,857,143 <span class=\"_ _0\"></span> 25,218,254 <span class=\"_ _0\"></span> -  -  372,414,632  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> 297<span class=\"_ _0\"></span>,339,235<span class=\"_ _0\"></span>  49,857<span class=\"_ _0\"></span>,143  25,218<span class=\"_ _0\"></span>,254  492<span class=\"_ _0\"></span>,801,587<span class=\"_ _0\"></span>  123<span class=\"_ _0\"></span>,710,317<span class=\"_ _0\"></span>  988<span class=\"_ _0\"></span>,926,536<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 93,300<span class=\"_ _0\"></span>,926  43,443<span class=\"_ _0\"></span>,783  18,225<span class=\"_ _0\"></span>,529  (474<span class=\"_ _0\"></span>,576,058) (598<span class=\"_ _0\"></span>,286,375)  Up to <span class=\"_ _0\"></span>  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> 1 month <span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>5 years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total <span class=\"fc7 sc0\"> </span>31 December 20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> Assets Current Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span> 354,336,647  -  -  -  -  354,336,647  Total financial as<span class=\"_ _0\"></span>sets 354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  -  -  -  -  354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  Liabilities Non-current Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  -  -  647,913,901  32,202,381 <span class=\"_ _0\"></span> 680,116,282  Current -  Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es -  115,218,254  -  -  -  115,218,254  Total financial liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> -  115<span class=\"_ _0\"></span>,218,254<span class=\"_ _0\"></span>  -  647<span class=\"_ _0\"></span>,913,901<span class=\"_ _0\"></span>  32,202<span class=\"_ _0\"></span>,381  795<span class=\"_ _0\"></span>,334,536<span class=\"_ _0\"></span>  Cumulative differen<span class=\"_ _0\"></span>tial 354<span class=\"_ _0\"></span>,336,647<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,118,393<span class=\"_ _0\"></span>  239<span class=\"_ _0\"></span>,118,393<span class=\"_ _0\"></span>  (408<span class=\"_ _0\"></span>,795,508) (440<span class=\"_ _0\"></span>,997,889) Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Sensiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis<span class=\"_ _2\"></span> Navigator c<span class=\"_ _a9\"></span>arries out s<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>nsiti<span class=\"_ _2\"></span>vity anal<span class=\"_ _2\"></span>ysis i<span class=\"_ _2\"></span>n orde<span class=\"_ _2\"></span>r to asses<span class=\"_ _a9\"></span>s the impact on<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatemen<span class=\"_ _2\"></span>t and equit<span class=\"_ _2\"></span>y cause<span class=\"_ _2\"></span>d by an in<span class=\"_ _2\"></span>crease <span class=\"_ _2\"></span>or decr<span class=\"_ _a9\"></span>ease in mar<span class=\"_ _2\"></span>ket in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>tes<span class=\"_ _2\"></span>, consideri<span class=\"_ _2\"></span>ng all <span class=\"_ _2\"></span>other factors <span class=\"_ _2\"></span>unchang<span class=\"_ _2\"></span>ed. This <span class=\"_ _2\"></span>is a <span class=\"_ _2\"></span>mere ill<span class=\"_ _2\"></span>ustrati<span class=\"_ _2\"></span>v<span class=\"_ _0\"></span>e anal<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>sis <span class=\"_ _2\"></span>since c<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market <span class=\"_ _2\"></span>rates rar<span class=\"_ _a9\"></span>ely occur <span class=\"_ _2\"></span>separately<span class=\"_ _2\"></span>. The sensiti<span class=\"_ _2\"></span>vity an<span class=\"_ _2\"></span>alysi<span class=\"_ _2\"></span>s is<span class=\"_ _2\"></span> based on th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> fol<span class=\"_ _2\"></span>lowing as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons: i)<span class=\"ls0\"> <span class=\"_ _93\"> </span>C<span class=\"_ _2\"></span>hanges in <span class=\"_ _2\"></span>market inte<span class=\"_ _2\"></span>rest <span class=\"_ _2\"></span>rates af<span class=\"_ _2\"></span>fect int<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rest <span class=\"_ _2\"></span>income an<span class=\"_ _a9\"></span>d expenses ari<span class=\"_ _2\"></span>sing fro<span class=\"_ _2\"></span>m </span>variable f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al in<span class=\"_ _2\"></span>struments;<span class=\"_ _2\"></span> ii)<span class=\"ls0\"> <span class=\"_ _a7\"> </span>Changes i<span class=\"_ _2\"></span>n market i<span class=\"_ _2\"></span>nterest <span class=\"_ _a9\"></span>rates affec<span class=\"_ _2\"></span>t the f<span class=\"_ _2\"></span>air <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>derivati<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> </span>instruments <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>well as <span class=\"_ _2\"></span>other finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets<span class=\"_ _2\"></span> or li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties; iii)<span class=\"_ _0\"></span><span class=\"ls0\"> <span class=\"_ _37\"> </span>Changes i<span class=\"_ _2\"></span>n fai<span class=\"_ _2\"></span>r value of <span class=\"_ _2\"></span>derivati<span class=\"_ _a9\"></span>ve<span class=\"_ _0\"></span> fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _a9\"></span>and other <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets </span>and li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties are measur<span class=\"_ _2\"></span>ed usin<span class=\"_ _2\"></span>g the di<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed cash f<span class=\"_ _2\"></span>lows method<span class=\"_ _2\"></span>, wi<span class=\"_ _2\"></span>th market i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>t rates at year <span class=\"_ _2\"></span>end. A 0.50% i<span class=\"_ _2\"></span>ncrease in<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>erest ra<span class=\"_ _2\"></span>tes on <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>nterest on <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ans are cal<span class=\"_ _2\"></span>culate<span class=\"_ _2\"></span>d would ha<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e an impact o<span class=\"_ _2\"></span>n profit <span class=\"_ _a9\"></span>be<span class=\"_ _0\"></span>fore <span class=\"_ _2\"></span>taxes, f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the perio<span class=\"_ _2\"></span>d ended 31<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>ember 2022 b<span class=\"_ _2\"></span>y approxi<span class=\"_ _2\"></span>mately Eu<span class=\"_ _2\"></span>ro 233,333<span class=\"_ _2\"></span> (31 Decembe<span class=\"_ _2\"></span>r 2021<span class=\"_ _2\"></span>: Euro 10<span class=\"_ _2\"></span>6,250)<span class=\"_ _2\"></span>.8.<span class=\"_ _2\"></span>1.3.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Liq<span class=\"_ _2\"></span>uidi<span class=\"_ _2\"></span>ty <span class=\"_ _a9\"></span>risk<span class=\"_ _2\"></span> Liquidity risk<span class=\"_ _2\"></span> management<span class=\"_ _2\"></span> policy The Company <span class=\"_ _0\"></span>mana<span class=\"_ _0\"></span>ges liquidity ris<span class=\"_ _0\"></span>k in<span class=\"_ _0\"></span> two ways: <span class=\"_ _1\"></span> i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">ensurin<span class=\"_ _0\"></span>g that its fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> debt has a high medium<span class=\"_ _0\"></span>- a<span class=\"_ _0\"></span>nd lon<span class=\"_ _0\"></span>g-term compon<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> ma<span class=\"_ _0\"></span>turities ap<span class=\"_ _0\"></span>propria<span class=\"_ _0\"></span>te to the </span></span>characteristi<span class=\"_ _0\"></span>cs of the indus<span class=\"_ _0\"></span>tries <span class=\"_ _0\"></span>where it opera<span class=\"_ _0\"></span>tes, an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">by cont<span class=\"_ _0\"></span>racting with fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> institutio<span class=\"_ _0\"></span>ns credit facili<span class=\"_ _0\"></span>ties avail<span class=\"_ _0\"></span>able at a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span> times for an amou<span class=\"_ _0\"></span>nt that gua<span class=\"_ _0\"></span>rantees ad<span class=\"_ _0\"></span>equate </span></span>li<span class=\"_ _0\"></span>quidity. Availab<span class=\"_ _0\"></span>le but not used <span class=\"_ _0\"></span>credi<span class=\"_ _0\"></span><span class=\"ls93\">ts</span> The Company<span class=\"_ _0\"></span>'s policy is to <span class=\"_ _0\"></span>mai<span class=\"_ _0\"></span>ntai<span class=\"_ _0\"></span>n credit facil<span class=\"_ _0\"></span>ities at ade<span class=\"_ _0\"></span>quate l<span class=\"_ _0\"></span>eve<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>s to, tog<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>with the amoun<span class=\"_ _0\"></span>t of Cash<span class=\"_ _0\"></span> and Ca<span class=\"_ _0\"></span>sh Equi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>ents in o<span class=\"_ _0\"></span>rder<span class=\"_ _2\"></span> to <span class=\"_ _0\"></span>guaran<span class=\"_ _0\"></span>tee, with so<span class=\"_ _0\"></span>me comfor<span class=\"_ _0\"></span>t margi<span class=\"_ _0\"></span>n, the cash c<span class=\"_ _0\"></span>ycle expecte<span class=\"_ _0\"></span>d for th<span class=\"_ _0\"></span>e next 12 month<span class=\"_ _0\"></span>s.<span class=\"_ _38\"></span> Contra<span class=\"_ _2\"></span>ctual ma<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>urity of <span class=\"_ _2\"></span>financia<span class=\"_ _a9\"></span>l liabilit<span class=\"_ _a9\"></span>ies  (undi<span class=\"_ _2\"></span>scount<span class=\"_ _2\"></span>ed flo<span class=\"_ _2\"></span>ws, inc<span class=\"_ _a9\"></span>luding i<span class=\"_ _2\"></span>ntere<span class=\"_ _2\"></span>st)  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span>  month<span class=\"_ _0\"></span>s  month<span class=\"_ _0\"></span>s   1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc7 sc0\"> </span>years  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2022 Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000  10,257,500 <span class=\"_ _0\"></span> 19,942,100 <span class=\"_ _0\"></span> 341,457,650  101,310,000  473,387,250  Commercial<span class=\"_ _0\"></span> paper -  35,994,000 <span class=\"_ _0\"></span> 745,500  107,733,500  -  144,473,000  Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> -  5,150,218  21,558,721 <span class=\"_ _0\"></span> 100,892,855  25,150,601 <span class=\"_ _0\"></span> 152,752,395  Payables<span class=\"_ _0\"></span> Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> -  (1,074,976) (5,527,508) (23<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>10,571)<span class=\"_ _0\"></span> (620,632) (30<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>33,687)<span class=\"_ _0\"></span> i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>uments<span class=\"_ _0\"></span> Total liabilities<span class=\"_ _0\"></span> 420<span class=\"_ _0\"></span>,000  50,326<span class=\"_ _0\"></span>,742  36,718<span class=\"_ _0\"></span>,813  526<span class=\"_ _0\"></span>,473,434<span class=\"_ _0\"></span>  125<span class=\"_ _0\"></span>,839,969<span class=\"_ _0\"></span>  739<span class=\"_ _0\"></span>,778,958<span class=\"_ _0\"></span>  Of which interest (a<span class=\"_ _0\"></span>t the 41,830<span class=\"_ _0\"></span>,841  rates prevailing at <span class=\"_ _0\"></span>that dat<span class=\"_ _0\"></span>e)<span class=\"_ _0\"></span>  Up to 1  1-<span class=\"ls48\">3 </span> 3-12  More than <span class=\"_ _0\"></span>5 Amounts in Euro<span class=\"_ _0\"></span> month<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>month<span class=\"_ _0\"></span>s <span class=\"fc5\"> </span>month<span class=\"_ _0\"></span>s <span class=\"fc5\"> </span> 1-5 yea<span class=\"_ _0\"></span>rs <span class=\"fc5\"><span class=\"fc7 sc0\"> </span></span>years  <span class=\"_ _0\"></span><span class=\"fc5\"><span class=\"fc7 sc0\"> </span></span> Total <span class=\"fc7 sc0\"> </span>31 Decemb<span class=\"_ _a9\"></span>er 2021<span class=\"fc5\"> </span>Liabili<span class=\"_ _0\"></span>ties Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> Bond lo<span class=\"_ _0\"></span>ans 420,000 <span class=\"fc5\"> </span>2,197,750 <span class=\"fc5\"> </span>6,495,875 <span class=\"fc5\"> </span>457,660,500 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>466,774,124 <span class=\"fc5\"> </span>Commercial<span class=\"_ _0\"></span> paper 65,130,000 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>36,242,500 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>994,000 <span class=\"fc5\"> </span>144,224,500 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>246,590,999 <span class=\"fc5\"> </span>Bank <span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>oans<span class=\"_ _0\"></span> - <span class=\"fc5\"> </span>552,000 <span class=\"fc5\"> </span>13,495,740 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>80,570,487 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>33,462,507 <span class=\"_ _0\"></span><span class=\"fc5\"> </span>128,080,735 <span class=\"fc5\"> </span>Payables<span class=\"_ _0\"></span> Derivati<span class=\"_ _0\"></span>ve financ<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> - <span class=\"fc5\"> </span>1,185,597 <span class=\"fc5\"> </span>1,259,307 <span class=\"fc5\"> </span>323,238 <span class=\"fc5\"> </span>- <span class=\"fc5\"> </span>2,768,142 <span class=\"fc5\"> </span>i<span class=\"_ _0\"></span>nstr<span class=\"_ _2\"></span>uments<span class=\"_ _0\"></span> Total liabilities<span class=\"_ _0\"></span> 65,550<span class=\"_ _0\"></span>,000 <span class=\"fc5\"> </span>40,177<span class=\"_ _0\"></span>,847 <span class=\"fc5\"> </span>22,244<span class=\"_ _0\"></span>,922 <span class=\"fc5\"> </span>682<span class=\"_ _0\"></span>,778,725<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>33,462<span class=\"_ _0\"></span>,507 <span class=\"fc5\"> </span>844<span class=\"_ _0\"></span>,214,000<span class=\"_ _0\"></span> <span class=\"fc5\"> </span>Of which interest (a<span class=\"_ _0\"></span>t the 37,408<span class=\"_ _0\"></span>,448 <span class=\"fc5\"> </span>rates prevailing at <span class=\"_ _0\"></span>that date)<span class=\"_ _1\"></span> The tabl<span class=\"_ _2\"></span>e takes i<span class=\"_ _2\"></span>nto acco<span class=\"_ _2\"></span>unt th<span class=\"_ _a9\"></span>e debt issu<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> and <span class=\"_ _2\"></span>the long<span class=\"_ _2\"></span>-term d<span class=\"_ _2\"></span>ebt co<span class=\"_ _2\"></span>ntracted <span class=\"_ _2\"></span>and not disbursed <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>refinance the <span class=\"_ _a9\"></span>debt matu<span class=\"_ _2\"></span>ring in <span class=\"_ _2\"></span>2023 (A<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ailabl<span class=\"_ _2\"></span>e and unuse<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> cre<span class=\"_ _2\"></span>dit faci<span class=\"_ _2\"></span>liti<span class=\"_ _2\"></span>es). The cont<span class=\"_ _2\"></span>ractual ma<span class=\"_ _a9\"></span>turity of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>interest-bear<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>ng l<span class=\"_ _2\"></span>iabili<span class=\"_ _2\"></span>ties <span class=\"_ _2\"></span>presuppos<span class=\"_ _2\"></span>es the <span class=\"_ _2\"></span>fulfi<span class=\"_ _2\"></span>lment of f<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>nanc<span class=\"_ _2\"></span>ial covenants<span class=\"_ _2\"></span>, as d<span class=\"_ _2\"></span>etailed <span class=\"_ _2\"></span>in Not<span class=\"_ _2\"></span>e 5.6 - <span class=\"_ _2\"></span>Interest<span class=\"_ _2\"></span>-bearing <span class=\"_ _a9\"></span>l<span class=\"_ _0\"></span>iab<span class=\"_ _2\"></span>ilities.<span class=\"_ _2\"></span> Credit <span class=\"_ _2\"></span>facilitie<span class=\"_ _a9\"></span>s availa<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>le but <span class=\"_ _a9\"></span>not use<span class=\"_ _2\"></span>d Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Unused credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties Commercial<span class=\"_ _0\"></span> paper (wi<span class=\"_ _0\"></span>th long term underw<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>ng) 190,000,000  125,000,000  Long-term fi<span class=\"_ _0\"></span>nancing contracted a<span class=\"_ _0\"></span>nd not disbur<span class=\"_ _0\"></span>sed -  -  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es 20,450,714 <span class=\"_ _0\"></span> 20,450,714 <span class=\"_ _0\"></span> 210<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  145<span class=\"_ _0\"></span>,450,714<span class=\"_ _0\"></span>  Commercial<span class=\"_ _0\"></span> paper used (Note 5.6)<span class=\"_ _1\"></span> 140,000,000  240,000,000  Other credit faci<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es used 551,587,302  593,805,254  Contracted credit f<span class=\"_ _0\"></span>acilities (n<span class=\"_ _0\"></span>ominal value)<span class=\"_ _1\"></span> 902<span class=\"_ _0\"></span>,038,016<span class=\"_ _0\"></span>  979<span class=\"_ _0\"></span>,255,968<span class=\"_ _0\"></span>  As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 Navi<span class=\"_ _2\"></span>gator's<span class=\"_ _2\"></span> cur<span class=\"_ _2\"></span>rent liabi<span class=\"_ _2\"></span>lities <span class=\"_ _2\"></span>are <span class=\"_ _a9\"></span>higher than its <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>rrent ass<span class=\"_ _2\"></span>ets. However, <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>fact is<span class=\"_ _2\"></span> strongl<span class=\"_ _2\"></span>y infl<span class=\"_ _2\"></span>uenced b<span class=\"_ _2\"></span>y balances <span class=\"_ _a9\"></span>pay<span class=\"_ _0\"></span>abl<span class=\"_ _2\"></span>e to subsi<span class=\"_ _2\"></span>diaries<span class=\"_ _2\"></span>, whose managemen<span class=\"_ _2\"></span>t is co<span class=\"_ _2\"></span>mmon and the a<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty to <span class=\"_ _2\"></span>determine th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>enforceabil<span class=\"_ _2\"></span>ity of <span class=\"_ _a9\"></span>balances res<span class=\"_ _2\"></span>ts with the same Boa<span class=\"_ _a9\"></span>rd of Direc<span class=\"_ _2\"></span>tors. <span class=\"_ _2\"></span>It shoul<span class=\"_ _2\"></span>d also b<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> note<span class=\"_ _2\"></span>d that <span class=\"_ _2\"></span>the C<span class=\"_ _2\"></span>ompany's li<span class=\"_ _2\"></span>quidity i<span class=\"_ _2\"></span>ndicato<span class=\"_ _2\"></span>rs and debt co<span class=\"_ _2\"></span>venants demon<span class=\"_ _2\"></span>stra<span class=\"_ _2\"></span>te signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>comfort<span class=\"_ _2\"></span>. 8.<span class=\"_ _2\"></span>1.4.<span class=\"_ _2\"></span> C<span class=\"_ _a9\"></span>redit <span class=\"_ _a9\"></span>ris<span class=\"_ _2\"></span>k Credit risk ma<span class=\"_ _2\"></span>nagement policy<span class=\"_ _2\"></span> The Company is <span class=\"_ _0\"></span>expos<span class=\"_ _0\"></span>ed to credit ri<span class=\"_ _0\"></span>sk on <span class=\"_ _0\"></span>bala<span class=\"_ _0\"></span>nces receivable fr<span class=\"_ _0\"></span>om Trad<span class=\"_ _0\"></span>e and other r<span class=\"_ _0\"></span>eceivables an<span class=\"_ _0\"></span>d has ado<span class=\"_ _0\"></span>pted a pol<span class=\"_ _0\"></span>icy of managi<span class=\"_ _0\"></span>ng risk covera<span class=\"_ _0\"></span>ge withi<span class=\"_ _0\"></span>n certain l<span class=\"_ _0\"></span>evels through cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>t insura<span class=\"_ _0\"></span>nce with a sp<span class=\"_ _0\"></span>eciali<span class=\"_ _0\"></span>sed independent <span class=\"_ _0\"></span>company<span class=\"_ _0\"></span>. <span class=\"_ _1\"></span> Most sales tha<span class=\"_ _0\"></span>t are not <span class=\"_ _0\"></span>cov<span class=\"_ _0\"></span>ered by cre<span class=\"_ _0\"></span>dit insu<span class=\"_ _0\"></span>rance are cov<span class=\"_ _0\"></span>ered by bank <span class=\"_ _0\"></span>guarante<span class=\"_ _0\"></span>es and <span class=\"_ _0\"></span>documentary <span class=\"_ _0\"></span>credits, and an<span class=\"_ _0\"></span>y e<span class=\"_ _0\"></span>xposure<span class=\"_ _0\"></span> that is n<span class=\"_ _0\"></span>ot covered remai<span class=\"_ _0\"></span>ns withi<span class=\"_ _0\"></span>n the li<span class=\"_ _0\"></span>mits previou<span class=\"_ _0\"></span>sly ap<span class=\"_ _0\"></span>proved by th<span class=\"_ _0\"></span>e Executiv<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>mittee.<span class=\"_ _1\"></span> However, the <span class=\"_ _0\"></span>worseni<span class=\"_ _0\"></span>ng of global<span class=\"_ _0\"></span> economic condi<span class=\"_ _0\"></span>tions o<span class=\"_ _1\"></span>r adv<span class=\"_ _0\"></span>ersiti<span class=\"_ _0\"></span>es affecting only e<span class=\"_ _0\"></span>conomies on a<span class=\"_ _0\"></span> lo<span class=\"_ _0\"></span>cal scal<span class=\"_ _0\"></span>e may lead to deterioration i<span class=\"_ _0\"></span>n the abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ty of the Compan<span class=\"_ _0\"></span>y\u2019s Custome<span class=\"_ _0\"></span>rs to settl<span class=\"_ _0\"></span>e their l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties, leading entities <span class=\"_ _0\"></span>providing c<span class=\"_ _0\"></span>redit i<span class=\"_ _0\"></span>nsura<span class=\"_ _1\"></span><span class=\"ff1\">n<span class=\"_ _0\"></span>ce to </span>signifi<span class=\"_ _0\"></span>cantl<span class=\"_ _0\"></span>y decrease the amount of <span class=\"_ _0\"></span>credi<span class=\"_ _0\"></span>t facil<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t are availa<span class=\"_ _0\"></span>ble to those Custo<span class=\"_ _0\"></span>mers. Th<span class=\"_ _0\"></span>is scenario ma<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>sult i<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>mitati<span class=\"_ _0\"></span>ons on the amoun<span class=\"_ _0\"></span>ts that can b<span class=\"_ _0\"></span>e sold to so<span class=\"_ _0\"></span>me custom<span class=\"_ _0\"></span>ers with<span class=\"_ _0\"></span>out dir<span class=\"_ _0\"></span>ectly i<span class=\"_ _0\"></span>ncurring cr<span class=\"_ _0\"></span>edit risk l<span class=\"_ _0\"></span>evels that ar<span class=\"_ _0\"></span>e not com<span class=\"_ _0\"></span>patible <span class=\"_ _0\"></span>with <span class=\"_ _1\"></span>the risk policy in<span class=\"_ _0\"></span> this a<span class=\"_ _0\"></span>rea. Cash equival<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> The Company a<span class=\"_ _0\"></span>dopts stric<span class=\"_ _0\"></span>t poli<span class=\"_ _0\"></span>cies in a<span class=\"_ _0\"></span>pproving i<span class=\"_ _0\"></span>ts fina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l counterparties, l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ting its exposur<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span> accordance with<span class=\"_ _0\"></span> an i<span class=\"_ _0\"></span>ndivi<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>ual<span class=\"_ _0\"></span> risk anal<span class=\"_ _0\"></span>ysis and with<span class=\"_ _0\"></span>in previ<span class=\"_ _0\"></span>ously appro<span class=\"_ _0\"></span>ved li<span class=\"_ _0\"></span>mits.<span class=\"_ _0\"></span> Maximum<span class=\"_ _a9\"></span> expos<span class=\"_ _2\"></span>ure t<span class=\"_ _2\"></span>o cre<span class=\"_ _2\"></span>dit ri<span class=\"_ _2\"></span>sk The Company's<span class=\"_ _2\"></span> maxi<span class=\"_ _2\"></span>mum expos<span class=\"_ _2\"></span>ure to <span class=\"_ _2\"></span>the credit <span class=\"_ _a9\"></span>risk of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> assets <span class=\"_ _2\"></span>correspo<span class=\"_ _2\"></span>nds to <span class=\"_ _2\"></span>their net amount<span class=\"_ _2\"></span>, as fo<span class=\"_ _2\"></span>llows:<span class=\"_ _2\"></span> Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Non-cu<span class=\"_ _0\"></span>rrent Receivables (Not<span class=\"_ _0\"></span>e 4.2)  6,684  6,684  Current Receivables (Not<span class=\"_ _0\"></span>e 4.2)  899,000,085  866,987,969  Cash and cash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>(Note 5.8) <span class=\"_ _0\"></span> 390,640,161  354,336,647  1,289,64<span class=\"_ _0\"></span>6,930  1,221,33<span class=\"_ _0\"></span>1,300  Agein<span class=\"_ _2\"></span>g str<span class=\"_ _2\"></span>ucture <span class=\"_ _2\"></span>of Tra<span class=\"_ _2\"></span>de rece<span class=\"_ _2\"></span>iva<span class=\"_ _2\"></span>bles <span class=\"_ _2\"></span>balance<span class=\"_ _a9\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 and 3<span class=\"_ _2\"></span>1 Dec<span class=\"_ _2\"></span>ember 20<span class=\"_ _2\"></span>21, Trad<span class=\"_ _2\"></span>e rec<span class=\"_ _2\"></span>eivables sho<span class=\"_ _a9\"></span>wed<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>the foll<span class=\"_ _2\"></span>owing ageing st<span class=\"_ _2\"></span>ructur<span class=\"_ _2\"></span>e, conside<span class=\"_ _2\"></span>ring th<span class=\"_ _2\"></span>e due <span class=\"_ _2\"></span>dates fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>balanc<span class=\"_ _2\"></span>es outstan<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ing befo<span class=\"_ _a9\"></span>re impairmen<span class=\"_ _2\"></span>t: Amounts in Euro <span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts not due<span class=\"_ _0\"></span> 243,223,269  177,898,470  from 1 to 90 days<span class=\"_ _0\"></span> 30,108,471 <span class=\"_ _0\"></span> 904,687  from 91 to 180 days<span class=\"_ _0\"></span> 330,827  68,708 <span class=\"_ _0\"></span> from 181 to 360 d<span class=\"_ _0\"></span>ays 176,147  27,892 <span class=\"_ _0\"></span> from 361 to 540 days<span class=\"_ _0\"></span> 58,893 <span class=\"_ _0\"></span> -  from 541 to 720 days<span class=\"_ _0\"></span> 2,974  -  more than 721 days <span class=\"_ _0\"></span> -  -  273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Balances consi<span class=\"_ _0\"></span>dered impai<span class=\"_ _0\"></span>red  5,893,593  1,452,954  Impai<span class=\"_ _0\"></span>rmen<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span> (5,893,593) (1,452,954) Net balance of trade <span class=\"_ _0\"></span>receivables (N<span class=\"_ _0\"></span>ote 4.2) <span class=\"_ _1\"></span> 273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Trade receivabl<span class=\"_ _0\"></span>es covered by credit i<span class=\"_ _0\"></span>nsurance<span class=\"_ _0\"></span> 248,861,097  165,019,240  Trade receivabl<span class=\"_ _0\"></span>es covered by bank g<span class=\"_ _0\"></span>uarantees<span class=\"_ _0\"></span> 3,061,913  2,650,130  Trade receivabl<span class=\"_ _0\"></span>es covered by ti<span class=\"_ _0\"></span>tle reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n agr<span class=\"_ _2\"></span>eem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> 12,511,283 <span class=\"_ _0\"></span> 5,464,991  Trade receivabl<span class=\"_ _0\"></span>es covered by let<span class=\"_ _0\"></span>ters of credit / docum<span class=\"_ _0\"></span>entary remi<span class=\"_ _0\"></span>ttances<span class=\"_ _0\"></span> 9,466,288  5,765,396  Covered receivables <span class=\"_ _0\"></span> 273<span class=\"_ _0\"></span>,900,581<span class=\"_ _0\"></span>  178<span class=\"_ _0\"></span>,899,757<span class=\"_ _0\"></span>  Credit facili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es ava<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ab<span class=\"_ _2\"></span>l<span class=\"_ _0\"></span>e and unused <span class=\"_ _0\"></span> 493,330,233  264,747,564  Credit hedging fa<span class=\"_ _0\"></span>cilities contr<span class=\"_ _0\"></span>acted <span class=\"_ _0\"></span> 798<span class=\"_ _0\"></span>,325,298<span class=\"_ _0\"></span>  443<span class=\"_ _0\"></span>,647,321<span class=\"_ _0\"></span>  The amounts s<span class=\"_ _2\"></span>hown <span class=\"_ _2\"></span>above co<span class=\"_ _2\"></span>rrespond <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the <span class=\"_ _2\"></span>amounts <span class=\"_ _2\"></span>outstandi<span class=\"_ _2\"></span>ng accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>the co<span class=\"_ _2\"></span>ntracte<span class=\"_ _2\"></span>d due da<span class=\"_ _2\"></span>tes. Despite some <span class=\"_ _a9\"></span>delays in th<span class=\"_ _a9\"></span>e settlemen<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>those amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s, <span class=\"_ _2\"></span>that does <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>t result<span class=\"_ _2\"></span>, in acc<span class=\"_ _2\"></span>ordanc<span class=\"_ _2\"></span>e with the a<span class=\"_ _2\"></span>vailabl<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation<span class=\"_ _2\"></span>, in the i<span class=\"_ _2\"></span>denti<span class=\"_ _2\"></span>ficatio<span class=\"_ _2\"></span>n of i<span class=\"_ _2\"></span>mpairment l<span class=\"_ _2\"></span>osses othe<span class=\"_ _a9\"></span>r than the o<span class=\"_ _2\"></span>nes consi<span class=\"_ _2\"></span>dered through <span class=\"_ _a9\"></span>the respec<span class=\"_ _2\"></span>tive los<span class=\"_ _2\"></span>ses. <span class=\"_ _2\"></span>These are c<span class=\"_ _a9\"></span>alculated <span class=\"_ _2\"></span>based <span class=\"_ _0\"></span>on <span class=\"_ _2\"></span>the inf<span class=\"_ _2\"></span>ormati<span class=\"_ _2\"></span>on periodical<span class=\"_ _2\"></span>ly co<span class=\"_ _2\"></span>llected on <span class=\"_ _a9\"></span>the financi<span class=\"_ _2\"></span>al beha<span class=\"_ _2\"></span>viour <span class=\"_ _2\"></span>of the Co<span class=\"_ _a9\"></span>mpany\u2019s Custo<span class=\"_ _2\"></span>mers, whic<span class=\"_ _2\"></span>h all<span class=\"_ _2\"></span>ow, in conjunc<span class=\"_ _2\"></span>tion with <span class=\"_ _2\"></span>the ex<span class=\"_ _2\"></span>perienc<span class=\"_ _2\"></span>e obtaine<span class=\"_ _2\"></span>d in the c<span class=\"_ _2\"></span>lient <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ortf<span class=\"_ _2\"></span>olio<span class=\"_ _2\"></span> analysi<span class=\"_ _2\"></span>s and with the <span class=\"_ _2\"></span>histor<span class=\"_ _2\"></span>y of credit d<span class=\"_ _2\"></span>efaults<span class=\"_ _2\"></span>, in <span class=\"_ _2\"></span>the part no<span class=\"_ _a9\"></span>t attribut<span class=\"_ _2\"></span>able to <span class=\"_ _2\"></span>the insuranc<span class=\"_ _a9\"></span>e company, to <span class=\"_ _2\"></span>defi<span class=\"_ _2\"></span>ne the <span class=\"_ _2\"></span>amount of loss<span class=\"_ _2\"></span>es to be reco<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>nised i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>. The gua<span class=\"_ _2\"></span>rantees <span class=\"_ _2\"></span>in pl<span class=\"_ _a9\"></span>ace for a s<span class=\"_ _2\"></span>ignifi<span class=\"_ _2\"></span>cant par<span class=\"_ _2\"></span>t of outstanding <span class=\"_ _a9\"></span>and long-term <span class=\"_ _a9\"></span>balances, <span class=\"_ _2\"></span>justify <span class=\"_ _a9\"></span>the fact <span class=\"_ _2\"></span>that no <span class=\"_ _2\"></span>impairment l<span class=\"_ _2\"></span>oss has<span class=\"_ _2\"></span> been <span class=\"_ _2\"></span>recorded for tho<span class=\"_ _2\"></span>se balances<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>T<span class=\"_ _0\"></span>he rules<span class=\"_ _2\"></span> defi<span class=\"_ _2\"></span>ned by th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> cre<span class=\"_ _2\"></span>dit risk i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>urance poli<span class=\"_ _2\"></span>cy ap<span class=\"_ _2\"></span>plied b<span class=\"_ _2\"></span>y the Navigator G<span class=\"_ _a9\"></span>roup,<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>ensure <span class=\"_ _2\"></span>a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>coverage of<span class=\"_ _2\"></span> all<span class=\"_ _2\"></span> outst<span class=\"_ _2\"></span>anding balanc<span class=\"_ _2\"></span>es. Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in acc<span class=\"_ _2\"></span>umu<span class=\"_ _2\"></span>lated im<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>air<span class=\"_ _2\"></span>ment l<span class=\"_ _2\"></span>osse<span class=\"_ _2\"></span>s in Tra<span class=\"_ _2\"></span>de rec<span class=\"_ _2\"></span>eivab<span class=\"_ _2\"></span>les <span class=\"_ _2\"></span> Amounts in Euro <span class=\"_ _0\"></span> 2022 2021 Accumu<span class=\"_ _0\"></span>lated impairment at b<span class=\"_ _0\"></span>eginning of the <span class=\"_ _0\"></span>period<span class=\"_ _0\"></span> (1,452<span class=\"_ _0\"></span>,954) (1,249<span class=\"_ _0\"></span>,988) Changes due to:<span class=\"_ _0\"></span> Amounts recogni<span class=\"_ _0\"></span>sed in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> (3,268,851) (127,605) Reversal of unused <span class=\"_ _0\"></span>amounts <span class=\"_ _0\"></span> 1,283  44,011 <span class=\"_ _0\"></span> Changes recognised in the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> (3,267<span class=\"_ _0\"></span>,568) (83,59<span class=\"_ _0\"></span>4) Derecogniti<span class=\"_ _0\"></span>on of uncoll<span class=\"_ _0\"></span>ectible assets <span class=\"_ _0\"></span> (1,173,071) (119,371) Accumu<span class=\"_ _0\"></span>lated impairment at end o<span class=\"_ _0\"></span>f the period<span class=\"_ _1\"></span> (5,893<span class=\"_ _0\"></span>,593) (1,452<span class=\"_ _0\"></span>,954) Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Impairmen<span class=\"_ _2\"></span>t of de<span class=\"_ _2\"></span>bt instr<span class=\"_ _2\"></span>uments The Company <span class=\"_ _2\"></span>assess<span class=\"_ _2\"></span>es, on<span class=\"_ _2\"></span> a prosp<span class=\"_ _2\"></span>ective bas<span class=\"_ _2\"></span>is, <span class=\"_ _2\"></span>the exp<span class=\"_ _2\"></span>ected c<span class=\"_ _2\"></span>redit losses <span class=\"_ _2\"></span>associ<span class=\"_ _2\"></span>ated wi<span class=\"_ _2\"></span>th its finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>assets measure<span class=\"_ _2\"></span>d at amor<span class=\"_ _2\"></span>tised co<span class=\"_ _2\"></span>st and <span class=\"_ _2\"></span>at f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue through o<span class=\"_ _a9\"></span>ther com<span class=\"_ _2\"></span>prehensi<span class=\"_ _2\"></span>ve inco<span class=\"_ _2\"></span>me, in acc<span class=\"_ _2\"></span>ordance <span class=\"_ _2\"></span>with IFRS 9<span class=\"_ _2\"></span>. On this <span class=\"_ _2\"></span>basis, Na<span class=\"_ _2\"></span>vigato<span class=\"_ _2\"></span>r reco<span class=\"_ _2\"></span>gnises ex<span class=\"_ _2\"></span>pected cr<span class=\"_ _a9\"></span>ed<span class=\"_ _0\"></span>it l<span class=\"_ _2\"></span>osses <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hroughout <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he li<span class=\"_ _2\"></span>fetime of<span class=\"_ _2\"></span> financ<span class=\"_ _2\"></span>ial instruments <span class=\"_ _a9\"></span>that have b<span class=\"_ _2\"></span>een sub<span class=\"_ _2\"></span>ject <span class=\"_ _2\"></span>to signi<span class=\"_ _2\"></span>ficant i<span class=\"_ _2\"></span>ncrease<span class=\"_ _2\"></span>s in <span class=\"_ _2\"></span>credit risk s<span class=\"_ _2\"></span>ince i<span class=\"_ _2\"></span>ts ini<span class=\"_ _2\"></span>tial recogniti<span class=\"_ _2\"></span>on, ass<span class=\"_ _2\"></span>essed ei<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>her indi<span class=\"_ _2\"></span>vidual<span class=\"_ _2\"></span>ly or c<span class=\"_ _2\"></span>ollecti<span class=\"_ _2\"></span>vely, co<span class=\"_ _a9\"></span>nsidering al<span class=\"_ _2\"></span>l reason<span class=\"_ _2\"></span>able <span class=\"_ _2\"></span>and sustain<span class=\"_ _2\"></span>able inf<span class=\"_ _2\"></span>ormation, i<span class=\"_ _2\"></span>ncludin<span class=\"_ _2\"></span>g avail<span class=\"_ _2\"></span>able pros<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ecti<span class=\"_ _2\"></span>ve inf<span class=\"_ _2\"></span>ormation<span class=\"_ _2\"></span>. If, a<span class=\"_ _2\"></span>t the repo<span class=\"_ _2\"></span>rting d<span class=\"_ _2\"></span>ate, th<span class=\"_ _2\"></span>e cre<span class=\"_ _2\"></span>dit risk as<span class=\"_ _2\"></span>sociat<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d wi<span class=\"_ _2\"></span>th a f<span class=\"_ _2\"></span>inanc<span class=\"_ _2\"></span>ial i<span class=\"_ _2\"></span>nstrument has <span class=\"_ _2\"></span>not increas<span class=\"_ _a9\"></span>ed signi<span class=\"_ _2\"></span>ficantl<span class=\"_ _2\"></span>y since <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>al recogni<span class=\"_ _2\"></span>tion, the Co<span class=\"_ _2\"></span>mpany measu<span class=\"_ _a9\"></span>res i<span class=\"_ _2\"></span>mpairment in <span class=\"_ _2\"></span>respec<span class=\"_ _2\"></span>t of <span class=\"_ _2\"></span>that finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instrument at an <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>t equal<span class=\"_ _2\"></span> to ex<span class=\"_ _2\"></span>pected cr<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>t losses<span class=\"_ _2\"></span>. IFRS 9 provi<span class=\"_ _a9\"></span>des that f<span class=\"_ _2\"></span>or th<span class=\"_ _2\"></span>e calcul<span class=\"_ _2\"></span>ation o<span class=\"_ _2\"></span>f these i<span class=\"_ _2\"></span>mpairme<span class=\"_ _a9\"></span>nt<span class=\"_ _0\"></span>s, one o<span class=\"_ _2\"></span>f t<span class=\"_ _2\"></span>wo models i<span class=\"_ _2\"></span>s used<span class=\"_ _2\"></span>: the 3-step m<span class=\"_ _2\"></span>ethod o<span class=\"_ _2\"></span>r the us<span class=\"_ _2\"></span>e of a <span class=\"_ _2\"></span>matri<span class=\"_ _2\"></span>x, the dis<span class=\"_ _2\"></span>tinguishi<span class=\"_ _2\"></span>ng c<span class=\"_ _2\"></span>omponent b<span class=\"_ _2\"></span>eing the <span class=\"_ _2\"></span>exist<span class=\"_ _2\"></span>ence or no<span class=\"_ _a9\"></span>t of a <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>icant fi<span class=\"_ _2\"></span>nancin<span class=\"_ _2\"></span>g component. Fo<span class=\"_ _a9\"></span>r Navigator'<span class=\"_ _2\"></span>s fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets, since it i<span class=\"_ _2\"></span>s not a <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al insti<span class=\"_ _2\"></span>tution and th<span class=\"_ _a9\"></span>ere<span class=\"_ _0\"></span> a<span class=\"_ _2\"></span>re no ass<span class=\"_ _2\"></span>ets tha<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> hav<span class=\"_ _2\"></span>e a signi<span class=\"_ _2\"></span>ficant <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nancing <span class=\"_ _2\"></span>component, <span class=\"_ _2\"></span>the use of<span class=\"_ _2\"></span> a matrix w<span class=\"_ _2\"></span>as chosen.<span class=\"_ _2\"></span> The model a<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>opted f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the impairmen<span class=\"_ _2\"></span>t assess<span class=\"_ _2\"></span>ment i<span class=\"_ _2\"></span>n acc<span class=\"_ _2\"></span>ordance wi<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>h IFRS 9<span class=\"_ _2\"></span> is as<span class=\"_ _2\"></span> fol<span class=\"_ _2\"></span>lows: i.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Calc<span class=\"_ _2\"></span>ulate the to<span class=\"_ _2\"></span>tal cre<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>it sales <span class=\"_ _2\"></span>made by <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Grou<span class=\"_ _2\"></span>p ove<span class=\"_ _2\"></span>r the l<span class=\"_ _2\"></span>ast 12 <span class=\"_ _2\"></span>months, as <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ell <span class=\"_ _2\"></span>as </span></span>the to<span class=\"_ _2\"></span>tal amount <span class=\"_ _2\"></span>of ba<span class=\"_ _2\"></span>d debts r<span class=\"_ _2\"></span>elating <span class=\"_ _2\"></span>to them; ii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff8\">De<span class=\"_ _0\"></span>termi<span class=\"_ _2\"></span>ne the Custom<span class=\"_ _a9\"></span>ers\u2019 paymen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> profil<span class=\"_ _2\"></span>e, by s<span class=\"_ _2\"></span>etting <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>uc<span class=\"_ _2\"></span>kets of r<span class=\"_ _2\"></span>eceipt f<span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>quenc<span class=\"_ _2\"></span>y;<span class=\"ff1\"> </span></span></span>iii.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Based on I. and <span class=\"_ _a9\"></span>II. abo<span class=\"_ _2\"></span>ve, estima<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e th<span class=\"_ _2\"></span>e probabil<span class=\"_ _2\"></span>ity of <span class=\"_ _2\"></span>defa<span class=\"_ _2\"></span>ult (i.e., <span class=\"_ _2\"></span>the amount <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>bad </span></span>debts c<span class=\"_ _2\"></span>alculated a<span class=\"_ _a9\"></span>t I. compar<span class=\"_ _2\"></span>ed to<span class=\"_ _2\"></span> the bal<span class=\"_ _2\"></span>ance of <span class=\"_ _2\"></span>outs<span class=\"_ _2\"></span>tanding <span class=\"_ _2\"></span>sales i<span class=\"_ _2\"></span>n each bucke<span class=\"_ _2\"></span>t calc<span class=\"_ _2\"></span>ulated at <span class=\"_ _2\"></span>II.);<span class=\"_ _2\"></span> iv.<span class=\"ffb\"> <span class=\"_ _93\"> </span></span>Adjust <span class=\"_ _a9\"></span>the percen<span class=\"_ _2\"></span>tages o<span class=\"_ _2\"></span>f future <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>roj<span class=\"_ _2\"></span>ections o<span class=\"_ _2\"></span>btained i<span class=\"_ _2\"></span>n III.; v.<span class=\"ffb ls0\"> <span class=\"_ _93\"> </span><span class=\"ff1\">Apply <span class=\"_ _a9\"></span>the defaul<span class=\"_ _2\"></span>t percent<span class=\"_ _2\"></span>ages as cal<span class=\"_ _2\"></span>culat<span class=\"_ _2\"></span>ed in <span class=\"_ _2\"></span>IV. to <span class=\"_ _2\"></span>the b<span class=\"_ _2\"></span>alances of C<span class=\"_ _2\"></span>ustomers sti<span class=\"_ _2\"></span>ll </span></span>outstanding <span class=\"_ _a9\"></span>at the re<span class=\"_ _2\"></span>porting <span class=\"_ _2\"></span>date. Although <span class=\"_ _2\"></span>IFRS 9 assu<span class=\"_ _2\"></span>mes 90 <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ays as \u201c<span class=\"_ _a9\"></span>de<span class=\"_ _0\"></span>fault\u201d<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> Navi<span class=\"_ _2\"></span>gator <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dered<span class=\"_ _0\"></span> a <span class=\"_ _2\"></span>period of<span class=\"_ _2\"></span> 180 da<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>s, sinc<span class=\"_ _2\"></span>e the experienc<span class=\"_ _a9\"></span>e of real l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>before <span class=\"_ _a9\"></span>this period i<span class=\"_ _2\"></span>s low. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>his perio<span class=\"_ _2\"></span>d is al<span class=\"_ _2\"></span>igned <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e current <span class=\"_ _2\"></span>risk manag<span class=\"_ _2\"></span>ement po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>the compan<span class=\"_ _2\"></span>y, namel<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>n what regards <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he cr<span class=\"_ _2\"></span>edit ins<span class=\"_ _2\"></span>uranc<span class=\"_ _2\"></span>e hired, an<span class=\"_ _2\"></span>d to t<span class=\"_ _2\"></span>he fact <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>there ar<span class=\"_ _2\"></span>e no s<span class=\"_ _2\"></span>ales with <span class=\"_ _2\"></span>signif<span class=\"_ _2\"></span>ica<span class=\"_ _2\"></span>nt components <span class=\"_ _2\"></span>of fun<span class=\"_ _a9\"></span>ding in l<span class=\"_ _2\"></span>ight of IFRS 15. <span class=\"_ _2\"></span>Additio<span class=\"_ _2\"></span>nally, <span class=\"_ _2\"></span>the compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> eval<span class=\"_ _2\"></span>uated the i<span class=\"_ _2\"></span>mpact <span class=\"_ _a9\"></span>of cons<span class=\"_ _2\"></span>idering 180<span class=\"_ _2\"></span> days of <span class=\"ff8\">\u201cdefau<span class=\"_ _2\"></span>lt\u201d </span>instead o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e 90 days an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e Expecte<span class=\"_ _2\"></span>d Credi<span class=\"_ _2\"></span>t Loss<span class=\"_ _2\"></span> would no<span class=\"_ _2\"></span>t change signi<span class=\"_ _2\"></span>fican<span class=\"_ _2\"></span>tly. In the <span class=\"_ _2\"></span>event of<span class=\"_ _2\"></span> an acci<span class=\"_ _2\"></span>dent i<span class=\"_ _2\"></span>n the cr<span class=\"_ _2\"></span>edit in<span class=\"_ _2\"></span>suranc<span class=\"_ _2\"></span>e compan<span class=\"_ _2\"></span>y, the mo<span class=\"_ _2\"></span>del consi<span class=\"_ _2\"></span>ders <span class=\"_ _2\"></span>the limi<span class=\"_ _2\"></span>t paid<span class=\"_ _2\"></span>, by Navig<span class=\"_ _2\"></span>ator, of<span class=\"_ _2\"></span> 10% fo<span class=\"_ _2\"></span>r national<span class=\"_ _2\"></span> Custome<span class=\"_ _2\"></span>rs and 5<span class=\"_ _2\"></span>% for i<span class=\"_ _a9\"></span>nternational <span class=\"_ _2\"></span>Customers.<span class=\"_ _2\"></span> Given the s<span class=\"_ _2\"></span>itua<span class=\"_ _2\"></span>tion ari<span class=\"_ _2\"></span>sing from <span class=\"_ _2\"></span>the mi<span class=\"_ _2\"></span>litary c<span class=\"_ _2\"></span>onfli<span class=\"_ _2\"></span>ct in <span class=\"_ _2\"></span>Ukrai<span class=\"_ _2\"></span>ne, the G<span class=\"_ _2\"></span>roup analys<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>the credi<span class=\"_ _2\"></span>t risk, co<span class=\"_ _2\"></span>nsiderin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>expecte<span class=\"_ _2\"></span>d economic<span class=\"_ _2\"></span> and fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> impacts at <span class=\"_ _a9\"></span>the macro<span class=\"_ _2\"></span>economic <span class=\"_ _2\"></span>level. In this <span class=\"_ _2\"></span>regard<span class=\"_ _2\"></span>, as a<span class=\"_ _2\"></span>t 31 Decemb<span class=\"_ _2\"></span>er 2022, <span class=\"_ _a9\"></span>the recover<span class=\"_ _2\"></span>ability<span class=\"_ _2\"></span> risk valu<span class=\"_ _2\"></span>e was i<span class=\"_ _2\"></span>ncrease<span class=\"_ _2\"></span>d by Euro<span class=\"_ _2\"></span> 1,171,78<span class=\"_ _2\"></span>8 (31 Decem<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>er 2020<span class=\"_ _2\"></span>: decreas<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d by E<span class=\"_ _2\"></span>uro 123,1<span class=\"_ _a9\"></span>46). In addi<span class=\"_ _2\"></span>tion, the C<span class=\"_ _2\"></span>ompany r<span class=\"_ _a9\"></span>ecognises i<span class=\"_ _2\"></span>mpairmen<span class=\"_ _2\"></span>t on a cas<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>-<span class=\"ls35\">by</span>-case <span class=\"_ _a9\"></span>basis, bas<span class=\"_ _2\"></span>ed on speci<span class=\"_ _2\"></span>fic balances <span class=\"_ _2\"></span>and spec<span class=\"_ _2\"></span>ific<span class=\"_ _2\"></span> past events<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> cons<span class=\"_ _2\"></span>iderin<span class=\"_ _2\"></span>g the histo<span class=\"_ _a9\"></span>rical i<span class=\"_ _2\"></span>nformation of<span class=\"_ _2\"></span> the counte<span class=\"_ _2\"></span>rparti<span class=\"_ _2\"></span>es, their ri<span class=\"_ _2\"></span>sk prof<span class=\"_ _2\"></span>ile and <span class=\"_ _2\"></span>other o<span class=\"_ _2\"></span>bserva<span class=\"_ _2\"></span>ble da<span class=\"_ _2\"></span>ta in orde<span class=\"_ _2\"></span>r to ass<span class=\"_ _a9\"></span>ess whether <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>here <span class=\"_ _2\"></span>are objecti<span class=\"_ _a9\"></span>ve indic<span class=\"_ _2\"></span>ators of <span class=\"_ _2\"></span>impairment fo<span class=\"_ _2\"></span>r thes<span class=\"_ _a9\"></span>e financi<span class=\"_ _2\"></span>al ass<span class=\"_ _2\"></span>ets. The Co<span class=\"_ _a9\"></span>mpany uses <span class=\"_ _2\"></span>the wri<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>-off <span class=\"_ _2\"></span>procedure only when <span class=\"_ _2\"></span>the cre<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>it i<span class=\"_ _2\"></span>s consi<span class=\"_ _2\"></span>dered to b<span class=\"_ _2\"></span>e definitel<span class=\"_ _2\"></span>y uncoll<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>ble by a co<span class=\"_ _2\"></span>urt d<span class=\"_ _2\"></span>ecisi<span class=\"_ _2\"></span>on. 8.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial risk<span class=\"_ _a9\"></span> management<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in de<span class=\"_ _2\"></span>rivativ<span class=\"_ _2\"></span>e fina<span class=\"_ _2\"></span>ncial i<span class=\"_ _a9\"></span>ns<span class=\"_ _0\"></span>trum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>s 2022 2021  Trading  Hedging<span class=\"_ _0\"></span>  Trading  Hedging<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>derivati<span class=\"_ _0\"></span>ves <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Net total<span class=\"_ _0\"></span> <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Balance at the be<span class=\"_ _0\"></span>ginning of the p<span class=\"_ _0\"></span>eriod<span class=\"_ _0\"></span> (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) 3,160,13<span class=\"_ _0\"></span>1  (5,336<span class=\"_ _0\"></span>,693) (2,176<span class=\"_ _0\"></span>,562) New contracts / settl<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> 2,911,822  (1,409,252) 1,502,569  (623,573) 2,326,438  1,702,865  Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through profi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss (4,289,597) (1,504,772) (5,794,369) (4,265,016) (3,191,640) (7,456,656) (Note 5.10) Change i<span class=\"_ _0\"></span>n fa<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through other -  54,623,316 <span class=\"_ _0\"></span> 54,623,316 <span class=\"_ _0\"></span> -  1,430,747  1,430,747  comprehensi<span class=\"_ _0\"></span>ve income (Note 5.<span class=\"_ _0\"></span>5)<span class=\"_ _0\"></span> Balance at the end of <span class=\"_ _0\"></span>the period<span class=\"_ _0\"></span> (3,106<span class=\"_ _0\"></span>,233) 46,938<span class=\"_ _0\"></span>,143  43,831<span class=\"_ _0\"></span>,910  (1,728<span class=\"_ _0\"></span>,458) (4,771<span class=\"_ _0\"></span>,149) (6,499<span class=\"_ _0\"></span>,607) Hedging d<span class=\"_ _2\"></span>erivati<span class=\"_ _2\"></span>ve cont<span class=\"_ _2\"></span>racts <span class=\"_ _2\"></span>entered into <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r pulp and <span class=\"_ _a9\"></span>paper sales <span class=\"_ _2\"></span>had an impac<span class=\"_ _a9\"></span>t of Euro 28,405,4<span class=\"_ _2\"></span>70 on s<span class=\"_ _2\"></span>ales margin<span class=\"_ _2\"></span>. 8.2.1.<span class=\"_ _2\"></span> <span class=\"_ _5a\"> </span>Detail and <span class=\"_ _2\"></span>maturity <span class=\"_ _2\"></span>of de<span class=\"_ _2\"></span>rivative <span class=\"_ _2\"></span>financial<span class=\"_ _2\"></span> instrume<span class=\"_ _2\"></span>nts <span class=\"ls94\">by </span>nature 31 Decemb<span class=\"_ _a9\"></span>er 2022<span class=\"fs6 fc4\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span>Currency<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 345,000,000  USD 2023 6,011,256  -  6,011,256  Hedging (future sal<span class=\"_ _0\"></span>es) 144,000,000  GBP 2023 1,294,665  -  1,294,665  Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2028 31,949,130 <span class=\"_ _0\"></span> -  31,949,130 <span class=\"_ _0\"></span> BHKP pul<span class=\"_ _0\"></span>p 50,521,199 <span class=\"_ _0\"></span> EUR 2023 7,683,092  -  7,683,092  46,938<span class=\"_ _0\"></span>,143  -  46,938<span class=\"_ _0\"></span>,143  Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 76,977,456 <span class=\"_ _0\"></span> USD 2023 1,325,016  (4,679,289) (3,354,273) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 18,800,000 <span class=\"_ _0\"></span> GBP 2023 251,284  -  251,284  Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 1,750,000  CHF 2023 -  (3,244) (3,244) 1,576,30<span class=\"_ _0\"></span>0  (4,682<span class=\"_ _0\"></span>,533) (3,106<span class=\"_ _0\"></span>,233) 48,514<span class=\"_ _0\"></span>,443  (4,682<span class=\"_ _0\"></span>,533) 43,831<span class=\"_ _0\"></span>,910  31 Decemb<span class=\"_ _a9\"></span>er 2021<span class=\"fs6\"> </span> Positive<span class=\"_ _0\"></span>  Negati<span class=\"_ _0\"></span>ve  Net Amounts in Euro<span class=\"_ _0\"></span>  Notional<span class=\"_ _0\"></span> <span class=\"fc7 sc0\"> </span>Currency<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Maturity <span class=\"_ _0\"></span> (Note <span class=\"_ _0\"></span>4.2) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>(Note <span class=\"_ _0\"></span>4.3) <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>t  Hedging Hedging (future sal<span class=\"_ _0\"></span>es) 242,500,000  USD 2022 9,066  (1,426,675) (1,417,609) Hedging (future sal<span class=\"_ _0\"></span>es) 83,000,000 <span class=\"_ _0\"></span> GBP 2022 -  (483,940) (483,940) Interest rate swaps <span class=\"_ _0\"></span>- Bonds<span class=\"_ _0\"></span> 375,000,000  EUR 2026 1,621,916  (2,804,403) (1,182,487) BHKP pul<span class=\"_ _0\"></span>p 27,120,000 <span class=\"_ _0\"></span> USD 2022 -  (1,687,112) (1,687,112) 1,630,98<span class=\"_ _0\"></span>2  (6,402<span class=\"_ _0\"></span>,130) (4,771<span class=\"_ _0\"></span>,148) Trading Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 129,745,503  USD 2023 -  (1,640,154) (1,640,154) Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 9,050,000  GBP 2021 -  (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> (86<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>56)<span class=\"_ _0\"></span> Forei<span class=\"_ _0\"></span>gn ex<span class=\"_ _2\"></span>chan<span class=\"_ _0\"></span>ge forwards (<span class=\"_ _0\"></span>future sal<span class=\"_ _0\"></span>es)<span class=\"_ _0\"></span> 300,000  CHF 2021 -  (1,448) (1,448) -  (1,728<span class=\"_ _0\"></span>,458) (1,728<span class=\"_ _0\"></span>,458) 1,630,98<span class=\"_ _0\"></span>2  (8,130<span class=\"_ _0\"></span>,589) (6,499<span class=\"_ _0\"></span>,607) Future sal<span class=\"_ _2\"></span>es hedg<span class=\"_ _2\"></span>e | Exchan<span class=\"_ _2\"></span>ge rate <span class=\"_ _a9\"></span>risk EUR/USD an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> EUR<span class=\"_ _2\"></span>/GBP During the <span class=\"_ _2\"></span>seco<span class=\"_ _2\"></span>nd half o<span class=\"_ _2\"></span>f 2022<span class=\"_ _2\"></span>, the Compan<span class=\"_ _2\"></span>y concl<span class=\"_ _2\"></span>uded t<span class=\"_ _2\"></span>he con<span class=\"_ _2\"></span>tracting <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al instruments <span class=\"_ _a9\"></span>by acquiring <span class=\"_ _a9\"></span>U<span class=\"_ _0\"></span>SD 345<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span>000,000<span class=\"_ _2\"></span> and GBP 14<span class=\"_ _2\"></span>4,00<span class=\"_ _2\"></span>0,000 i<span class=\"_ _2\"></span>n Zero Cos<span class=\"_ _2\"></span>t Coll<span class=\"_ _2\"></span>ar, thus guaranteei<span class=\"_ _2\"></span>ng total<span class=\"_ _2\"></span> cove<span class=\"_ _2\"></span>rage of<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>estimated val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f expos<span class=\"_ _2\"></span>ure for 20<span class=\"_ _2\"></span>23. Interest <span class=\"_ _2\"></span>rate h<span class=\"_ _2\"></span>edge During the <span class=\"_ _2\"></span>firs<span class=\"_ _2\"></span>t quarte<span class=\"_ _2\"></span>r of <span class=\"_ _2\"></span>2022, the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y contrac<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>two new s<span class=\"_ _2\"></span>waps in <span class=\"_ _2\"></span>the amount o<span class=\"_ _2\"></span>f Eu<span class=\"_ _2\"></span>ro 75,000,0<span class=\"_ _2\"></span>00 each, <span class=\"_ _2\"></span>to fi<span class=\"_ _2\"></span>x the in<span class=\"_ _2\"></span>terest ra<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span> asso<span class=\"_ _2\"></span>ciat<span class=\"_ _2\"></span>ed with t<span class=\"_ _a9\"></span>he Navigator <span class=\"_ _2\"></span>2022-2028 bond l<span class=\"_ _2\"></span>oan in<span class=\"_ _2\"></span> the amount o<span class=\"_ _2\"></span>f Euro 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>,000,000, st<span class=\"_ _2\"></span>arting i<span class=\"_ _2\"></span>n Jun<span class=\"_ _2\"></span>e 2022. <span class=\"_ _2\"></span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _2\"></span>dgement<span class=\"_ _a9\"></span>s Fair value <span class=\"_ _a9\"></span>in<span class=\"_ _0\"></span> der<span class=\"_ _2\"></span>ivative <span class=\"_ _2\"></span>financial<span class=\"_ _a9\"></span> instrument<span class=\"_ _2\"></span>s Whenever poss<span class=\"_ _2\"></span>ible<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivati<span class=\"_ _2\"></span>ves is es<span class=\"_ _a9\"></span>timated on <span class=\"_ _2\"></span>the basi<span class=\"_ _2\"></span>s of <span class=\"_ _2\"></span>quoted instruments<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> In <span class=\"_ _2\"></span>the abs<span class=\"_ _2\"></span>ence of mar<span class=\"_ _a9\"></span>ket prices<span class=\"_ _2\"></span>, the f<span class=\"_ _2\"></span>air val<span class=\"_ _2\"></span>ue o<span class=\"_ _2\"></span>f deriva<span class=\"_ _2\"></span>tives is <span class=\"_ _2\"></span>esti<span class=\"_ _2\"></span>mated throu<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span>h the disco<span class=\"_ _2\"></span>unted cas<span class=\"_ _2\"></span>h-flow m<span class=\"_ _2\"></span>ethod an<span class=\"_ _2\"></span>d option <span class=\"_ _a9\"></span>valuation mo<span class=\"_ _2\"></span>dels, in <span class=\"_ _2\"></span>accordanc<span class=\"_ _2\"></span>e with <span class=\"_ _2\"></span>prevail<span class=\"_ _2\"></span>ing market as<span class=\"_ _2\"></span>sumpti<span class=\"_ _2\"></span>ons.<span class=\"ff9\"> </span>Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of deri<span class=\"_ _2\"></span>vative <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstruments is<span class=\"_ _2\"></span> incl<span class=\"_ _2\"></span>uded under P<span class=\"_ _a9\"></span>ayables (N<span class=\"_ _2\"></span>ote 4.3)<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> when negative, an<span class=\"_ _a9\"></span>d under R<span class=\"_ _2\"></span>eceivabl<span class=\"_ _2\"></span>es (Not<span class=\"_ _2\"></span>e 4.2), wh<span class=\"_ _2\"></span>en positi<span class=\"_ _2\"></span>ve. In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>IFRS 9 - Fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> Instruments<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> th<span class=\"_ _2\"></span>e Gro<span class=\"_ _2\"></span>up has opte<span class=\"_ _2\"></span>d to conti<span class=\"_ _2\"></span>nue <span class=\"_ _2\"></span>applyin<span class=\"_ _2\"></span>g the hedge <span class=\"_ _2\"></span>accoun<span class=\"_ _2\"></span>ting re<span class=\"_ _2\"></span>quiremen<span class=\"_ _2\"></span>ts of IAS 3<span class=\"_ _2\"></span>9 - Fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> Instrumen<span class=\"_ _2\"></span>ts, until <span class=\"_ _2\"></span>there i<span class=\"_ _2\"></span>s great<span class=\"_ _2\"></span>er visi<span class=\"_ _2\"></span>bility on<span class=\"_ _2\"></span> the Dynami<span class=\"_ _2\"></span>c Ri<span class=\"_ _2\"></span>sk Management <span class=\"_ _2\"></span>(macro he<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ging) proj<span class=\"_ _a9\"></span>ect curren<span class=\"_ _2\"></span>tly i<span class=\"_ _2\"></span>n progress.<span class=\"_ _2\"></span> Whenever e<span class=\"_ _2\"></span>xpecta<span class=\"_ _2\"></span>tions <span class=\"_ _2\"></span>of changes <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>nterest or <span class=\"_ _a9\"></span>exchange<span class=\"_ _2\"></span> rates so <span class=\"_ _2\"></span>justi<span class=\"_ _2\"></span>fy, the N<span class=\"_ _2\"></span>avigato<span class=\"_ _a9\"></span>r Group hedges <span class=\"_ _2\"></span>these ri<span class=\"_ _2\"></span>sks throu<span class=\"_ _2\"></span>gh deri<span class=\"_ _2\"></span>vative f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrument<span class=\"_ _2\"></span>s, suc<span class=\"_ _2\"></span>h as i<span class=\"_ _2\"></span>nterest ra<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>waps (IRS)<span class=\"_ _2\"></span>, interes<span class=\"_ _2\"></span>t rate an<span class=\"_ _2\"></span>d for<span class=\"_ _2\"></span>eign e<span class=\"_ _2\"></span>xchange collars<span class=\"_ _a9\"></span>, forwards, <span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>. Trad<span class=\"_ _2\"></span>ing deriva<span class=\"_ _2\"></span>tive finan<span class=\"_ _2\"></span>cial instrume<span class=\"_ _a9\"></span>nts Although <span class=\"_ _2\"></span>the deri<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>atives<span class=\"_ _2\"></span> contrac<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y represen<span class=\"_ _2\"></span>t eff<span class=\"_ _2\"></span>ective ec<span class=\"_ _2\"></span>onomic <span class=\"_ _2\"></span>hedges o<span class=\"_ _2\"></span>f risks, no<span class=\"_ _2\"></span>t all <span class=\"_ _2\"></span>of them <span class=\"_ _2\"></span>quali<span class=\"_ _2\"></span>fy as hed<span class=\"_ _2\"></span>ging ins<span class=\"_ _2\"></span>truments <span class=\"_ _2\"></span>in acc<span class=\"_ _a9\"></span>ounting terms<span class=\"_ _2\"></span> to satis<span class=\"_ _2\"></span>fy the applicabl<span class=\"_ _2\"></span>e rules <span class=\"_ _2\"></span>and requi<span class=\"_ _2\"></span>remen<span class=\"_ _2\"></span>ts. Ins<span class=\"_ _2\"></span>truments th<span class=\"_ _a9\"></span>at do no<span class=\"_ _2\"></span>t qualify <span class=\"_ _2\"></span>as he<span class=\"_ _2\"></span>dging instrum<span class=\"_ _a9\"></span>ent<span class=\"_ _0\"></span>s a<span class=\"_ _2\"></span>re record<span class=\"_ _2\"></span>ed in the co<span class=\"_ _2\"></span>nsoli<span class=\"_ _2\"></span>dated fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at th<span class=\"_ _2\"></span>eir fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue and chan<span class=\"_ _a9\"></span>ge<span class=\"_ _0\"></span>s i<span class=\"_ _2\"></span>n fair <span class=\"_ _2\"></span>value a<span class=\"_ _2\"></span>re recognis<span class=\"_ _2\"></span>ed in Ne<span class=\"_ _2\"></span>t fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>results (No<span class=\"_ _2\"></span>te 5.10<span class=\"_ _2\"></span>), when <span class=\"_ _2\"></span>relat<span class=\"_ _2\"></span>ed to<span class=\"_ _0\"></span> fi<span class=\"_ _2\"></span>nancing o<span class=\"_ _2\"></span>perations<span class=\"_ _2\"></span>, or <span class=\"_ _2\"></span>in External<span class=\"_ _2\"></span> services <span class=\"_ _a9\"></span>and suppl<span class=\"_ _2\"></span>ies (Note 2<span class=\"_ _a9\"></span>.3) or Re<span class=\"_ _2\"></span>venue (No<span class=\"_ _2\"></span>te 2.1)<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> when <span class=\"_ _2\"></span>referri<span class=\"_ _2\"></span>ng to he<span class=\"_ _2\"></span>dging of sales <span class=\"_ _2\"></span>receivabl<span class=\"_ _2\"></span>e flows <span class=\"_ _2\"></span>in a c<span class=\"_ _2\"></span>urrency o<span class=\"_ _2\"></span>ther than <span class=\"_ _a9\"></span>the presen<span class=\"_ _2\"></span>tati<span class=\"_ _2\"></span>on currenc<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>. Hedg<span class=\"_ _2\"></span>ing der<span class=\"_ _2\"></span>ivative financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments Deriva<span class=\"_ _2\"></span>tive financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nstrumen<span class=\"_ _2\"></span>ts used for <span class=\"_ _2\"></span>hedging <span class=\"_ _a9\"></span>purpose<span class=\"_ _2\"></span>s may be r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>as h<span class=\"_ _2\"></span>edging instruments <span class=\"_ _a9\"></span>provided th<span class=\"_ _2\"></span>at th<span class=\"_ _2\"></span>ey compl<span class=\"_ _2\"></span>y, cumulati<span class=\"_ _2\"></span>vely<span class=\"_ _2\"></span>, with<span class=\"_ _2\"></span> the conditi<span class=\"_ _2\"></span>ons set o<span class=\"_ _2\"></span>ut i<span class=\"_ _2\"></span>n IAS 39<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Cash <span class=\"_ _2\"></span>flow hedging <span class=\"_ _2\"></span>(interes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> ra<span class=\"_ _2\"></span>te, exchan<span class=\"_ _2\"></span>ge ra<span class=\"_ _2\"></span>te and c<span class=\"_ _2\"></span>ommo<span class=\"_ _2\"></span>dity risk - BHK<span class=\"_ _2\"></span>P) In orde<span class=\"_ _2\"></span>r to mana<span class=\"_ _2\"></span>ge its e<span class=\"_ _2\"></span>xposure <span class=\"_ _2\"></span>to int<span class=\"_ _2\"></span>erest rat<span class=\"_ _2\"></span>e risk <span class=\"_ _2\"></span>and e<span class=\"_ _2\"></span>xchange <span class=\"_ _2\"></span>rate ri<span class=\"_ _2\"></span>sk, the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y enters in<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>w hedges. Those t<span class=\"_ _2\"></span>ransactions<span class=\"_ _2\"></span> are <span class=\"_ _2\"></span>recorded i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>rim cons<span class=\"_ _2\"></span>olidate<span class=\"_ _2\"></span>d statement o<span class=\"_ _2\"></span>f fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> positi<span class=\"_ _2\"></span>on at their fai<span class=\"_ _2\"></span>r value<span class=\"_ _2\"></span>, if <span class=\"_ _2\"></span>consider<span class=\"_ _2\"></span>ed effec<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ive h<span class=\"_ _2\"></span>edges. C<span class=\"_ _2\"></span>hanges <span class=\"_ _2\"></span>in the fair val<span class=\"_ _2\"></span>ue are <span class=\"_ _2\"></span>initi<span class=\"_ _2\"></span>ally reco<span class=\"_ _a9\"></span>gnised in o<span class=\"_ _2\"></span>ther compr<span class=\"_ _2\"></span>ehensive inc<span class=\"_ _2\"></span>ome for <span class=\"_ _a9\"></span>the period<span class=\"_ _2\"></span>. The gai<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s relating <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>ineffecti<span class=\"_ _2\"></span>ve portion <span class=\"_ _2\"></span>is recogni<span class=\"_ _2\"></span>sed i<span class=\"_ _2\"></span>mmediatel<span class=\"_ _2\"></span>y in the <span class=\"_ _2\"></span>income s<span class=\"_ _2\"></span>tatem<span class=\"_ _2\"></span>ent. Accumul<span class=\"_ _2\"></span>ated amoun<span class=\"_ _2\"></span>ts in equi<span class=\"_ _2\"></span>ty are <span class=\"_ _a9\"></span>re<span class=\"_ _0\"></span>class<span class=\"_ _2\"></span>ified <span class=\"_ _2\"></span>to prof<span class=\"_ _2\"></span>it or<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span>s in the periods <span class=\"_ _2\"></span>when the h<span class=\"_ _a9\"></span>edged item aff<span class=\"_ _2\"></span>ects <span class=\"_ _2\"></span>the income <span class=\"_ _2\"></span>stateme<span class=\"_ _2\"></span>nt (for <span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>xampl<span class=\"_ _2\"></span>e, when th<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forecast sal<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>that is hed<span class=\"_ _2\"></span>ged ta<span class=\"_ _a9\"></span>k<span class=\"_ _0\"></span>es place). <span class=\"_ _2\"></span>The gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss relati<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>effectiv<span class=\"_ _2\"></span>e porti<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>interest <span class=\"_ _2\"></span>rate swa<span class=\"_ _2\"></span>ps hed<span class=\"_ _2\"></span>ging vari<span class=\"_ _2\"></span>able rate bo<span class=\"_ _2\"></span>rrowings<span class=\"_ _2\"></span> is reco<span class=\"_ _2\"></span>gnised in th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> inc<span class=\"_ _2\"></span>ome sta<span class=\"_ _2\"></span>tement wit<span class=\"_ _2\"></span>hin <span class=\"_ _2\"></span>\"Net financ<span class=\"_ _2\"></span>ial res<span class=\"_ _2\"></span>ults\" (Not<span class=\"_ _2\"></span>e 5.10). Ho<span class=\"_ _2\"></span>wever, <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t tran<span class=\"_ _2\"></span>saction <span class=\"_ _2\"></span>that i<span class=\"_ _2\"></span>s hed<span class=\"_ _2\"></span>ged resul<span class=\"_ _2\"></span>ts in the r<span class=\"_ _a9\"></span>ecognition <span class=\"_ _2\"></span>of a non-fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> asset (fo<span class=\"_ _2\"></span>r example<span class=\"_ _2\"></span>, inven<span class=\"_ _2\"></span>tory o<span class=\"_ _2\"></span>r proper<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>y, pl<span class=\"_ _a9\"></span>ant and equi<span class=\"_ _2\"></span>pment), <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gains and loss<span class=\"_ _2\"></span>es previousl<span class=\"_ _2\"></span>y defer<span class=\"_ _2\"></span>red in e<span class=\"_ _2\"></span>quity a<span class=\"_ _2\"></span>re trans<span class=\"_ _2\"></span>ferred f<span class=\"_ _a9\"></span>rom equi<span class=\"_ _2\"></span>ty and incl<span class=\"_ _2\"></span>uded i<span class=\"_ _2\"></span>n the ini<span class=\"_ _2\"></span>tial measuremen<span class=\"_ _2\"></span>t of the c<span class=\"_ _2\"></span>ost <span class=\"_ _2\"></span>of the ass<span class=\"_ _a9\"></span>et. When a he<span class=\"_ _2\"></span>dging ins<span class=\"_ _2\"></span>trument e<span class=\"_ _2\"></span>xpir<span class=\"_ _2\"></span>es or i<span class=\"_ _2\"></span>s sol<span class=\"_ _2\"></span>d, or when <span class=\"_ _2\"></span>a hedge no<span class=\"_ _2\"></span> long<span class=\"_ _2\"></span>er meets <span class=\"_ _2\"></span>the c<span class=\"_ _2\"></span>riteri<span class=\"_ _2\"></span>a for hedge accoun<span class=\"_ _a9\"></span>ting, any c<span class=\"_ _2\"></span>umulativ<span class=\"_ _2\"></span>e gain o<span class=\"_ _2\"></span>r loss exi<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty is r<span class=\"_ _2\"></span>ecycled <span class=\"_ _2\"></span>to the i<span class=\"_ _2\"></span>ncome statement<span class=\"_ _2\"></span>, unles<span class=\"_ _2\"></span>s the h<span class=\"_ _2\"></span>edged it<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>m is<span class=\"_ _2\"></span> a forecas<span class=\"_ _2\"></span>t transac<span class=\"_ _a9\"></span>tion, in <span class=\"_ _2\"></span>which cas<span class=\"_ _2\"></span>e any cumul<span class=\"_ _2\"></span>ative gai<span class=\"_ _2\"></span>n or l<span class=\"_ _2\"></span>oss existi<span class=\"_ _2\"></span>ng in equi<span class=\"_ _2\"></span>ty at <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hat <span class=\"_ _2\"></span>time remains <span class=\"_ _2\"></span>in equi<span class=\"_ _a9\"></span>ty<span class=\"_ _0\"></span> an<span class=\"_ _2\"></span>d is <span class=\"_ _2\"></span>recognised <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e forecas<span class=\"_ _2\"></span>t transactio<span class=\"_ _2\"></span>n is u<span class=\"_ _2\"></span>ltimatel<span class=\"_ _2\"></span>y recog<span class=\"_ _2\"></span>nised in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>Income st<span class=\"_ _2\"></span>atement.<span class=\"ff9\"> </span>Derivative <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cial in<span class=\"_ _2\"></span>struments used<span class=\"_ _2\"></span> by Nav<span class=\"_ _2\"></span>igator<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>oup<span class=\"_ _0\"></span> Foreign exch<span class=\"_ _a9\"></span>ange tradin<span class=\"_ _a9\"></span>g<span class=\"_ _0\"></span> deri<span class=\"_ _2\"></span>vatives<span class=\"_ _2\"></span> The Navig<span class=\"_ _2\"></span>ator G<span class=\"_ _2\"></span>roup has a <span class=\"_ _2\"></span>currency <span class=\"_ _a9\"></span>exp<span class=\"_ _0\"></span>osu<span class=\"_ _2\"></span>re on sal<span class=\"_ _2\"></span>es in<span class=\"_ _2\"></span>voic<span class=\"_ _2\"></span>ed in fo<span class=\"_ _2\"></span>reign currenci<span class=\"_ _2\"></span>es, n<span class=\"_ _2\"></span>amely US dollars<span class=\"_ _2\"></span> (USD) an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> pound<span class=\"ff8\">s s<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>erling <span class=\"_ _2\"></span>(GBP). <span class=\"_ _a9\"></span>As the Grou<span class=\"_ _2\"></span>p\u2019s <span class=\"_ _2\"></span>financ<span class=\"_ _2\"></span>ial s<span class=\"_ _2\"></span>tatements are p<span class=\"_ _2\"></span>resen<span class=\"_ _2\"></span>ted </span>in E<span class=\"_ _2\"></span>uro, it i<span class=\"_ _2\"></span>s exposed <span class=\"_ _2\"></span>to an <span class=\"_ _2\"></span>economi<span class=\"_ _2\"></span>c risk o<span class=\"_ _2\"></span>n the con<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n of<span class=\"_ _2\"></span> these curr<span class=\"_ _2\"></span>ency fl<span class=\"_ _2\"></span>ows to <span class=\"_ _2\"></span>the Eu<span class=\"_ _2\"></span>ro. The Group i<span class=\"_ _2\"></span>s also<span class=\"_ _2\"></span> obliged<span class=\"_ _2\"></span>, albei<span class=\"_ _2\"></span>t to a l<span class=\"_ _2\"></span>esse<span class=\"_ _2\"></span>r degre<span class=\"_ _2\"></span>e, to ma<span class=\"_ _a9\"></span>ke<span class=\"_ _0\"></span> cer<span class=\"_ _2\"></span>tain pa<span class=\"_ _2\"></span>yments in <span class=\"_ _2\"></span>those <span class=\"_ _2\"></span>sa<span class=\"_ _0\"></span>me currenci<span class=\"_ _2\"></span>es which<span class=\"_ _2\"></span>, for <span class=\"_ _2\"></span>currency <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e purpo<span class=\"_ _2\"></span>ses, ac<span class=\"_ _2\"></span>t as <span class=\"_ _2\"></span>a natural <span class=\"_ _2\"></span>hedge. <span class=\"_ _2\"></span>Thus, th<span class=\"_ _2\"></span>e hed<span class=\"_ _2\"></span>ge is aimed at s<span class=\"_ _2\"></span>afeguar<span class=\"_ _2\"></span>ding the n<span class=\"_ _a9\"></span>et<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>value of <span class=\"_ _2\"></span>items in<span class=\"_ _2\"></span> the <span class=\"_ _2\"></span>state<span class=\"_ _2\"></span>ment of f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>al posi<span class=\"_ _2\"></span>tion denomi<span class=\"_ _2\"></span>nated in a <span class=\"_ _2\"></span>currency ot<span class=\"_ _2\"></span>her <span class=\"_ _2\"></span>than the <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>tion c<span class=\"_ _2\"></span>urrency agai<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>t the respecti<span class=\"_ _a9\"></span>ve currency <span class=\"_ _2\"></span>fluctua<span class=\"_ _2\"></span>tions<span class=\"_ _2\"></span>. The hedgi<span class=\"_ _2\"></span>ng instrum<span class=\"_ _2\"></span>ents use<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>this oper<span class=\"_ _2\"></span>ation are <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>reign <span class=\"_ _2\"></span>exchange f<span class=\"_ _2\"></span>orward co<span class=\"_ _2\"></span>ntracts covering th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> ne<span class=\"_ _2\"></span>t exposure <span class=\"_ _a9\"></span>to currencies <span class=\"_ _2\"></span>other <span class=\"_ _a9\"></span>than the pr<span class=\"_ _2\"></span>esenta<span class=\"_ _2\"></span>tion currenc<span class=\"_ _a9\"></span>y,<span class=\"_ _0\"></span> for <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts and due da<span class=\"_ _2\"></span>tes close <span class=\"_ _2\"></span>to that <span class=\"_ _2\"></span>exposur<span class=\"_ _2\"></span>e. The n<span class=\"_ _2\"></span>ature of <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he risk <span class=\"_ _2\"></span>hedged <span class=\"_ _2\"></span>is the c<span class=\"_ _2\"></span>hange i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>book val<span class=\"_ _2\"></span>ue on sal<span class=\"_ _2\"></span>es and purchas<span class=\"_ _a9\"></span>es expresse<span class=\"_ _2\"></span>d in <span class=\"_ _2\"></span>currencies o<span class=\"_ _a9\"></span>ther than<span class=\"_ _a9\"></span> the present<span class=\"_ _2\"></span>ation cu<span class=\"_ _2\"></span>rrency<span class=\"_ _2\"></span>. At the end of <span class=\"_ _2\"></span>each month<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>balances o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Trade rec<span class=\"_ _2\"></span>eivables an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>Trade pa<span class=\"_ _2\"></span>yables exp<span class=\"_ _2\"></span>ressed in <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>eign currency a<span class=\"_ _2\"></span>re up<span class=\"_ _2\"></span>dated, with <span class=\"_ _a9\"></span>the gain or l<span class=\"_ _2\"></span>oss o<span class=\"_ _2\"></span>ffset <span class=\"_ _2\"></span>against <span class=\"_ _a9\"></span>the fair value <span class=\"_ _2\"></span>chan<span class=\"_ _2\"></span>ge of <span class=\"_ _2\"></span>the forw<span class=\"_ _2\"></span>ards negotiat<span class=\"_ _2\"></span>ed. Cash <span class=\"_ _2\"></span>flow hedge | E<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>chang<span class=\"_ _2\"></span>e rate ri<span class=\"_ _2\"></span>sk E<span class=\"_ _2\"></span>UR/USD and E<span class=\"_ _a9\"></span>U<span class=\"_ _0\"></span>R/G<span class=\"_ _2\"></span>BP<span class=\"_ _0\"></span> The Company m<span class=\"_ _a9\"></span>ak<span class=\"_ _0\"></span>es us<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>derivativ<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instrumen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span> order to<span class=\"_ _2\"></span> limi<span class=\"_ _2\"></span>t the ne<span class=\"_ _2\"></span>t exchange risk as<span class=\"_ _2\"></span>sociated <span class=\"_ _2\"></span>with sales<span class=\"_ _2\"></span> an<span class=\"_ _2\"></span>d future <span class=\"_ _2\"></span>purchas<span class=\"_ _2\"></span>es estima<span class=\"_ _2\"></span>ted at USD <span class=\"_ _a9\"></span>and GBP. Cash <span class=\"_ _2\"></span>flow hedge | <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>nteres<span class=\"_ _2\"></span>t ra<span class=\"_ _2\"></span>te Navigator h<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>dges <span class=\"_ _2\"></span>future <span class=\"_ _2\"></span>interest <span class=\"_ _a9\"></span>pay<span class=\"_ _0\"></span>men<span class=\"_ _2\"></span>ts associ<span class=\"_ _2\"></span>ated wit<span class=\"_ _2\"></span>h comm<span class=\"_ _2\"></span>ercial paper i<span class=\"_ _2\"></span>ssues <span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>y hiri<span class=\"_ _2\"></span>ng an in<span class=\"_ _2\"></span>terest ra<span class=\"_ _2\"></span>te swap, <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>hich <span class=\"_ _2\"></span>pays a fi<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>ed rate <span class=\"_ _a9\"></span>and receive<span class=\"_ _2\"></span>s a f<span class=\"_ _2\"></span>loating rate. <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>his i<span class=\"_ _2\"></span>nstrument is<span class=\"_ _2\"></span> designat<span class=\"_ _2\"></span>ed as he<span class=\"_ _2\"></span>dges of cas<span class=\"_ _2\"></span>h flo<span class=\"_ _2\"></span>ws f<span class=\"_ _2\"></span>rom the comme<span class=\"_ _2\"></span>rcial<span class=\"_ _2\"></span> paper program <span class=\"_ _a9\"></span>and the bon<span class=\"_ _2\"></span>d loan<span class=\"_ _2\"></span>. Cash <span class=\"_ _2\"></span>flow hedge | C<span class=\"_ _2\"></span>ommodities <span class=\"_ _a9\"></span>- BHKP Navigator us<span class=\"_ _a9\"></span>es derivati<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>in or<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>to mi<span class=\"_ _2\"></span>nimi<span class=\"_ _2\"></span>se the exposur<span class=\"_ _2\"></span>e risk associ<span class=\"_ _2\"></span>ated with <span class=\"_ _2\"></span>the varia<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ion <span class=\"_ _2\"></span>of the pul<span class=\"_ _2\"></span>p pric<span class=\"_ _2\"></span>e, indexe<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>PIX, in U<span class=\"_ _2\"></span>SD. 8.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Financ<span class=\"_ _2\"></span>ial as<span class=\"_ _2\"></span>sets <span class=\"_ _2\"></span>and lia<span class=\"_ _2\"></span>biliti<span class=\"_ _2\"></span>es 8.3.1.<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>C<span class=\"_ _2\"></span>ategories o<span class=\"_ _2\"></span>f financial<span class=\"_ _2\"></span> instr<span class=\"_ _2\"></span>uments <span class=\"_ _2\"></span>of the G<span class=\"_ _2\"></span>roup The finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>instruments i<span class=\"_ _2\"></span>nclude<span class=\"_ _2\"></span>d in eac<span class=\"_ _2\"></span>h cap<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> the c<span class=\"_ _2\"></span>onsol<span class=\"_ _2\"></span>idated statem<span class=\"_ _2\"></span>ent of <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>al positi<span class=\"_ _2\"></span>on are cl<span class=\"_ _2\"></span>assifi<span class=\"_ _2\"></span>ed as fol<span class=\"_ _2\"></span>lows:<span class=\"_ _2\"></span>  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Hedging<span class=\"_ _0\"></span>  Trading assets<span class=\"_ _0\"></span> at derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve  Non-amortised financial financial financial Amounts in Euro<span class=\"_ _0\"></span>  Note  cost <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> assets<span class=\"_ _0\"></span>  <span class=\"fc7 sc0\"> </span> Total  31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span> Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 6,684  -  -  -  6,684   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 808,510,259  46,938,143 <span class=\"_ _0\"></span> 1,576,300  42,981,638 <span class=\"_ _0\"></span> 900,006,340   Cash and cash equi<span class=\"_ _0\"></span>valents <span class=\"_ _0\"></span> 5.8 390,640,161  -  -  -  390,640,161  Total assets<span class=\"_ _0\"></span> 1,199,15<span class=\"_ _0\"></span>7,105  <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span><span class=\"fc7 sc0\"> </span>46,938<span class=\"_ _0\"></span>,143  1,576,30<span class=\"_ _0\"></span>0  42,981<span class=\"_ _0\"></span>,638  <span class=\"fc7 sc0\"> </span>1,290,65<span class=\"_ _0\"></span>3,186  <span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span> Non-current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 6,684  -  -  -  6,684   Current recei<span class=\"_ _0\"></span>vables <span class=\"_ _0\"></span> 4.2 827,995,428  1,630,982  -  37,361,559 <span class=\"_ _0\"></span> 866,987,969   Cash and cash equi<span class=\"_ _0\"></span>valents <span class=\"_ _0\"></span> 5.8 354,336,647  -  -  -  354,336,647  Total assets<span class=\"_ _0\"></span> 1,182,33<span class=\"_ _0\"></span>8,759  1,630,98<span class=\"_ _0\"></span>2  -  37,361<span class=\"_ _0\"></span>,559  1,221,33<span class=\"_ _0\"></span>1,300   Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Fi<span class=\"_ _2\"></span>nan<span class=\"_ _1\"></span>cial  Hedging<span class=\"_ _0\"></span>  Trading liabilities liabilities <span class=\"_ _0\"></span>at derivati<span class=\"_ _0\"></span>ve derivati<span class=\"_ _0\"></span>ve outs<span class=\"_ _0\"></span>ide the amortised financial financial scope of Amounts in Euro<span class=\"_ _0\"></span>  Note  cost  instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> instrumen<span class=\"_ _0\"></span>ts <span class=\"_ _0\"></span> IFRS 9 <span class=\"_ _0\"></span>  Total <span class=\"fc7 sc0\"> </span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.6 985,446,453  -  -  -  985,446,453   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 -  -  -  2,381,970  2,381,970   Payables  4.3 1,044,204,892  -  4,682,533  -  1,048,887,425  Total liabilities<span class=\"_ _0\"></span> 2,<span class=\"ls1c\">029</span>,<span class=\"ls1c\">651</span>,<span class=\"ls1c\">345 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>-  4,<span class=\"ls1c\">682</span>,<span class=\"ls1c\">533 <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">381</span>,<span class=\"ls1c\">970 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">036</span>,<span class=\"ls1c\">715</span>,<span class=\"ls1c\">848 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span> Interest-beari<span class=\"_ _0\"></span>ng li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.6 933,165,634  -  -  -  933,165,634   Lease li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es  5.7 -  -  -  2,883,977  2,883,977   Payables  4.3 1,130,998,845  6,402,131  1,728,458  -  1,139,129,433  Total liabilities<span class=\"_ _0\"></span> 2,<span class=\"ls1c\">064</span>,<span class=\"ls1c\">164</span>,<span class=\"ls1c\">478 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>6,<span class=\"ls1c\">402</span>,<span class=\"ls1c\">131 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>1,<span class=\"ls1c\">728</span>,<span class=\"ls1c\">458 <span class=\"_ _2\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">883</span>,<span class=\"ls1c\">977 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>2,<span class=\"ls1c\">075</span>,<span class=\"ls1c\">179</span>,<span class=\"ls1c\">044 <span class=\"_ _a9\"></span><span class=\"ls0\"> </span></span>8.3.2. Fai<span class=\"_ _2\"></span>r Value <span class=\"_ _2\"></span>of Finan<span class=\"_ _2\"></span>cial Ass<span class=\"_ _2\"></span>ets and Lia<span class=\"_ _a9\"></span>biliti<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span> Financia<span class=\"_ _a9\"></span>l asset<span class=\"_ _2\"></span>s and <span class=\"_ _2\"></span>liabilitie<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> m<span class=\"_ _2\"></span>easure<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> at fai<span class=\"_ _a9\"></span>r value 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Amounts in Euro<span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 3 <span class=\"_ _0\"></span>  Level 1 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 2 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span> Level 3 <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Fi<span class=\"_ _0\"></span>nancial assets at fair value through <span class=\"_ _0\"></span>profit and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> </span>-  1,576,300  -  -  -  -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments<span class=\"_ _0\"></span> -  46,938,143 <span class=\"_ _0\"></span> -  -  1,630,982  -  Total assets<span class=\"_ _0\"></span> -  48,514<span class=\"_ _0\"></span>,443  -  -  1,630,98<span class=\"_ _0\"></span>2  -  Fi<span class=\"_ _0\"></span>nancial liabili<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>es at fair val<span class=\"_ _0\"></span>ue through profit and l<span class=\"_ _0\"></span>oss      <span class=\"ls0\">T<span class=\"_ _0\"></span>rading derivatives<span class=\"_ _0\"></span> </span>-  (4,682,533) -  -  (1,728,458) -  Hedging fi<span class=\"_ _0\"></span>nan<span class=\"_ _2\"></span>ci<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nstruments<span class=\"_ _0\"></span> -  -  -  -  (6,402,131) -  Total liabilities<span class=\"_ _0\"></span> -  (4,682<span class=\"_ _0\"></span>,534) -  -  (8,130<span class=\"_ _0\"></span>,589) -  Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Fair val<span class=\"_ _2\"></span>ue of f<span class=\"_ _2\"></span>ixed-inte<span class=\"_ _2\"></span>rest int<span class=\"_ _2\"></span>erest-<span class=\"_ _2\"></span>bearing li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of thes<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es is <span class=\"_ _2\"></span>calcul<span class=\"_ _2\"></span>ated using the <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>counted cash <span class=\"_ _2\"></span>flow me<span class=\"_ _2\"></span>thod a<span class=\"_ _2\"></span>t the reporti<span class=\"_ _2\"></span>ng date<span class=\"_ _2\"></span>, using <span class=\"_ _2\"></span>a discou<span class=\"_ _2\"></span>nt rate i<span class=\"_ _2\"></span>n accor<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>ance wi<span class=\"_ _2\"></span>th the c<span class=\"_ _2\"></span>haracteri<span class=\"_ _2\"></span>stics o<span class=\"_ _2\"></span>f each f<span class=\"_ _2\"></span>inanci<span class=\"_ _2\"></span>ng, belongin<span class=\"_ _2\"></span>g to le<span class=\"_ _2\"></span>vel 2 o<span class=\"_ _2\"></span>f the fai<span class=\"_ _2\"></span>r val<span class=\"_ _2\"></span>ue hiera<span class=\"_ _2\"></span>rchy of <span class=\"_ _2\"></span>IFRS 13<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies The fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of fi<span class=\"_ _2\"></span>nancial<span class=\"_ _2\"></span> instruments <span class=\"_ _2\"></span>is c<span class=\"_ _2\"></span>lassif<span class=\"_ _2\"></span>ied acco<span class=\"_ _2\"></span>rding <span class=\"_ _2\"></span>to the f<span class=\"_ _2\"></span>air valu<span class=\"_ _2\"></span>e hier<span class=\"_ _2\"></span>archy of <span class=\"_ _a9\"></span>I<span class=\"_ _0\"></span>FRS 13 <span class=\"ls0\">- Fair <span class=\"_ _2\"></span>Value Meas<span class=\"_ _2\"></span>urement: </span>Level 1<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Based on quo<span class=\"_ _a9\"></span>tes from ac<span class=\"_ _2\"></span>tive ne<span class=\"_ _2\"></span>t markets <span class=\"_ _a9\"></span>at repor<span class=\"_ _2\"></span>ting da<span class=\"_ _2\"></span>te. </span>Level 2<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Determin<span class=\"_ _2\"></span>ed using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the main<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h are obser<span class=\"_ _2\"></span>vable in th<span class=\"_ _a9\"></span>e </span>market. Level 3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _30\"> </span>Determin<span class=\"_ _2\"></span>ed using e<span class=\"_ _2\"></span>valuatio<span class=\"_ _2\"></span>n models<span class=\"_ _2\"></span>, the main<span class=\"_ _2\"></span> inpu<span class=\"_ _2\"></span>ts of <span class=\"_ _2\"></span>whic<span class=\"_ _2\"></span>h are not obse<span class=\"_ _a9\"></span>rv<span class=\"_ _0\"></span>abl<span class=\"_ _2\"></span>e in </span>the mar<span class=\"_ _2\"></span>ket.<span class=\"ff4\"> <span class=\"_ _c4\"> </span><span class=\"fs0 fc1\"> <span class=\"_ _c5\"> </span><span class=\"ff1\"> </span></span></span>9.<span class=\"ff7 ls0\"> <span class=\"_ _a6\"> </span><span class=\"ff4\">Prov<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _0\"></span>, co<span class=\"_ _2\"></span>mm<span class=\"_ _2\"></span>itment<span class=\"_ _a9\"></span>s  </span></span>and co<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ting<span class=\"_ _2\"></span>enci<span class=\"_ _2\"></span>es 9.1<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Provis<span class=\"_ _2\"></span>ions<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in pro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ision<span class=\"_ _2\"></span>s  Legal<span class=\"_ _0\"></span>  Investments<span class=\"_ _1\"></span> in  Other <span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> proceedings<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> subs<span class=\"_ _0\"></span>idiaries <span class=\"_ _0\"></span> provisions<span class=\"_ _0\"></span> <span class=\"_ _0\"></span>  Total  01<span class=\"ls0\">-</span>01<span class=\"ls0\">-2021 </span>287<span class=\"_ _0\"></span>,420  18,293<span class=\"_ _0\"></span>,058  17,563<span class=\"_ _0\"></span>,912  36,144<span class=\"_ _0\"></span>,390  Increases  400,444  -  1,300,000  1,700,444  Reversals<span class=\"_ _0\"></span> (49<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>80)<span class=\"_ _0\"></span> -  (512,064) (561,944) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 350<span class=\"_ _0\"></span>,564  -  787<span class=\"_ _0\"></span>,936  1,138,50<span class=\"_ _0\"></span>0  Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> - (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2021 </span>637<span class=\"_ _0\"></span>,984  - 18,351<span class=\"_ _0\"></span>,848  18,989<span class=\"_ _0\"></span>,832  Increases 194,806  - 107,837  302,643  Reversals<span class=\"_ _0\"></span> -  -  (1,159,685) (1,159,685) Impact in profit <span class=\"_ _0\"></span>and loss for th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> 194<span class=\"_ _0\"></span>,806  -  (1,051<span class=\"_ _0\"></span>,848) (857<span class=\"_ _0\"></span>,042) Other transfers a<span class=\"_ _0\"></span>nd adjustments<span class=\"_ _0\"></span> -  -  -  -  31<span class=\"ls0\">-</span>12<span class=\"ls0\">-2022 </span>832<span class=\"_ _0\"></span>,790  -  17,300<span class=\"_ _0\"></span>,000  18,132<span class=\"_ _0\"></span>,790  No refun<span class=\"_ _2\"></span>ds of any <span class=\"_ _2\"></span>nature <span class=\"_ _a9\"></span>are<span class=\"_ _0\"></span> e<span class=\"_ _2\"></span>xpected <span class=\"_ _2\"></span>in resp<span class=\"_ _2\"></span>ect of th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>se <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns. Lega<span class=\"_ _2\"></span>l proceed<span class=\"_ _2\"></span>ings The outcome o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> for l<span class=\"_ _2\"></span>egal p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs depends <span class=\"_ _a9\"></span>on the labour <span class=\"_ _2\"></span>or civi<span class=\"_ _2\"></span>l court <span class=\"_ _a9\"></span>decisions<span class=\"_ _2\"></span>.  Other pr<span class=\"_ _2\"></span>ovision<span class=\"_ _2\"></span>s The amount <span class=\"_ _2\"></span>presente<span class=\"_ _2\"></span>d inc<span class=\"_ _2\"></span>ludes pro<span class=\"_ _2\"></span>visio<span class=\"_ _2\"></span>ns to co<span class=\"_ _2\"></span>ver ris<span class=\"_ _2\"></span>ks rel<span class=\"_ _2\"></span>ated to ev<span class=\"_ _2\"></span>ents of <span class=\"_ _2\"></span>a diff<span class=\"_ _2\"></span>eren<span class=\"_ _2\"></span>t nature, the resolu<span class=\"_ _2\"></span>tion of<span class=\"_ _2\"></span> which ma<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> resul<span class=\"_ _2\"></span>t in outf<span class=\"_ _2\"></span>lows of<span class=\"_ _2\"></span> cash<span class=\"_ _2\"></span>, in p<span class=\"_ _a9\"></span>art<span class=\"_ _0\"></span>icul<span class=\"_ _2\"></span>ar organisa<span class=\"_ _a9\"></span>tional rest<span class=\"_ _2\"></span>ructuring processes<span class=\"_ _2\"></span>, risks <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>ntractual<span class=\"_ _2\"></span> positio<span class=\"_ _2\"></span>ns assu<span class=\"_ _2\"></span>med in<span class=\"_ _2\"></span> invest<span class=\"_ _2\"></span>ments,<span class=\"_ _0\"></span> amon<span class=\"_ _2\"></span>g othe<span class=\"_ _2\"></span>rs. In 2022<span class=\"_ _2\"></span> and 2021<span class=\"_ _2\"></span>, Other <span class=\"_ _2\"></span>provisio<span class=\"_ _2\"></span>ns inc<span class=\"_ _2\"></span>lude Euro 1<span class=\"_ _2\"></span>7,300,0<span class=\"_ _2\"></span>00 related <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o th<span class=\"_ _2\"></span>e Mozambiqu<span class=\"_ _2\"></span>e projec<span class=\"_ _2\"></span>t. Althou<span class=\"_ _2\"></span>gh the <span class=\"_ _2\"></span>Memorandum of<span class=\"_ _2\"></span> Unders<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>anding <span class=\"_ _2\"></span>(MoU) si<span class=\"_ _2\"></span>gned wi<span class=\"_ _2\"></span>th the Moz<span class=\"_ _2\"></span>ambic<span class=\"_ _2\"></span>an Governmen<span class=\"_ _2\"></span>t provi<span class=\"_ _2\"></span>ded for <span class=\"_ _2\"></span>a \"best <span class=\"_ _2\"></span>effor<span class=\"_ _2\"></span>t\" commitmen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> to cr<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>ate <span class=\"_ _2\"></span>the neces<span class=\"_ _2\"></span>sa<span class=\"_ _0\"></span>ry con<span class=\"_ _2\"></span>ditions <span class=\"_ _2\"></span>to carry ou<span class=\"_ _2\"></span>t the inv<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>stm<span class=\"_ _2\"></span>ent until <span class=\"_ _2\"></span>last 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r 2018<span class=\"_ _2\"></span>, that was n<span class=\"_ _2\"></span>ot pos<span class=\"_ _2\"></span>sible u<span class=\"_ _2\"></span>ntil 3<span class=\"_ _2\"></span>1 December 2022, <span class=\"_ _2\"></span>and both <span class=\"_ _2\"></span>parties <span class=\"_ _2\"></span>continued <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o wor<span class=\"_ _2\"></span>k towards <span class=\"_ _a9\"></span>that go<span class=\"_ _2\"></span>al.   Th<span class=\"_ _a9\"></span>e Gr<span class=\"_ _a9\"></span>ou<span class=\"_ _2\"></span>p's <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ncer<span class=\"_ _a9\"></span>tain<span class=\"_ _2\"></span> in<span class=\"_ _a9\"></span>com<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2\"></span>tax<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>osi<span class=\"_ _a9\"></span>tion<span class=\"_ _a9\"></span>s ar<span class=\"_ _2\"></span>e <span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>sclo<span class=\"_ _a9\"></span>sed <span class=\"_ _2\"></span>in <span class=\"_ _a9\"></span>Not<span class=\"_ _2\"></span>e 6<span class=\"_ _a9\"></span>.1 - <span class=\"_ _2\"></span>Inc<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>ax<span class=\"ff1 fsb\">.</span> Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s Legal <span class=\"_ _2\"></span>and tax proc<span class=\"_ _a9\"></span>eed<span class=\"_ _0\"></span>ings<span class=\"_ _2\"></span> These <span class=\"_ _2\"></span>provisions<span class=\"_ _2\"></span> were mad<span class=\"_ _2\"></span>e in <span class=\"_ _2\"></span>accordance <span class=\"_ _2\"></span>with th<span class=\"_ _2\"></span>e risk a<span class=\"_ _a9\"></span>ssessments car<span class=\"_ _2\"></span>ried out <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ternally b<span class=\"_ _2\"></span>y the Company <span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>ith th<span class=\"_ _2\"></span>e suppo<span class=\"_ _2\"></span>rt of i<span class=\"_ _2\"></span>ts legal<span class=\"_ _2\"></span> advis<span class=\"_ _2\"></span>ors, <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on the l<span class=\"_ _2\"></span>ikeli<span class=\"_ _2\"></span>hood of <span class=\"_ _2\"></span>the deci<span class=\"_ _2\"></span>sion being favou<span class=\"_ _a9\"></span>rable or unfa<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>oura<span class=\"_ _2\"></span>ble to th<span class=\"_ _2\"></span>e Company<span class=\"_ _2\"></span>. Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _a9\"></span>gnised whenev<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>the Company h<span class=\"_ _2\"></span>as a <span class=\"_ _2\"></span>present l<span class=\"_ _2\"></span>egal o<span class=\"_ _2\"></span>r construc<span class=\"_ _a9\"></span>tive obli<span class=\"_ _2\"></span>gation, as a <span class=\"_ _2\"></span>resul<span class=\"_ _2\"></span>t of pas<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> events<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> in <span class=\"_ _2\"></span>which i<span class=\"_ _2\"></span>t is proba<span class=\"_ _a9\"></span>b<span class=\"_ _0\"></span>le that a<span class=\"_ _a9\"></span>n outflow of<span class=\"_ _2\"></span> resou<span class=\"_ _2\"></span>rces wil<span class=\"_ _2\"></span>l be require<span class=\"_ _2\"></span>d to se<span class=\"_ _2\"></span>ttle the <span class=\"_ _2\"></span>obliga<span class=\"_ _2\"></span>tion an<span class=\"_ _2\"></span>d the amo<span class=\"_ _2\"></span>unt has b<span class=\"_ _2\"></span>een <span class=\"_ _2\"></span>reliably es<span class=\"_ _2\"></span>timated<span class=\"_ _2\"></span>.  Provisi<span class=\"_ _2\"></span>ons fo<span class=\"_ _2\"></span>r future op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ng loss<span class=\"_ _2\"></span>es are no<span class=\"_ _2\"></span>t reco<span class=\"_ _2\"></span>gnised. <span class=\"_ _2\"></span>Provisi<span class=\"_ _2\"></span>ons are re<span class=\"_ _2\"></span>viewed on<span class=\"_ _2\"></span> the da<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e of the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>position<span class=\"_ _2\"></span> and are a<span class=\"_ _2\"></span>djusted <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o refl<span class=\"_ _a9\"></span>ect the bes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> estima<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>e a<span class=\"_ _2\"></span>t t<span class=\"_ _0\"></span>hat dat<span class=\"_ _2\"></span>e. In<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>stm<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span> in<span class=\"_ _a9\"></span> su<span class=\"_ _2\"></span>bs<span class=\"_ _2\"></span>idi<span class=\"_ _2\"></span>ari<span class=\"_ _a9\"></span>es<span class=\"ff1\"> </span>Provisi<span class=\"_ _2\"></span>ons are reco<span class=\"_ _a9\"></span>gnised for <span class=\"_ _a9\"></span>the Company's l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ities f<span class=\"_ _2\"></span>or l<span class=\"_ _2\"></span>osses <span class=\"_ _2\"></span>on investmen<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s in<span class=\"_ _2\"></span> subsidi<span class=\"_ _2\"></span>aries (Note 10)<span class=\"_ _2\"></span>, afte<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>related boo<span class=\"_ _a9\"></span>k value h<span class=\"_ _2\"></span>as been <span class=\"_ _2\"></span>reduced <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o zero, <span class=\"_ _a9\"></span>to the ex<span class=\"_ _2\"></span>tent that <span class=\"_ _a9\"></span>the Company may h<span class=\"_ _2\"></span>ave i<span class=\"_ _2\"></span>ncurred l<span class=\"_ _2\"></span>egal or con<span class=\"_ _2\"></span>structi<span class=\"_ _a9\"></span>ve obligati<span class=\"_ _2\"></span>ons <span class=\"_ _2\"></span>or made pa<span class=\"_ _2\"></span>yments on<span class=\"_ _2\"></span> behalf o<span class=\"_ _2\"></span>f such <span class=\"_ _2\"></span>subsidiari<span class=\"_ _2\"></span>es. 9.2<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Commit<span class=\"_ _2\"></span>ments Guarante<span class=\"_ _a9\"></span>es pro<span class=\"_ _2\"></span>vided<span class=\"_ _2\"></span> to thi<span class=\"_ _2\"></span>rd pa<span class=\"_ _2\"></span>rtie<span class=\"_ _2\"></span>s Amounts in Euro<span class=\"_ _0\"></span> 31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2022<span class=\"_ _2\"></span> </span></span></span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Guarantees provid<span class=\"_ _0\"></span>ed Navigator guarant<span class=\"_ _0\"></span>ees for EIB l<span class=\"_ _0\"></span>oans    <span class=\"_ _0\"></span> 37,708,333 <span class=\"_ _0\"></span> 42,916,667 <span class=\"_ _0\"></span> Portuguese Tax Authori<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es -  6,513,318  Si<span class=\"_ _0\"></span>mria 338,829  338,829  Ag\u00eancia Portuguesa<span class=\"_ _0\"></span> Ambiente<span class=\"_ _0\"></span> 83,148  -  Admini<span class=\"_ _0\"></span>strat<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>on F\u00e9d\u00e9ral<span class=\"_ _0\"></span>e de Contributi<span class=\"_ _0\"></span>ons 83,274  79,373 <span class=\"_ _0\"></span> Infraestruturas de <span class=\"_ _0\"></span>Portugal -  22,320 <span class=\"_ _0\"></span> Other 51,008  49,364 <span class=\"_ _0\"></span> 38,264<span class=\"_ _0\"></span>,592  49,919<span class=\"_ _0\"></span>,872  The bank gua<span class=\"_ _a9\"></span>rantees p<span class=\"_ _2\"></span>rovided to<span class=\"_ _2\"></span> the Ta<span class=\"_ _2\"></span>x Au<span class=\"_ _2\"></span>thority <span class=\"_ _2\"></span>were r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>spute o<span class=\"_ _2\"></span>f li<span class=\"_ _2\"></span>tigation processes<span class=\"_ _2\"></span>, rela<span class=\"_ _2\"></span>ted to <span class=\"_ _2\"></span>the Cor<span class=\"_ _2\"></span>porate Inc<span class=\"_ _2\"></span>ome Ta<span class=\"_ _2\"></span>x for th<span class=\"_ _a9\"></span>e 2015 tax pe<span class=\"_ _2\"></span>riod. 9.3<span class=\"ff7\"> <span class=\"_ _48\"> </span></span>Conting<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and li<span class=\"_ _2\"></span>abiliti<span class=\"_ _2\"></span>es Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _a9\"></span>nd<span class=\"_ _0\"></span> Accordin<span class=\"_ _2\"></span>g to Dec<span class=\"_ _2\"></span>ree-Law no<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> 36/93<span class=\"_ _2\"></span> of 13<span class=\"_ _2\"></span> February<span class=\"_ _2\"></span>, the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts of pri<span class=\"_ _a9\"></span>vat<span class=\"_ _0\"></span>ised co<span class=\"_ _2\"></span>mpani<span class=\"_ _2\"></span>es relating to<span class=\"_ _2\"></span> perio<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>prior to <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>vatisa<span class=\"_ _2\"></span>tion dat<span class=\"_ _2\"></span>e (25 No<span class=\"_ _2\"></span>vember 200<span class=\"_ _2\"></span>6) are <span class=\"_ _2\"></span>the respons<span class=\"_ _2\"></span>ibil<span class=\"_ _2\"></span>ity of the Publi<span class=\"_ _2\"></span>c Debt <span class=\"_ _2\"></span>Settlem<span class=\"_ _2\"></span>ent Fund <span class=\"_ _2\"></span>(FRDP - <span class=\"ff9\">Fundo <span class=\"_ _a9\"></span>de Regula<span class=\"_ _2\"></span>riza\u00e7\u00e3o da <span class=\"_ _2\"></span>D\u00edv<span class=\"_ _2\"></span>id<span class=\"_ _0\"></span>a P\u00fa<span class=\"_ _2\"></span>blica<span class=\"ff1\">). T<span class=\"_ _2\"></span>he </span></span>Navigator C<span class=\"_ _2\"></span>ompany s<span class=\"_ _2\"></span>ubmitte<span class=\"_ _2\"></span>d an appli<span class=\"_ _2\"></span>cation <span class=\"_ _a9\"></span>to the FRDP <span class=\"_ _2\"></span>on 1<span class=\"_ _2\"></span>6 April <span class=\"_ _2\"></span>2008, reques<span class=\"_ _2\"></span>ting th<span class=\"_ _2\"></span>e payment o<span class=\"_ _2\"></span>f the <span class=\"_ _2\"></span>tax deb<span class=\"_ _2\"></span>ts until<span class=\"_ _2\"></span> then s<span class=\"_ _2\"></span>ettled b<span class=\"_ _2\"></span>y th<span class=\"_ _2\"></span>e Tax Aut<span class=\"_ _2\"></span>horities<span class=\"_ _2\"></span>. On 13 D<span class=\"_ _2\"></span>ecember 2<span class=\"_ _2\"></span>010, th<span class=\"_ _2\"></span>e company fi<span class=\"_ _2\"></span>led a ne<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span> request <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r payment of<span class=\"_ _2\"></span> deb<span class=\"_ _2\"></span>ts assess<span class=\"_ _a9\"></span>ed b<span class=\"_ _0\"></span>y the <span class=\"_ _2\"></span>Tax Admin<span class=\"_ _2\"></span>istra<span class=\"_ _2\"></span>tion fo<span class=\"_ _2\"></span>r the periods o<span class=\"_ _2\"></span>f 2006<span class=\"_ _2\"></span> and 2003<span class=\"_ _2\"></span>, which w<span class=\"_ _2\"></span>as supplem<span class=\"_ _2\"></span>ented, o<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>3 October 2<span class=\"_ _2\"></span>011, with <span class=\"_ _a9\"></span>the amounts<span class=\"_ _2\"></span> already <span class=\"_ _2\"></span>paid and un<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>isput<span class=\"_ _2\"></span>ed rel<span class=\"_ _2\"></span>ating to <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hese sam<span class=\"_ _2\"></span>e debts<span class=\"_ _a9\"></span>, as well<span class=\"_ _2\"></span> as the e<span class=\"_ _2\"></span>xpenses<span class=\"_ _2\"></span> direc<span class=\"_ _2\"></span>tly relate<span class=\"_ _2\"></span>d thereto<span class=\"_ _2\"></span>, purs<span class=\"_ _2\"></span>uant to <span class=\"_ _2\"></span>the rul<span class=\"_ _2\"></span>ing dat<span class=\"_ _2\"></span>ed<span class=\"_ _0\"></span> 24 Ma<span class=\"_ _2\"></span>y 2011 <span class=\"_ _2\"></span>(Case no. <span class=\"_ _2\"></span>0993A/02)<span class=\"_ _2\"></span>, which confi<span class=\"_ _2\"></span>rmed the Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>'s pos<span class=\"_ _2\"></span>ition <span class=\"_ _2\"></span>regardin<span class=\"_ _2\"></span>g the <span class=\"_ _2\"></span>enforcea<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty of suc<span class=\"_ _2\"></span>h expenses.  On 13 Decemb<span class=\"_ _2\"></span>er 201<span class=\"_ _2\"></span>7, The Na<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>igator C<span class=\"_ _2\"></span>ompany, <span class=\"_ _a9\"></span>S.<span class=\"_ _0\"></span>A. has<span class=\"_ _2\"></span> made <span class=\"_ _2\"></span>an extr<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>-judi<span class=\"_ _2\"></span>cial<span class=\"_ _2\"></span> agreement with the <span class=\"_ _2\"></span>Tax Autho<span class=\"_ _2\"></span>riti<span class=\"_ _2\"></span>es, in whi<span class=\"_ _2\"></span>ch it w<span class=\"_ _2\"></span>as ackno<span class=\"_ _2\"></span>wl<span class=\"_ _0\"></span>edg<span class=\"_ _2\"></span>ed the <span class=\"_ _2\"></span>FRDP responsi<span class=\"_ _2\"></span>bili<span class=\"_ _2\"></span>ty for <span class=\"_ _2\"></span>refunding <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he amount of<span class=\"_ _2\"></span> Euro 5,7<span class=\"_ _2\"></span>25,771 c<span class=\"_ _2\"></span>orrespondi<span class=\"_ _2\"></span>ng to <span class=\"_ _2\"></span>the amo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f Co<span class=\"_ _2\"></span>rporate Income <span class=\"_ _a9\"></span>T<span class=\"_ _0\"></span>ax <span class=\"_ _2\"></span>(IRC) unduly paid, r<span class=\"_ _2\"></span>esulting <span class=\"_ _2\"></span>from th<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>eged quali<span class=\"_ _2\"></span>ficati<span class=\"_ _2\"></span>on/incorrec<span class=\"_ _a9\"></span>t cons<span class=\"_ _2\"></span>ideration, <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>the Tax Au<span class=\"_ _2\"></span>thorities<span class=\"_ _a9\"></span>,<span class=\"_ _0\"></span> of the ta<span class=\"_ _2\"></span>x loss <span class=\"_ _2\"></span>calculated as<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>result of <span class=\"_ _2\"></span>the o<span class=\"_ _2\"></span>perations<span class=\"_ _2\"></span> perfo<span class=\"_ _2\"></span>rmed by <span class=\"_ _2\"></span>Soporcel<span class=\"_ _2\"></span>, S.A. i<span class=\"_ _2\"></span>n 200<span class=\"_ _2\"></span>3, as well as<span class=\"_ _2\"></span> to promo<span class=\"_ _2\"></span>te the <span class=\"_ _2\"></span>reimburs<span class=\"_ _2\"></span>ement to <span class=\"_ _2\"></span>Navigator <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>mentioned amoun<span class=\"_ _a9\"></span>t.<span class=\"_ _0\"></span> In this <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>, FRDP i<span class=\"_ _2\"></span>s li<span class=\"_ _2\"></span>able for <span class=\"_ _2\"></span>Euro 22,14<span class=\"_ _2\"></span>0,855<span class=\"_ _2\"></span>, detail<span class=\"_ _2\"></span>ed as fo<span class=\"_ _2\"></span>llows: <span class=\"fc1\"> </span> Proceedin<span class=\"_ _0\"></span>gs decided<span class=\"_ _0\"></span> in  Amoun<span class=\"_ _0\"></span>ts  Decrease du<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> to favour of th<span class=\"_ _0\"></span>e  Outstanding<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span>  Period <span class=\"fc7 sc0\"> </span>requested<span class=\"_ _0\"></span> <span class=\"_ _0\"></span> RERD <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>Group <span class=\"_ _0\"></span><span class=\"fc7 sc0\"> </span>amoun<span class=\"_ _0\"></span>ts  Proceedings confirm<span class=\"_ _0\"></span>ed in court<span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2002 18,923  -  -  18,923 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax (RF)<span class=\"_ _0\"></span> 2004 3,324  -  -  3,324  Corporate incom<span class=\"_ _0\"></span>e tax 2004 766,395  -  (139,023) 627,372  Expenses 314,957  -  -  314,957  1,103,59<span class=\"_ _0\"></span>9  -  (139<span class=\"_ _0\"></span>,023) 964<span class=\"_ _0\"></span>,576  Proceedings not con<span class=\"_ _0\"></span>firmed in cou<span class=\"_ _0\"></span>rt Corporate incom<span class=\"_ _0\"></span>e tax 2005 11,754,680 <span class=\"_ _0\"></span> (1,360,294) -  10,394,386 <span class=\"_ _0\"></span> Corporate incom<span class=\"_ _0\"></span>e tax 2006 11,890,071 <span class=\"_ _0\"></span> (1,108,178) -  10,781,893 <span class=\"_ _0\"></span> 23,644<span class=\"_ _0\"></span>,751  (2,468<span class=\"_ _0\"></span>,472) -  21,176<span class=\"_ _0\"></span>,279  24,748<span class=\"_ _0\"></span>,350  (2,468<span class=\"_ _0\"></span>,472) (139<span class=\"_ _0\"></span>,023) 22,140<span class=\"_ _0\"></span>,855  Regarding <span class=\"_ _2\"></span>the a<span class=\"_ _2\"></span>ggrega<span class=\"_ _2\"></span>te Corpora<span class=\"_ _2\"></span>te Income <span class=\"_ _2\"></span>Tax p<span class=\"_ _2\"></span>roceedi<span class=\"_ _2\"></span>ngs of 2<span class=\"_ _2\"></span>005 and 2<span class=\"_ _2\"></span>006, if<span class=\"_ _2\"></span> Courts <span class=\"_ _2\"></span>come to a deci<span class=\"_ _2\"></span>sion <span class=\"_ _2\"></span>in favour <span class=\"_ _2\"></span>of Naviga<span class=\"_ _2\"></span>tor Grou<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>, <span class=\"_ _2\"></span>the Group <span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>withdraw th<span class=\"_ _2\"></span>e reques<span class=\"_ _2\"></span>t made <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o FRDP. Public Deb<span class=\"_ _2\"></span>t Sett<span class=\"_ _2\"></span>lement Fu<span class=\"_ _a9\"></span>nd - proceedi<span class=\"_ _2\"></span>ng no.<span class=\"_ _2\"></span> 774/11.<span class=\"_ _2\"></span>3 BEAL<span class=\"_ _2\"></span>M Additional<span class=\"_ _2\"></span>ly, a n<span class=\"_ _2\"></span>ew peti<span class=\"_ _2\"></span>tion w<span class=\"_ _2\"></span>as fil<span class=\"_ _2\"></span>ed in the <span class=\"_ _2\"></span>Admini<span class=\"_ _2\"></span>strative<span class=\"_ _a9\"></span> Court of <span class=\"_ _2\"></span>Almada on 1<span class=\"_ _2\"></span>1 Octo<span class=\"_ _2\"></span>ber 2011, <span class=\"_ _2\"></span>which cal<span class=\"_ _2\"></span>led for <span class=\"_ _2\"></span>the refun<span class=\"_ _2\"></span>d of <span class=\"_ _2\"></span>various amo<span class=\"_ _2\"></span>unts, am<span class=\"_ _a9\"></span>ounting to Eu<span class=\"_ _2\"></span>ro 136,243<span class=\"_ _a9\"></span>,949. These amounts reg<span class=\"_ _2\"></span>ard a<span class=\"_ _2\"></span>djustments <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e fin<span class=\"_ _2\"></span>ancial<span class=\"_ _2\"></span> statements <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> the Group af<span class=\"_ _a9\"></span>te<span class=\"_ _0\"></span>r i<span class=\"_ _2\"></span>ts priva<span class=\"_ _2\"></span>tisatio<span class=\"_ _2\"></span>n tha<span class=\"_ _2\"></span>t had not b<span class=\"_ _2\"></span>een cons<span class=\"_ _2\"></span>idered i<span class=\"_ _2\"></span>n formul<span class=\"_ _2\"></span>ating <span class=\"_ _2\"></span>the pri<span class=\"_ _2\"></span>ce of <span class=\"_ _2\"></span>its pri<span class=\"_ _2\"></span>vatisatio<span class=\"_ _2\"></span>n as <span class=\"_ _2\"></span>they wer<span class=\"_ _2\"></span>e not i<span class=\"_ _2\"></span>ncluded in the <span class=\"_ _2\"></span>documentati<span class=\"_ _2\"></span>on made <span class=\"_ _2\"></span>availabl<span class=\"_ _2\"></span>e for co<span class=\"_ _2\"></span>nsulta<span class=\"_ _2\"></span>tion by <span class=\"_ _a9\"></span>the bidders<span class=\"_ _2\"></span>. On 24 May 201<span class=\"_ _2\"></span>4, the <span class=\"_ _2\"></span>Cour<span class=\"_ _2\"></span>t denie<span class=\"_ _2\"></span>d the Navi<span class=\"_ _2\"></span>gator G<span class=\"_ _2\"></span>roup\u2019s <span class=\"_ _2\"></span>proposal <span class=\"_ _2\"></span>to presen<span class=\"_ _a9\"></span>t testimon<span class=\"_ _2\"></span>y evidence<span class=\"_ _2\"></span>, alterna<span class=\"_ _a9\"></span>tively propos<span class=\"_ _2\"></span>ing wri<span class=\"_ _2\"></span>tten s<span class=\"_ _2\"></span>ubmissio<span class=\"_ _2\"></span>ns. On <span class=\"_ _2\"></span>30 June 2<span class=\"_ _2\"></span>014, the G<span class=\"_ _2\"></span>roup ap<span class=\"_ _2\"></span>pealed against thi<span class=\"_ _2\"></span>s dec<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>n, but continu<span class=\"_ _2\"></span>ously <span class=\"_ _2\"></span>presen<span class=\"_ _2\"></span>ted wri<span class=\"_ _2\"></span>tten e<span class=\"_ _2\"></span>vidence<span class=\"_ _2\"></span>. The C<span class=\"_ _2\"></span>ourt subs<span class=\"_ _2\"></span>equentl<span class=\"_ _2\"></span>y confi<span class=\"_ _2\"></span>rmed the Na<span class=\"_ _2\"></span>vigator <span class=\"_ _2\"></span>Group\u2019s <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>iews on <span class=\"_ _2\"></span>this ma<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ter, bo<span class=\"_ _2\"></span>th<span class=\"_ _2\"></span> parts appoi<span class=\"_ _2\"></span>nted e<span class=\"_ _2\"></span>xperts an<span class=\"_ _2\"></span>d the partial e<span class=\"_ _a9\"></span>x<span class=\"_ _0\"></span>pert r<span class=\"_ _2\"></span>eport <span class=\"_ _2\"></span>was issued o<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>July 2017<span class=\"_ _2\"></span>, being <span class=\"_ _2\"></span>requir<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d eithe<span class=\"_ _2\"></span>r by The Na<span class=\"_ _a9\"></span>vigator Company, S<span class=\"_ _2\"></span>.A. or <span class=\"_ _2\"></span>the Min<span class=\"_ _2\"></span>istr<span class=\"_ _2\"></span>y of Fi<span class=\"_ _2\"></span>nance, <span class=\"_ _2\"></span>the atten<span class=\"_ _2\"></span>dance <span class=\"_ _2\"></span>of both desi<span class=\"_ _2\"></span>gnate<span class=\"_ _2\"></span>d exper<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>court hearing, i<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>der to pro<span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>ide oral<span class=\"_ _2\"></span> explan<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>ns on the <span class=\"_ _2\"></span>exper<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> repo<span class=\"_ _2\"></span>rt. Foll<span class=\"_ _2\"></span>owing cl<span class=\"_ _2\"></span>aims f<span class=\"_ _2\"></span>iled by Navi<span class=\"_ _2\"></span>gator on 11 <span class=\"_ _2\"></span>Sept<span class=\"_ _2\"></span>ember 201<span class=\"_ _2\"></span>7 and 15 <span class=\"_ _2\"></span>January 2<span class=\"_ _2\"></span>019, th<span class=\"_ _2\"></span>e exper<span class=\"_ _2\"></span>ts submitte<span class=\"_ _2\"></span>d redraft<span class=\"_ _2\"></span>ed E<span class=\"_ _2\"></span>xpert Repo<span class=\"_ _2\"></span>rts on 27<span class=\"_ _2\"></span> Dec<span class=\"_ _2\"></span>ember 2018<span class=\"_ _2\"></span> and 19 <span class=\"_ _2\"></span>March 2019, <span class=\"_ _a9\"></span>respectiv<span class=\"_ _2\"></span>ely. The tri<span class=\"_ _2\"></span>al hearin<span class=\"_ _2\"></span>g sessio<span class=\"_ _2\"></span>ns too<span class=\"_ _2\"></span>k place b<span class=\"_ _2\"></span>etween <span class=\"_ _2\"></span>May and Ju<span class=\"_ _a9\"></span>ne 2019, with <span class=\"_ _2\"></span>the pa<span class=\"_ _2\"></span>rties f<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ng clos<span class=\"_ _2\"></span>ing argumen<span class=\"_ _2\"></span>ts in Sep<span class=\"_ _2\"></span>tember 20<span class=\"_ _2\"></span>19 and now a<span class=\"_ _a9\"></span>w<span class=\"_ _0\"></span>aiting <span class=\"_ _a9\"></span>the Cour<span class=\"_ _2\"></span>t's decis<span class=\"_ _2\"></span>ion. 10.<span class=\"ff7 ls0\"> <span class=\"_ _c7\"> </span><span class=\"ff4\">Group<span class=\"_ _2\"></span> str<span class=\"_ _2\"></span>uctur<span class=\"_ _a9\"></span>e </span></span>10.1<span class=\"ff7\"> <span class=\"_ _87\"> </span></span>Inv<span class=\"_ _2\"></span>estments<span class=\"_ _2\"></span> in subsi<span class=\"_ _2\"></span>diar<span class=\"_ _2\"></span>ie<span class=\"_ _0\"></span>s <span class=\"_ _a9\"></span> 2022 2021 % % Company<span class=\"_ _0\"></span> Head Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span> Equity<span class=\"_ _0\"></span> held<span class=\"_ _0\"></span> Balance<span class=\"_ _0\"></span> Equity<span class=\"_ _0\"></span> held<span class=\"_ _0\"></span> Balance<span class=\"_ _0\"></span> -  100  -  120,226,861  100  120,226,861  Na<span class=\"_ _a9\"></span>vig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Hold<span class=\"_ _a9\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>SGP<span class=\"_ _a9\"></span>S, <span class=\"_ _a9\"></span>S.A<span class=\"_ _2\"></span>. Set\u00fabal 1,837,953  100  1,837,953  n.a. n.a. n.a. Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> Set\u00fabal 31,444,601 <span class=\"_ _0\"></span> 100  408,200,985  10,054,563 <span class=\"_ _0\"></span> 100  386,810,950  Navigator Brands S.A.<span class=\"_ _0\"></span> (A) Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 124,266,347  100  120,880,817  105,544,053  100  105,544,053  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.  (B) Aveiro 72,975,632 <span class=\"_ _0\"></span> 100  72,975,632 <span class=\"_ _0\"></span> 49,504,315 <span class=\"_ _0\"></span> 100  49,504,315 <span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>. Set\u00fabal 127,522,607  100  127,522,607  129,751,094  100  129,751,094  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A. Set\u00fabal 1,365,602  90 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>1,365,602  4,466,703  90 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,306,240  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A.<span class=\"_ _0\"></span> Mozambi<span class=\"_ _0\"></span>que 233,217,325  100  233,217,325  199,116,255  100  199,116,253  Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>  Set\u00fabal 208,528,502  100  208,528,502  151,392,875  100  151,392,866  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 40,205,331 <span class=\"_ _0\"></span> 100  40,205,331 <span class=\"_ _0\"></span> 26,088,918 <span class=\"_ _0\"></span> 100  26,088,918 <span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. Set\u00fabal 623,646,952  100  613,841,320  547,465,274  100  536,556,882  Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.<span class=\"_ _0\"></span>A. (B) Set\u00fabal 115,180,815  100  114,837,623  100,861,464  100  100,945,534  Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  (B) Aveiro 9,849,186  97 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,604,970  9,563,212  97 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>9,276,315  RAIZ - I<span class=\"_ _0\"></span>nst.Invest<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>ga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>resta<span class=\"_ _2\"></span> e <span class=\"_ _0\"></span>Papel<span class=\"_ _0\"></span> Aveiro 145,585,816  100  129,934,579  96,742,435 <span class=\"_ _0\"></span> 100  88,335,334 <span class=\"_ _0\"></span> Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> (B) Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> -  50 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  -  50 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>-  Pulpchem Logi<span class=\"_ _0\"></span>stics, A.<span class=\"_ _0\"></span>C.E. Fi<span class=\"_ _0\"></span>gueira da <span class=\"_ _2\"></span>Fo<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span> 4,855,247  100  4,855,247  4,819,316  100  4,819,316  E<span class=\"_ _2\"></span>mpr<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>m\u00e9d<span class=\"_ _a9\"></span>ia -<span class=\"_ _a9\"></span> Co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>et<span class=\"_ _2\"></span>ore<span class=\"_ _a9\"></span>s de<span class=\"_ _a9\"></span> Se<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>, S<span class=\"_ _2\"></span>.A.<span class=\"_ _2\"></span> Lisbo<span class=\"_ _0\"></span>n Empremedi<span class=\"_ _0\"></span>a DAC Irel<span class=\"_ _0\"></span>and 5,342,757  100  5,342,757  1,494,226  100  1,494,226  Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> Mexico 32,340  25 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>8,085  4,519  25 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>1,130  Navigator Egypt<span class=\"_ _0\"></span> Egypt 23,874  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>239  16,152 <span class=\"_ _0\"></span> 1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>162  2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  (A) In<span class=\"_ _a9\"></span>cludes<span class=\"_ _2\"></span> Goo<span class=\"_ _2\"></span>dwill<span class=\"_ _2\"></span> gene<span class=\"_ _2\"></span>rate<span class=\"_ _2\"></span>d on<span class=\"_ _a9\"></span> the a<span class=\"_ _2\"></span>cquisi<span class=\"_ _a9\"></span>tion o<span class=\"_ _a9\"></span>f<span class=\"_ _0\"></span> the<span class=\"_ _a9\"></span> Figuei<span class=\"_ _a9\"></span>r<span class=\"_ _0\"></span>a da<span class=\"_ _2\"></span> Foz<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>egra<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>ed <span class=\"_ _2\"></span>pulp<span class=\"_ _2\"></span> and <span class=\"_ _2\"></span>pape<span class=\"_ _2\"></span>r busi<span class=\"_ _2\"></span>ness<span class=\"_ _2\"></span> (B)<span class=\"_ _2\"></span> Balan<span class=\"_ _2\"></span>ce sh<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>t val<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>reflec<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>elimi<span class=\"_ _2\"></span>natio<span class=\"_ _2\"></span>n o<span class=\"_ _2\"></span>f unre<span class=\"_ _2\"></span>alise<span class=\"_ _a9\"></span>d inte<span class=\"_ _2\"></span>rnal<span class=\"_ _2\"></span> mar<span class=\"_ _2\"></span>gins Goodwil<span class=\"_ _2\"></span>l asso<span class=\"_ _2\"></span>ciated with <span class=\"_ _2\"></span>the inte<span class=\"_ _2\"></span>grated <span class=\"_ _2\"></span>pulp and <span class=\"_ _a9\"></span>paper pro<span class=\"_ _2\"></span>duction ac<span class=\"_ _2\"></span>tivity o<span class=\"_ _2\"></span>f Figuei<span class=\"_ _2\"></span>ra da <span class=\"_ _2\"></span>Foz, amountin<span class=\"_ _2\"></span>g to Euro 37<span class=\"_ _2\"></span>6,756<span class=\"_ _2\"></span>,383, is<span class=\"_ _2\"></span> discl<span class=\"_ _2\"></span>osed in <span class=\"_ _2\"></span>the tabl<span class=\"_ _2\"></span>e above as<span class=\"_ _2\"></span> int<span class=\"_ _2\"></span>egrating <span class=\"_ _a9\"></span>the value of <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>investment by <span class=\"_ _2\"></span>applyin<span class=\"_ _2\"></span>g the equit<span class=\"_ _2\"></span>y metho<span class=\"_ _2\"></span>d, in acc<span class=\"_ _a9\"></span>ordance with <span class=\"_ _2\"></span>the requi<span class=\"_ _2\"></span>rements o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>IAS 27 and <span class=\"_ _2\"></span>IAS 28.<span class=\"_ _2\"></span> Moveme<span class=\"_ _2\"></span>nts in the p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span> Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in in<span class=\"_ _2\"></span>vestment<span class=\"_ _a9\"></span>s in <span class=\"_ _2\"></span>subsidia<span class=\"_ _2\"></span>ries - <span class=\"_ _2\"></span>sum<span class=\"_ _2\"></span>mary Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 1,919,17<span class=\"_ _0\"></span>0,450  1,858,53<span class=\"_ _0\"></span>0,371  Acquisi<span class=\"_ _0\"></span>tions and disposal<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>f sha<span class=\"_ _2\"></span>rehol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ngs 1,859,329  -  Mergers, demergers a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dations (120,477,540)<span class=\"_ _0\"></span> (28<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>22,021)<span class=\"_ _0\"></span> Addi<span class=\"_ _0\"></span>tional capital contributio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span> 7,050,000  32,273,764 <span class=\"_ _0\"></span> Share of (loss)/gai<span class=\"_ _0\"></span>ns from the appl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>cation of the equity method <span class=\"_ _1\"></span> 349,940,785  160,083,746  Other comprehensi<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>ncome 28,416,539 <span class=\"_ _0\"></span> (4,354,319) Divi<span class=\"_ _0\"></span>dends distributed (92<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>99,990)<span class=\"_ _0\"></span> (85<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>02,502)<span class=\"_ _0\"></span> Transfer to provi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ons (Note 9<span class=\"_ _2\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> Other movements<span class=\"_ _0\"></span> -  5,354,469  Closing balance<span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  Move<span class=\"_ _2\"></span>ment<span class=\"_ _2\"></span>s in in<span class=\"_ _2\"></span>vestment<span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span> in <span class=\"_ _a9\"></span>s<span class=\"_ _0\"></span>ubsid<span class=\"_ _2\"></span>iarie<span class=\"_ _2\"></span>s - deta<span class=\"_ _a9\"></span>ils Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Opening balance<span class=\"_ _0\"></span> 1,919,17<span class=\"_ _0\"></span>0,450  1,858,53<span class=\"_ _0\"></span>0,371  Mergers, demerger<span class=\"_ _0\"></span>s and liqui<span class=\"_ _0\"></span>dations <span class=\"_ _0\"></span> Navigator Partici<span class=\"_ _0\"></span>pa\u00e7\u00f5es Hol<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng SGPS, S.A. <span class=\"_ _0\"></span> (120,477,540)<span class=\"_ _0\"></span> -  Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (28<span class=\"_ _2\"></span>,6<span class=\"_ _0\"></span>22,021)<span class=\"_ _0\"></span> Mergers, demerger<span class=\"_ _0\"></span>s and liqui<span class=\"_ _0\"></span>dations <span class=\"_ _0\"></span> (120<span class=\"_ _0\"></span>,477,540) (28,62<span class=\"_ _0\"></span>2,021) Additional capit<span class=\"_ _0\"></span>al contributions <span class=\"_ _1\"></span> Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, Lda. 7,050,000  32,273,764 <span class=\"_ _0\"></span> Additional capit<span class=\"_ _0\"></span>al contributions <span class=\"_ _1\"></span> 7,050,00<span class=\"_ _0\"></span>0  32,273<span class=\"_ _0\"></span>,764  Acquisition and dis<span class=\"_ _0\"></span>posal of shareholdin<span class=\"_ _0\"></span>gs <span class=\"_ _1\"></span> Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> 1,859,329  -  Acquisition and dis<span class=\"_ _0\"></span>posal of shareholdin<span class=\"_ _0\"></span>gs <span class=\"_ _1\"></span> 1,859,32<span class=\"_ _0\"></span>9  -  Share of (loss)/gains <span class=\"_ _0\"></span>from the ap<span class=\"_ _0\"></span>plication of the e<span class=\"_ _0\"></span>quity meth<span class=\"_ _0\"></span>od <span class=\"_ _0\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A.<span class=\"_ _0\"></span> 250,677  4,519,509  Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra, S.A. (21<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>24)<span class=\"_ _0\"></span> -  Navigator Brands, S.<span class=\"_ _0\"></span>A.  23,726,365 <span class=\"_ _0\"></span> 8,665,432  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   25,832,155 <span class=\"_ _0\"></span> 21,697,515 <span class=\"_ _0\"></span> Enerpulp, S.A<span class=\"_ _0\"></span>.  23,471,317 <span class=\"_ _0\"></span> (2,025,042) Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  4,157,859  4,226,240  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, Lda. (39<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>66,616)<span class=\"_ _0\"></span> (1,922,861) Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (146,467) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A.<span class=\"_ _0\"></span>  59,022,877 <span class=\"_ _0\"></span> 36,561,332 <span class=\"_ _0\"></span> Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  57,135,635 <span class=\"_ _0\"></span> 47,769,394 <span class=\"_ _0\"></span> Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. 14,278,823 <span class=\"_ _0\"></span> (1,011,885) Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  22,393,445 <span class=\"_ _0\"></span> 8,807,387  Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. 98,740,914 <span class=\"_ _0\"></span> 22,327,297 <span class=\"_ _0\"></span> RAIZ<span class=\"_ _0\"></span> - Inst.Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 60,166  228,222  Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> 56,920,887 <span class=\"_ _0\"></span> 9,071,443  Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de S<span class=\"_ _0\"></span>eguros, S.A.<span class=\"_ _0\"></span> 1,142,384  1,148,123  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC 2,276,468  160,245  Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> 18,397  7,763  Navigator Egypt<span class=\"_ _0\"></span> 56 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>99 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Share of (loss)/gains <span class=\"_ _0\"></span>from the ap<span class=\"_ _0\"></span>plication of the e<span class=\"_ _0\"></span>quity meth<span class=\"_ _0\"></span>od <span class=\"_ _0\"></span> 349<span class=\"_ _0\"></span>,940,785<span class=\"_ _0\"></span>  160<span class=\"_ _0\"></span>,083,746<span class=\"_ _0\"></span>  Changes in the inve<span class=\"_ _0\"></span>stee's equity not <span class=\"_ _0\"></span>recognise<span class=\"_ _0\"></span>d in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> Navigator Internaci<span class=\"_ _0\"></span>onal Hol<span class=\"_ _0\"></span>ding SGPS, S.A.<span class=\"_ _0\"></span> -  (28<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>32)<span class=\"_ _0\"></span> Soc. Vi<span class=\"_ _0\"></span>nhos Herdade Espi<span class=\"_ _0\"></span>rra<span class=\"_ _2\"></span>, S.<span class=\"_ _0\"></span>A.<span class=\"_ _0\"></span> (352) -  Enerpulp, S.A<span class=\"_ _0\"></span>. -  1 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>Navigator Brands, S.<span class=\"_ _0\"></span>A. 3,729,483  1,374,977  Amounts in Euro<span class=\"_ _0\"></span> 2022 2021 Navigator Forest Por<span class=\"_ _0\"></span>tugal<span class=\"_ _0\"></span>, S.A. (162,410) (62<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>73)<span class=\"_ _0\"></span> Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A.  -  77,000 <span class=\"_ _0\"></span> Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. (1,439,556) 2,510,585  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A.  -  (9) RAIZ<span class=\"_ _0\"></span> - Inst.Investiga\u00e7\u00e3o Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span> 268,489  150,542  Portucel Mo\u00e7ambi<span class=\"_ _0\"></span>que, S.A.<span class=\"_ _0\"></span> 24,475,978 <span class=\"_ _0\"></span> (8,021,372) Portucel Fi<span class=\"_ _0\"></span>nance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sp. Z o.o<span class=\"_ _0\"></span>.  -  (99<span class=\"_ _2\"></span>,8<span class=\"_ _0\"></span>40)<span class=\"_ _0\"></span> Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de Segu<span class=\"_ _0\"></span>ros, S.A.<span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>35)<span class=\"_ _0\"></span> 515  Emprem\u00e9di<span class=\"_ _0\"></span>a DAC 1,572,063  (246,192) Navigator Paper Mexi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> (11<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>42)<span class=\"_ _0\"></span> (9,179) Navigator Egypt<span class=\"_ _0\"></span> 21 <span class=\"_ _0\"></span><span class=\"ls0\"> </span>(43) Changes in the inve<span class=\"_ _0\"></span>stee's equity not <span class=\"_ _0\"></span>recognise<span class=\"_ _0\"></span>d in the incom<span class=\"_ _0\"></span>e statement <span class=\"_ _1\"></span> 28,416<span class=\"_ _0\"></span>,539  (4,354<span class=\"_ _0\"></span>,319) Distribution of divid<span class=\"_ _0\"></span>ends/reserv<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> Navigator Brands, S.<span class=\"_ _0\"></span>A.  (6,065,810) -  Navigator Pulp Avei<span class=\"_ _0\"></span>ro, S.A<span class=\"_ _0\"></span>.   (10<span class=\"_ _2\"></span>,4<span class=\"_ _0\"></span>95,391)<span class=\"_ _0\"></span> -  Navigator Parques Indu<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ais,<span class=\"_ _0\"></span> S.A.  (6,386,346) (6,913,543) Navigator Forest Por<span class=\"_ _0\"></span>tugal,<span class=\"_ _0\"></span> S.A. -  (790,466) Navigator Pulp Set\u00fab<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, S.A. (24<span class=\"_ _2\"></span>,9<span class=\"_ _0\"></span>21,806)<span class=\"_ _0\"></span> -  Navigator Pulp Fi<span class=\"_ _0\"></span>guei<span class=\"_ _0\"></span>ra, S.A. -  (4,098,466) Navigator Paper Set<span class=\"_ _0\"></span>\u00fabal, S.A<span class=\"_ _0\"></span>. (20<span class=\"_ _2\"></span>,0<span class=\"_ _0\"></span>16,922)<span class=\"_ _0\"></span> (14<span class=\"_ _2\"></span>,1<span class=\"_ _0\"></span>22,166)<span class=\"_ _0\"></span> Navigator Tissue Avei<span class=\"_ _0\"></span>ro, S.<span class=\"_ _0\"></span>A. (8,501,356) (21<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>71,001)<span class=\"_ _0\"></span> Navigator Paper Fi<span class=\"_ _0\"></span>gueira, S.A.<span class=\"_ _0\"></span> (15<span class=\"_ _2\"></span>,3<span class=\"_ _0\"></span>21,642)<span class=\"_ _0\"></span> (29<span class=\"_ _2\"></span>,7<span class=\"_ _0\"></span>49,461)<span class=\"_ _0\"></span> Emprem\u00e9di<span class=\"_ _0\"></span>a - Corretores de Segu<span class=\"_ _0\"></span>ros, S.A.<span class=\"_ _0\"></span> (1,090,717) (928,910) Enerpulp, S.A<span class=\"_ _0\"></span>. -  (7,428,489) Distribution of divid<span class=\"_ _0\"></span>ends/reserv<span class=\"_ _0\"></span>es <span class=\"_ _0\"></span> (92,79<span class=\"_ _0\"></span>9,990) (85,80<span class=\"_ _0\"></span>2,502) Other movements and <span class=\"_ _0\"></span>reclassifi<span class=\"_ _0\"></span>cations <span class=\"_ _0\"></span> -  5,354,46<span class=\"_ _0\"></span>9  Closing balance <span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,937,46<span class=\"_ _0\"></span>3,508  Provisi<span class=\"_ _0\"></span>ons for subs<span class=\"_ _2\"></span>i<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>aries (Note 9.1)<span class=\"_ _0\"></span> -  (18<span class=\"_ _2\"></span>,2<span class=\"_ _0\"></span>93,058)<span class=\"_ _0\"></span> Closing balance consi<span class=\"_ _0\"></span>dering P<span class=\"_ _0\"></span>rovisions <span class=\"_ _0\"></span> 2,093,15<span class=\"_ _0\"></span>9,574  1,919,17<span class=\"_ _0\"></span>0,450  The shar<span class=\"_ _2\"></span>e of l<span class=\"_ _2\"></span>osses o<span class=\"_ _2\"></span>r gains f<span class=\"_ _2\"></span>rom th<span class=\"_ _2\"></span>e applicati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the eq<span class=\"_ _2\"></span>uity metho<span class=\"_ _2\"></span>d assoc<span class=\"_ _2\"></span>iated to <span class=\"_ _2\"></span>Portuc<span class=\"_ _2\"></span>el Mo\u00e7ambique <span class=\"_ _2\"></span>was impact<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>d by E<span class=\"_ _2\"></span>uro 30,356<span class=\"_ _a9\"></span>,972 assoc<span class=\"_ _2\"></span>iated <span class=\"_ _2\"></span>to accumul<span class=\"_ _2\"></span>ated unf<span class=\"_ _2\"></span>avourabl<span class=\"_ _2\"></span>e exchange <span class=\"_ _2\"></span>rate dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>es, di<span class=\"_ _2\"></span>rectly as<span class=\"_ _2\"></span>sociate<span class=\"_ _2\"></span>d with <span class=\"_ _2\"></span>the r<span class=\"_ _2\"></span>epayment of <span class=\"_ _a9\"></span>the long-term loan (sharehol<span class=\"_ _2\"></span>der lo<span class=\"_ _2\"></span>ans) gr<span class=\"_ _2\"></span>anted to thi<span class=\"_ _2\"></span>s Compan<span class=\"_ _a9\"></span>y.<span class=\"_ _0\"></span> <span class=\"ff4\"> </span>Estim<span class=\"_ _2\"></span>ates a<span class=\"_ _2\"></span>nd ju<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span>gement<span class=\"_ _a9\"></span>s As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022 th<span class=\"_ _2\"></span>e amount o<span class=\"_ _2\"></span>f e<span class=\"_ _2\"></span>quity int<span class=\"_ _2\"></span>erests <span class=\"_ _2\"></span>recogni<span class=\"_ _2\"></span>sed in the <span class=\"_ _2\"></span>separa<span class=\"_ _2\"></span>te finan<span class=\"_ _2\"></span>cial statements <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>The Navig<span class=\"_ _2\"></span>ator Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>, S.A<span class=\"_ _2\"></span>., by a<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>plying <span class=\"_ _a9\"></span>the equit<span class=\"_ _2\"></span>y metho<span class=\"_ _2\"></span>d amounts to Euro 2,093 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ion (20<span class=\"_ _2\"></span>21: Euro 1<span class=\"_ _2\"></span>,919 mi<span class=\"_ _2\"></span>llion), whic<span class=\"_ _2\"></span>h incl<span class=\"_ _2\"></span>udes Goodwil<span class=\"_ _2\"></span>l essenti<span class=\"_ _2\"></span>ally al<span class=\"_ _2\"></span>located <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>o the integra<span class=\"_ _2\"></span>ted Pape<span class=\"_ _2\"></span>r cash gen<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>rati<span class=\"_ _2\"></span>ng unit i<span class=\"_ _2\"></span>n Figuei<span class=\"_ _2\"></span>ra da <span class=\"_ _2\"></span>Foz. <span class=\"_ _2\"></span>Goodwil<span class=\"_ _2\"></span>l is<span class=\"_ _2\"></span> not amorti<span class=\"_ _2\"></span>sed and is subject <span class=\"_ _2\"></span>to impai<span class=\"_ _2\"></span>rment tes<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>s, a<span class=\"_ _2\"></span>t least <span class=\"_ _2\"></span>annual<span class=\"_ _2\"></span>ly, an<span class=\"_ _2\"></span>d whene<span class=\"_ _2\"></span>ver there are ch<span class=\"_ _2\"></span>anges i<span class=\"_ _2\"></span>n the assumptio<span class=\"_ _2\"></span>ns underl<span class=\"_ _2\"></span>ying the <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>t performed <span class=\"_ _a9\"></span>at the da<span class=\"_ _2\"></span>te of <span class=\"_ _2\"></span>the sta<span class=\"_ _2\"></span>tement of<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cial <span class=\"_ _2\"></span>positio<span class=\"_ _2\"></span>n which res<span class=\"_ _2\"></span>ult in <span class=\"_ _2\"></span>a possi<span class=\"_ _2\"></span>ble los<span class=\"_ _2\"></span>s of val<span class=\"_ _2\"></span>ue. The <span class=\"_ _2\"></span>recov<span class=\"_ _2\"></span>erable <span class=\"_ _2\"></span>amoun<span class=\"_ _2\"></span>ts of cas<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>ts hav<span class=\"_ _2\"></span>e been dete<span class=\"_ _2\"></span>rmined b<span class=\"_ _2\"></span>ased on <span class=\"_ _a9\"></span>v<span class=\"_ _0\"></span>alue-<span class=\"ls6a\">in</span>-use calcul<span class=\"_ _2\"></span>ations<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span> Th<span class=\"_ _2\"></span>ese calcul<span class=\"_ _2\"></span>ations <span class=\"_ _2\"></span>require <span class=\"_ _2\"></span>the use of estimates<span class=\"_ _2\"></span>. As at 31<span class=\"_ _2\"></span> December 2<span class=\"_ _2\"></span>022, a <span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _2\"></span>ble inc<span class=\"_ _2\"></span>rease of 0<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>5% in <span class=\"_ _2\"></span>the di<span class=\"_ _2\"></span>scount ra<span class=\"_ _2\"></span>te use<span class=\"_ _2\"></span>d in the impairment <span class=\"_ _2\"></span>test of<span class=\"_ _2\"></span> Good<span class=\"_ _2\"></span>will <span class=\"_ _2\"></span>alloc<span class=\"_ _2\"></span>ated to the c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>unit in<span class=\"_ _2\"></span> Figueira <span class=\"_ _2\"></span>da Foz i<span class=\"_ _2\"></span>ntegra<span class=\"_ _2\"></span>ted Paper, woul<span class=\"_ _2\"></span>d imply a <span class=\"_ _a9\"></span>decrease i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>assessmen<span class=\"_ _2\"></span>t in <span class=\"_ _2\"></span>the amou<span class=\"_ _2\"></span>nt of Euro<span class=\"_ _2\"></span> 269,081<span class=\"_ _2\"></span>,488 (31 December <span class=\"_ _2\"></span>2020: Euro<span class=\"_ _2\"></span> 138,398<span class=\"_ _2\"></span>,565), whi<span class=\"_ _2\"></span>ch is<span class=\"_ _2\"></span> stil<span class=\"_ _2\"></span>l appro<span class=\"_ _2\"></span>ximately 4 ti<span class=\"_ _2\"></span>mes high<span class=\"_ _2\"></span>er th<span class=\"_ _2\"></span>an the <span class=\"_ _2\"></span>book value of<span class=\"_ _2\"></span> this c<span class=\"_ _2\"></span>ash-genera<span class=\"_ _2\"></span>ting uni<span class=\"_ _2\"></span>t.<span class=\"_ _2\"></span> Accou<span class=\"_ _2\"></span>ntin<span class=\"_ _2\"></span>g polic<span class=\"_ _2\"></span>ies Subsidiari<span class=\"_ _2\"></span>es are <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span> entities o<span class=\"_ _2\"></span>ver which th<span class=\"_ _a9\"></span>e Company has c<span class=\"_ _a9\"></span>ontrol, which<span class=\"_ _2\"></span> occurs <span class=\"_ _2\"></span>when th<span class=\"_ _2\"></span>e Company i<span class=\"_ _2\"></span>s expos<span class=\"_ _2\"></span>ed or en<span class=\"_ _2\"></span>titled <span class=\"_ _2\"></span>to the <span class=\"_ _2\"></span>varia<span class=\"_ _2\"></span>ble returns<span class=\"_ _2\"></span> res<span class=\"_ _a9\"></span>ulting from <span class=\"_ _2\"></span>its i<span class=\"_ _2\"></span>nvolvement <span class=\"_ _2\"></span>with the entities <span class=\"_ _2\"></span>and h<span class=\"_ _2\"></span>as the ca<span class=\"_ _2\"></span>pacity <span class=\"_ _2\"></span>to affec<span class=\"_ _a9\"></span>t that re<span class=\"_ _2\"></span>turn th<span class=\"_ _2\"></span>rough <span class=\"_ _2\"></span>the exercis<span class=\"_ _2\"></span>e of po<span class=\"_ _2\"></span>wer o<span class=\"_ _2\"></span>ver the entities, <span class=\"_ _a9\"></span>regardless of<span class=\"_ _2\"></span> the pe<span class=\"_ _2\"></span>rcen<span class=\"_ _2\"></span>tage the<span class=\"_ _2\"></span>y hold o<span class=\"_ _2\"></span>ver equit<span class=\"_ _2\"></span>y. The exi<span class=\"_ _2\"></span>stence <span class=\"_ _2\"></span>and the ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>of pot<span class=\"_ _2\"></span>ential voti<span class=\"_ _2\"></span>ng ri<span class=\"_ _2\"></span>ghts <span class=\"_ _2\"></span>which are c<span class=\"_ _2\"></span>urrently <span class=\"_ _a9\"></span>ex<span class=\"_ _0\"></span>erci<span class=\"_ _2\"></span>sable, o<span class=\"_ _a9\"></span>r converti<span class=\"_ _2\"></span>ble are co<span class=\"_ _2\"></span>nside<span class=\"_ _2\"></span>red when <span class=\"_ _2\"></span>the Compan<span class=\"_ _a9\"></span>y assesses <span class=\"_ _2\"></span>whether i<span class=\"_ _a9\"></span>t has con<span class=\"_ _2\"></span>trol ov<span class=\"_ _2\"></span>er anoth<span class=\"_ _2\"></span>er entity. <span class=\"_ _a9\"></span> Measurement<span class=\"_ _2\"></span> Investmen<span class=\"_ _2\"></span>ts in <span class=\"_ _2\"></span>subsidi<span class=\"_ _2\"></span>aries are acc<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>ted under <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>equity method<span class=\"_ _a9\"></span>.<span class=\"_ _0\"></span>  In accordanc<span class=\"_ _a9\"></span>e with <span class=\"_ _2\"></span>the equity me<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>hod<span class=\"_ _2\"></span>, financi<span class=\"_ _2\"></span>al i<span class=\"_ _2\"></span>nvestments are <span class=\"_ _2\"></span>record<span class=\"_ _2\"></span>ed a<span class=\"_ _2\"></span>t their ac<span class=\"_ _2\"></span>quisi<span class=\"_ _2\"></span>tion cost, su<span class=\"_ _2\"></span>bsequen<span class=\"_ _2\"></span>tly adjus<span class=\"_ _2\"></span>ted by <span class=\"_ _2\"></span>the amoun<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> corres<span class=\"_ _a9\"></span>p<span class=\"_ _0\"></span>onding<span class=\"_ _2\"></span> to the C<span class=\"_ _2\"></span>ompan<span class=\"_ _2\"></span>y's share of<span class=\"_ _2\"></span> chan<span class=\"_ _2\"></span>ges in s<span class=\"_ _2\"></span>hareholders' e<span class=\"_ _a9\"></span>q<span class=\"_ _0\"></span>uity <span class=\"_ _2\"></span>(incl<span class=\"_ _2\"></span>uding net p<span class=\"_ _2\"></span>rofit) o<span class=\"_ _2\"></span>f th<span class=\"_ _2\"></span>e subsidi<span class=\"_ _a9\"></span>aries, agai<span class=\"_ _2\"></span>nst resul<span class=\"_ _2\"></span>ts fo<span class=\"_ _2\"></span>r the <span class=\"_ _2\"></span>period or against s<span class=\"_ _2\"></span>harehol<span class=\"_ _2\"></span>ders' e<span class=\"_ _2\"></span>quity, as<span class=\"_ _2\"></span> appl<span class=\"_ _2\"></span>icable, an<span class=\"_ _a9\"></span>d<span class=\"_ _0\"></span> by <span class=\"_ _2\"></span>dividen<span class=\"_ _2\"></span>ds receiv<span class=\"_ _2\"></span>ed. The accounti<span class=\"_ _2\"></span>ng po<span class=\"_ _2\"></span>lici<span class=\"_ _2\"></span>es of <span class=\"_ _2\"></span>joint ventu<span class=\"_ _2\"></span>res ar<span class=\"_ _2\"></span>e amended<span class=\"_ _2\"></span>, when n<span class=\"_ _2\"></span>ecessar<span class=\"_ _2\"></span>y, to ensu<span class=\"_ _2\"></span>re tha<span class=\"_ _2\"></span>t the<span class=\"_ _2\"></span>y are applied co<span class=\"_ _2\"></span>nsisten<span class=\"_ _2\"></span>tly with <span class=\"_ _a9\"></span>those of Navi<span class=\"_ _a9\"></span>gator. When th<span class=\"_ _2\"></span>e Company\u2019s <span class=\"_ _2\"></span>share <span class=\"_ _2\"></span>in the su<span class=\"_ _2\"></span>bsidia<span class=\"_ _2\"></span>ry\u2019s l<span class=\"_ _2\"></span>osses i<span class=\"_ _2\"></span>s equ<span class=\"_ _2\"></span>al to or <span class=\"_ _2\"></span>exceeds i<span class=\"_ _2\"></span>ts inv<span class=\"_ _2\"></span>estment i<span class=\"_ _2\"></span>n the subsi<span class=\"_ _2\"></span>diary, <span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span>he Compan<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span> ceases <span class=\"_ _a9\"></span>to recognise <span class=\"_ _a9\"></span>addition<span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>sses, exce<span class=\"_ _2\"></span>pt where i<span class=\"_ _a9\"></span>t<span class=\"_ _0\"></span> has assumed l<span class=\"_ _2\"></span>iabil<span class=\"_ _2\"></span>ity or mad<span class=\"_ _2\"></span>e paym<span class=\"ff8\">ents i<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>subsidiar<span class=\"_ _a9\"></span>y<span class=\"_ _0\"></span>\u2019s na<span class=\"_ _a9\"></span>me, as detail<span class=\"_ _2\"></span>ed in N<span class=\"_ _2\"></span>ote 9.1 <span class=\"ff1\">- </span></span>Provisi<span class=\"_ _2\"></span>ons. If th<span class=\"_ _a9\"></span>e<span class=\"_ _0\"></span>y su<span class=\"_ _2\"></span>bsequentl<span class=\"_ _2\"></span>y repor<span class=\"_ _2\"></span>t profits<span class=\"_ _a9\"></span>, the Co<span class=\"_ _2\"></span>mpany resumes<span class=\"_ _2\"></span> reco<span class=\"_ _2\"></span>gnising <span class=\"_ _2\"></span>its shar<span class=\"_ _2\"></span>e of those profi<span class=\"_ _2\"></span>ts onl<span class=\"_ _2\"></span>y af<span class=\"_ _2\"></span>ter its <span class=\"_ _2\"></span>share of <span class=\"_ _a9\"></span>the profi<span class=\"_ _2\"></span>ts equals <span class=\"_ _a9\"></span>the share <span class=\"_ _2\"></span>of unreco<span class=\"_ _a9\"></span>gnised loss<span class=\"_ _2\"></span>es. 10.2<span class=\"ff7\"> <span class=\"_ _50\"></span><span class=\"ff4\"> Transact<span class=\"_ _a9\"></span>ions with <span class=\"_ _a9\"></span>related part<span class=\"_ _a9\"></span>ies </span></span>Balanc<span class=\"_ _2\"></span>es with<span class=\"_ _a9\"></span> relate<span class=\"_ _2\"></span>d parti<span class=\"_ _2\"></span>es 31<span class=\"ls0\">-</span>12<span class=\"ls0\">-<span class=\"_ _a9\"></span>2022 </span>31<span class=\"ls0\">-<span class=\"_ _2\"></span><span class=\"ls6b\">12<span class=\"ls0\">-2021<span class=\"_ _2\"></span> </span></span></span>Interest-Interest-bearing bearing Caixa - liabilities - Cash - Cash liabilities - Cash Cash Pooling<span class=\"_ _0\"></span> Receivables Payables Cash Pooling<span class=\"_ _0\"></span> Pooling<span class=\"_ _0\"></span> Receivables<span class=\"_ _0\"></span> Payables Pooling<span class=\"_ _0\"></span> Amounts in Euro<span class=\"_ _0\"></span> (Note 5.8) (Note 4.2) (Note 4.3) (Note 5.6) (Note 5.8) (Note 4.2) (Note 4.3) (Note 5.6) Shareholders<span class=\"_ _0\"></span><span class=\"fs2\"> </span>Semapa<span class=\"_ _2\"></span> - <span class=\"_ _0\"></span>Soc. de <span class=\"_ _0\"></span>Investimento e Gest\u00e3o, SGPS, <span class=\"_ _0\"></span>S.A. -  -  -  -  -  -  1,023,084  -  Subsidiaries Portucel Mo\u00e7ambique, Lda.<span class=\"_ _0\"></span> -  16,074,124  179,813  -  -  14,865,030  174,985  -  Soc. Vinhos Herdade Espirra, <span class=\"_ _0\"></span>S.A. -  137,500  1,264,631  690,972  -  137,824  1,251,899  43,771  Eucali<span class=\"_ _2\"></span>ptus<span class=\"_ _0\"></span>land, S.A.<span class=\"_ _0\"></span> 1,958,236  2,696,522  19,629,984  -  843,296  890,762  19,476,136  -  Enerpulp, S.A. -  27,623,849  18,714  2,155,999  1,733,135  25,681,527  8,800  -  Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. 1,056,508  223,976,223  4,161,311  -  4,017,761  216,076,667  -  13,502,206  Emprem\u00e9dia, S.A. -  314,738  2,500,000  -  -  180,051  2,500,000  -  Navigator Tissue Aveiro, S.A.<span class=\"_ _0\"></span> 9,224,157  109,574,524  12,567,088  -  11,593,771  110,641,569  6,702,391  -  Viveiros Alian\u00e7a, S.A. 295,549  12,452  10,077  -  309,067  404,346  19,430  457,048  Navigator Paper Set\u00fabal, S.A.<span class=\"_ _0\"></span> -  12,670,235  210,032,758  68,427,985  5,547,220  49,304,601  258,426,311  17,277,315  Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A.  -  41,300,795  50,254,735  42,374,812  37,415,900  41,014,027  103,659,149  -  Atlantic Forests , <span class=\"_ _0\"></span>S.A. -  -  -  -  189,422  55,164  4,105,354  -  Navigator Pulp Set\u00fabal, S.A.<span class=\"_ _0\"></span> -  22,841,348  160,586,837  94,232,683  443,913  24,130,709  159,527,631  5,392,673  Navigator Tissue R\u00f3d\u00e3o, S.A. 7,132,582  3,712,464  117,628,515  -  6,498,824  3,864,894  113,273,287  -  Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> -  23,032,555  50,049,785  88,027,911  4,629,832  39,953,737  54,839,067  28,853,098  RAIZ <span class=\"ff8 fs6\">\u2013<span class=\"ff1\"> Instituto de I<span class=\"_ _0\"></span>nvestiga\u00e7\u00e3o da<span class=\"_ _0\"></span> Fl<span class=\"_ _0\"></span>oresta e Papel<span class=\"_ _0\"></span></span></span> 517,219  41,636  6,430,576  -  -  -  4,583,372  225,161  Navigator International Holding SGPS, <span class=\"_ _0\"></span>S.A. -  -  -  -  137,171  -  120,430,883  -  Navigator Brands, <span class=\"_ _0\"></span>S.A. -  7,273,557  63,612,814  366,639  2,053,234  900,750  31,105,863  -  Navigator Pulp Aveiro, S.A.  13,543,290  8,759,225  19,438,091  -  2,008,215  62,674,140  27,490,406  10,638,537  Navigator Parques Industriais, S.A.<span class=\"_ _0\"></span> -  4,115,708  41,076,624  170,665  -  2,406,276  40,756,247  907,939  Navigator Abastecimento de <span class=\"_ _0\"></span>Madeira, ACE 20,502,318  1,044,979  15,184,766  -  47,503,683  2,374,016  -  49,425,162  Bosques do Atlantico, S.L.<span class=\"_ _0\"></span> -  252 <span class=\"ls0\"> </span>28,848,149  514,238  -  -  28,848,149  2,150,313  PulpChem Log\u00edstics, ACE<span class=\"_ _0\"></span> -  -  3,364,800  -  -  -  2,181,040  -  Navigator North America -  -  67,774,364  -  -  -  16,825,852  -  Navigator Eurasia -  15,249  -  -  -  7,917  -  -  Navigator Afrique du <span class=\"_ _0\"></span>Nord -  9,371  -  -  -  1,329  -  -  Navigator United Kingdom, Lt<span class=\"_ _0\"></span>d -  -  16,738,877  -  -  7,508,562  20,803,913  -  Gavi\u00e3o<span class=\"_ _2\"></span> - <span class=\"_ _0\"></span>Sociedade <span class=\"_ _0\"></span>de Ca\u00e7a e <span class=\"_ _0\"></span>Turismo, S.A. -  3,902  1,333,210  6,594  117,454  -  1,379,264  -  Navigator Tissue Ib\u00e9rica -  13,014,830  363,134  -  -  10,556,982  3,803,135  -  Navigator It\u00e1lia, SRL<span class=\"_ _0\"></span> -  -  2,068  -  -  -  1,765  -  Navigator Deutschland, GmbH<span class=\"_ _0\"></span> -  -  243,419  -  -  -  159,886  -  Navigator Austria -  53,857  -  -  -  -  -  -  Navigator Paper Poland SP Z<span class=\"_ _0\"></span>oo -  16,893  -  -  -  10,941  13 <span class=\"ls0\"> </span>-  Navigator Egypt, <span class=\"_ _0\"></span>ELLC -  -  58 <span class=\"ls0\"> </span>-  -  -  -  -  Empremedia DAC -  15,619,032  100 <span class=\"ls0\"> </span>-  -  35,169,737  -  -  EMA Cacia - Engenharia e Manuten\u00e7\u00e3<span class=\"_ _0\"></span>o Industrial, ACE<span class=\"_ _0\"></span> -  -  586 <span class=\"ls0\"> </span>119,629  -  -  -  221,084  EMA<span class=\"_ _2\"></span> Set\u00fab<span class=\"_ _2\"></span>al -<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>Engenh<span class=\"_ _a9\"></span>aria<span class=\"_ _2\"></span> e Ma<span class=\"_ _2\"></span>nuten<span class=\"_ _2\"></span>\u00e7\u00e3o<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>dust<span class=\"_ _2\"></span>rial, A<span class=\"_ _a9\"></span>C<span class=\"_ _0\"></span>E -  -  941 <span class=\"ls0\"> </span>37,375  -  -  -  291,169  E<span class=\"_ _2\"></span>MA<span class=\"_ _2\"></span> F<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>ue<span class=\"_ _2\"></span>ir<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> - E<span class=\"_ _a9\"></span>nge<span class=\"_ _a9\"></span>nha<span class=\"_ _2\"></span>ria<span class=\"_ _a9\"></span> e <span class=\"_ _2\"></span>Ma<span class=\"_ _a9\"></span>nute<span class=\"_ _a9\"></span>n\u00e7\u00e3<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> In<span class=\"_ _2\"></span>dus<span class=\"_ _a9\"></span>tri<span class=\"_ _a9\"></span>al,<span class=\"_ _2\"></span> A<span class=\"_ _a9\"></span>CE -  -  1,033  213,733  -  -  -  293,422  About the F<span class=\"_ _0\"></span>uture, S.A. -  -  -  -  -  -  169 <span class=\"ls0\"> </span>96,601  54,229,859  533,935,820  893,297,858  297,339,235  125,041,900  648,811,560  1,023,357,484  129,775,499  Tran<span class=\"_ _2\"></span>saction<span class=\"_ _2\"></span>s with <span class=\"_ _a9\"></span>relate<span class=\"_ _2\"></span>d partie<span class=\"_ _2\"></span>s 2022 2021 Purchase of Sales and Other Other Financial Purchase of Sales and Other Other Financial<span class=\"fc7 sc0\"> </span>good<span class=\"_ _0\"></span>s and services Payroll operating operating (expenses) good<span class=\"_ _0\"></span>s and services Payroll operating operating (expenses)<span class=\"fc7 sc0\"> </span>Amounts in Euro<span class=\"_ _0\"></span> services rendered costs income expenses / income services rendered costs income expenses / income<span class=\"fc7 sc0\"> </span>Shareholders<span class=\"_ _0\"></span> Semapa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> Soc. D<span class=\"_ _0\"></span>e Investimento 8,936,416  -  -  -  -  -  10,043,173  -  -  -  -  -  e Gest\u00e3o, SGPS, S.A. 8,936,416  -  -  -  -  10,043,173  -  -  -  -  Subsidiaries -  -  Portucel Finance sp. Z<span class=\"_ _0\"></span> o.o. -  -  -  -  -  -  -  -  -  -  -  (71,004) S<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c.<span class=\"_ _2\"></span> V<span class=\"_ _a9\"></span>in<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>os<span class=\"_ _a9\"></span> He<span class=\"_ _13\"></span>rda<span class=\"_ _a9\"></span>de<span class=\"_ _a9\"></span> E<span class=\"_ _2\"></span>sp<span class=\"_ _a9\"></span>i<span class=\"_ _2\"></span>rra<span class=\"_ _13\"></span>, <span class=\"_ _2\"></span>S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>. 569 <span class=\"ls0\"> </span>32,658  282 <span class=\"ls0\"> </span>-  -  (22,134) 1,241  -  331 <span class=\"ls0\"> </span>-  -  (9,200) Eucali<span class=\"_ _2\"></span>ptus<span class=\"_ _0\"></span>land, S.A.<span class=\"_ _0\"></span> -  656,187  -  -  -  (233,481) -  602,844  -  -  (464) (113,561) Enerpulp, S.A. (321,700) 1,935,323  (200,490) -  -  133,801  (162,428) 312,575  (213,222) -  -  333,207  Navigator Brands, <span class=\"_ _0\"></span>S.A. 34,399,411  1,377,349  3,523,458  -  -  (301,434) 9,088,196  1,565,009  3,173,946  -  (98,978) (35,969) Navigator Forest <span class=\"_ _0\"></span>Portugal, S.A. 217,341  584,317  (527,474) -  -  2,393,990  (2,988) 916,759  (458,756) -  (513) 1,623,599  Emprem\u00e9dia, S.A. -  -  -  -  -  22,177  42,440  -  (46,111) -  (12,071) 53,033  Navigator Tissue Aveiro, S.A. <span class=\"_ _0\"></span> 103,652,798  60,689,534  -  -  -  1,293,145  67,662,434  44,015,950  -  255,135  -  809,857  Viveiros Alian\u00e7a, S.A. 323,165  5,535  -  -  -  5,750  207,752  -  -  5,767  -  324 <span class=\"ls0\"> </span>Navigator Paper Set\u00fabal, S.A. <span class=\"_ _0\"></span> 733,822,652  570,211,403  (8,356,770) 1,892  -  (1,218,144) 478,994,732  356,319,540  (8,380,950) 6,599,529  -  1,378,460  Atlantic Forests , <span class=\"_ _0\"></span>S.A. -  -  -  -  -  -  146,430  -  -  15,093  -  (28,009) PulpChem Log\u00edstics, ACE<span class=\"_ _0\"></span> 40,096,793  -  -  -  -  -  16,424,171  -  -  -  -  -  Navigator Pulp Set\u00fabal, S.A.<span class=\"_ _0\"></span> 384,410,300  67,418,680  (5,654,152) 4,640  -  (724,554) 252,161,826  40,006,811  (5,517,212) -  (66,395) 266,355  Navigator Tissue R\u00f3d\u00e3o, S.A. 110,496,905  67,060,494  (32,368) -  -  (809,863) 79,893,369  46,533,576  -  853,980  -  (752,956) Navigator Pulp Figueira, S.A.<span class=\"_ _0\"></span> 450,587,728  68,247,435  (8,821,980) 6,421  (1,498) 646,227  317,052,366  42,120,929  (8,262,168) -  (90,523) 1,948,524  RAIZ <span class=\"fs6\">- Inst. Inv. F<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>or. e Pa<span class=\"_ _2\"></span>pel<span class=\"_ _0\"></span><span class=\"fs2\">  </span></span>(1,116) 25,874  (120,961) -  -  (45,707) (1,434) 321,023  (98,635) -  (39,001) (22,300) N<span class=\"_ _2\"></span>av<span class=\"_ _a9\"></span>ig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>n<span class=\"_ _a9\"></span>te<span class=\"_ _a9\"></span>rna<span class=\"_ _a9\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _a9\"></span>al<span class=\"_ _a9\"></span> H<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>di<span class=\"_ _a9\"></span>ng -  -  -  -  -  (488,608) -  -  -  -  -  141,575  S<span class=\"_ _2\"></span>GP<span class=\"_ _a9\"></span>S,<span class=\"_ _2\"></span> S<span class=\"_ _a9\"></span>.A<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Navigator United Kingdom, Lt<span class=\"_ _0\"></span>d 22,260,940  -  -  -  -  -  18,786,761  -  -  -  -  -  Navigator Tissue Ib\u00e9rica 975,732  46,177,550  -  -  -  -  817,914  29,658,532  -  -  -  -  Navigator Paper Figueira, <span class=\"_ _0\"></span>S.A.  703,891,494  527,449,696  -  -  -  32,847  482,457,760  370,091,446  -  99,152  -  1,082,456  Navigator Pulp Aveiro, S.A. <span class=\"_ _0\"></span> 235,212,127  42,625,554  (3,924,177) -  -  389,434  167,517,664  26,700,416  (3,803,912) -  (37,794) 198,366  N<span class=\"_ _2\"></span>av<span class=\"_ _a9\"></span>ig<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>a<span class=\"_ _a9\"></span>rqu<span class=\"_ _2\"></span>e<span class=\"_ _a9\"></span>s I<span class=\"_ _a9\"></span>n<span class=\"_ _2\"></span>du<span class=\"_ _a9\"></span>st<span class=\"_ _2\"></span>ri<span class=\"_ _a9\"></span>ai<span class=\"_ _a9\"></span>s,<span class=\"_ _a9\"></span> S<span class=\"_ _2\"></span>.A<span class=\"_ _a9\"></span>. -  874,712  -  2,988  -  222,990  -  2,021,312  -  -  -  463,705  Navigator North America 4,869,511  164,038,824  -  -  -  -  3,650,314  107,226,620  -  -  -  119,673  Bosques do Atlantico, S.L.<span class=\"_ _0\"></span> (866) -  -  -  -  -  (1,293) -  -  -  -  -  Empremedia DAC -  -  -  -  -  684,313  -  -  -  -  -  607,899  Navigator Afrique du <span class=\"_ _0\"></span>Nord -  -  -  3,275  -  -  -  -  -  -  -  -  Gavi\u00e3o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff8\">\u2013</span> Sociedade de C<span class=\"_ _0\"></span>a\u00e7a e -  -  -  -  -  (16,292) -  -  -  69,482  -  (11,198) Turismo, S.A. Navigator It\u00e1lia, SRL<span class=\"_ _0\"></span> 302 <span class=\"ls0\"> </span>-  -  -  -  -  355 <span class=\"ls0\"> </span>-  -  -  -  -  Navigator Netherlands, BV -  -  -  -  -  -  1,281  -  -  -  -  -  Navigator Deutschland, GmbH<span class=\"_ _0\"></span> -  -  -  -  -  -  92 <span class=\"ls0\"> </span>-  -  -  -  -  Navigator Austria -  -  -  21,857  -  -  -  -  -  -  -  -  Navigator Paper Poland SP Z<span class=\"_ _0\"></span>oo -  -  -  16,893  -  -  -  -  -  -  -  -  Navigator Eurasia -  -  -  7,643  -  -  -  -  -  -  -  -  N<span class=\"_ _2\"></span>avi<span class=\"_ _a9\"></span>ga<span class=\"_ _2\"></span>tor<span class=\"_ _2\"></span> A<span class=\"_ _2\"></span>ba<span class=\"_ _a9\"></span>ste<span class=\"_ _2\"></span>cim<span class=\"_ _a9\"></span>en<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> de<span class=\"_ _a9\"></span> (38,087) (11,985,153) (512,245) -  -  772,728  (24,410) (2,699,553) (391,622) -  -  (37,385) Ma<span class=\"_ _a9\"></span>de<span class=\"_ _2\"></span>ira<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>CE About the F<span class=\"_ _0\"></span>uture, S.A. -  -  -  -  -  (536) -  -  -  -  -  -  EMA Cacia <span class=\"ff8\">\u2013</span> Engenharia e -  -  -  -  -  (2,126) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> EMA Set\u00fabal <span class=\"ff8\">\u2013</span> Engenharia e -  -  -  -  -  (2,573) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> EMA Figueira <span class=\"ff8\">\u2013</span> <span class=\"_ _0\"></span>Engenharia e -  -  -  -  -  (2,977) -  -  -  -  -  -  Manuten\u00e7\u00e3o Industrial, ACE<span class=\"_ _0\"></span> 2,824,855,999  1,607,425,972  (24,626,877) 65,609  (1,498) 2,728,973  1,894,714,546  1,065,713,789  (23,998,309) 7,898,138  (345,739) 7,945,452  The remun<span class=\"_ _2\"></span>eration of<span class=\"_ _2\"></span> the G<span class=\"_ _2\"></span>roup'<span class=\"_ _2\"></span>s key manag<span class=\"_ _2\"></span>ement <span class=\"_ _2\"></span>personnel <span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>s deta<span class=\"_ _a9\"></span>i<span class=\"_ _0\"></span>led <span class=\"_ _2\"></span>in Note 7<span class=\"_ _2\"></span>.3 -<span class=\"_ _0\"></span> Remunerat<span class=\"_ _2\"></span>ion of co<span class=\"_ _2\"></span>rporat<span class=\"_ _2\"></span>e bodies<span class=\"_ _2\"></span>. 11.<span class=\"ff7 ls0\"> <span class=\"_ _c7\"> </span><span class=\"ff4\">Expl<span class=\"_ _2\"></span>anat<span class=\"_ _2\"></span>ion<span class=\"_ _a9\"></span> <span class=\"_ _0\"></span>add<span class=\"_ _2\"></span>ed fo<span class=\"_ _2\"></span>r tr<span class=\"_ _a9\"></span>ansla<span class=\"_ _2\"></span>tion </span></span>These fin<span class=\"_ _2\"></span>ancial <span class=\"_ _2\"></span>statemen<span class=\"_ _2\"></span>ts are a <span class=\"_ _a9\"></span>translati<span class=\"_ _2\"></span>on of <span class=\"_ _2\"></span>the financ<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>l statemen<span class=\"_ _2\"></span>ts origi<span class=\"_ _2\"></span>nally i<span class=\"_ _2\"></span>ssued in<span class=\"_ _2\"></span> Portugues<span class=\"_ _2\"></span>e. In th<span class=\"_ _a9\"></span>e event of di<span class=\"_ _2\"></span>scr<span class=\"_ _2\"></span>epancies<span class=\"_ _2\"></span>, the Po<span class=\"_ _2\"></span>rtuguese<span class=\"_ _2\"></span> lan<span class=\"_ _2\"></span>guage versio<span class=\"_ _2\"></span>n shall<span class=\"_ _2\"></span> prevai<span class=\"_ _2\"></span>l. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300UNIB7M2AXUXS35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}